Caseless:
As much as I hate how these loan sharks harass people, I still don't like how Nigerians don't like to pay debt. We're wicked as a people and that's why we don't make progress.

Even in developed countries, there are many defaulters. It is not a Nigerian thing.

It is easier to collect a loan than pay it back.

And not all borrowers are wicked.

Many circumstances make it difficult to repay loans.

The Chinese lenders operating in Nigeria add to these circumstances by offering small loans with high interests to be repaid in a week.

Imagine offering someone a paltry 3000 naira loan, and expecting them to repay 5200, which is more than 50% of the loan. And you expect them to repay in 7-14 days. Is that not WICKEDNESS

You should give people enough time to repay. And offer reasonable interests.

That is why Google does not allow short-duration loans. These loan apps keep breaking Google's policies.

They are criminals, and deserve no pity.

BluntTheApostle:


Their money is gone.



What do you Nigerians want?

You want a lawful country.

The FG is shutting down unlawful entities, and you are still complaining.

You want your country to be like the United States, yet you want it to pamper criminals.

Nigerians want people they can take loans from and not repay. It is another Nigerian trait. Thinking one is clever. Already so many people are saying great, these companies will be banned and I would have gotten away with it.

I don't know if all these sudden stories of the loan apps being run by Chinese are true or just something put together for an us vs them flavor, but if they are it is a case of see finish

They have seen our leaders selling us out cheaply to their leaders for Chinese loans and are simply repeating the process.

Caseless:
They're owned by Chinese people?

One thing I'm always thanking God for is the fact that I never got such loans before. I was mad when one lady called someone close last time. He's afraid they'd tarnish his image, so he couldn't talk back at them. I was mad and had to tell that lady shut up her damn mouth.

Yes. 90% of the loan sharks are owned by chinese. They have been traced! One Mr Wang is the owner of sokoloan and so many other sister apps to hoodwink people. They are even banned in China

Please o. Avoid them. They will make life miserable for you because the loan when put in business or anything doesn't get good result. You find yourself struggling to pay in very few days thereby going to borrow from another to pay another and end up been in their web all your earnings will be going to them

BluntTheApostle:


Even in developed countries, there are many defaulters. It is not a Nigerian thing.

It is easier to collect a loan than pay it back.

And not all borrowers are wicked.

Many circumstances make it difficult to repay loans.

The Chinese lenders operating in Nigeria add to these circumstances by offering small loans with high interests to be repaid in a week.

Imagine offering someone a paltry 3000 naira loan, and expecting them to repay 5200, which is more than 50% of the loan. And you expect them to repay in 7-14 days. Is that not WICKEDNESS

You should give people enough time to repay. And offer reasonable interests.

That is why Google does not allow short-duration loans. These loan apps keep breaking Google's policies.

They are criminals, and deserve no pity.

It is not wickeness it is business. Bank loans with interest are gen same. It is also about risk. You already know the person taking this loan is a high risk for default.

By now anyone taking these loans knows exactly what's up. But people still go to them.

Nigerians unfortunately are mostly of low character and self discipline where loans are concerned. Your contractor gets a loan to do a project and immediately buys a new ride. Your paddy borrows money from you has different stories but you can see him living it up every day.

Oddly enough if it actually is Chinese triads, this is beyond Google, as they will just preload the apps all those transsion phones. I have read before that a lot of those phones ship with trojans

Gamesmart:


Look at this composition.

These are the reetarded "yoots" we are producing in Nigeria today.

Pure creetins!

Take a look at this composition.

These are the set of poorly educated "Youths" who have mortgaged their future for a loaf of bread. Sadly, Nigeria as a country has mass produced these lots, while poverty certified them.

Poorly Wiped Anus.

adez33:
.you have work with them lol,this exact msg they do send to their debtors

Those people are so annoying sha.......but come to think of it, them no force people to come collect loan from them now

ALLNIGERIANSMAD:
thunder finally strike you, having rubbed enough people, they finally raided your hideout, now no way to hide for you. E pain you very well

Be sensible bro, I have never worked nor patronised them but did they force people to patronise them?

Use your head man, na trouble dey always go find wahala.

Caseless:
They're owned by Chinese people?

One thing I'm always thanking God for is the fact that I never got such loans before. I was mad when one lady called someone close last time. He's afraid they'd tarnish his image, so he couldn't talk back at them. I was mad and had to tell that lady shut up her damn mouth.

I have to wonder if this is true or just some empty rumour mongering. This has never been reported by any news organisation.

It may be true, or just may be a story cooked up to throw in fake nationalism.

seniormallam:
The lenders and the borrowers are criminals, lenders want to cut leg, borrowers want to cut head,

You carry loan enter naija, you dey whine us ni, you no know say even who no get plan dey borrow loan for naija.

A friend that benefited from NIRSAL LOAN just knew today that the loan is payable loan, after squandering it,

Don't use money to joke with Nigerians living in Nigeria

Abeg how I fit take that NIRSAL loan sef? I'm having difficulty accessing it...

Icumsa45:


But the account they pay the money to has been frozen, so at the end of the day na giveaway Dem dey do.

those people that create accounts daily?! Wema bank is their partner
I have over 50 wema account they usually create for me to repay when I was in their web repaying every 7days...I mean everyday sef because i take from one to repay another thats how you get threats and call all through the day.It was like hell

I don't even advise my enemy to near them.

Let them take their chinese ill gotten wealth from Africa back to zhongguo

GloriousGbola:


I have to wonder if this is true or just some empty rumour mongering. This has never been reported by any news organisation.

It may be true, or just may be a story cooked up to throw in fake nationalism.

100% true. I speak and write Chinese. When I was in their web, I spoke in chinese to one of their financial manager in Nigeria. He was entized and offered me a job with them but I just smiled and played around with him on phone... He told me of their head office at Beijing because we were discussing my time in China and all that. Even from the software they use to extract customers contact on phones... Once an agent threaten u and give u screenshot of dem having ur contact u can see d Chinese characters at d ending stating d company name but most can't read it

GloriousGbola:


Nigerians want people they can take loans from and not repay. It is another Nigerian trait. Thinking one is clever. Already so many people are saying great, these companies will be banned and I would have gotten away with it.

It is not a Nigerian trait. It is a human trait.

No one really likes to repay their loans, even wealthy people from developed countries.

It is easier to collect a loan than repay it.

I don't know if all these sudden stories of the loan apps being run by Chinese are true or just something put together for an us vs them flavor, but if they are it is a case of see finish

They have seen our leaders selling us out cheaply to their leaders for Chinese loans and are simply repeating the process.

There is Okash in Kenya.

So, it is not see finish.

They just look for a country where there are many people to exploit, and where the law does not work properly.

Can they try this nonsense in the United States?

Dem no born dem well.

Can they try it in China?

But you will find them in African countries like Nigeria where there is a combination of poor desperate people and inadequate law enforcement.

But thank God, the FG has finally awoken to its responsibilities to protect the Nigerian people from these opportunists masquerading as digital banks.

Is bad ohhhh

Ademola47:
So if FG 'close' their shops now, what will happen to the money the loan apps have borrowed people? Will FG compensate them? Or they will bear the brunt of the dearth of restitution?

In as much as I don't like the excesses of the loan apps, I also don't like creating unnecessary hardship for people. FG can't just cripple their business like that.

This what happens when you have "government pikins" running things. They don't give a darn about how the business survives. As you rightly asked what will happen to the monies already given as loans? What about the investors monies? Who knows, maybe the government officials also owe money.
Anyway, it is convenient to shut down the loan companies, good!
When Nigerians need soft loans they would have to go to their banks or micro finance houses, present collateral, wait for months and yet have 10% chances of the loan being approved.
We think we are smart but on the long run, we are not.

BluntTheApostle:


It is not a Nigerian trait. It is a human trait.

No one really likes to repay their loans, even wealthy people from developed countries.

It is easier to collect a loan than repay it.




There is Okash in Kenya.

So, it is not see finish.

They just look for a country where there are many people to exploit, and where the law does not work properly.

Can they try this nonsense in the United States?

Dem no born dem well.

Can they try it in China?

But you will find them in African countries like Nigeria where there is a combination of poor desperate people and inadequate law enforcement.

But thank God, the FG has finally awoken to its responsibilities to protect the Nigerian people from these opportunists masquerading as digital banks.

Hmm. We will see.

GloriousGbola:


It is not wickeness it is business. Bank loans with interest are gen same. It is also about risk. You already know the person taking this loan is a high risk for default.

No bank charges even 20% interest rate, not to talk about close to 100%

It is wickedness and exploitative, especially when you charge that much for a short-term loan.

By now anyone taking these loans knows exactly what's up. But people still go to them.

People go to them because they are desperate. Desperate people will do anything without a second thought. It doesn't mean everyone borrows with the intention of not paying back.

Nigerians unfortunately are mostly of low character and self discipline where loans are concerned.

You are just being judgmental.

Your contractor gets a loan to do a project and immediately buys a new ride. Your paddy borrows money from you has different stories but you can see him living it up every day.

It happens everywhere.

Even in the United States.

People don't enjoy repaying loans.

And they like freebies.

If you are well-traveled as I am, you will understand that there are people who even tell lies in court in the hope of debt forgiveness even when they have the money.

Oddly enough if it actually is Chinese triads, this is beyond Google, as they will just preload the apps all those transsion phones. I have read before that a lot of those phones ship with trojans

But they will keep keep making huge losses every time they are discovered by the appropriate authorities.

At the end, they will have to abide by laid-down policies to survive.

Dawn91:
Orders?.... Are they drunk? No app takes orders from the Nigerian government. That's how they lied twitter came.to negotiate and will open an imaginary office in Nigeria .

Who told you that ? Each national government in the world is in charge of it's cyberspace. All internet Giants including Google, Apple etc must work within cyberlaws that holds in that country. Google and Apple have offices in Nigeria. Even the illegal banks won't dare operate.

BluntTheApostle:


It is not a Nigerian trait. It is a human trait.

No one really likes to repay their loans, even wealthy people from developed countries.

It is easier to collect a loan than repay it.




There is Okash in Kenya.

So, it is not see finish.

They just look for a country where there are many people to exploit, and where the law does not work properly.

Can they try this nonsense in the United States?

Dem no born dem well.

Can they try it in China?

But you will find them in African countries like Nigeria where there is a combination of poor desperate people and inadequate law enforcement.

But thank God, the FG has finally awoken to its responsibilities to protect the Nigerian people from these opportunists masquerading as digital banks.

Did they force Nigerians to take the loans?
I put it to you that if the loans were handed to Nigerians without interest, they will still not pay, they will find the same excuses.

[s]

dappydozzy:


Who told you that ? Each national government in the world is in charge of it's cyberspace. All internet Giants including Google, Apple etc must work within cyberlaws that holds in that country. Google and Apple have offices in Nigeria. Even the illegal banks won't dare operate.

[/s]

Nigerian government has no control whatsoever over these apps. The best they can do is ask for taxes that's it . twitter never came to beg to reopen, it was all a lie do your findings this is the information age .

Ademola47:
So if FG 'close' their shops now, what will happen to the money the loan apps have borrowed people? Will FG compensate them? Or they will bear the brunt of the dearth of restitution?

In as much as I don't like the excesses of the loan apps, I also don't like creating unnecessary hardship for people. FG can't just cripple their business like that.

so why did they not follow due process before they start business? What nonsense are you saying? They did not register duely and went ahead to start loaning millions of dollars in loans. Is that not lack of common sense? They deserve whatever they get

nedekid:

Did they force Nigerians to take the loans?
I put it to you that if the loans were handed to Nigerians without interest, they will still not pay, they will find the same excuses.

It is not just the interest, but the short duration as well.

All these make it difficult to repay loans.

BluntTheApostle:


No bank charges even 20% interest rate, not to talk about close to 100%

It is wickedness and exploitative, especially when you charge that much for a short-term loan.



People go to them because they are desperate. Desperate people will do anything without a second thought. It doesn't mean everyone borrows with the intention of not paying back.



You are just being judgmental.




It happens everywhere.

Even in the United States.

People don't enjoy repaying loans.

And they like freebies.

If you are well-traveled as I am, you will understand that there are people who even tell lies in court in the hope of debt forgiveness even when they have the money.



But they will keep keep making huge losses every time they are discovered by the appropriate authorities.

At the end, they will have to abide by laid-down policies to survive.

hopefulluy we will soon find that all these predatory betting companies are also owned by chinese/lebanese
maybe that nationalist fervor will be the kick in the arse nigerians needs to leave problem gambing

The Orders of the Commission are without prejudice to existing borrowers repaying any legitimate loans pursuant to fair and acceptable terms and conditions; or any modifications to previous terms and conditions that are considered onerous, inconsistent with prevailing law or general principles of transparency and fairness.


Existing borrowers are to pay existing loans


The Federal Government agency asked Google and Apple to delete the applications where evidence has established inappropriate conduct or use of the application in violation of the rights of consumers
Those without evidence of inappropriate conduct are allowed to continue


As part of the operation, the JRETF together with the Nigeria Police Force and bailiff of the Federal High Court searched locations of the money lenders, extracted valuable evidence and in some circumstances prohibited or restricted continuing operations.

In some circumstances restricted operations not all circumstances

Those under regulatory sanctions will be shut down completely without regulatory discourse if they continue their unethical practices

Nigerians don't read

Dawn91:
[s][/s]

Nigerian government has no control whatsoever over these apps. The best they can do is ask for taxes that's it . twitter never came to beg to reopen, it was all a lie do your findings this is the information age .

there are lots of guys like you that think you are smart but are not at all. Government can take down websites in their countries and apps that do not fit their policies. Every thing that works through the internet has a IP and telecoms companies operating in a company can be ordered to block that IP apps, websites etc. Russia, china, even USA have apps and websites they have banned from their countries. You have not done any research and you are asking someone that knows better than you to go and research. Nairaland sha. Lol

BluntTheApostle:


It is not a Nigerian trait. It is a human trait.

No one really likes to repay their loans, even wealthy people from developed countries.

It is easier to collect a loan than repay it.




There is Okash in Kenya.

So, it is not see finish.

They just look for a country where there are many people to exploit, and where the law does not work properly.

Can they try this nonsense in the United States?

Dem no born dem well.

Can they try it in China?

But you will find them in African countries like Nigeria where there is a combination of poor desperate people and inadequate law enforcement.

But thank God, the FG has finally awoken to its responsibilities to protect the Nigerian people from these opportunists masquerading as digital banks.

Where do you think the term "loan sharks" originated from.
Besides, you have pay day loan establishments all over the world. UK, US etc. They are present there and you pay a higher interest rate than the regular banks.
What do you mean by exploit? You open your phone, searched the app, downloaded it. The applied for a loan, saw the terms and accepted. You had an option to reject it. No, you took the money. When it is now time to pat, you say you are exploited.
Laughable!

[s]

HardMirror:
there are lots of guys like you that think you are smart but are not at all. Government can take down websites in their countries and apps that do not fit their policies. Every thing that works through the internet has a IP and telecoms companies operating in a company can be ordered to block that IP apps, websites etc. Russia, china, even USA have apps and websites they have banned from their countries. You have not done any research and you are asking someone that knows better than you to go and research. Nairaland sha. Lol

[/s].stop comparing yourself with first world nations. Those nations cam control the apps because they have leverage. Nigeria is a third world undeveloped nation, you have no leverage... When you banned Twitter you still called them to come an negotiate and told them you just want them to pay tax them came.to the public to lie that Twitter called you and promised to open an office in Nigeria ...

GloriousGbola:


hopefulluy we will soon find that all these predatory betting companies are also owned by chinese/lebanese
maybe that nationalist fervor will be the kick in the arse nigerians needs to leave problem gambing

The betting companies are registered.

Some are owned by foreign companies, but there are Nigerian owned ones as well.

Yes, gambling is a problem, but the betting companies operate within the ambits of the law.

BluntTheApostle:



You are just being judgmental.


It happens everywhere.

Even in the United States.

there is an uber thread made by uber drivers. it is full of horror stories of nigerian customers\s who make up stories or send fake alerts.

sometimes they have to gang up on the debtors and harass them to pay. it is so bad that i usually wait to double check that any uber i ride has received alert

do not try to make it look nigerians are some innocent exploited victims in this

we know exactly what we are

multiple finance houses and banks have also collapsed because of delinquent, malicious debtors. the US you keep referring to, how many banks there have failed because of delinquent debtors?


https://www.youtube.com/watch?v=PDylgzybWAw

if your claim is that they are outside the ambit of the law, don't worry. the market has been identified. they will be back, they will operate within the law and buy off some nigerian senators and continue where they left off

KingSatan:
Nigeria is a circus.

Her Leaders, Clowns.

Her People, weak spectators.

As long as Nigeria continues to overlook the demands in critical sectors of the nation such as the educational sector. We wont stop producing leaders who issue strange orders.

Strange orders that shamelessly define how undemocratic, uncivilized, underdeveloped, retrogressive and uneducated we are.

Are you an agent or employee of one of the illegal loan sharks?

BluntTheApostle:


It is not just the interest, but the short duration as well.

All these make it difficult to repay loans.

Even if the duration is 1 day, one has the option to reject the loan.
You cannot take it, enjoy it, then to fufil your part of the bargain move the goal post.
Nigerians, even if you give them 1 year to pay loan if 10k, interest free, will not pay when due. The will find excuses.

Dawn91:
[s][/s].stop comparing yourself with first world nations. Those nations cam control the apps because they have leverage. Nigeria is a third world undeveloped nation, you have no leverage... When you banned Twitter you still called them to come an negotiate and told them you just want them to pay tax them came.to the public to lie that Twitter called you and promised to open an office in Nigeria ...

nonsense as usual

nedekid:

This what happens when you have "government pikins" running things. They don't give a darn about how the business survives. As you rightly asked what will happen to the monies already given as loans? What about the investors monies? Who knows, maybe the government officials also owe money.
Anyway, it is convenient to shut down the loan companies, good!
When Nigerians need soft loans they would have to go to their banks or micro finance houses, present collateral, wait for months and yet have 10% chances of the loan being approved.
We think we are smart but on the long run, we are not.

What happened to all the illegal and outrageous charges ?
It's better that federal government closes those killers before they kill our youths with high blood pressure.