Tallpanther:
Useless fools, happened to me .. I had the money to pay back.. after I defaulted for 2 days.. my Dad called, my my mum called asking why I borrowed money and didn't pay back.. I was so embarrassed. I locked up and didn't pay them again. When they called , I insulted the hell out of them.. I told them my location and everything,told them to come meet me.. just defaulted for 2 days o.. them send messages give all my contacts.. I was mad!!

So since you have decided not to pay, can they then have the pleasure of bombarding your contacts once a week? I assume they have bought the privilege as you say you no longer have to pay.

GloriousGbola:


You thought the government claimed to have clamped down on them and you still went for their loan.

Please make it make sense

Dont mind him,so he know what will befall him if he doesn't pay on time but still go ahead because he think government won't let them ask for there money.

Do you know that the thief is the loan company. Considering the ridiculous interest they charge for short term loan. If CBN look into their operations, most of them will be closed. I am sure they are also owing banks and are defaulting.
People need to start sueing them. Let the court condirm if their loan revovery pattern is according to law.

abbey621:


Dem force you to accept the money or hold gun for your head before you signed the contract? You no get money, you come begging me to loan you some, I stated my terms and conditions that I want your first born, you accepted and now you're crying when I want to take your first born, NO BE JUJU BE THAT?

No. Its wickedness. The loan companies are wicked thats why i don't pity them. You sound like u've never taken loan from them before. U get luck o

Thugnificent:
I woke up yesterday morning only to receive whatsapp messages and phone calls from family and friends on my contact list that they received a message of me being a criminal and "loan prostitute" on the run with company funds because of few days overdue loan. I thought the Government claimed to have clamped down on this people. My Girl friend that normally calls me every minute hasn't called since yesterday. I'm guessing she has also received the message. I'm Soo embarrassed

When you borrow money, pay it. If you know you don’t have the capacity to borrow, don’t do it.

These companies are mining data. There’s one or more credit bureau in Nigeria now. They will report you to those bureaus. You will not be able to borrow any more ever again. Do not throw your life away. Think of the future. Once blacklisted, you are done.

You can borrow small amounts that you are can repay back easily and then ask for more.

Why throw all that away?? There’s no Grace with a borrower who refuses to pay back. No Grace at all.

sonofElElyon:


Have a lawyer write them that if they don't send a retraction sms to all your contacts within specified number of days, you will sue them for defamation and also report them to NITDA and the consumer protection agency.

But if you really have money to sue you can go ahead and sue while also reporting them to the 2 federal government agencies above

E get money pay charge and bail sef. Person fit pay lawyer e dey go loan app?

Una funny for nairaland.

eleko1:
defamed? Did he tell u b4 he collected their money?

All over the world people default on loan repayment, even countries default too. There are ways such cases are treated within the law, these people are criminals, they do not pay tax, they don't have office address, no directors, no registration, illegal interest rate etc
Don't support criminality please.
A drug baron will say it's not his fault too, he will push the blame to the buyers, all of them are CRIMINALS

oblozzolawrence:
This one shock me o!!!
Which one be loan prostitute kwa

Op na only soko you dey owe, abi na many.

This one dem call you loan prostitute. Oya come talk true.

matrixme:
All these stup.id people on Nairaland forming woke and saying Nigerians have a bad habit not repaying loans and all, in saner climes[b], so they give 7 or 14 days loan and expect as much as 50% increase? [/b]
Even the student loan you people are talking about, isn't it paid back when you start working?
Meanwhile every Nigerian citizen is owing close to 150,000 including you, the woke ones. So be honest enough to go and pay your loan and remove the log in your eyes first before you come to discuss the twig in the eyes of your neighbors.
If they come to you for help, you no go give shishi. Hypocrites oshi.

That is to say prior to collecting the loan most defaulters knew they would not be able to pay up since the terms are ridiculous.

Question is why go ahead? When you're a � sure you csn never pay back within the stipulated time.

Honestly I believe a few of them have setbacks but majority of them never planned to payback and don't really care whatever is done now. A few of th would regret it somewhere in future while the rest have escaped.

I trad one thread where a student who depends on funds from home took out loans to pay his school fees due to financial lack from home. He had a valid reason for needing cash but no way to pay back yet he went ahead to take the loan.

He was now worried when the threats started and was scared his folks would fine out.

How would you advise this person.

Elucidate321:
The government is failing, the judicial system is failing, law enforcement is failing, and from most of the comments I'm reading here, the religious system has already massively failed. See the level of vile in people's hearts, justifying their wickedness, despite the insane number of churches, mosques and shrines.

Oga stop saying this, are they registered with the authority of the land,between the OP and them is who a Criminal? FG has called out to them severally to do the right thing by registering with CBN,yet they choose not to.

lewa:


When you borrow money, pay it. If you know you don’t have the capacity to borrow, don’t do it.

These companies are mining data. There’s one or more credit bureau in Nigeria now. They will report you to those bureaus. You will not be able to borrow any more ever again. Do not throw your life away. Think of the future. Once blacklisted, you are done.

You can borrow small amounts that you are can repay back easily and then ask for more.

Why throw all that away?? There’s no Grace with a borrower who refuses to pay back. No Grace at all.

Which credit bureau?They are not recognised by Nigeria Laws,meaning they are operating illegally, so forget that statement of reporting to credit bureau.

lewa:


When you borrow money, pay it. If you know you don’t have the capacity to borrow, don’t do it.

These companies are mining data. There’s one or more credit bureau in Nigeria now. They will report you to those bureaus. You will not be able to borrow any more ever again. Do not throw your life away. Think of the future. Once blacklisted, you are done.

You can borrow small amounts that you are can repay back easily and then ask for more.

Why throw all that away?? There’s no Grace with a borrower who refuses to pay back. No Grace at all.

They are not registered and can't report to credit bureau.

CryptoClub2018:


You call him a thief, if them born your papa well, give your office address as a loan shark agent, let us see if you will not die in 2 days

If you see me offline,you go call me bros,bloody thief like you. Una go borrow money, come default in paying back and come online to display your folly

Pls how can i get a loan of 10k, i don't mind paying 50% interest in 2 weeks

It's urgent

bomasek:
If you see me offline,you go call me bros,bloody thief like you. Una go borrow money, come default in paying back and come online to display your folly

Me call you bros, see this slowpoke . Na your papa and mama be thief. If you see me, you go shit for body

CryptoClub2018:


Me call you bros, see this slowpoke . Na your papa and mama be thief. If you see me, you go shit for body

U see the difference between how me n u dey yarn abi, shows u be kiddo,u go call me senior man if u see me. U fit try your luck if u dey Ilaro

Don't ever pay them that money again! That insult they gave you is their money.

Uchesis:


No. Its wickedness. The loan companies are wicked thats why i don't pity them. You sound like u've never taken loan from them before. U get luck o

Shey na your papa's money dem dey loan people? Person dey use hm money do business you dey call am wicked, Nigerians una don finally craze finish

Nigerians are funny, why would somebody take a loan and refused to pay, and even admitted he was some day overdue. That is clearly a breach of the contract u had wt them.
Pls pay up loan and don't run them out of business.

olamsaheed:
Nigerians are funny, why would somebody take a loan and refused to pay, and even admitted he was some day overdue. That is clearly a breach of the contract u had wt them.
Pls pay up loan and don't run them out of business.

But they add overdue interest everyday so why the need to defame?

Loan ashewoism , lmao. Lack of professional etiquette from a corporate brand

Thugnificent:
I woke up yesterday morning only to receive whatsapp messages and phone calls from family and friends on my contact list that they received a message of me being a criminal and "loan prostitute" on the run with company funds because of few days overdue loan. I thought the Government claimed to have clamped down on this people. My Girl friend that normally calls me every minute hasn't called since yesterday. I'm guessing she has also received the message. I'm Soo embarrassed

Sorry about that but why did you also apply for the loan when you know you can't pay on the due date we can always avoid this embarrassment.

nobilie:
Do you know that the thief is the loan company. Considering the ridiculous interest they charge for short term loan. If CBN look into their operations, most of them will be closed. I am sure they are also owing banks and are defaulting.
People need to start sueing them. Let the court condirm if their loan revovery pattern is according to law.

But the CBN will ask you if you were forced to take the loan.
Like, they will not want to get involved in the matter, and they might say you agreed to the loan terms and conditions, no matter how ridiculous they were. Better to avoid it if one doesn't have a steady salary.

When you were collecting their money and squandering it, tog didn't come here to tell us. Abi you didn't think it's someone else's business? For you to even come on nairaland to say it is embarrassing. Please stop skulking people's business because that is where they feed from. Go and pay up your loan. I wonder how the business your doing will work when you have the mind to hold another person's business down. Some people don't have shame again in this country.

AroOkigbo:

And while exercising patience, who bears the brunt of the accumulating interest?

What brunt? What about the defaulters who would still have to deal with accumulating interests? They will still collect more interests at the end of the day.
Even conventional banks exercise patience despite having collateral and all that in their possession.

PaulOtl:


But the CBN will ask you if you were forced to take the loan.
Like, they will not want to get involved in the matter, and they might say you agreed to the loan terms and conditions, no matter how ridiculous they were. Better to avoid it if one doesn't have a steady salary.

Which CBN? The one that is already clamping down on them? There is no shaming of the defaulters in their terms and conditions. Why would CBN even agree to that inhumane action?

armadeo:


E get money pay charge and bail sef. Person fit pay lawyer e dey go loan app?

Una funny for nairaland.

Well he doesn't need a lawyer to report to nitda and consumer protection agency

maasoap:


Which CBN? The one that is already clamping down on them? There is no shaming of the defaulters in their terms and conditions. Why would CBN even agree to that inhumane action?

Oh..wow. okay then.
The shaming part is just unethical... something that is in the unwritten codes and ethics of most Nigerian businesses and government entities. Let's hope they regulate their excesses, while people should also develope the culture of striving hard to pay back loans as at when due. I said striving hard...cuz some unforeseen circumstances could arise. But, one can strive to even pay half, whilst asking for a a little more time.

PaulOtl:

Oh..wow. okay then.
The shaming part is just unethical... something that is in the unwritten codes and ethics of most Nigerian businesses and government entities. Let's hope they regulate their excesses, while people should also develope the culture of striving hard to pay back loans as at when due. I said striving hard...cuz some unforeseen circumstances could arise. But, one can strive to even pay half, whilst asking for a a little more time.

The problem is that majority of the people taking these loans are unemployed graduates and students. Anytime they are broke, they take these loans with no real source of income to pay back. That's why you always see them saying they're expecting one money somewhere to pay back.

maasoap:


The problem is that majority of the people taking these loans are unemployed graduates and students. Anytime they are broke, they take these loans with no real source of income to pay back. That's why you always see them saying they're expecting one money somewhere to pay back.

I think so too. I've always felt it was unemployed people who mostly defaulted, Sha.
I've been tempted to take loans at some point, but I killed the urge. Even when I was hearing of how people took loans and it helped them. I don't want pay so much interest in so little a time. I feel it's a rip-off though. Well, that's just my own thought.

bomasek:
U see the difference between how me n u dey yarn abi, shows u be kiddo,u go call me senior man if u see me. U fit try your luck if u dey Ilaro

You will just be wasted for your parents for nothing