DEBT collectors for many loan apps in Nigeria exploit unconventional techniques to shame defaulting borrowers to retrieve loans.

This has been the subject of discourse and multiple media reports. Some people who borrowed money from loan apps have come together to form groups on Facebook.

One such page is the Mobile Loan Apps Debts Victims in Nigeria. One of the admins told the ICIR in a chat that the purpose of the group is to support each other against debt collectors that harass them with calls and messages.

The page has messages that encourage people to collect loans from ‘illegal loan’ apps and not pay them back. It also claims to enlighten the public about the loans.

One such message reads “If any loan app shares what transpires between you and them with a third party, automatically you have repaid that loan!”

Another post stated “you can never be the one at wrong against 14/7 days loan tenor. As long as it’s such a short tenor with an interest higher than what CBN has laid down as guidelines, such loan apps will always be the one on the wrong whether you are indebted to them or not!”

It went further to state “If the loan apps will not stop operating illegally in our country, then why should they not be given a lesson of their life? Please stop telling people not to take loans abeg”

Then added “This is an anti loan apps platform please, where we give no slightest consideration to mobile loan apps. Na their destruction be our own happiness. We can’t wait to see them fall!”

The admin who spoke to The ICIR noted that she is using a pseudo name.

A similar group on Facebook with over 20,000 members is called Say No to Sokoloan, LCredit ETC, also has a Telegram channel. This group states they provide psychological support for victims of loan app harassment.

To be a member, you will be asked numerous questions which include; if you are a loan app defaulter. Other questions are ‘Are you a loan app victim?’, “Since when have you been using loan apps”, “How many loan apps are you indebted to? Please list them, and “where is your location in Nigeria?”.

The ICIR gathered that these groups sprang up in reaction to the method loan apps-which are largely unregulated, used to retrieve their funds. “Loan Apps Victims Initiatives”, “Mobile Loan Apps Debt Victims in Nigeria”, and “Say No To Illegal Loan Apps” are some of such groups.

Earlier investigations by The ICIR show how illegal loan apps ignore Nigeria’s cyber laws and shame customers over late repayment of loans, threatening and using inappropriate words for customers amid excessive use of debt recovery tactics by their debt recovery agents.

READ MORE HERE: https://www.icirnigeria.org/inside-story-illegal-loan-apps-victims-form-groups-to-seek-retribution-vow-not-to-repay/

Now this is quite funny . Why don't people like paying back what they owe.