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FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights - Business (4) - Nairaland

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Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by Zidane199(m): 9:33pm On Jun 01, 2022
Sleekfingers:



But you know say , dem get vital information about you, dem go just sell your information to criminals etc
wetin criminal wan use my zero account balance do
Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by oilmane(m): 10:09pm On Jun 01, 2022
Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by BluntTheApostle(m): 10:27pm On Jun 01, 2022
SIMONEKPA7:
Relief to debtor's... Normally Nigerians don't like paying debt.
Why borrow when you can't pay.
Make I see who go de borrow nna urgent 2k

No one really likes paying debts, especially when the interest rate is over 50%, and the borrower has just 6 days to repay.

It is a trap, that is why many Nigerians struggle to repay.

1 Like

Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by BluntTheApostle(m): 10:35pm On Jun 01, 2022
Thewrath:
With the hardship in this country,Nigerians will regret if these loan companies go..

I think it is best for the loan apps to go. They should leave only Branch, and a few others who are ready to behave.

You see, I always tell people that it is better to die of hunger than to take a loan from any of these loan companies.

Their loan is a trap. It puts you in a life of debts. It looks like they are helping Nigerians, but they are only helping themselves.

For example, a loan company will lend you 12000 and expect 17500 naira in 6 days. That is almost 50% interest rate for a 6-day loan.

Please, who is helping who?

2 Likes

Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by BluntTheApostle(m): 10:41pm On Jun 01, 2022
nedekid:

Exactly my thoughts.
All man to the trenches, you need loan, you ask family as friends don't give again. Besides lots of Nigerians will see they can do without such loans with high interest rates. Ie if it is garri one has, soak it with small water let is swell, then swallow it without, than to take quick 10k loan(one wount pay) to cook soup to eat the garri.

Exactly. It is better to die of hunger than take a loan from these loan companies.

Or better still, open an account with Branch, and use them as your bank. Make transactions with them, and when you take a loan, agree to an auto-debit on your account. Branch will auto-debit every money that gets into your account, but they will never harass you or shame you because they are a legitimate bank.

Taking a loan from all these stupid apps is a trap.

How can someone give you 6000 naira, and expect you to repay 9-10k in 6 days? Is that not exploitation?

4 Likes

Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by Thewrath(m): 10:49pm On Jun 01, 2022
BluntTheApostle:


I think it is best for the loan apps to go. They should leave only Branch, and a few others who are ready to behave.

You see, I always tell people that it is better to die of hunger than to take a loan from any of these loan companies.

Their loan is a trap. It puts you in a life of debts. It looks like they are helping Nigerians, but they are only helping themselves.

For example, a loan company will lend you 12000 and expect 17500 naira in 6 days. That is almost 50% interest rate for a 6-day loan.

Please, who is helping who?
I admit the loan companies are greedy,but it’s business.....The terms of the loan are stated clearly,once you decide to accept their conditions,I see no reason to complain....most Nigerians are are just serial defaulters,collecting loans with no payback plan,it’s wrong

1 Like

Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by Nobody: 11:08pm On Jun 01, 2022
MartinsD12:

Why are you personalizing things please if you know those people your shitty loan companies offer loan go after them you seem pained, why are you putting out your frustrations on me , I only aired my opinion, government is doing the right thing it must be regulated. Case closed.

You needn't to stoop so low to his level of reasoning. What good words do you expect from someone with the moniker 'SIMONEKPA7'?

As far as I'm concerned, those loan sharks don't help people, they only compound people's problems. And, anybody who defends those loan sharks must be (1) one of their agents/officers who could do anything for money, even robbery, if given opportunity (2) mad or foolish. They keep shouting Nigerians don't like paying debts & still create new loan apps each day. Of course, they know how much they make from enslaving & ripping off their victims. Like I mentioned in my post, no one with conscience should work for those loan sharks as long as they know they can't encourage their loved ones to take such loan offers.
Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by Sleekfingers: 11:13pm On Jun 01, 2022
Zidane199:
wetin criminal wan use my zero account balance do



Okay
Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by Nobody: 11:25pm On Jun 01, 2022
Thewrath:

I admit the loan companies are greedy,but it’s business.....The terms of the loan are stated clearly,once you decide to accept their conditions,I see no reason to complain....most Nigerians are are just serial defaulters,collecting loans with no payback plan,it’s wrong

The truth is that no one is happy accepting such loan offers except those who already have intention not to pay back. Most people take the loans with heavy hearts because they know it is far from helping their situation.
Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by Nobody: 11:28pm On Jun 01, 2022
matm:
everyone is now a money lender online.I wonder where they get d money they lend from while banks dt handle money hardly lends without stringent conditions.

The thing tire me o. They say Nigerians don't pay debts & still create new loan apps daily.
Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by Nobody: 11:37pm On Jun 01, 2022
burritto:
The problem with borrowers in Nigeria with no intent of paying back is that they fail to realize that their credit record has been messed up, they may not really know the effect until they become someone better in life tomorrow and need loan for urgent business in a better bank. Then they would realize how they have spoilt their own record. Keep on borrowing and don’t pay back. Keep up your evil work, karma will catch up on you all someday.

Poverty is not just a disease, it’s a state of the mind.

Some Nigerians would always remain poor no matter what

With offers like the one below, even the lenders wouldn't be spared by the same karma.

I know some of you people's hearts are hardened before/during induction, but you still need to have a little fear of God.

Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by TheMostComplex1: 12:40am On Jun 02, 2022
SIMONEKPA7:
Relief to debtor's... Normally Nigerians don't like paying debt.
Why borrow when you can't pay.
Make I see who go de borrow nna urgent 2k

You just mirrored my thoughts.
The borrowers will suffer most
Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by TheMostComplex1: 12:45am On Jun 02, 2022
SIR0:


You needn't to stoop so low to his level of reasoning. What good words do you expect from someone with the moniker 'SIMONEKPA7'?

As far as I'm concerned, those loan sharks don't help people, they only compound people's problems. And, anybody who defends those loan sharks must be (1) one of their agents/officers who could do anything for money, even robbery, if given opportunity (2) mad or foolish. They keep shouting Nigerians don't like paying debts & still create new loan apps each day. Of course, they know how much they make from enslaving & ripping off their victims. Like I mentioned in my post, no one with conscience should work for those loan sharks as long as they know they can't encourage their loved ones to take such loan offers.

What you said is not true by saying that those that support the apps are doing something wrong & also that the app is not helping people I know of two of my colleagues that are chronic debtors that no colleague would like to lend them money & they were so stranded that the app was their only saving grace. Instant loan
Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by MartinsD12(m): 2:27am On Jun 02, 2022
SIR0:


You needn't to stoop so low to his level of reasoning. What good words do you expect from someone with the moniker 'SIMONEKPA7'?

As far as I'm concerned, those loan sharks don't help people, they only compound people's problems. And, anybody who defends those loan sharks must be (1) one of their agents/officers who could do anything for money, even robbery, if given opportunity (2) mad or foolish. They keep shouting Nigerians don't like paying debts & still create new loan apps each day. Of course, they know how much they make from enslaving & ripping off their victims. Like I mentioned in my post, no one with conscience should work for those loan sharks as long as they know they can't encourage their loved ones to take such loan offers.
Thank you for letting me know that moniker unacceptable wild behavior, you have said it all , what is bad is bad , these loan sharks are not helping matters, I support the governor fight against them.
Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by MartinsD12(m): 2:31am On Jun 02, 2022
SIR0:


With offers like the one below, even the lenders wouldn't be spared by the same karma.

I know some of you people's hearts are hardened before/during induction, but you still need to have a little fear of God.
Imagine 7 days return and interest is even higher than the money loaned where in the world is these down, e no go better for loan sharks ripping Nigerians taking advantage of this poor economy our bad leadership in government caused us and anyone working for loan sharks are doomed already

1 Like

Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by oyeb15: 6:45am On Jun 02, 2022
Government want to collect their share since they see many people embracing the loan apps.


A responsible government would quickly fix d economy. If the economy is good, people won't borrow. Banks aren't giving people loans again.
Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by BluntTheApostle(m): 7:12am On Jun 02, 2022
Thewrath:

I admit the loan companies are greedy,but it’s business.....The terms of the loan are stated clearly,once you decide to accept their conditions,I see no reason to complain....most Nigerians are are just serial defaulters,collecting loans with no payback plan,it’s wrong


It is not business, but exploitation.

They know there is hunger in the land. In fact, they became popular during the peak of the pandemic period. So, they want to exploit.

You give someone who is hungry money, and then you expect them to repay almost double the amount in 6 days.

Haba!!! That is not business. That is why Google and Apple specify that loan duration must be between 90-120 days, and interest rate kept below 20%. This is to ensure that people are able to repay their loans.

But these loans companies lie in their advertisement claiming to give loans for 90-120 days, and to charge less than 20%.

You may call it business, but it is exploitation. You exploiting the desperation and hunger of Nigerians to cheat them. Nigerians think the loan companies are helping, but the loans are traps.

A Nigerian will take a loan from OKash, at the end of 15 days, they are unable to repay. So, they take another loan from Sokoloan (a 5-day loan) to repay OKash. The loan from Sokoloan is not enough to fully repay OKash, so they take a third loan (another 6-day loan) from True Naira. And like that they enter into a life of debts.

I advise the Federal Government to close all these loan companies. It is for the best of Nigerians.

Many of them are from China, but the Chinese government is clamping down on them. So, they run to countries like Nigeria where there is poor regulation.
Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by kafeii123: 7:15am On Jun 02, 2022
Mr Tunde Irukera is one Nigerian technocrat that you can always trust do his job...and to do it well...

1 Like

Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by BluntTheApostle(m): 7:22am On Jun 02, 2022
MartinsD12:

Imagine 7 days return and interest is even higher than the money loaned where in the world is these down, e no go better for loan sharks ripping Nigerians taking advantage of this poor economy our bad leadership in government caused us and anyone working for loan sharks are doomed already

They started their illegal operations in the Phillipines, so the Chinese government began to hunt for them, and to shut them down.

Unable to thrive in China, they run to Africa which largely has an unregulated market.

The FG should criminalize them. They are not helping, just worsening the situation.
Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by MartinsD12(m): 7:28am On Jun 02, 2022
BluntTheApostle:


They started their illegal operations in the Phillipines, so the Chinese government began to hunt for them, and to shut them down.

Unable to thrive in China, they run to Africa which largely has an unregulated market.

The FG should criminalize them. They are not helping, just worsening the situation.

Exactly they are criminals and anybody supporting them is also a criminal, imagine if our network providers or even Nigerian banks has no regulations imagine what will happen, this loan sharks come and be billing vulnerable Nigerians anyhow they like they must pay for their criminal activities

2 Likes 1 Share

Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by BluntTheApostle(m): 7:33am On Jun 02, 2022
Aside the useless GTBank which offers loans to only salary account holders, many banks offer loans without collateral to customers.

I took a 20,000 loan from FCMB, and they charged 20% interest rate. That is relatively reasonable, for a 30-day loan.

Try and take the same loan from these criminals claiming to be loan companies, and you will be seeing 20k to repay 31k in 6 days.

If the FG knows what is good for them and Nigerians, they better emulate the Chinese government, and ban them.
Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by BluntTheApostle(m): 7:35am On Jun 02, 2022
MartinsD12:

Exactly they are criminals and anybody supporting them is also a criminal, imagine if our network providers or even Nigerian banks has no regulations imagine what will happen, this loan sharks come and be billing vulnerable Nigerians anyhow they like they must pay for their criminal activities

Well spoken!!!
Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by BluntTheApostle(m): 7:52am On Jun 02, 2022
burritto:
The problem with borrowers in Nigeria with no intent of paying back is that they fail to realize that their credit record has been messed up, they may not really know the effect until they become someone better in life tomorrow and need loan for urgent business in a better bank. Then they would realize how they have spoilt their own record. Keep on borrowing and don’t pay back. Keep up your evil work, karma will catch up on you all someday.

Poverty is not just a disease, it’s a state of the mind.

Some Nigerians would always remain poor no matter what

First of all, illegitimate loan companies cannot report you to anyone other than to scum like themselves. OKash can report you to KashKash because all of their loan recovery agents are on the same WhatsApp group. But they can't report you to a credible Credit Bureau.

And supposing you default on a Branch loan, and Branch reports you (Branch does not rush to report defaulters), you always have an option to call the Credit Bureau, and explain yourself to them.

Instead of blaming borrowers, blame lenders.

A loan company is not just for making profit, but for helping. You can't claim to be helping anyone by giving them a 6-day loan.

If GTBank had given Innoson a 6-day loan, would he have been able to establish Innoson Group?

Even if you give loans for consumption, you should still give borrowers enough time to repay.

Google and Apple stipulate 90-120 days as a reasonable time for even the worst borrower to be able to repay their loans. Even Branch and Fairmoney don't respect this Google and Apple policy, but at least, they don't overcharge on interest.

1 Like

Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by Nobody: 8:33am On Jun 02, 2022
SIR0:


With offers like the one below, even the lenders wouldn't be spared by the same karma.

I know some of you people's hearts are hardened before/during induction, but you still need to have a little fear of God.

People don’t need to take such loans. If a person is not comfortable with terms or conditions of any business, that person is free to not participate and he won’t be liable. However, if the person choose to go ahead by accepting the loan, then he has fully agreed to its terms either consciously or subconsciously. People should stop blaming hunger as the reason for them collecting loan. Whether we like it or not, it’s business and they have the right to choose how they intend to run it. Staying clear of such business is the ideal thing to do.
Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by Thewrath(m): 8:49am On Jun 02, 2022
BluntTheApostle:



It is not business, but exploitation.

They know there is hunger in the land. In fact, they became popular during the peak of the pandemic period. So, they want to exploit.

You give someone who is hungry money, and then you expect them to repay almost double the amount in 6 days.

Haba!!! That is not business. That is why Google and Apple specify that loan duration must be between 90-120 days, and interest rate kept below 20%. This is to ensure that people are able to repay their loans.

But these loans companies lie in their advertisement claiming to give loans for 90-120 days, and to charge less than 20%.

You may call it business, but it is exploitation. You exploiting the desperation and hunger of Nigerians to cheat them. Nigerians think the loan companies are helping, but the loans are traps.

A Nigerian will take a loan from OKash, at the end of 15 days, they are unable to repay. So, they take another loan from Sokoloan (a 5-day loan) to repay OKash. The loan from Sokoloan is not enough to fully repay OKash, so they take a third loan (another 6-day loan) from True Naira. And like that they enter into a life of debts.

I advise the Federal Government to close all these loan companies. It is for the best of Nigerians.

Many of them are from China, but the Chinese government is clamping down on them. So, they run to countries like Nigeria where there is poor regulation.
I still don’t see any problem here,it’s simple....just go to our regular commercial banks and borrow.

1 Like

Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by Patrickker(m): 9:17am On Jun 02, 2022
emmabest2000:
Clamping down on online money lenders behind protector grin

Jokers
The joke is on you actually. They have physical offices with online presence, so why not?
Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by daylay7(m): 10:28am On Jun 02, 2022
NIce one!
Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by BluntTheApostle(m): 10:47am On Jun 02, 2022
Thewrath:

I still don’t see any problem here,it’s simple....just go to our regular commercial banks and borrow.

You are one of the problems.

You don't see anything wrong?

You don't believe that opportunists can take advantage of desperate people?

If banks are allowed to behave anyhow, I am sure you will understand my point.
Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by Tundex911: 3:19pm On Jun 02, 2022
I'm � � sure our fellow igbo people get most of the loan companies...


Peace ✌️
Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by Nobody: 7:23am On Jun 04, 2022
BluntTheApostle:


You are one of the problems.

You don't see anything wrong?

You don't believe that opportunists can take advantage of desperate people?

If banks are allowed to behave anyhow, I am sure you will understand my point.


The loan sharks are only playing 'Squid Game' with people; getting people entangled. Funnily, when they notice it's the due date, they would forward messages to you, in disguise, with links to get loans from their other apps, thereby compounding your loans with them. I know the likes of Thewrath, MrFollowFollow, probably Faithfull18 and some others would deny this because their hearts are sold to the devil already.

The Government needs to wipe them off totally. If they don't, I would believe some top politicians are aiding the loan sharks to enslave people. And if nothing is done, it would eventually lead to revolution. And, the loan sharks and their agents would be treated with jungle justice. They are doing more harm then good everyday.

2 Likes 1 Share

Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by faithfull18(f): 7:29am On Jun 04, 2022
SIR0:


The loan sharks are only playing 'Squid Game' with people; getting people entangled. Funnily, when they notice it's the due date, they would forward messages to you, in disguise, with links to get loans from their other apps, thereby compounding your loans with them. I know the likes of Thewrath, MrFollowFollow, probably Faithfull18 and some others would deny this because their hearts are sold to the devil already.

The Government needs to wipe them off totally. If they don't, I would believe some top politicians are aiding the loan sharks to enslave people. And if nothing is done, it would eventually lead to revolution. And, the loan sharks and their agents would be treated with jungle justice. They are doing more harm then good everyday.
You are the one with the heart sold to the devil. Did they come to your house to drag you out to take their loan?? You take their loan because you see it as free money, and then you refuse to pay back. Wicked soul.
Re: FG Clamps Down On Online Money Lenders Over Breach Of Customer's Rights by BluntTheApostle(m): 7:36am On Jun 04, 2022
SIR0:


The loan sharks are only playing 'Squid Game' with people; getting people entangled. Funnily, when they notice it's the due date, they would forward messages to you, in disguise, with links to get loans from their other apps, thereby compounding your loans with them. I know the likes of Thewrath, MrFollowFollow, probably Faithfull18 and some others would deny this because their hearts are sold to the devil already.

The Government needs to wipe them off totally. If they don't, I would believe some top politicians are aiding the loan sharks to enslave people. And if nothing is done, it would eventually lead to revolution. And, the loan sharks and their agents would be treated with jungle justice. They are doing more harm then good everyday.

Well-put.

Far more harm than good.

If nothing is done, the people are likely to take the law into their hands.

1 Like

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