Paxziano:


Imaginery credit bureau? Lol. Guy, you don't even know and you are just talking.

https://crccreditbureau.com/
https://firstcentralcreditbureau.com/

And these are just 2 out of many... Your credit bureau ratings and score are not imaginery

Paxziano:



Lol. Guy, the loan apps are registered. Do your research

Dashlys:
Oga!

First off, Those Apps are ILLEGAL. They're not registered with the CAC or operate by BOFIA Act. There's nothing like "I agree their method" is blah blah blah...Branch that's registered with the government doesn't stress when a customer defaults...it would reflect in your financial dealings with Banks if you owe registered apps.

That being said, did you not see where I said I collected a loan of 40k to add funds to finance a failed business and went borrowing from A to pay B?

However, you don't call ppl's contacts when they're owing. That's a breach on their rights.

ADepresedpotato:
the day I realized they were illegal, I stopped disturbing myself about paying them. I don tell them, I'll only be able to pay them their money after I become I delegate

Paxziano:



Guy, they are registered with CAC... They are even registed as money lenders. Just go to their website and read it. It's not hidden...

A loan was asked for, it was given... If the business you put it into didn't work, it's not their fault... If you have an account in GTB Ikeja branch and the branch is robbed, will you accept if the ba k tells you that your money is missing? It's not your business that the bank was robbed. Same way the loan app doesn't care if you invested in a business that didn't pay. If everyone comes up with excuses when they take loans, how will the business survive?

Finally, if you read their terms and conditions, it's written there that they can call your contacts in case of defaults. So calling your contacts isn't entirely illegal as you claim

Dashlys:
Again, no one cares whether they borrowed to give to ppl. There are laws that regulates the activities of financial institutions in Nigeria. If you can't operate by those laws, then no one is forcing you to open a loan app. The standard interest rate was less than 2%, as at months back... No financial institution is obligated to give more than 2%, but your criminal entities give over 30% with shaming of citizens who default. Didn't you know that loans come liabilities before venturing into the business and thereby taking advantage of vulnerable people? Better educate yourself. In Accounting, if a customer can't pay off an obligation, you write it off as a bad debt. There's no law in Nigeria that says you should brand people criminals 'cause they took a loan but failed to pay. Bankruptcy is a legal term. People don't go to jail for failure to pay a debt.

Dashlys:
The owners of most of these Apps are Chinese...Lcredit is owned by the Chinese. For a foreigner or a citizen to own a business in Nigeria, they have to be registered with CAC, they have to own business addresses that are physical. They have to pay tax to the federal government, for financial institutions like banks in which Loan apps fall into, they have to be guided by BOFIA ACT...Branch is guided and why they don't stress. A company operating that's not registered is not a legal entity. What does it mean to be a legal entity? It can't sue or be sued...why they're ghost, but send you people as agents. Now, as an agent, if you print slandering things about a person and you're caught, you can be jailed as an individual. I could say more, but let this sink in first. Then there's breach of data. SMH.

Paxziano:



You are claiming the interest rate is 2%. That is for commercial banks... Y don't you just go and take a loan from a commercial bank and see if you are eligible instead of taking from loan apps?

Now talking about writing off loans as bad debts, the loan should have gone bad for at least 6 months before it's to be considered as a bad debt

Like I said earlier, Nigerians can be unscrupulous people that always wanna get free money cos of the poverty in the land. And like you said, people don't go to jail for failure to pay a loan, but when there is intent to deliberately take money and not pay (fraud) you can go to jail for that

Paxziano:



My friend, you are spewing thrash with muscle...LCredit and every other loan app out there is registered and they pay tax to the federal govt AND Lagos state government

Dashlys:
Shut up! Only a registered app could report a person to credit bureau. The rest copy this and paste to intimate Nigerians into paying loans. If you're not registered, which credit bureau do you report offenders to? Imaginary. Like their fake existence.

Dashlys:


You think you're talking to those illiterates you call and intimidate.

First step in knowing that the app is operating illegally,... The repayment period is 7days to 14days. Any app that collects repayment in 7-14 days is unregistered.

Secondly, once they involve ppl's contacts.... It's unregistered.

Rest! You're making a fool of yourself here.

Dashlys:
You're welcome. Get out now before you see yourself selling properties.

Dashlys:
Assuming I didn't study Accounting, so in your professional opinion, when a company is operating without a known address, what does that make it? Now, who are your CEO? Executives? Managers? I need names if you're not affraid. Stop fooling yourself here. Go on Twitter and read the investigation carried out by David Hundeyin. Again, stop fooling yourself.

Dashlys:
Please, ignore the mumu agent. My prayer for you is that you don't get arrested as government is clamping down on these APPs. E go clear for your eyes. Your family would probably spend N1m they don't have to get you out of jail for a 30k criminal job.

tjshamtip:

I have to sell my car to pay a Loan App. That is still paining me.

Paxziano:


Guy, you just keep displaying your ignorance... These apps your are killing yourself for are all Fintech money apps and theu have a parent body... If only you invested little time in doing your research... LCredit you are tearing your shirt over is owned by Cashigo or sumtn like that... You can see their board of directors of you go the parent company website... Nothing is hidden. You r just blinded by your greed and hate cos of theoney you owe them... It's sad really

You studied accounting and you are talking this way. You dey fall hand o! I studied Economics so I expected a better informed argument from you not unverified stuff overheard in beer parlours

Paxziano:


Just curious... You took loans from 5 different apps and you r calling the apps criminals? It seems to me you took money you can't pay back and then you start trying to give them bad names... But if you must know, those apps are not illegal. The methods they use in recovering their money is not nice agreed but Nigerians have been so impoverished that the average Nigerian wants to take money and not pay back...

As regards the interest rate, you don't keep money with them so the money they give to you is most probably borrowed from somewhere and they are to pay back with interest hence why their rates a higher. You can't compare them to commercial banks cos they have capital bases as well as deposit ratios... Also, before taking the loan, you saw the interest rate and still chose to take it.. After getting and using the money, you suddenly realize the interest rate is high... If you don't like the way they do business, open your own business and give out loans. See how easy it is to recover your money from your friends talk less of strangers...

One last thing.... These loan apps as you call them employ more than 300 -500 Nigerians. They are paid and get other benefits... What have you done to impact the lives of any other Nigerian except yourself?

ADepresedpotato:
the day I realized they were illegal, I stopped disturbing myself about paying them. I don tell them, I'll only be able to pay them their money after I become a delegate

Paxziano:



Lol. Guy, the loan apps are registered. Do your research

fox97:
Till I die d only loan app way I go pay na branch, d rest can Bleep off

Dashlys:
You actually work with Lcredit. A fool will always give off himself. I did a better research than you clearly. And to clear this display of defense, go read up David Hundeyin's expose on Illegal loan apps on Twitter. Like I said, any app that gives 7-14days repayment date is illegal. Stop fooling yourself!

Jmichael1:


fairmoney,branch and carbon are the only registered loan apps in nigeria dats y they gv up to 2month payment period...

unlike the rest that will gv u 10k and expect u to pay 17k in 7days...

fox97:
Till I die d only loan app way I go pay na branch, d rest can Bleep off

fox97:
I dey tell u, d rest na theives na 2 follow dem in d language dey understand

tjshamtip:

I have to sell my car to pay a Loan App. That is still paining me.

Paxziano:


In your spare time, read up on the loan apps you talked about, search for their parent company, read up in credit bureau, if you have a friend that works in a finance house, try asking the person to check your credit history and see if you can access good money from banks or other loan apps (loan apps don't give as much money as banks though).

fox97:

Oga rest, parent company or not, no sane company dey operate subsidiary just 2 meek desperate pipu moni in der time of needs, na government I blame

Dashlys:
That guy legit thinks he could fool anyone here. Like, he has seen market women/men to mess around with. Back to back been saying real shit! That company's name is "Lcredit" is Lcredit a legal entity in Nigeria? Noooo. I told him to mention the name of his boss and he's been mute. He doesn't know whom he works for. Ghost company, ghost owners.