King125007:
Well I see people getting happy and supporting the decision

The govt should regulate them, and not go with this bad decision again

Only if dy know how many youths are working with this companies, they can even work remotely.. EASYBUY and SOKO LOAN employ close to 10000 youths.. Pleas you can verify this

Easybuy/palm credit (field agent and office agents)

Sokoloan (office agent)

So many of them out dere


Nigeria business climate warrant their mode of operation, the average Nigerian don't want to pay debt as at wen due nd we don't have good data base to track debtors, in the developed countries dy do, that whybdybare able to use credit card billing effectively

Have you ever wonder why the banks make you Sweat and submit all kind of papers nd guarantors before even giving you a loan of 100k?? Yeah.. Dts d reason

You sound like you work for one of them.

So the method of recovery whereby they harass borrowers by sending bulk SMS to their contacts is OK by you? Is that ethical and professional?

They have factored in the risk of eventual default into their crazy interest rates, so if anyone beats them to their game, too bad.

I support the FG's decision.

Toktee:
Why can't you guys comprehend a simple argument?

The rip off here implies the outrageous interest rate this loan sharks using to robb the public.


So where have he gone wrong in his statement?

it was not outrageous to the person that took the loan. So why cry for the person?

pacesetting:
Most of these loan sharks are criminals. The government needs to look into their activities properly. Imagine one of the so-called loan sharks worker called me yesterday, complaining about one of my contacts that borrowed money.

I called the contact later to get more info. It turned out that he borrowed 15K to pay 23k in one week. Just imagine the rip-off.

On top of that, he asked for one week extension, but was denied.

This is not how loan firms operate in other countries. Their policies, interest rates, and debt recovery methods are something else.

But your contact signed up for it. Banks equally give loans with high interest rates.

pacesetting:
It is a rip off to me. To him it may seem okay. You get my point?

If he was asked to take 15k to pay 18k, it will still be outrageous to some people! So don't crt for people when they go into an agreement.

iHart:
it was not outrageous to the person that took the loan. So why cry for the person?

So how does that affects you bro, did you wakes up this morning and pray to God to give you strength to offend people ?
Or are you a staff of one of the loansharks?

I don't understand you at all.

Why are we suddenly having these loan sharks all of a sudden? Its a sign of the times, they are exploiting new ways of collecting their money , preying on gullible, ignorant vulnerable people who want easy loans.

Easy loans come at a price , sha.

Toktee:
So how is that affects you bro, dis you wakes up this morning and pray to God to offend people today?
Or are you a staff of one of the companies?

I don't understand you at all.

I am not offending anybody. Simply don't cry more than the bereaved.

Read out what you wrote here, and see whether that makes sense. The government has received series of complaints from people using these loan apps. That's why they are taking action. Why not question the government too?

iHart:
it was not outrageous to the person that took the loan. So why cry for the person?

Yoighaman:


You sound like you work for one of them.

So the method of recovery whereby they harass borrowers by sending bulk SMS to their contacts is OK by you? Is that ethical and professional?

They have factored in the risk of eventual default into their crazy interest rates, so if anyone beats them to their game, too bad.

I support the FG's decision.

Some of you guys are just dumb!

Anytime a person makes an objective statement on loan apps matter you'll just accuse him of being a staff of a loan shark.

Anyhow you want to look at it the fact is that if you take a loan with the hidden intention of not paying back then you lack conscience and integrity!

With people like you, the world could be in a much deeper shit than it is. There are reasons why we have lawyers and activists. Do not expect everyone to have a high sense of reasoning to take the best decisions at all times.
I wonder why you are on a defensive side. Probably because you are one of them.

iHart:
If he was asked to take 15k to pay 18k, it will still be outrageous to some people! So don't crt for people when they go into an agreement.

pacesetting:
Read out what you wrote here, and see whether that makes sense. The government has received series of complaints from people using these loan apps. That's why they are taking action. Why not question the government too?

our discussion did not start from what the government has done but from the 15k to pay 23k you called a rip off.

It is very very possible that if your contact borrowed the 15k from you, he may not have paid back and may never pay back. ...and sensing that he may not pay back, you may not even lend him the money. So allow him to face the loan sharks. Whoever that goes to loan sharks, let him or her face their music.

pacesetting:
With people like you, the world could be in a much deeper shit than it is. There are reasons why we have lawyers and activists. Do not expect everyone to have a high sense of reasoning to take the best decisions at all times.
I wonder why you are on a defensive side. Probably because you are one of them.

Why are you siding your friend? People like you are why businesses fail. You agree to a credit and when it's time to pay back you then realise the conditions are outrageous!

Your second paragraph started with it may..... it is very possible.... it may not. But you ended up advising me what to do after the may and may nots.

I know there are so many people in this type of situation. That's why I commented. So, your opinion does not change the fact that loan apps in Nigeria are terrible.

iHart:
our discussion did not start from what the government has done but from the 15k to pay 23k you called a rip off.

It is very very possible that if your contact borrowed the 15k from you, he may not have paid back and may never pay back. ...and sensing that he may not pay back, you may not even lend him the money. So allow him to face the loan sharks. Whoever that goes to loan sharks, let him or her face their music.

OneMillionBTC:
Loan sharks started because the institutions established to give loans are not functioning. You have been banking with XYZ bank for the past 10years yet they can't give you a loan of 100k. You will fill forms, write application letter, visit the bank and yet they will tell you they can't give you loan of 100k even when your yearly volume is 2M except you have a landed property as security.

Do you have a salary account with us? Meaning only salary account owners can access loans easier. Do you know the percentage of salary account owners in Nigeria to the general populace ?

It is fraud if you ask me, that the banks collect monies from CBN on the ground that they want to give out loans to Nigerians only to use the money for their branch opening and personal business. CBN too is terrible, they can't enforce loan policies on the banks and ensure it gets to the citizens.

If bank loans are accessible to Nigerians, No one will use these loan shark with their ridiculous interest rate.

This means FG is fighting the wrong fight, no need for all these, Nigerians need loan, they can even use the loan sharks for these services if the banks are failing, just regulate their interest rate and how they embarrass defaulters.

Exactly.

A major problem we have are our financial institutions/banks.
They've managed to institutionalise corruption in that sector and continue to take advantage of Nigerians due to lack of proper orientation and information regarding the financial mandates they've been licensed to provide.

A number of these banks even work in cahoots with these loan sharks in order to gain from the ridiculous interest rates.

As in organised countries, I believe Nigeria has laws with which such loan and credit companies MUST comply if they are to operate within its shores. This also goes for the so-called commercial banks, etc.

pacesetting:
Most of these loan sharks are criminals. The government needs to look into their activities properly. Imagine one of the so-called loan sharks worker called me yesterday, complaining about one of my contacts that borrowed money.

I called the contact later to get more info. It turned out that he borrowed 15K to pay 23k in one week. Just imagine the rip-off.

On top of that, he asked for one week extension, but was denied.

This is not how loan firms operate in other countries. Their policies, interest rates, and debt recovery methods are something else.

Fair enough, the interest offered your friend was high.
But why did he take it? He had the option to reject! Accepting the money meant he agreed to the conditions.
Abeg stop supporting irresponsibility.
This is the same situation with Nigeria and buhari, take all the loans offered to you and then complain when it is time to pay. Unfortunately, that of Nigeria cannot be canceled by Nigeria regulatory authorities as the loans are international.
You take money, you pay!

iHart:
Why are you siding your friend? People like you are why businesses fail. You agree to a credit and when it's time to pay back you then realise the conditions are outrageous!

Let it be know that there are contracts that you can sign and it will still be null and void by a court if found to be exploitation , non objective and ambiguous . So even if the contracts were signed by the borrower it can still be null and void if the contract does not reflect the laws, terms and regulations of that country. Lending money in nigeria has laws , rules and regulations(financial law) which these apps don't apply and as such all contracts signed on their terms are invalid. Just like housing or tenancy law in nigeria etc.

pacesetting:
Your second paragraph started with it may..... it is very possible.... it may not. But you ended up advising me what to do after the may and may nots.

I know there are so many people in this type of situation. That's why I commented. So, your opinion does not change the fact that loan apps in Nigeria are terrible.

whatever be the case, it still does not change the fact that Nigerians are terrible in paying back loans, even interest free loans! So whoever that wants to give loans to Nigerians as a business should be prepared to go hard on them to get their money back even if the FG tag them "terrible".

pacesetting:
Most of these loan sharks are criminals. The government needs to look into their activities properly. Imagine one of the so-called loan sharks worker called me yesterday, complaining about one of my contacts that borrowed money.

I called the contact later to get more info. It turned out that he borrowed 15K to pay 23k in one week. Just imagine the rip-off.

On top of that, he asked for one week extension, but was denied.

This is not how loan firms operate in other countries. Their policies, interest rates, and debt recovery methods are something else.

But what beats me about those that borrow such monies is that they read the terms or they are being told before hand but they still go ahead to borrow the money anyway......

Nigerians are not known to pay debt even if you lend a friend money without interest, they will still come back to tell you different stories

drsibz66:


Let it be know that there are contracts that you can sign and it will still be non and void by a court if found to be exploitation , non objective and ambiguous . So even if the contracts were signed by the borrower it can still be non and void if the contract does not reflect the laws, terms and regulations of that country. Lending money in nigeria has laws , rules and regulations which these apps don't apply and as such all contracts signed on there terms are invalid. Just like housing or tenancy law in nigeria etc.

Thank you for the enlightenment. If it pleases you, throw more light on the laws so we can be more enlightened

It’s not advisable to be a debtor. We shouldn’t see it as being a right thing to owe money and that’s from my own point of view.

Meanwhile, Do you know you need to take your security very seriously with the high rate of insecurity in our country, it will be suicidal to trust our government and that is why we need CCTV cameras.
Install quality affordable cctv camera for your homes, offices and shops to have records of your environment incase of any eventuality. Send an email to nscglobalenterprise@gmail.com for consultation, Installation and Maintenance of your CCTV or contact us on IG @nscglobalenterprise.

nedekid:

Fair enough, the interest offered your friend was high.
But why did he take it? He had the option to reject! Accepting the money meant he agreed to the conditions.
Abeg stop supporting irresponsibility.
This is the same situation with Nigeria and buhari, take all the loans offered to you and then complain when it is time to pay. Unfortunately, that of Nigeria cannot be canceled by Nigeria regulatory authorities as the loans are international.
You take money, you pay!

The loans Nigeria, as a nation takes from global financial institutions are usually within globally accepted standard rates and conditions. The issue Nigeria has is utilising the loans appropriately in order to boost the economy and ultimately pay back the loans with less strain. The major causative factor is corruption.

As for these loan sharks, they benefit from this same corruption and despite the harsh economic realities their targets are subjected to, aim to extort their 'victims' by placing conditions which can never be acceptable anywhere in this world.
And they do this by taking advantage of the lapses of regulatory bodies and their collusion with certain entities within the financial sector.

Even in the best economies with best loan conditions, there would always be defaulters due to a wide range of reasons, not to talk of an ailing economy where a struggling individual is expected to pay over 50% interest in one week as reported in a post above.

Even 50% in one month is a rip off and places tremendous stress on the borrower.

Then to worsen it, they resort to criminal activities in a bid to obtain their 'proceeds'.

drsibz66:


Let it be know that there are contracts that you can sign and it will still be null and void by a court if found to be exploitation , non objective and ambiguous . So even if the contracts were signed by the borrower it can still be null and void if the contract does not reflect the laws, terms and regulations of that country. Lending money in nigeria has laws , rules and regulations(financial law) which these apps don't apply and as such all contracts signed on their terms are invalid. Just like housing or tenancy law in nigeria etc.

Many Nigerians are unaware of this.

All the mobile lenders are licensed. The question is, how did they scheme their way through? CBN has a lot of questions to answer.

On google play store. There are so many of them. Some of them will still keep deducting your funds even if you’re not indebted to them. Unfortunately, you can’t unlink your card.

Some will charge as high as 50N to link your card only to tell you that you ain’t eligible for a loan.

Some don’t have any physical office. I did a little research on ‘Cash Dey’, another loan shark. They don’t have a physical location and there is no means to contact them. So many bad reviews about them from Nigerians and good reviews from other citizens.

I also observed that most of the loan sharks have a better deal for citizens of other countries than they do for Nigerians.

Aside the pioneers of mobile lending like ‘Branch’, ‘Carbon’, ‘Aella Credit’, ‘Quick Check’, ‘Fair Money’ and ‘Palm Credit’, the rest are just in a rat race and are all about scheming Nigerians.

nedekid:

Fair enough, the interest offered your friend was high.
But why did he take it? He had the option to reject! Accepting the money meant he agreed to the conditions.
Abeg stop supporting irresponsibility.
This is the same situation with Nigeria and buhari, take all the loans offered to you and then complain when it is time to pay. Unfortunately, that of Nigeria cannot be canceled by Nigeria regulatory authorities as the loans are international.
You take money, you pay!

If you have time, go through some of the reviews on google play store. Most of the borrowers complained that they rejected their offers but were still credited and asked to pay within a week.

Kobicove:
I don't blame these loan apps for their loan recovery tactics cos Nigerian debtors can be so annoying.

Personally for me if you like beg me for a loan with tears of blood in your eyes, I no go gree give you

When the table is turned, then you should never complain.

yeyebrity:


If you have time, go through some of the reviews on google play store. Most of the borrowers complained that they rejected their offers but were still credited and asked to pay within a week.

And you actually believe that?
Few times I used those apps I never experienced that. How will the offer be rejected and yet one clicks the accept bottom?

[t

29kobo:


That's because they give loans without collateral.

Hence the outrageous interest rate

Do Carbon and Branch request for collaterals? Their interest rates are very reasonable with about a month to pay. These loan sharks demand for about 40% to 50% interest for a week’s loan. That’s outrageous!

I know someone who opened up that he owed Branch for about 2 years because he was too broke to pay. The most they did was submit himself at credit bureau. And they even stopped his interest from running further.

Yes, you're correct, in my hustling days straight out of nysc, I used to work with one of them..

I also do not support most of the method employ to get the loans back, but trust me when I say some of those method are employed on extreme cases. Nigerians stubborn


And that is where govt regulation come in.

About the interest rate, it was made clear from the beginning before the loan was collected, even contacting or gaining access to your phone contact was part of the agreement customers sign on to on PRIVACY AND AGREEMENT, but most Nigerians don't read, they just glance through documents

I am just concern about the number of youths that are going to be out of job. That's all

Yoighaman:


You sound like you work for one of them.

So the method of recovery whereby they harass borrowers by sending bulk SMS to their contacts is OK by you? Is that ethical and professional?

They have factored in the risk of eventual default into their crazy interest rates, so if anyone beats them to their game, too bad.

I support the FG's decision.

nedekid:

And you actually believe that?
Few times I used those apps I never experienced that. How will the offer be rejected and yet one clicks the accept bottom?

I woke up someday, and see two alert from two loan app in my phone, even though I didn't apply for loan

Carlyboi:
You can say their interest rate is very high coupled with the high interest on defaulters,if they can try and adjust this I think they would find it easier to keep their business afloat...with that being said,some Nigerians ain’t credit worthy and bad debtors and quite crooked on their ways,always wanting to game a system or outsmart others such people deserve the kinda treatment they get from the dreaded loan apps.

How would you take a loan you don’t plan or don’t have the means of paying back or without reading the loan terms or the interest rate?if you do that you don’t have any reason to cry wolf cos as a sensible person that’s the least kinda due diligence you should do,the loan companies are Shylocks and they believe they’re the piper so they dictate the tune,if their terms don’t sit well with you then do well avoid them and the public humiliation,indignation that comes with defaulting afterall you weren’t put under duress by the loan apps while accessing their loans,plus with the ease with which these loans are given out it’s not so surprising that it comes with a high interest rate and stringent T & Cs and crude loan recovery methods.

Lol. Never have i seen tarnishing image or disturbing one's contact in their t & cs or agreement. Show us one if you have seen. Why pay after defamation? Breach of agreement.