EnglandAmaka:
They don't call your contacts again

they do. I still get whatsapp messages.

Let me take your concerns issue-based....
1. Yes they are the reason people take loan from them... Why? Because it is in human nature to be easily enticed and lured to simple and less stressful solutions to their enormous problems and challenges... Those fin tech companies made themselves a worthy avenue to lure them by their simple and stress-free method of issuing loans.

2. I can't blame the banks because banks are regulated by government. These loan companies are not regulated and that makes their activities illegal. No matter how legit a business transaction seems, if it is run illegally, it is against the laws of the land. They should be prosecuted for invading peoples privacy and using exorbitant interest rate against official CBN approved rates. That's my take.

IamMobisola:


LMAO
So you are saying these fintech companies are the reason why people take Loans? Really?
These same people who take loans to pay back debts incurred by a previous loan? These same people who take loans to sort out financially crises pending the time they get paid from work?

Do you know how many people have benefitted from these Loan companies?

Why aren't you blaming the banks too for not providing an easy way for people to collect loans from them?

When are they going to clamp down on Jumia quick loan

nairalee:
I know I'll get criticized for this but on the major issue of loan apps in Nigeria, the problem isn't the loan companies but Nigerians that borrow loans without genuine intention to repay.

I see comments like "their interest rate is too high", "their time frame is too short" "why will they call my contacts". BUT YOU KNEW ALL THESE TERMS BEFORE YOU COLLECTED THE LOAN.

Are these companies father Christmas or what? They may have adopted wrong means to recover their debt but let's face the fact, the lenders are the prime problem here

Now someone with genuine emergency cannot access loans because those with criminal intention have sabotaged the entire system

stop forming oga. I believe u are also owing atleast a loan app

GardenOfGod:
Let me take your concerns issue-based....
1. Yes they are the reason people take loan from them... Why? Because it is in human nature to be easily enticed and lured to simple and less stressful solutions to their enormous problems and challenges... Those fin tech companies made themselves a worthy avenue to lure them by their simple and stress-free method of issuing loans.

2. I can't blame the banks because banks are regulated by government. These loan companies are not regulated and that makes their activities illegal. No matter how legit a business transaction seems, if it is run illegally, it is against the laws of the land. They should be prosecuted for invading peoples privacy and using exorbitant interest rate against official CBN approved rates. That's my take.

How about they take them out completely?

mprtuary:

stop forming oga. I believe u are also owing atleast a loan app

Not everybody patronises loan apps especially when commercial banks are there

nairalee:
I know I'll get criticized for this but on the major issue of loan apps in Nigeria, the problem isn't the loan companies but Nigerians that borrow loans without genuine intention to repay.

I see comments like "their interest rate is too high", "their time frame is too short" "why will they call my contacts". BUT YOU KNEW ALL THESE TERMS BEFORE YOU COLLECTED THE LOAN.

Are these companies father Christmas or what? They may have adopted wrong means to recover their debt but let's face the fact, the lenders are the prime problem here

Now someone with genuine emergency cannot access loans because those with criminal intention have sabotaged the entire system

Keep quiet the unregistered apps are illegal criminals, stop speaking of what you don't have experience.
If someone give you a loan to repay in 7 days and starts harassing you with threats just after 5days.
Messaging your family that you are a criminal on the run even before the loan defaults.
They asked for it

nairalee:
I know I'll get criticized for this but on the major issue of loan apps in Nigeria, the problem isn't the loan companies but Nigerians that borrow loans without genuine intention to repay.

I see comments like "their interest rate is too high", "their time frame is too short" "why will they call my contacts". BUT YOU KNEW ALL THESE TERMS BEFORE YOU COLLECTED THE LOAN.

Are these companies father Christmas or what? They may have adopted wrong means to recover their debt but let's face the fact, the lenders are the prime problem here

Now someone with genuine emergency cannot access loans because those with criminal intention have sabotaged the entire system

For your information, it is criminal to charge not just high but ridiculous interest. "You" capitalised on the hunger in the land know that people will still come to access the loan out of durex. If people knew their right and have been sueing you, govt doing what it should, most of you loan comp shd be closed down and owners in jail. Is it right to blackmail a lender who borrowed say N4000 and request for and extention? I say "you" cos i believe you are one of them. You tell people that lender is a criminal (dont do business with him/her. In a country?

nobilie:


For your information, it is criminal to charge not just high but ridiculous interest. "You" capitalised on the hunger in the land know that people will still come to access the loan out of durex. If people knew their right and have been sueing you, govt doing what it should, most of you loan comp shd be closed down and owners in jail. Is it right to blackmail a lender who borrowed say N4000 and request for and extention? I say "you" cos i believe you are one of them. You tell people that lender is a criminal (dont do business with him/her. In a country?

Maybe federal government should close all loan apps for good.

nairalee:
I know I'll get criticized for this but on the major issue of loan apps in Nigeria, the problem isn't the loan companies but Nigerians that borrow loans without genuine intention to repay.

I see comments like "their interest rate is too high", "their time frame is too short" "why will they call my contacts". BUT YOU KNEW ALL THESE TERMS BEFORE YOU COLLECTED THE LOAN.

Are these companies father Christmas or what? They may have adopted wrong means to recover their debt but let's face the fact, the lenders are the prime problem here

Now someone with genuine emergency cannot access loans because those with criminal intention have sabotaged the entire system

I see you are an advocate for these criminal lenders. Just pray you don't experience a major emergency that will resort to taking their high interest loan for a short duration. Then you will see how friendly they are wen u don't pay on time. Opportunist company thriving on the impoverished state of the country to cause more hardship

Useless country with devilishly citizens.

nobilie:


For your information, it is criminal to charge not just high but ridiculous interest. "You" capitalised on the hunger in the land know that people will still come to access the loan out of durex. If people knew their right and have been sueing you, govt doing what it should, most of you loan comp shd be closed down and owners in jail. Is it right to blackmail a lender who borrowed say N4000 and request for and extention? I say "you" cos i believe you are one of them. You tell people that lender is a criminal (dont do business with him/her. In a country?

On one hand you realize the importance of the apps in helping people in distress on another hand you want the companies to close down.

I agreed the companies have their flaws but I insist the major problem is Nigerians and their bad attitudes. Even here on nairaland I've seen many brag that they'll collect loan with zero intention to pay back

nairalee:
I know I'll get criticized for this but on the major issue of loan apps in Nigeria, the problem isn't the loan companies but Nigerians that borrow loans without genuine intention to repay.

I see comments like "their interest rate is too high", "their time frame is too short" "why will they call my contacts". BUT YOU KNEW ALL THESE TERMS BEFORE YOU COLLECTED THE LOAN.

Are these companies father Christmas or what? They may have adopted wrong means to recover their debt but let's face the fact, the lenders are the prime problem here

Now someone with genuine emergency cannot access loans because those with criminal intention have sabotaged the entire system

Can you tell us why these Chinese companies you are trying to defend operates from hideouts without any physical location?

Dharmiejoe:
I see you are an advocate for these criminal lenders. Just pray you don't experience a major emergency that will resort to taking their high interest loan for a short duration. Then you will see how friendly they are wen u don't pay on time. Opportunist company thriving on the impoverished state of the country to cause more hardship

I agree with u they need to change some of their policies but we also need to rebuke Nigerians that apply for these loans with zero intention to pay back

mprtuary:

stop forming oga. I believe u are also owing atleast a loan app

Kill the messenger. Ignore the message

They did embarrassed themselves not me oo because shishi am not paying them after contacting my contacts for a loan that is yet due.

nairalee:


I agree with u they need to change some of their policies but we also need to rebuke Nigerians that apply for these loans with zero intention to pay back

Nigerians don't pay loan yet we have the largest concentration of loan sharks in the World with new ones coming up on playstore everyday

Most people trying to defend this illegally either don't fully understand the extent of the crime these Chinese men are committing or are employed by them. A single app has more than 600 agents according to reports

Some of them like AJELOAN will trick you by sending you an amount of money to your account without you applying for the loan. They will tell you that it's a system error disbursement and ask you to pay the money back with interest.
Forceful loan under heavy duress. And if you don't pay interest, they will be threatening of sending messages to your contacts.

Criminals.

kingsways:
Even registered ĺenders and Nigerian banks are also sharks and need to be checked. One bank charges over 6% flat for Pay Day loan with tenor 30 days or less. This translates to no less 100% effective rate per year

There is no loan company or Nigerian bank that charges a daily interest rate of 6%.

Stop spreading lies

danniyal:
Most people trying to defend this illegally either don't fully understand the extent of the crime these Chinese men are committing or are employed by them. A single app has more than 600 agents according to reports

Those who borrow without intention to payback are the real criminals here!

danniyal:


Can you tell us why these Chinese companies you are trying to defend operates from hideouts without any physical location?

The reasons are as follows

1. Most of the work is done online so all the staff do not have to be in the same location

2. Disclosing their office location would mean that they would have to spend more money on security because most people would assume that they store a lot of cash in their offices just like most banks do

Hmnn…Omoh, I was doing my own personal research and was alarmed by the number of loan apps we have on google play store.

Most of them have no physical addresses and one company can run up to 5 loan apps. For instance, Cash Bean belongs to Palmcredit and they are both loan apps on google play store.

Cash Dey operates in a manner that suggests they could be scammers. No website or physical address, no customer care to chat up and no email address. The only phone contact they have is a dead line.

They have good reviews from other countries but users in Nigeria claim that after repayment, they will still keep deducting via the linked card. And since there is no means to contact them, you are left to your fate.

The whole blame should be attributed to the incompetence of CBN. I am positive that some CBN workers have a stake in most of the loan apps. If not that, then how did they become licensed?

IamMobisola:


Maybe federal government should close all loan apps for good.

You should tell the government to increase the quality of life so that it's citizens do not need to depend heavily on loans to augment their salary which has been rendered partially useless by runaway inflation!

nairalee:



On one hand you realize the importance of the apps in helping people in distress on another hand you want the companies to close down.

I agreed the companies have their flaws but I insist the major problem is Nigerians and their bad attitudes. Even here on nairaland I've seen many brag that they'll collect loan with zero intention to pay back

Loan business is big business everywhere in yhe world from ages till date. In early times, people give their children as slaves when they are unable to repay loan. But that was then. If properly regulated, those ready and willing to work by the rules will remain and make big money.
Do u kmow how much telecom coys are making from borrowed credit/data? The amount is huuuuuge. Borrowing is not a "bad" thing as people have biz ideas needing money to execute. Govt is borrowing, banks and even this evil online loan companies borrow from banks.
See, people are very very hungry in Nigeria. They collect salary to repay loan and borrow again. People must borrow and it is more in troubled countries with bad leadership.
Nigeria will soon be reformed and a better nation emerge.

MrFollowFollow:


The reasons are as follows

1. Most of the work is done online so all the staff do not have to be in the same location

2. Disclosing their office location would mean that they would have to spend more money on security because most people would assume that they store a lot of cash in their offices just like most banks do

I didn't ask you pls. I am done arguing with you, Go and continue your loan shark work. I wish you all the best

EnglandAmaka:
They don't call your contacts again

Who told you that?

danniyal:

I didn't ask you pls. I am done arguing with you, Go and continue your loan shark work. I wish you all the best

I did not reply for your benefit alone, replied for the benefit of other people who do not know

God will save Nigeria from these Chinese criminals

IamMobisola:

They are using illegal means and yet many Nigerians are still collecting loans from them with no idea/means to pay back. Those borrowing money from loan sharks are greedy people, many of them know within them that they cannot pay back those loans and yet they still go ahead with collecting it. The loan sharks know many people are greedy and that's how they are able to lure them in.
Interest rate is 45%, banks don't even charge that high and yet people are still going to them for loans.

Why can't these people go to banks to collect loans?
Because they know they don't meet the requirements of being either a salary earner or they wouldn't be able to pay back.

Seems you work for one of the loan sharks or perhaps one of the owners.
How many people with no salary accounts has been able to get loans from banks?

These are Nigerians,(our own brothers and sisters) the Chinese are using to destroy our economy. The country is in a mess and we all victims, the Chinese capitalised on that. You can never justify a crime. 2023 is here, let us all vote wisely. Nigeria will be great again

floflo12:


Seems you work for one of the loan sharks or perhaps one of the owners

Lmao.
So we aren't free to Air opinions again.
Let FG shut down all the loan apps then, make everybody rest.