That's why government is trying to sanitize the system. They should follow the right ethics in lending money to people and not illegal ways.

IamMobisola:


How about they take them out completely?

postbox:


SOURCE:https://brandspurng.com/2022/08/19/nigeria-takes-action-against-unregistered-online-money-lenders/

you won't be harrassed if you borrowed money and pay back at the stipulated time. They should leave these loan companies alone and focus on the majar problem which are we Nigerians because we are too croocked! A guy in my compound is owing various loan companies more than half a million naira and he has no intention of paying back. I overhead him speaking to one of the loan company and they were simply asking him to pay back the loan that it is going to affect him when ever he want to travel out of the country, and the idiot was telling them that he will never leave Nigeria that they are just wasting their time that he will never pay back, he said that they should even report him to his church bishop or his late father that he wont still pay back! CAN YOU IMAGINE THE AUDACITY??

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

Valid points you raised but I still believe this present development is for the better.

The short tenor and high interest rates that these loan sharks offer would be of no benefit to any genuine lender.

We should be thanking those corrupt lenders for helping to expose these shylocks.

Itsa good strategy to curb all the excesses of these loan firms. But the main issue is; federal government have failed in its core responsibility to provide citizens
, or SMES medium and long term loans.

A lot of businesses depends on these loans though , interest rate is killing but these loans are provided at an appropriate time to ease the hardship and rescue lots of businesses.

Providing long-term and short term loans by Federal government is not that enough. These loans should be made easily accessible to common citizens and Nigerians. Government should also ensure diligent and accurate disbursement of these loans to prevent it being siphon through other channels illegally.

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

Forget about interest rate and time frame, there isnt any other country in the world where you can go and perpetrate this nonsense. Sokoloan, operated by the Chinese can never be run on China without government authorisation. Do you even know the worth of customers' data? How can you even think it is right for anyone to share people's data without their authorisation? And you are even saying they are not father Christmas, are we father Christmas for them to run their business in Nigeria without permission, without paying tax? Only in Nigeria will such nonsense not only go on but be defended by citizens like you. It's such a shame!

princewarri1985:
you won't be harrassed if you borrowed money and pay back at the stipulated time. They should leave these loan companies alone and focus on the majar problem which are we Nigerians because we are too croocked! A guy in my compound is owing various loan companies more than half a million naira and he has no intention of paying back. I overhead him speaking to one of the loan company and they were simply asking him to pay back the loan that it is going to affect him when ever he want to travel out of the country, and the idiot was telling them that he will never leave Nigeria that they are just wasting their time that he will never pay back, he said that they should even report him to his church bishop or his late father that he wont still pay back! CAN YOU IMAGINE THE AUDACITY??

That is beautiful! And for your information, they don't have the power to stop him if he choses to travel out of the country because they are not recognised by law.

They can cut your life short once u get loan from them.

Too desperate Chinese companies with their super high interest. Only few days to repay and they start to scatter your life fast fast and embarrass you using Nigerian staffs

The gov't should suspend the activities of these loan sharks in Nigeria. Many of them are blamimg the gov't for impoverishing Nigerians and yet they are worse.

Imagine... When you've paid your debt, they will be charging increasingly on interest rate levied on you.

Interest rate I think is the amount of money levied on you for borrowing money. Should interest rate wickedly accrue on daily basis even after you've paid the loan agreement?

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

Am sure you are a sokoloan supervisor. Dem dey look for you

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

Nigerians no dey read terms and conditions now

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

You are correct, but most importantly and above All is: Are the licensed to operate in the first instance? The answer is NO! Therefore, they have been operating outside of the law

I borrow about 160,000


If them like make them text my contact anything, who contact help

Non of my contacts Don help me.

If any contact call me I go give that contact shetima violence

Oh