Osobi32:
Are u aware that this loan sharks are just taking advantage of the economic hardship in Nigeria to reap people off? Do you even understand that it's an act of criminality to give someone a loan at 50% interest within 7days. They annoying part of it all is that these companies are owned by Chinese!

But you know what you are getting yourself into before you took the loan? No one forced you to take the loan.People should know how to leave within their means, imagining taking loan to buy a phone or throw party; after that they will come and be acting victim. Nonsense

lereinter:


When it's money matter, especially stress free what concern people with religious prejudice

How many places have you seen the publicity of sharia loan

How will people know about them

Is it not what people know they will approach

Abi o

Smartguyboy:
I used my 3 numbers to register to get loan of 28k Dey been begging me to get after I paid for the phone I bought from them on time . I have send them the 28k back but they want me to pay am interest of 13k I told dem I won’t pay the money I only pay back that they gave me.

You're a criminal! Weren't you aware of the interest before taking the loan?

Nairalander248:
That one that says if he pay them let the obituary be real na real baztar.d. he doesn't know if he need loan tommorow he will pay those guys back because his BVN was used...

You people like assuming nonsense. He can borrow from another loan app company without paying for the first.

People actually borrow from one company to pay another company.

BVN is nonesense

This is a case of a child that says his mama no go sleep, he sef no go get sleep!
Both Loaner and Loanee dey play smart for one another.

mu2sa2:
Don't mind him, ignorance is a disease. Some people are even criminally minded - they never wanted to repay the loan in the first place. With bvn and nin there's no hiding place. If you take a loan from anyone, you're under a moral and legal obligation to pay back. Interest-free loans (mostly propagated by shariah-inclined financial institutions) are better alternatives to loan sharks, but some people are blinded by religious prejudice to take advantage of it.

Yes! When you borrow, you have obligations to pay but they can't so nothing with nin and BVN. Most of them are operating illegally

Na only fairmoney and palm credit I dey deal with. The new method they employed in getting their money back is liking ur ATM card with their app,so anytime one defaults they can debit u straight from ur acct. They re now smarter. Na palmcredit did that for me..dem deduct 5k from from my acct out of d 15k I dey owe them.. I shaperly withdrew my 4k balance from my bnk

Kobonaire234:


I don't like loan apps myself, but the painful thing is that if we run them out of business, the alternatives are not any better and in some instances worse.

Most banks don't give short term loans. Too risky. Maybe the cooperative unions..but those exist for some employed. Apart from firends and family, who else? It will always be criminals

At the end, we have no choice. The best one can offer is financial education and living within your means. But that is easy to say...when you dont''t have unexpected expenses come up.

I understand. But these people have sent many people to the grave.

One day, they sent an image of a cousin of mine to his mother. In the image, they said he was on the run and INTERPOL was on his trail. The mother was diabetic. She suffered a stroke.

You can imagine. And the most painful thing was that the loan was only a day overdue.

There are people (especially women) whom they have tagged as HIV patients on the run. They even declared some people dead. Imagine seeing the obituary of a son early in the morning on WhatsApp.

They need to go abeg. I tell people that it is better to die of hunger than face the emotional and psychological abuse of these criminal loan apps.

AbdulMagaji:


You don't borrow money by mistake

you sef see an


Nigerians have bad repayment attitude EOD, look at people jumping up and down the thread giving tips on how to avoid repayment, how they are illegal blehblehbleh, a simple advise as Do Not Take a loan from the so called illegal apps is not on their mind. The loan people sef as much as they no try, they must have realized that they need to go crazy to get their funds back.

They are illegal abi so stop patronizing them, if nobody takes a loan from these people will there be opportunity to defame any one? NO but for some people they see is as an opportunity for free MONEY, some never even had the intention to pay.

STOP TAKING THEIR ILLEGAL LOANS AND REST.

Thats why I hail Lapo, they will collect their money if it means to come carry your property. They are kings when it comes to recovery.

AndroidAI:


The question is: did they force you to take the loan?

This one na one of their agents �

This approach is terrible and they should be sued, however knowing our attitudes as Nigerians in terms of borrowing money and how reluctant we feel when it's time to pay back, then I can say some defaulters deserve this approach.

If na me..make Dem kiss that repayment of that loan bye bye

All this loan dey hang put for person neck based on BVN.. I took loan from One microfinance bank after a week, There was a letter that said all staff should moved to online Bank.. we drop our various Account number from Online Bank Like Gtb and co.. when salary enter, when I got to bank, the cashier is my friend he just drag the computer put for my face and showed me the Loan am owing.. Omo all my bank and wallet wey I register with BVN just line up for the System.. what am saying now is that if you no pay loan wey you collect today, you go must surely pay am one day.

Alfred74:


Don't take the loan if you can't adher to terms and conditions. No one is forcefully coerced into taking a 50% interest loan. This is more like a case of paying 2m for a rent. when rent is due, tenant goes into defence mode saying 2m is too high,did the landlord force the tenant in the first place?

You enter Mr Biggs chop rice and chicken,you were aware of the price of their food before eating. After u chop finish you talk say their food too expensive say u no go pay. Does that make sense? If the rate is too high,leave the loan company and go get loan from friends and families,it's not a rocket science.

Nigerians will see fire,put head inside cone still dey complain, chai!!!

People wey dey even borrow friends and family money without interest, dem no dey gree pay back. Go check eye-opener for Instagram dem full there. Nigerians are mean people.

So right at bolded, the set of entitled people won't pay friends, won't pay family will also not pay loan companies.

Please pay ur loan when due to avoid embarrassment.

AndroidAI:
They deserve it. Nigerians know how to borrow, but when it's time to pay back they start avoiding you. If you have never borrowed someone money and they refused to pay back, you wouldn't know how it feels. They should be arrested and jailed for defaulting in their agreement.

where you hear say Dem dey arrest loan defaulters. People wey federal govt give 1m COVID19 Dem never call Dem.

AndroidAI:
They deserve it. Nigerians know how to borrow, but when it's time to pay back they start avoiding you. If you have never borrowed someone money and they refused to pay back, you wouldn't know how it feels. They should be arrested and jailed for defaulting in their agreement.

.
I have been into some lending. 99% of people who borrow money don't pay back, especially in Nigeria. Some will even insult you when it is overdue. I will not blame the loan app company. The debtors deserve the terrible publicity they are getting.

Kingcalls:


Then them themselves sudnt go into the business if they expect only profit without loss... what they are doing is criminal and if it was in a sane country , they will all be apprehended and sentenced.... in the financial business, not all loans are paid back, its standard world practice.... if 75% of loans are returned back , then ur business is a success , 100% can never be returned back...that's y these companies shohave means of legally protecting their money ... so because someone is owing, u should now kill the person... omo guy try reason well

In sane countries they are loan sharks too. They don't advertise but people know where to find them. When you don't pay up on time you get your knees broken.

Loan sharking by design is for those people who cannot obtain proper loans from financial institutions because they do not meet the standard criteria. Do the loan sharks come into play

mu2sa2:
Don't mind him, ignorance is a disease. Some people are even criminally minded - they never wanted to repay the loan in the first place. With bvn and nin there's no hiding place. If you take a loan from anyone, you're under a moral and legal obligation to pay back. Interest-free loans (mostly propagated by shariah-inclined financial institutions) are better alternatives to loan sharks, but some people are blinded by religious prejudice to take advantage of it.

which banks offer sharia loans?

Nursepepeye:
you are a 419, you giving 4k Loan to collect 5k in 5days is a bigger thief, the worse is you won't allow their phone rest disturbing all app with fraudulent adverts. When people are hungry minding thier own business and you keep disturbing them with Loan adverts. Tar dey will collect and never pay back. Yes. It is you who's out to defraud them that are criminals. I've tried to stop unsolicited loan adverts on my phone but you won't let me rest until I start taking the Loan without paying back, your OBITUARY post will just make me live Long, Useless people.

If them tell you to put hand for fire will u? I doubt that.

honestdealer1:
Anyone supporting these stupid loan apps does not know how they operate. When[b] you fall into the trap, you have to start borrowing to pay, till you have so many apps on your phone and you are losing like N40,000 every week to interest payments[/b]. Once you pay a loan app, you will need to collect another loan immediately so that you can settle other apps. This cycle will just keep on going until you can get someone to gift you money to settle all of them at once. Useless people.

Hers someone who has elsrnt the hard way about the truth of loan sharking. Its to keep you in perpetual debt. You'll see a loan of 30k turn to half a million in some months you'll be surprised at how it started. Lol

If they do this to some persons they will not live to tell the story. Mostly cult boys

Kobonaire234:
It is because Nigerians do not pay back loans on time, hence the disgrace methods.

If Nigerians were paying loans on time, and IF we had a better records system, and a better address system in this nation, we won't need to resort to this (a similar company in say the UK would just track you via your address records/postcode)

The problem is, if we don't pay back loans on time, these companies won';t have money to pay new customers, and we would once again be at the mercy of criminal agents and so forth if they fold up. Let's not take loans we have no intention of paying back or we cannot pay back. Better to starve for some days (like I did once! ) than to take on a burden that is too much.

Having said that, this is something that, speaking as a christian, CAN should look into. For muslims, even NSCIA. If the church and mosque could set up a loan company that their faithful and even non faithful could take a loan of say N10000 and pay it back in N1000 instalments over ten months, without interest, maybe we may get somewhere. Every church could contribute ten percent of offerings every sunday to the loan company...which could work in the form of an app.

Bad idea, Nigerians won't pay and then you will hear Jesus paid it all. They will quote Bible or Quran for you.

You never see something.

mu2sa2:
Don't mind him, ignorance is a disease. [b]Some people are even criminally minded - they never wanted to repay the loan in the first place. [/b]With bvn and nin there's no hiding place. If you take a loan from anyone, you're under a moral and legal obligation to pay back. Interest-free loans (mostly propagated by shariah-inclined financial institutions) are better alternatives to loan sharks, but some people are blinded by religious prejudice to take advantage of it.

The criminals are the loan sharks. Notice the word loan "shark".
Loan sharks are out to defraud people and if people dont pay them they simply get what they deserved.
You lure people to your App with juicy adverts only to offer 7days loan only at 40 - 60% interest. Thats robbery and illegal.
Of course even Legal loan companies that charge the official rates and duration are owed but they have low incident of default.....only the loan sharks always get people that default because they also are out to rob people through exhorbitant interest in 7 days.
There are simple processes for loan recovery....and legit loan companies go through it to recover their loans.

The only reason any loan company will go to the extent of publishing those false information about someone is that the loan company is ILLEGAL AND FAKE.

NoToPile:


So right at bolded, the set of entitled people won't pay friends, won't pay family will also not pay loan companies.

Very correct,some will even insult you.

The few people government gave loan,ask how many of the paid back? Some don change number, dump bvn and their account just to avoid repaying the loan.

jasent:

Nigerians don't like going to court. If any of the app foolishly do this to my relatives then do buy market be that.

People that can take people to court don't take loans. The money you'll spend on the court case may be more than the loan.

Kobonaire234:
It is because Nigerians do not pay back loans on time, hence the disgrace methods.

If Nigerians were paying loans on time, and IF we had a better records system, and a better address system in this nation, we won't need to resort to this (a similar company in say the UK would just track you via your address records/postcode)

The problem is, if we don't pay back loans on time, these companies won';t have money to pay new customers, and we would once again be at the mercy of criminal agents and so forth if they fold up. Let's not take loans we have no intention of paying back or we cannot pay back. Better to starve for some days (like I did once! ) than to take on a burden that is too much.

Having said that, this is something that, speaking as a christian, CAN should look into. For muslims, even NSCIA. If the church and mosque could set up a loan company that their faithful and even non faithful could take a loan of say N10000 and pay it back in N1000 instalments over ten months, without interest, maybe we may get somewhere. Every church could contribute ten percent of offerings every sunday to the loan company...which could work in the form of an app.

They'll still borrow and refuse to pay. You don't understand Nigerians sha.

Be a responsibility person.
If you must take a loan, be prepared to pay back at due time.
If anything makes it impossible to pay at the right time, call your lender and explain to them.
If they call you, stop sounding as if they are disturbing you afterall, you went to them for the loan.
Check their terms and conditions very well before accepting to take the loan.
Don't start complaining about the high interest charges after u must have taken and made use of the loan.
Most importantly, take a loan when it is VERY NECESSARY.
Don't take a loan for merriment that will not yield any financial value.

BluntTheApostle:


Yes.

They can only report to their fellow illegal loan apps.

They can't report you to a credit bureau.

So, while other illegal loan apps will not give you loans again, banks will still give you loans.

Boss, my loan would be due in 2 day's from now, with no money to pay back yet.

I used my GT bank card to collect this loan from fair money, when the loan is due would they be able to collect money from my other accounts if money mistakenly enters? Because I have kuda and uba, aside my GT Bank that I linked my atm card with them, would they be able to collect money from my other bank accounts? I don't know if you understand when I'm explaining.

AndroidAI:


The question is: did they force you to take the loan?

U don't talk like that if u want the country 2 be a better place..

Some of these loan sharks need 2 checkmate. They lack manner.. Just because u borrow money from someone u don't expect the person 2 treat u anyhow because u went 2 borrow from him or her.

KingAzubuike:
All this sokoloan and the likes .. isn't this too much ?

gotta feel for these people... I was once their customer like 3 years ago until they did me dirty, although I paid back tho.. but I vowed to have my revenge. Some idiots texted me about some loan whatever and asked if I was interested, I went to do a due diligence on the app but I couldn't find it on play store and they don't even have a licence from CBN to operate, I sha took the loan to repay in 7 days.. on the 7th day, they started with their calls and threat. I sha paid them and borrowed again.. this time, about 5 other sister app of that loan contacted me so I borrowed from all of them, lol.. I went to refuse them permission from accessing my contacts, location and the likes just immediately I borrowed.. on the my due dates, they called and called and called.. issuing threats and all but I returned their threats saying if any of my contact should inform me of any loan app calling them, they will have themselves to blame.. it got a point they began to beg me pay.. I have blocked all their access to reach me, I blocked all the numbers they use to text me.. I deleted the app and they can't even move my money from my account..