armadeo:



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

They are also here in Nigeria... that's are different case .... advertising on the Internet and going on play stores is different from the conventional loan sharks e.g the mobsters....

linearity:
I believe, it is because you guys allow them.

This is a claim case of slander and libel, if they called and also posted those things.

I understand that, most people who borrow from these sharks do that because they were temporarily down on their lucks and may not have the resources to pursue a slander/libel case.

However, our young lawyers instead of idling away should the gold mine opportunities here and take these cases pro-bono and split the payout when they win.

This is exactly what happens abroad, lawyers scan internet, companies, etc looking for winnable cars and then start looking for injured parties and use them to file class action lawsuits.

This is an opportunity to make money, fame and clean up this industry for young and upcoming lawyers.

Finally a sensible post on this topic

LIGHTHEARTED0:
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I pity non of you, if you can borrowed even a token you shouldn't be anyway forced to pay,not even 1 day default.

majority of Nigerian are just criminal-minded that need to be drag on the floor to reset their brain

There are terms for loan default.
You can agree a forfeiture of your property or your remittance increases with time.

This is not the way to get your money back.

armadeo:



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.

Hate to break it to you pal but they are worldwide
What you are referring to is the mob,mafia,gang whatever term you choose
These chinese clowns here are using triad money to operate,claiming to be legal when they are not and constituting nuisance
Huge difference

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!

You are right.

But Government is too bisy borrowing money from them so they dont have time to deal with them.

It is unfortunate. Wjat they cannot try in their country...

As for me , I don't borrow anyone money as well as I don't borrow from anybody .

LIGHTHEARTED0:
.



I pity non of you, if you can borrowed even a token you shouldn't be anyway forced to pay,not even 1 day default.

majority of Nigerian are just criminal-minded that need to be drag on the floor to reset their brain

You talk like a stupid guy

I hate loan defaulters. Pls when it's time to pay back money you borrowed, pay! It is sweet to borrow but bitter to pay back. I dislike such people.

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!

Agreement is agreement. Didnt they see the interest attached to the loan before going ahead to take the loan? I don't understand you Nigerians.
Loan defaulters are criminals at heart . They know they don't have the means to pay back the loan but went ahead to still borrow from these loan sharks anyway. And here you are trying to wip off sentiment here over these loan defaulters. They have no business taking loan when they are not sure of how to pay back . They deserve whatever they get when they refused to pay back loans.

sly100:
if you have money to go to court, will you be taking loan of change from loan company?

Lol. Well,i don't even take such loans. But dangote takes loans though

I once borrowed money from one loan online company, when the date for repayment reached, I couldn't pay. They simply extended payment by two weeks with interest. I was able to pay then.
No harrasment of any kind.
The online loan company was owned by a bank .

flexyrule:
Please tell me what loan sharks would do to your BVN and NIN if you don't repay a loan?

The bona fides behind your curiosity is suspect. Suffice it to say that if you borrow money, from whatever source, pay it back and you don't need to fear what your creditor can or cannot do with your biodata and biometrics accessible via your bvn and nin. Honesty is the best policy.

[quote author=SergeantTitus post=119563235]Around 2020 or so I made a mistake borrowing from them . The exact day loan was due they started sending messages to my contacts that I'm a criminal on the run with company money and I should be reported to the nearest police station if found. Family and friends started calling to ask what was happening. [mistakingly borrow from them.......? You've to fear God and say truth most time. Who's going to beat you if you said you intensionly borrow.]

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.

Are you aware sokoloan paid in excess of N10M when they were investigated and sued?

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!

In 2022 no one can claim they don't know how it goes. We all know the deal with all these loan apps.

The real issue here for me is Nigerians who are constantly thinking they can outsmart these loan app providers.

grandstar:
They are all empty threats. They can't do shit.

Anyways, what's important is that when you borrow money, be determined to pay back.

Some treat loan repayment with laxity.

The worst they would do is call your contacts and defame you. Then later they beg you to pay the principal. One of them called me about someone on my contact list who took out a loan and was die to pay on same day before 12pm. I asked the agent if it was stated in the terms of contract that it must be before 12pm and if not he still had till the end of the day to pay up but the agent hissed and said she needs the money before 12pm. The. Went ahead to defame him. Long and shot my friend mailed their customer care, sent screenshots of the defamation and chats, told them to deduct the money from the agent since he will never pay that money again unless they send messages to contacts they had sent his defamation messages. 4 separate agents have called him to beg him to pay.

They even call innocent people to tell the loan defauter to pay up. With threat

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.

exactly, it's because they are aware that nigerians are very docile, and can easily be exploited, just like politicians are busy exploiting us without any consequences.

vetrovialMan:


The worst they would do is call your contacts and defame you. Then later they beg you to pay the principal. One of them called me about someone on my contact list who took out a loan and was die to pay on same day before 12pm. I asked the agent if it was stated in the terms of contract that it must be before 12pm and if not he still had till the end of the day to pay up but the agent hissed and said she needs the money before 12pm. The. Went ahead to defame him. Long and shot my friend mailed their customer care, sent screenshots of the defamation and chats, told them to deduct the money from the agent since he will never pay that money again unless they send messages to contacts they had sent his defamation messages. 4 separate agents have called him to beg him to pay.

Bunch of very useless people.

I doubt the credit bureaus recognize them as first class lenders will still lend you money even if you're in default to them. It won't damage your credit rating.

Kobonaire234:


If you want the country to be a better place, honor the terms of any agreement you make, and that involves paying back your loan on time, as agreed.

If I took a loan from you and I refused to pay you back as at when agreed, and even blocked you online and by phone, would you be happy?

Sometimes one needs to take loans from family or friends. Not from loan app.

Terms of agreement u say.. Do they have in their agreement that they will post an Obituary picture of someone who is still alive?, or post an HIV infected person on someone who isn't?

It simply means if someone did not pay thier debt we can just go n killed them since we can now do anything to debtors.

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!

Well the Chinese don't fuk around.

Honestfrend:


Terms of agreement u say.. Do they have in their agreement that they will post an Obituary picture of someone who is still alive?, or post an HIV infected person on someone who isn't?

It simply means if someone did not pay thier debt we can just go n killed them since we can now do anything to debtors.

Okay, hope i can get a loan from you? I fully intend not to pay you back. Since keeping to terms and conditions is evil in your opinion.

You don't live in a country where you are forced at gunpoint to take loans from loan app. The church is there. Your friends and family are there.

Bye.

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.

I am sure the borrower would have signed an agreement that would free the lender from lawsuits.
When people are desperate for money, they sign documents without properly reading the T&C.

Legal action is not bad.

Wainey:
People cannot stop needing loans

There are regular Banks and even Microfinance Banks. People can avoid the loan sharks.

opamoses1:

There are regular Banks and even Microfinance Banks. People can avoid the loan sharks.

Have you ever tried to take loans from banks?

You think these loan sharks can do anything with one's NIN and BVN?

Lol.
You must be delusional.
They can't do shit.

The worst they can do is shaming the debtor.

And In a sane clime, they would have been liquidated. Nigeria is just a messed up place. If not so, why would a bunch of Chinese idiot think they can do things like this and get away with it?

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.

TheBTCinvestor:


What!! Is this for real! Can't they be sued!

So you have money to sue but you cannot pay them their money back?

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.

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 [/b]50% interest within 7days[b]. They annoying part of it all is that these companies are owned by Chinese!

Then don't take it and look for a better alternative

Exactly, they are not legally recognized and they have no impact in one's credit rating.

The worst they can do is shaming one till he or she pays.

grandstar:


Bunch of very useless people.

I doubt the credit bureaus recognize them as first class lenders will still lend you money even if you're in default to them. It won't damage your credit rating.