Nazgul:
The problem is people would still borrow money from them, then come online to cry victim. If everyone stopped patronizing them, they'll shut down. It's that simple.

Just yesterday, I wanted to transfer money to my carpenter. He adviced me not to pay into his usual account but rather provided another.
On further enquiry he said he had loans on his usual account and that if the money enters they will instantly take it by direct debit.
He has taken money, he earns money but refuses to pay. If they then post his pictures or use some radical means to get their money, he goes online screaming blue murder.
Nigerians don't pay loans. They are like kittens when it comes to getting money, but to pay, the turn to lions.

nicerod:

Victoria accepta (don't ask me who be Victoria o! )

Roboto11:


But you accepted their terms.

I accept usury is unethical, perhaps even illegal.

But if you went out if your way to reach them, fill forms, provide pictures and sureties, only to turn around and default yet claiming some morality, abeg check your own morals.

Stop defending nonsense. It's not a crime to default in loan repayment. That is why we force majeure in credit appraisals.
How many of those owing billions with commercial banks are being defamed in such manner. Untill we know how to collectively reject what's bad in Nigeria, the bad people killing this nation will continue to take us for a ride.

See how some people are calling the money the loan just..... just, just, but you just can't payback that money willing, except dirty measure is applied.Me I keep commending this loan companies, there are really trying for real, loan a random Nigerian money, hmmm.... there are somethings I will never be caught even attempting.

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

By Andromeda these people need to be dealt with. This is criminal!.

Exactly..
Most people here defending the loan app's actions are just preposterous.
Defaulting in loan repayment isn't a crime.
They could simply give an extension.

Imagine calling one out at 12noon on his or her due date as a loan defaulter.

vikyno:

Stop defending nonsense. It's not a crime to default in loan repayment. That is why we force majeure in credit appraisals.
How many of those owing billions with commercial banks are being defamed in such manner. Untill we know how to collectively reject what's bad in Nigeria, the bad people killing this nation will continue to take us for a ride.

Well it is wrong for them to carry out such act,but the truth remains that some people deserve such act, because some people wiil borrow from them and refuse to pay back, because why am saying this,is that I have worked with some of this loan customer as a collection officer and I know what I saw and experienced from some of this people that took loans and they refused to pay back to the extent they will blocked your calls and messages,and they remained adamant..so sometimes I don't blame the loan companies.

mu2sa2:
Only a crook would say BORROW money but don't pay back. An honest person would advise that people should not patronize them at all rather than say BORROW but don't repay.

Nigerians have lost all sense of morality.

vikyno:

Stop defending nonsense. It's not a crime to default in loan repayment. That is why we force majeure in credit appraisals.
How many of those owing billions with commercial banks are being defamed in such manner. Untill we know how to collectively reject what's bad in Nigeria, the bad people killing this nation will continue to take us for a ride.

Like deliberately defaulting or that one doesn't matter?

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

I agree. I believe loan sharks in developed countries are regulated. In the abroad, once a borrower applies for money from a loan shark, it promptly shows up on the borrower's credit report, and once a loan shark is registered on it, no other regulat bank will lend money to that borrower at least for 7 years. People that patronise them are usually very desperate and those a normal bank will not lend money to anyway.

SergeantTitus:
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.

They mistakenly sent a wrong message about a friend of mine to me and to several of his contacts. They sent another message weeks later, to express their apologies and that the message was wrongly sent due to the work of an overzealous employee who was sloppy and blah blah blah. I've already advised the guy to sue their asses sha.

smileyoo:
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.

You won't do anything...
Most people who borrow from these apps don't even read the agreement and terms of condition.

I believe there is a place in the terms and conditions that permits them to "use any means to humiliate and broadcast false news in order to defame the character of defaulters" just Incase they refuse to pay at expiry

Else, they won't do it... Thay are not that foolish

it serves them right. most of those borrowing have criminal intention.

But the same people will not support the proper political agents that will establish institutions and the rule of law. As a matter of fact when their pet leaders run roughshod over the judicial system they cheer. They cannot understand that without order a country is no more than a game reserve and they are condemned to enjoy 'wildlife'.

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.

u no go see them ooo.that is why they are going free with all the atrocities

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.

buhari started it

Iceking1:


How is it possible that they can't touch the money in your account, it's this in anyway possible??

I didn't bind my card.. I don't even have an atm to start with. And they can't do anything with my bvn trust 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 50% interest within 7days. They annoying part of it all is that these companies are owned by Chinese!

People are aware of the high interest rates and the way the loan companies operate and they still go ahead to borrow and refuse to payback. Blame the borrowers and not the loan companies. When people stop borrowing the loan companies will disappear.

Nairalander248:


Until then...

get lost.... u are irritating

This is a very ignorant take. While I agree that there are people with bad character, I want to remind you that not everyone takes loan with the intent of not paying back.

Corporations take loan, governments take loan, even Elon Musk borrowed some the monies he used in buying Twitter. Everyone I mentioned here has a risk of defaulting on their loans for several reasons which is not limited to character.

This is why regulatory bodies provide guidelines on what should be done in case of loan default to ensure that both the lender and the borrower are protected.

The operation of loansharks is illegal and it's a shame that the government has not been able to put an end to this evil business that prey on people's desperation to get a form of credit to survive.

Announcing people dead because they defaulted on a loan is a high level crime and supporting such you're either a criminal or need more education.

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

Mad people

Nigerians are dubious and fraudulent.

I often wonder what gives these loan lenders the courage to give out these high risk loans

Most of those shouting never planned to pay back the money.

Thieves, Stop shouting and payback the money you took.

The blame is not to the people who desperately a form of credit to survive but of the government who cannot protect the citizen. Blaming people for taking the loan is similar to blaming people for going out with they are aware there's a of being attacked by a robber- it's the duty of the government to protect them!

Not everyone who takes their loan intend not to pay back. I've heard stories of people who defaulted only after patronising them the 5th time. You can't tell me such people defaulted solely because they have a bad character. Then they go ahead and still harass such people.

Besides, we're talking about microcredit (5k, 10k) and not one big money. That should let you know that those monies are only being taken for survival reasons.

Nefort:

People are aware of the high interest rates and the way the loan companies operate and they still go ahead to borrow and refuse to payback. Blame the borrowers and not the loan companies. When people stop borrowing the loan companies will disappear.

Did you know that whatever agreement you sign contrary to the law of the land is null and void. For example, if you kill me because I signed a contract that you could take my life for whatever reason, you'll be guilty of murder?

No part of the Nigerian constitution will make a citizen subject of harassment.

Harassment is a crime, defaulting on loan is not! Stop defending illegality!

hardon1:


You won't do anything...
Most people who borrow from these apps don't even read the agreement and terms of condition.

I believe there is a place in the terms and conditions that permits them to "use any means to humiliate and broadcast false news in order to defame the character of defaulters" just Incase they refuse to pay at expiry

Else, they won't do it... Thay are not that foolish

Something happened October which I solved the problem with this loan application,Nigerian government need to ban them. In ugheli delta state October, does one chance motor kidnapped a friend of my and force her to used are phone to borrowed money on 3 different loan applications which she has been paying for money she didn't used, anytime I called her she is not happy and always hissing! Before she told me what has happened to her October, she told me she has paid paid and still paying because she can't pay the total of 150k they borrowed with her name so before 7days the money multiple again, all her little business money don finished because of it, then I asked her how much is the due money to pay now and she told me is 200k! They I sent her the 200k, i told her how can she wait from October to December 24 now the money don multiple double meh, and warned her incase of next time she should talk and not die in silent, instead of wasting all this money now because of foolishness. I really vex with her. Please Nigerians don't enter does along motor Please if you want to travel go to motor park Please. This is new style of evil now. Please pardon my English

Deliberately defaulting on loan is very bad and inhibits societal development. However, it is not a crime as far the Nigerian constitution is concerned. It's a civil matter.

Let's even assume that loan default is a crime, there are proper channels for lenders to report defaulters.

It breaks my heart when I see the kind of heavy accusations that these lenders trump up against people who only owed minor credits. I've handled loan defaults running into hundreds of millions yet I treated customers with respect at all times. These people have broken families and caused people irreparable loses. It's criminal!

We should join hands together to rid our land of treacherous criminals and not try to justify their actions.

Roboto11:


Like deliberately defaulting or that one doesn't matter?

Na mumu people these loan peeps can get. Once u get their money,u off location and disallow all access from ur phone and uninstall their app. the shege wey I don show Dem this year ehn,they just beg and beg and blacklist my BVN shortly lobatan. I don't know the banker that made my BVN but I owe her alot. No matter how much Dem blacklist me ,after some months I'm up and running again. I used to pay back. But after what's they did to me after I once paid just a few days overdue. I decided it was time for two to get down nasty. Next year dey come too. The gov must not shut down these loan people o.na person wey know d way around dey collect their money and punish them. Really bad people. Let's all be maddd together.Swagggggggaaaa

Coinmamax:
get lost.... u are irritating

Take am easy! I forgive you. Happy new year.

You shouldn't support such level of defamation on a person whose only fault is defaulting on repayment. They shouldnsimply say what the fault is.

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

remsonik:

Two wrongs does not make a right, keep teaching them lessons or paying them evil for their wrongs in the wrong ways or fraudulent ways is bad. If they defame you or assault you why not sue them. Stop using evil to pay evil!

u sound very stupid and naive, do u think u are in the USA, use your brain na.

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

This guy no need him money.. untop 2k I'll pay them but I am very busy hustling

habsydiamond:
what most of us in the country borrow money for are irrelevant things.. what baffles me most is that why can't some pay back 8k with the stipulated time given to them by the loan sharks. I see that as a smaller amount.

8k was borrowed but you'd be asked to pay back 14k withing a week. If you default, the money will become 18k within another week. Before you know it, you're owing 29k within a month and all you collected was 8k.

They are mad!