Quick Disclaimer: I'm not an employee or affiliated to any loan company operating in Nigeria or anywhere else in the world.

I've read so many threads both here and other media outlets about how online money lenders also known as loan sharks go about harassing their defaulters with threatening calls and demeaning messages some even go as far as sending messages to their contacts calling them criminals on the run or wanted persons. Even though I strongly object to this cruel and barbaric method of recovery but the question still remains why collect from these sharks in the first place?
Most Nigerians are terrible debtors if given the opportunity to access a credit facility, many people borrow with no intention of paying back, some see these loan money as free money even though most of them come with outrageous interests. I have even recieved messages on my phone telling me someone used me as a guarantor I called and ask how come why didn't you call me first to know whether I can even stand as one in the first place? The person told me he didn't use me that they just got my contact and sent it. I ask him did you give them permission to access your contacts he said yes. Then why blame them. When you knew you couldn't pay back their loan at the stipulated time why did you go ahead to collect it.
Money business is a serious business when you borrow money from faceless people with no intention of paying back at the stipulated time you are inviting trouble, because they can do anything to you, even if you take them to court they judge will ask you why you borrowed money from them knowing fully well they can harm you with threatening messages. It's like going to sleep with a prostitute without paying of course you know the prostitute can harm you or embarrass you, that time who will come to your rescue or who'll you cry to? Maybe you will come to Nairaland and ask for advice on how a prostitute harassed you because you didn't pay her after having sex. That's the exact same thing that happens when you borrow money from online loan sharks without intent of repayment. Any harassment you get from them is well deserved because you asked for it by agreeing to their terms and conditions in the first place

In conclusion, if you have to borrow money, borrow from a reliable source you know that won't threaten you or harm you even if you default. Don't borrow from a faceless organization thinking that they'll understand your plight and sympathize with you if you default. Like I said earlier money business is a serious business.

Cheers*

You're right however, the lenders should always do credit checks on loanees before granting loans for ability to pay back. Their drive for interests is making them overlook the downside of their policies