₦airaland Forum

Thunder fire you! Does the illegal Apps have any modicum of integrity? I deal with Legal Apps...at least, that's what the law says I should do. Ode!

MrFollowFollow:
It's disappointing to hear an accountant talk like this.

I hope you're not a member of ICAN which is noted for "Integrity and Accuracy" becasue you clearly do not have any modicum of integrity

You deleted the App...you didn't deny them permissions before deleting. Read again.

Crysallis:
Dear sir,
I posted this so don't fall victim.
There was one I used (forgotten the name). I applied and after loan was disbursed I deleted the app.
On the day of loan expiry my contacts received messages.

That guy legit thinks he could fool anyone here. Like, he has seen market women/men to mess around with. Back to back been saying real shit! That company's name is "Lcredit" is Lcredit a legal entity in Nigeria? Noooo. I told him to mention the name of his boss and he's been mute. He doesn't know whom he works for. Ghost company, ghost owners.

fox97:
Oga rest, parent company or not, no sane company dey operate subsidiary just 2 meek desperate pipu moni in der time of needs, na government I blame

fox97:
Till I die d only loan app way I go pay na branch, d rest can Bleep off

It's the best and that's because it's registered. They can't do any how or they loose their license to operate.

I am owing them too and will pay them in parts. They're the only APP that don't harrass people and they would call you and talk politely.

Not those criminals.

If you even say that Lcredit is registered, you must be as daft as not knowing the parameters that determines a registered company in Nigeria.

No be to dey call ppl contacts dey claim credit bureau trash. One day, the Law will catch up with all of you.

That being said, ignore the agent's rants. They can't do anything. Dude needs to protect his job because people defaulting would mean a problem for him the "debt collector" Werey dey disguise.

You actually work with Lcredit. A fool will always give off himself. I did a better research than you clearly. And to clear this display of defense, go read up David Hundeyin's expose on Illegal loan apps on Twitter. Like I said, any app that gives 7-14days repayment date is illegal. Stop fooling yourself!

Paxziano:
Guy, you just keep displaying your ignorance... These apps your are killing yourself for are all Fintech money apps and theu have a parent body... If only you invested little time in doing your research... LCredit you are tearing your shirt over is owned by Cashigo or sumtn like that... You can see their board of directors of you go the parent company website... Nothing is hidden. You r just blinded by your greed and hate cos of theoney you owe them... It's sad really

You studied accounting and you are talking this way. You dey fall hand o! I studied Economics so I expected a better informed argument from you not unverified stuff overheard in beer parlours

Not too late. You can still get part of your money back.

tjshamtip:
I have to sell my car to pay a Loan App. That is still paining me.

Please, ignore the mumu agent. My prayer for you is that you don't get arrested as government is clamping down on these APPs. E go clear for your eyes. Your family would probably spend N1m they don't have to get you out of jail for a 30k criminal job.

Paxziano:
My friend, you are spewing thrash with muscle...LCredit and every other loan app out there is registered and they pay tax to the federal govt AND Lagos state government

LOL. Fool your village ppl, not me.

Even your Google reviews are fake thereby violating Google laws on loan apps being hosted on their space. You will wake one day and it's deleted. Criminals!

Assuming I didn't study Accounting, so in your professional opinion, when a company is operating without a known address, what does that make it? Now, who are your CEO? Executives? Managers? I need names if you're not affraid. Stop fooling yourself here. Go on Twitter and read the investigation carried out by David Hundeyin. Again, stop fooling yourself.

Paxziano:
You are claiming the interest rate is 2%. That is for commercial banks... Y don't you just go and take a loan from a commercial bank and see if you are eligible instead of taking from loan apps?

Now talking about writing off loans as bad debts, the loan should have gone bad for at least 6 months before it's to be considered as a bad debt

Like I said earlier, Nigerians can be unscrupulous people that always wanna get free money cos of the poverty in the land. And like you said, people don't go to jail for failure to pay a loan, but when there is intent to deliberately take money and not pay (fraud) you can go to jail for that

Notice how this agent didn't answer these questions. Their bosses, they don't know there names. Those ones hide them hire a front who hires them into WhatsApp groups as admin and send task. They don't know who their bosses are 'cause in a LEGAL setting, you would know whom you're working for.

The Chinese guys use them as the slaves they are.

Disregard this mad fellow. He's probably one of them.

Paxziano:
Guy, they are registered with CAC... They are even registed as money lenders. Just go to their website and read it. It's not hidden...

A loan was asked for, it was given... If the business you put it into didn't work, it's not their fault... If you have an account in GTB Ikeja branch and the branch is robbed, will you accept if the ba k tells you that your money is missing? It's not your business that the bank was robbed. Same way the loan app doesn't care if you invested in a business that didn't pay. If everyone comes up with excuses when they take loans, how will the business survive?

Finally, if you read their terms and conditions, it's written there that they can call your contacts in case of defaults. So calling your contacts isn't entirely illegal as you claim

They don't have offices 'cause they would be arrested. So they're on the run but send 30k Foolish agents to the front. Fear Chinese people. They're illegal. From Lcredit, to Cashcredit, New credit, And many more of them.

ADepresedpotato:
the day I realized they were illegal, I stopped disturbing myself about paying them. I don tell them, I'll only be able to pay them their money after I become I delegate

Paxziano:
Lol. Guy, the loan apps are registered. Do your research

You think you're talking to those illiterates you call and intimidate.

First step in knowing that the app is operating illegally,... The repayment period is 7days to 14days. Any app that collects repayment in 7-14 days is unregistered.

Secondly, once they involve ppl's contacts.... It's unregistered.

Rest! You're making a fool of yourself here.

Shut up! Only a registered app could report a person to credit bureau. The rest copy this and paste to intimate Nigerians into paying loans. If you're not registered, which credit bureau do you report offenders to? Imaginary. Like their fake existence.

Paxziano:
Imaginery credit bureau? Lol. Guy, you don't even know and you are just talking.

https://crccreditbureau.com/
https://firstcentralcreditbureau.com/

And these are just 2 out of many... Your credit bureau ratings and score are not imaginery

The owners of most of these Apps are Chinese...Lcredit is owned by the Chinese. For a foreigner or a citizen to own a business in Nigeria, they have to be registered with CAC, they have to own business addresses that are physical. They have to pay tax to the federal government, for financial institutions like banks in which Loan apps fall into, they have to be guided by BOFIA ACT...Branch is guided and why they don't stress. A company operating that's not registered is not a legal entity. What does it mean to be a legal entity? It can't sue or be sued...why they're ghost, but send you people as agents. Now, as an agent, if you print slandering things about a person and you're caught, you can be jailed as an individual. I could say more, but let this sink in first. Then there's breach of data. SMH.

Paxziano:
Pleae, which law was broken? Can you point me to the law? No insults... I just wanna educate myself

Paxziano:
Just curious... You took loans from 5 different apps and you r calling the apps criminals? It seems to me you took money you can't pay back and then you start trying to give them bad names... But if you must know, those apps are not illegal. The methods they use in recovering their money is not nice agreed but Nigerians have been so impoverished that the average Nigerian wants to take money and not pay back...

[s] As regards the interest rate, you don't keep money with them so the money they give to you is most probably borrowed from somewhere and they are to pay back with interest hence why their rates a higher [/s] . You can't compare them to commercial banks cos they have capital bases as well as deposit ratios... Also, before taking the loan, you saw the interest rate and still chose to take it.. After getting and using the money, you suddenly realize the interest rate is high... If you don't like the way they do business, open your own business and give out loans. See how easy it is to recover your money from your friends talk less of strangers...

One last thing.... These loan apps as you call them employ more than 300 -500 Nigerians. They are paid and get other benefits... What have you done to impact the lives of any other Nigerian except yourself?

Again, no one cares whether they borrowed to give to ppl. There are laws that regulates the activities of financial institutions in Nigeria. If you can't operate by those laws, then no one is forcing you to open a loan app. The standard interest rate was less than 2%, as at months back... No financial institution is obligated to give more than 2%, but your criminal entities give over 30% with shaming of citizens who default. Didn't you know that loans come liabilities before venturing into the business and thereby taking advantage of vulnerable people? Better educate yourself. In Accounting, if a customer can't pay off an obligation, you write it off as a bad debt. There's no law in Nigeria that says you should brand people criminals 'cause they took a loan but failed to pay. Bankruptcy is a legal term. People don't go to jail for failure to pay a debt.

Oga!

First off, Those Apps are ILLEGAL. They're not registered with the CAC or operate by BOFIA Act. There's nothing like "I agree their method" is blah blah blah...Branch that's registered with the government doesn't stress when a customer defaults...it would reflect in your financial dealings with Banks if you owe registered apps.

That being said, did you not see where I said I collected a loan of 40k to add funds to finance a failed business and went borrowing from A to pay B?

However, you don't call ppl's contacts when they're owing. That's a breach on their rights.

Paxziano:
Just curious... You took loans from 5 different apps and you r calling the apps criminals? It seems to me you took money you can't pay back and then you start trying to give them bad names... But if you must know, those apps are not illegal. The methods they use in recovering their money is not nice agreed but Nigerians have been so impoverished that the average Nigerian wants to take money and not pay back...

As regards the interest rate, you don't keep money with them so the money they give to you is most probably borrowed from somewhere and they are to pay back with interest hence why their rates a higher. You can't compare them to commercial banks cos they have capital bases as well as deposit ratios... Also, before taking the loan, you saw the interest rate and still chose to take it.. After getting and using the money, you suddenly realize the interest rate is high... If you don't like the way they do business, open your own business and give out loans. See how easy it is to recover your money from your friends talk less of strangers...

One last thing.... These loan apps as you call them employ more than 300 -500 Nigerians. They are paid and get other benefits... What have you done to impact the lives of any other Nigerian except yourself?

toujurs:
Don't mind the fool, when he took the loan and ate the money, he didn't create threads, now its time to pay back, that was when he realized. The loan apps was a reaper. And wasn't registered. He is mentally ill, but he doesn't know yet.

It's your types they like employing. Ignorant as f*ck!

Are the Apps registered? tell me since you like calling Nigerians to tell them how you will report them to imaginary credit bureau. These Olodos!

toujurs:
i don't work for any loan app, you need mental help.

hahahahah

This your reversed psychology won't work. You don't work for the apps, but you're defending ppl who are operating illegally and calling people thieves? You must think everyone is as dense as you.

Go on! You'll be tracked and killed one day.

I will continue telling people how to escape the loan apps.

By the time Nigerians are done with them, they'll pack up to China where they came from.

And the Agents, if life has not frustrated y'all enough to earn 30k a Month on slander, I don't know what else. Sad job! And y'all may end up in prison when the government wakes up. why I call una mumu.

As far as y'all operate ILLEGALLY, I will take more and deny permissions. You don't have a case. Free money! Una fada!

toujurs:
I don't need to exchange banter with you, because you are already going through alot in life. This is how depression starts. Continue taking loans you can't pay.

These dumb Agents are here defending their pay masters.

Come and force me to pay the 200k. Las Las, some of you will be sacked.

Una papa!

I understand your grievances with the thread. Sorry, your people can't reach me and I am in my house.

Chris2863:
quote author=Dashlys post=113720929]You ppl keep saying that people were living above their means. You're senseless. "Did they force you?, They shouldn't even exist in the first place if Nigeria was a serious country. There's no place where you shame ppl for being debtors. That being said, they don't collect your contacts initially. Of it wasn't practical, I won't be saying. Now, your fada!brother, go pay your loan and stop creating funny threads just to disturb us with your frustrations. Nobody forced you to collect loan(s) and Nairaland never asked you to go about stealing from loan apps


I bet you were thinking their money was for free

That's not a job. Your mates are banks executive while you pride in working with a criminal organisation if you had your life together, you won't be Working with a criminal organisation. Mumu!

toujurs:
Atleast i have a job and I don't owe, unlike you that your own broke is on auto renewal, You are a finished man but you don't know, this is how you borrow your future away. Its obvious you are addicted to borrowing money.

Leave that one. He thinks he has sense.

Resurgent2016:
those loans are immoral and exploit the failure of the government to protect its citizens from exploitative companies. Those loans are specifically targeted are people in desperate financial circumstances with no collateral to offer. In other words, they are designed to prey on the financially vulnerable.....why will you provide a loan for 10% in 2 weeks (240% a year) to someone who has stable source of income to repay?


It likes justifying employers who exploit their employees through very poor pay and inhumane working conditions by saying they were not forced to work for the company.....have you considered they were too desperate to say "no" to the job offer because they needed to make ends meet somehow?

Jmichael1:
bros my mind dey skip each time i see their call or sms..

na make i kukuma rmv the sim frm the phone b4 i dye of high bp

Whether I was forced or not isn't a legal ground to threaten me. As far as they operate illegally, I can owe them and not pay. We are all thieves. If not, they would be registered.

I understand that your 30k job is at risk, but I will use this account to make Nigerians default thereby making idiots like you jobless.

toujurs:
Were you forced to collect the loan?, If the interest is to high. Don't you have families to collect money from?. Must you collect the loan , you are a thief if you know

You should've denied them the permissions and kept using your sim.

Jmichael1:
omoh i got tired of paying,so i jst change my sim card to avoid their calls and text...

i dn cross my mind nt to pay again ooh...

You're a bigger thief! Operating a loan app illegally makes them criminals.

Requesting for a new card and CHANGING PIN invalidates the old card. A bank would always give you card on request, just have your 1k for that.

Those of you helping these Chinese ppl to rip off Nigerians are actual idiots!

toujurs:
Guy if you request for a new card, its still the same details on the previous card that would be on the new card until the card expires, but guy you be thief, if you knew you can't pay, why did you take the loan. This is why blacks are seen as thieves abroad. This criminality is just like a follow come attribute. Spoiling the image of responsible citizens

Download Truecaller, grant them access and add their numbers to spams. They won't be able to call you again. That's how I stopped receiving their calls. The idiots would even call you on a Sunday morning and not once.

Bobbyjay001:
How do I block spamming calls?

I told one of agents that I will track his number and mess him up. They've really messed up people. Some of them are here posting rubbish in defense. People that should be in jail if government was serious. They don't even know the risk they expose themselves to by working with these illegal companies then call people to threaten them on laws they're not educated enough to express to others.

SIR0:
They are only out there to rip off people. No thanks to Covid-19 because the lockdown made many their victims. Many have been servicing the loans with their income/wages/salaries since then & keep wondering where they have gone wrong. And some foolish youths who work for them keep defending them because of the money they make. No worry, they think they are safe now, but I bet it would surely get to them when the loan shark's tragedy covers everywhere. I pray they are curbed early though.

Abba114:
they stopped giving me loan #angry