₦airaland Forum

You are a fool for even paying the first 3000.

The moment they sent that message, you should have told them they have effectively collected back their money. It's not as if they are going to repair your reputation after that.

Jwonder:
There's been a rise of Nigerians defaulting on Loans and coming online to form victims.
Why would you take a loan you have no plans of paying back?
This Loan companies don't collect collateral, so how else do expect them to recover their money if they don't harras you?

Just go through this thread and see how wicked humans are.
https://www.nairaland.com/6835279/loan-app-agent-keeps-blackmailing
They all forget this loan company is somebody's investment with staff to pay.
If everyone keeps defaulting on the loan won't they run out of business?

WHY ARE WE NEVER STRAIGHTFORWARD AS NIGERIANS?
I urge the CBN/ FG to start blocking the BVN and bank accounts attached to the BVN of loan defaulters, this will reduce the trend of evil people taking loans and refusing to pay.

The CBN can't block the BVN because the loan apps are illegal ab initio. They are unregistered and unlicensed, even some of their stupid staff are not aware they are working for an unlicensed loan shark. There's a reason the licensed loan providers don't defame customers. One, they don't give all comers loans, and two, they are licensed and can do global debits with the customer BVN.

Jwonder:
I suggest you open your own loan company and let people pay at their convenient time.

You are an idiot.

Banks that take just 25% per year interest on billions of loans do not defame customers, it is you servants of Chinese loan apps charging 50-60% weekly interest that are doing such. I encourage everyone who has taken loans to default whenever they are unable to pay. Eventually, you people will pack up and find a more humane line of business.

These loan apps can't even include their real addresses or the actual interest rates on their Google play because they know they violate Google guidelines on fair lending. They are also not registered or licensed.

You don't do anybody a favour by lending them money with interest and it is solely the fault of the loan apps when they lend money without credit checks.

Lest I forget, you are an idiot with silly views.

And it's a big lie to think that Nigerians don't pay back. If Nigerians don't pay back, why are there loan apps every day coming up with serious amounts being spent on adverts? The business model of the loan apps ensure they are able to make serious profits even if half of their customers (slaves is a better word) pay back.

I met someone who basically paid 240k interest on a 60k loan. How you may ask? The first loan was 60k to pay back 90k in a week. After the first week, the person had no money to pay back because the 60k was used for a medical emergency. He had to borrow from someone (90k) to pay back the loan. Since he borrowed, he was forced to take another 60k from the loan app. And this sequence went on for weeks until he realised the loan app had gotten over 240k interest within two months while he was also heavily in debt with people, all from a 60k loan.

The combination of short tenor and high interest rates coupled with zero KYC is a fuel to trap the most vulnerable individuals into a debt trap.

A loan company is supposed to do due diligence before giving out loans. Giving out loans to all and sundry at extremely high interest rates is likely to attract only the desperate and potential defaulters


It's not as if people don't want to pay their loans. They don't have the money.

I encourage people to default on their loans as this will force these stupid Chinese to find a more savoury line of work than giving loans at 50% per week interest.

If you charge 50% per week as interest and 8% daily as fee for not paying on time (all on compound interest), then don't complain when people default.

I know some people would say don't the debtors see this before taking the loan, that's the exact point: these loans attract only the desperate. Someone who has expenses but can't pay would rush and take the loan. Seven days time, the circumstances have not changed. They will borrow to pay back and there goes the debt trap till the person is unable to pay.

Does that mean he won't die again?

Everybody dies. Seems the point of these types of testimony is to mock the dead.

allen113:
Some kind decisions African players dey make dey tire person, if u rejected Nigeria why not choose England abi to play world Cup like your mates no dey hungry you. Anyway I wish you good luck.

England is a no-no.


Canada is co-hosting the world cup after Qatar. They also have a great chance to qualify for the Qatar world cup after they drew with Mexico and beat Honduras. So he even has a better chance of playing world cup than in the Super Eagles. If after we top our group, we get Morrocco or Senegal in the playoffs, would the Super Eagles qualify?

Kingcalls:
Ur rape story is false

Not false.

Athemisia:
Not lasting long in bed is more physiological. Most men don't know are to control their climax hence ending too soon.

Actually the most common cause of premature ejaculation is low levels of serotonin in the brain, a completely natural situation that occurs in certain people. But ignorant nairalanders will be talking about avoiding sugar and doing exercises when there are fit bodybuilders who experience PE.

TheWolfen:
Have him reduce his sugar intake.( Food and drinks )
Workout more and take fresh ginger and garlic everyday.
In less than a month u will see positive result. But tell him to stop masturbating if he does.

He won't be a ten seconds man if he was masturbating

emmanuelewumi:
Reason why I asked for the type of license. SEC issues different licenses for capital market operators, they have for lawyers, accountants, issuing houses, Investment banks, exchanges, fund managers, portfolio advisors. capital market agents etc.

He can't be a licensed fund manager, what is the name of his fund?

All I know is he is listed and searchable on the SEC website and he is a member of FMAN. You can verify that. You don't have to run a mutual fund or collective investment scheme to be a licensed fund manager. SEC gives room for alternative funds. On the SEC website, it states Fund/Portfolio manager. I have included the screenshot from SEC's CMO portal

emmanuelewumi:
What is the name of his firm? I will confirm his membership of FMAN. What is the name of his fund?

Addy Finance and Investment Limited.

He is registered as a portfolio manager and it is even searchable on the list of approved capital market operators on the SEC website.

emmanuelewumi:
SEC approved to do what?

I don't think the company has SEC approval to be a fund manager ooo.

He had SEC approval and was even a member of Fund Managers Association of Nigeria (FMAN).

Leverage2021:
Army now arrest fraudsters

Is this country not cursed

The Army can arrest and then handover to the right prosecuting authority which is the efcc.

Same way if the efcc is on a patrol and they see someone selling cocaine, they won't say "oh we only arrest fraudsters", they will arrest the person and hand him over to the NDLEA.

PeaceNexus:
When the so called EFCC sees a man from the East pulling crowd and goodwill they seek for ways to rope the person into a crime.....

It happened severally to Peter Obi (Still happening to him)

It happened to Allen Onyema

And a lot of others.

I don't however assert for certainty that their hands are cleaner than water but Igbos don't just fit in this shitty country and they know it.

Allen Onyema was indicted by the FBI not EFCC and it was for money laundering not for being an Igbo man.

Tobex4realTobex234:
True. Just buy $VOO if you're a newbie in U.S stocks. You would be better of in 10 years. Guess what? $VOO also pays dividends.

If you also think about companies like Tesla, Microsoft, Amazon, Coinbase, Netflix, Shopify. They are individual stocks with strong growth potential.

But I don't understand how someone who has no knowledge of the market is buying individual stocks to begin with. Even Warren Buffett has 80% of his allocation in $VOO.

I don't think your last sentence is correct. Most of Berkshire Hathaway's investment are in individual stocks or wholly owned companies. Not index funds.

Baze University cashing out awarding results to politicians.

In the NSE, major investors who are supposed to help unlock value have alternative ways of benefiting from the company which is not dependent on stock price or dividends (supply contracts, insider deals, etc).

jedisco:
You misunderstand me on certain things...

When looking at a markets, nothing gives a better picture of performance as the market cap over time (by time I mean years-decades)....This is because whatever fundamentals are at play in the individual participants of a market should ultimately affect price over time.
Now moving to individual participants of a market, a whole lot of indicators some of which you mentioned come into play of which the market cap is also among. I don't mean big market cap=huge product. But then, even in the NSE, there's a reason why the so called FUGAZ happen to have the highest market cap. 90% of growth over any timeframe in the US stock market are always accounted for by a handful of companies...... I can go on and on.... If I was to invest in the NSE today, except I have some good underlying info, I'd still be limited to a few big hitters.... Yes I want to be the one who bought Amazon, Apple or even our own Okumu when they were largely undervalued. But I wouldn't devote my whole portfolio to stuff I hope would be the next big thing that ends up being Myspace or Unity bank


If a sensible high net worth person wants to buy 5% in a listed coy, it'd surprise you to know that in that period the price of shares might remain stagnant or even fall not until the very end of their buying. When such folks buy, they do so slowly over a long period of time usually when the market is ranging. Sometimes, they'd even sell some of their buys to maintain price within a given range. I've seen this happen over and over again... The reason why you might see a huge uptick when there little buys on the NSE largely boils down to liquidity...

The example you gave with Zenith is a good one... If a coy has strong fundamentals for a long time that has not reflected in price, then it's either the market is trading at a mark down (which isn't bad) and prices would eventually catch-up or it's just an inefficient market where large coys can do as they please.... I wonder which one the NSE is.

Like I said, every market has period of markups, markdowns and periods where the market finds its true level.
Understanding how that market sentiment operates was the reason why for example I bought Bitc0in in May at 30k usd everyone was screaming how it's going to zero. Of course, I'd do the opposite when it gets to the other end.... Now my worry with the NSE is this: since 2008, it seems to have continually been in a downtrend... When will the markup come?

Good companies on the NSE have been having depressed valuations. It is a long term inefficiency.

ekene101:
still brings me back to where I started,you can't change receiving account number from loan apps,your receiving account details must match the bvn details. Please read up again..too many errors from his post. Except to the loan company he is applying from and not loan app that Gave him 50k initially.

Fairmoney is just like carbon. They don't credit bank accounts. They credit the wallet because they have banking licenses so basically you have an account with them so no need to credit another account.

ekene101:
Stop d lies,u said fair money gave u 50k meaning u still dey owe Dem,so which upgrade and which 80k Dem move wen u just received 50k and secondly d loan must touch ur account because it's linked to ur debit card for repayment..una go just come dey talk rubbish as if people here na dunce.. getttat

Fairmoney loans go to your fairmoney wallet not a bank account. From there, you can send it to any account.

mrksquare:
You see why I'm a big fan of Rodrigo Duterte, the president of Philippine. Till we start taken the unconventional approach in fighting the issue of drug, we will never win the war.

But if the extreme measure of outright extermination of offenders is deployed this menance would have reduced to a minimal level.

Has that led to a reduction in drug use in Phillipines? The menace as you call it has not reduced, not even in the Phillipines which is now one of the biggest consumers of Meth worldwide. You increase the punishment, you increase the taboo effect which helps to increase demand and risk premiums. Rather, it has made Phillipines more targeted by drug cartels as the profit margin has increased.

Drug laws that target suppliers would ultimately fail because the problem is in demand. If people don't take drugs, no one would sell them. And making a drug legal does not mean people will consume them. If you can legalize cigarettes and alcohol which both have negative health effects, why spend so much time and effort trying to stop the use of marijuana and cocaine especially when over the years the fight has been an exercise in futility.

The only people who benefit from the war against drugs are law enforcement agents and drug traffickers. Both would be out of employment if government simply allows people to decide what they want to do with their bodies.

tetralogyfallot:
The child will still later go in search of his father in the nearest future. No child wants to have only a mother without any traces of father.

Na lie.

All the children who were made from sperm from a sperm bank, where will they find their father?

This particular poster is just trying to trend because you can easily acquire sperm without meeting the donor through a fertility clinic. It is of course, more expensive than one million naira.

thesicilian:
But how then does the government expect the loan apps to get their money back? Will NITDA collaborate with the commercial banks to allow automatic withdrawals from all BVN linked accounts of defaulters in the event that a customer clearly doesn't want to pay?

Let them get license from the CBN and they will be able to do this. These Chinese run loan apps are mostly unlicensed. The few licensed ones get a state money lender's license. They won't want to get licensed because they break usury laws. How do you charge 50% interest per week and then 75% interest per week for defaults? It is a business model that can only be sustained with illegal ways of recovery like physical and social intimidation etc

janvier27:
@othermen
You said it all. I'm also aware that some lecturers even sacrifice from their poor pay to run their departments and programs and get things going so students can graduate.

Big lie.

Sacrifice what?

Lies.

It is stupid from ASUU to reject that just to deceive people they are fighting for the masses. Quality education can only come from proper funding and that will not come while people pay 20k yearly as school fees.

By the way, ASUU fights for themselves. Every year, it's another increase in salary being demanded.

nairavsdollars:
I pity the young man's family..any man who who sleeps with an ex oba's wife will die

Lol.

Before she introduce him to her family, he has phocked with reckless abandon. Why e never die? All this appeal to fear. If the Alaafin loose guard, men go Bleep current not even ex wives

I hope the raid is not related to the VAT judgment that is coming up soon

Godshand21:
While you are right in a way, he can actually sell even all his portfolios without much hesitation.

No be magic though , this is it: I believe the owner of that address is no newbie to attempt putting up a sell order of all that at once. As an expert, he will disperse his assets to multiple trusted exchanges trading Shiba( of course each exchange with different trading volumes and in different pairs as well)and then, that would be all. He/She, as a seasoned trader, will put up bit by bit percentage sell on the order book of those exchanges and in different trading pairs; not at once but at intervals; this way, he can actually get away with that valuation.

The order book across all exchanges cannot absorb even 100 million in a day. That money has to come from somewhere. That means there has to be people willing to buy SHIB with an aggregate value of over 1 billion to absorb all the tokens.

That's aside the signal that would come when most people hear that a big holder is selling and there will be massive selling too.

In conclusion, that money may be billions on paper but given the volume available, it is highly unlikely that he can realize gains.

That's just on paper. If he attempts to sell, he will struggle to get even 1% of that valuation