₦airaland Forum

abbey621:
No firstly, you were not talking about just money deposit banks....Get off that sh*t, this discussion revolves around loan companies, banks or non banks! Furthermore I don't appreciate your tone as you're spewing nonsense trying to make sense! In economics we have supply and demand, if there's high demand for a product or service, you can probably charge as much as you want, there's no difference here. In fact, you owe it to your stakeholders to do so. Until the Nigerian government steps up and puts some sort of regulation in place that limits the interest rates, it would be stupid for loan companies not to charge an arm or leg.

You're an adult, nobody forced you to sign for a loan you cannot afford, do you think a Dangote with lots of assets would patronize such loan companies? Forget am! These people cater to a certain group of people hence the high risk, I'll appreciate you get over yourself and argue based on substance instead of dribbling all over the place.

Dribbling? You obviously have been doing that. Go back and read carefully what brought us here. You started with US as if such activities can take place there. Worst case scenario is repossession and not these nonsense we witness here like sending messages to your contacts calling you a criminal, tell me also that can happen in the states.. I had to download an app to read their t&c and in no place did they say they can call your contacts in the event of default or post your details online

You asserted 300% interest was okay since coy like dangote makes more than 100% profit and I had to let you know that you make 100% profit doesn't mean you take high interest loan. Moreover, these loans are for individual at crazy rates. No serious country would accept that for their citizens.

We talked about restructuring, using the money banks, I showed it can work with them too if only they carried out due diligence. What due diligence does these loan companies carry out? Zero,I repeat zero. No statement of account checks, no collateral and yet they are called loan companies. Read up lending criteria and see if these companies should even exist.

Note, high demand for products doesn't mean you can charge as much as you want. Countries like US have price gouging laws that takes care of that. Such things are for almost lawless country like Nigeria where even an agency like consumer protection council doesn't work.

In the western world, with all the outcry about the activities of the loan companies, actions would have been taken long ago.

abbey621:
Firstly, you want loan busineses to base their profitability on restructuring in an atmosphere where fraud is rampant with little to zero regulatory backing. You talk about due process but that is exactly what they follow, show me your source of income and references and they use it to qualify you. the problem with 9ja is that job stability is often a myth, high rate of turnovers means that the conditions for the loan might have been true at the origination but no longer applies 2, 3, 6 moths later. Rather than the applicant to update the loan company, they'll continue to evade and even play dead. For such scenarios, if you like restructure, shin shin the loan company no fit see!

You paint a good picture using terminal benefits but how many people are actually paid? Even those paid, how many are paid millions? The simple truth here is that the loan companies are operating in a high risk high reward atmosphere and if they all based their business model on restructuring or hypotheticals then they are simply NUTS! Your analysis of 300% p/a holds no weight since many businesses in 9ja often make more than that, e,g MTN, Dangote. The problem is not profitability, the problem is high risk, if I owned an insurance company I would be mad to insure such a business....lol.

First,ly, I'm talking about money deposit banks, transactions I've personally handled. Banks with structure and finance. Loans you restructure are normally those with perfected LM or lien deposit.
On salary advances, do you think banks give loans to any Tom,dick and Harry? Don't you know that every facility goes through risk assessment department that works to cover the banks exposure?
You say 300% interest rate is okay and I know this is out of sheer ignorance. What is the interest rate of banks, go find out. Why is it low. 100% is a no no talk more of +100% p.a. Even dangote that takes facilities last I know was around 18%pa. Do you think if it's 30% he'll take it, hell no. It means he's just working for the bank.
I'll appreciate it if we can discuss matters you're well conversant with.
Regards.

3rdavefarms:
Ask your senators if they never approved them before the operation , is Nigeria that lawless? For an organization to transact with her citizen without the approval of the senate , do you get it? If not forget about it

Obviously,you don't know how anything about financial institutions in this country. I'll overlook your ignorance.

BOSMANARIS:
I am not in support of the said act IF TRULY, IT WAS POSTED BY THE LOAN COMPANY which i doubt cos I've once worked in one of tbe companies and i know what these customers come up with to not pay their loans.

They lied at so many things, some, they had accident, to some, their loved ones died, some would even say the owner of the phone you called is dead while some foolish ones will go to design or edit a receipt and send as their proof of payment.

Do you know most of these people collecting loan, aren't using it for any business to return profit to pay back neither are they using it to settle any urgent need. Most that collect loan, uses it for fun and they don't have any job doing that they are expecting money from o

You could be right. I understand some of you do what you do based on experience but sometimes, some of you go overboard because you simply believe they are indebted to you regardless of the position of the law on your actions.

3rdavefarms:
They do pay tax , there is no finical institution that doesn’t have an addresses it may not be review to the general public hence they have , all of them have BVN , but the truth of the matter I want them to stop Soko loan they are the reason people commit sucide here and there

What made them financial institutions. They fact they give loans? If they are financial institutions, who regulates them if I may ask.

RexTramadol1:
Most unfortunate thing is our law is too lenient on fraudsters and thieving community amongst us



The lawmakers instead of bringing a bill on upward review of jail terms and punishments



They are in the parliament reviewing their own pay packages, having nothing to discuss on fraudulent activities cos they know once a really serious government takes over the country some day, most of them will chill in the gallows for the rest of their miserable lives.

An upward review of jail terms and punishment for corruption you say? This is akin to polishing the axe that would cut off their heads. Attach death penaly to corruption and see it die out in our country.

3rdavefarms:
Then who gave them all the access to your contact if Truely they were not authorized to run in the country , I doubt if yiu know they are fully registered with CAC AND ALSO PAID TAX TO FIRS wake up from your slumber man mii they can involve Efcc abs recover all those looted and relooted funds

How did you deduce they pay tax? Do they have physical addresses? They need to be regulated period. That's how you can be sure they actually pay taxes.

abbey621:
Well that's just not the complete truth, if there's anything you should know about Nigerians is that someone that wants to pay will usually pay and those with no intnetion of paying will not pay even if they are given 60 months to pay. Ask yourself this simple question, WHAT IS THE INCENTIVE TO PAY?

For example a company is set to make 1 million Naira on a loan of 10 million Naira paid within 1 year. Even with a restructured payment schedule, the debtor failed to pay, as the debtor who just lost his job and is facing wahala from landlord and children's school fees, would paying the loan be a priority for you? As a loan company, what other restructuring will you attempt before realizing this is a loss?

In a typical advanced country the default rate is less than 10%, for 9ja I dare you to guess the figure....You'll be SHOCKED

That's why I said restructuring must be justified. It's almost in business cases where you are sure you'll get your money but it'll be delayed.
In the scenario you painted, it's salary advance that will do and any institution giving out salary advance would be assured that terminal benefits would be paid into that account. This is their cover. In case it's not assured, you can be given waivers to some certain percentage.Note default interest is normally stopped on such accounts pending recovery.
What the loan companies do is pure robbery, almost 300% p.a. and I have no atom of pity for them. They deserve everything they get.
On the issue of default rate, in a structured society like theirs, it's possible. What due process does the lain apps conduct before giving out a facility? None. Just download the app and get it. No questions asked so why won't they have high default rate. Why is it lower for money banks and not for them.

abbey621:
It's the same line, you default, they come after you. If they secure a judgment in court they can garnish your wages or confiscate your assets, only bankruptcy protection can protect you from such a situation. In 9ja, there's no such thing hence they use physical and emotional tactics. I just hate when people start blaming these companies knowing fully well the type of people living in Nigeria, people would collect loan of 500k to 1 million knowing fully well they are unemployed. Once again the ultimate fault rests on the loan company for taking such a huge risk knowing nobody can force the debtor to pay, even restructuring gets to a point where the losses far outweighs the profits leading to the business itself struggling to stay afloat. Not all loan companies have the financial backing of a bank, most have less than 5 Billion Naira in liquidity.

There's no way restructuring will lead to a date where losses far outweighs the profits if restructuring is justified and the idea it to let the loan stop running at default interest rate while giving the debtor is given extended tenor to repay.

abbey621:
Read what I wrote carefully, some are fraudsters while some are not, using false assets, age, employment etc is considered fraud. For example, you lied on your loan application that you have a car that you own only for them to discover that you don't own the vehicle. This is considered fraud. Pray you never live in a sane country because without bankruptcy law they'll sue you for all you've got and you risk possible jail term!

I understand. We're on the same page. Note bankruptcy is different from defaulting on repayment of a facility. People default for several reasons and the least there's companies can do is restructuring those facilities.

Martinez39s:
LOL. When you default on a loan, it is up to your creditor to determine how he will retrieve his money. The fact that another creditor gives 91 days doesn't mean it must be a yardstick for your creditor. Some creditors do even let debts slide, but that doesn't mean others must follow suit. It is up to the creditor to decide.

If you can't pay back or pay at the agreed time, don't borrow. Let loan apps be and don't look for their trouble.

It's so obvious I'm talking with a staff of these heinous companies. This is CBN I'm.talking about not some unknown creditor. If you all were regulated, CBN definitely will play a supervisory role and rein you guys in from all your atrocities.
If they can't pay back, this is obviously the most devious way to go about recovering your funds.

abbey621:
Typical 9ja mentality, you dey owe someone money you still dey tallk say no be only you be debtor . Not all defaulters are fraudsters but majority are, the only difference between the USA and 9ja is that in the USA you can write off your losses during tax season and insurance go pay. Anyways na the stupid loan company I blame, in a country as useless as 9ja why would you loan people money without collateral? 9ja people wey dey fight physical with landlord, shey na loan company dem go come respect?

That you defaulted doesn't make you a fraudster. Get it. That's why banks restructure loans that are past overdue.

Martinez39s:
If I approach you of my own accord to borrow money and, despite being aware of your terms and conditions, we mutually agree without coercion that I pay back on a certain date, I will be said to have acted fraudulently if I default on the agreement. I have to take responsibility for my decision to borrow and agree on the payment date.

This fact that others default doesn't make it right. Pay up what you owe and stop whining. Nigerians should stop playing the victim, take responsibility for their actions and pay up. Loan apps don't force anyone to patronise them, and all the issues people have with loan apps/companies started with one thing: they defaulted on their agreement and didn't pay up.

Too much ignorance in just one post. People default for so many reasons. Ask yourself why does CBN give money banks 91 days before a loan can be classified as non performing. Show me where it's legally to tag someone a fraudster for loan defaults.
The problem is that this country doesn't work else that loan company wouldn't have tried that rubbish.
I've always advocated that these loan apps should be regulated. This will stop these nonsense.

Martinez39s:
Next time, don't borrow if you won’t pay back. You defaulted on an official agreement. This makes you are fraudulent individual. Pay up or face more humiliation.

How does defaulting make one fraudulently, so USA that has defaulted severally is fraudulent or some businessmen that are months overdue are fraudulent too?

fattprince:
At least that's enough to buy phone.

Maybe, if we factor on the one game that was cancelled. The guy tried but arsenal said no way.

fattprince:
That's the bonus. The winnings will be over 50k with that bonus I'm seeing there.

E no reach, total odds was 186 and he staked with 150. Total winning should be around 36k.

Olumighty123:
Nigerian league, 15minutes added time

You dey complain of 15mins when Iran 2nd div. did 30 mins.

Uzomarrr123:
What did you play Monaco and besistas?

.

6ixT8:
5XGFDBK

cc erniok

Seen. Thanks boss.

[quote author=Miracood2 post=109181362][/quote]You should know that 0.0008 is more than 15k, Israel wan share 150k here?

DOTian:
Stewpid post as usual.
Go and read the report before vomiting trash. They were not even found guilty of anything..

The issue is that of jurisdiction. They were not even tried talk more of being guilty or not.

6ixT8:
this ur excuse looks lame. Hating tenis shouldnt stop u from staking a token on it, since you arent the one that forecast it; it would have just remain Bayern and City to win for the ticket to come through.

i know the kind of psychological scar tenis have cause peeps, am also sure u would have stake on it if it was Chew'bacca that drop it. Anyway we move.

Villareal did the alabi works tho.

I played Chewbacca twice and stopped. I can't really predict tennis and stopped. Footy does it for me. Apologies for my " lame excuses."

Which game be this one again for Iran. No wonder no one takes them seriou.

A project that is not fully developed is what FG is insisting everyone must sign-up for.

I was expecting updates. Where lala.

6ixT8:
5X6XMWQ

5odd

GL.

Just seeing this. Just that I hate tennis. When you cook only soccer, I'm interested.

Feshizzy:
Don't mind him,
He wan hustle you.
No gree for him English

Lol.

Perfect time to sell gbpnzd.

Vickym1:
What happens to ranch? Must they bring this grazing back?

His brothers may have complained that ranch project won't let them waka. Those guys can waka for Africa.

God1000:
we are all responsible for our woes, I know so many people in my place of work that borrow money online from different loan apps with the intention of not returning it back, we have too many depraved and deplorable people in Nigeria.

You used the phrase " so many people". Did they personally confide in you that they had no intention of paying back?