₦airaland Forum

Rehope:
Good morning my fellow Nigerians. It's a bad thing to borrow something with the intention of not returning it. Some people indulge in the habit of borrowing money and don't want to pay back which is very bad. May be somethings are not right with the two parties involved. After my little research I came up this few observation:

1- Nigeria works on 30 days monthly payment system,in my opinion why grant a loan of 7 days validity to someone that will only be paid at the end of the month ?

2- To be sincere a man in need will hardly reject any offer/condition giving him/her at that moment of need, so most people don't the conditions.

3- To be sincere the interests are to high, for example 6400 to pay 10,500 within 7 days. This may only leads to the borrower looking for another online loan to pay the previous one and if care is not taken he/she may end up in web of bad debts.

4- Why not contact the guarantor and make tangible enquires and confirmation before giving out the loan. Instead of sending messages to the defaulters contacts you rather reach the guarantors ( which I believe it's a most to provide during the registration ).
I don't know how effective the method of sending messages to their contacts have been because I personally have received many messages from these loan app claiming that people I don't even have their contacts is on run with company money, I just delete such messages.

I conclusion, I think these online loans should work on the loan duration and interest, also maybe they should do it like palmpay easy buy where as the phone is attached to the account and mostly hard to discard without balancing the payment.


Peace

Jwonder:
This is definitely a different issue from what is been discussed, your friend should have taken it up with the relevant agencies.
Email CBN and also copy the loan company, they will surely refund the extra deduction.

And you story doesn't justify people taking loans and refusing to pay.

You mean the same CBN? so CBN will leave more important issues to be attending to 8k extra deduction? Anyway, all I know is that, the loan apps except Branch, Aella and Fair money, the rest are theives just like the defaulters. Ole gbe, Ole gba (if u understand Yoruba).

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.

Iyaebe:
It's almost an impossible thing and sirjamesjnr and his partner are reasons why I used almost, I'm watching them to see where it leads.

Second time I'm quoting you today but this time, you did well by using the word "almost". Good of you

SATANICALLY:
It's not good to wish someone death. I know you hate the President, but come on!

FourElements:
You should also learn to use the words "few" and "most"!

Iyaebe:
She really tried, marriage is sweet. Redpillers come and see. lol

samintegrity:
Oh..

I read online too that people are facing issues registering..

Well, I didn't bother downloading the app sef..

My two Mobile banking app is okay..

Besides they said you can send money to someone via username, like seriously is this supposed to be an achievement??

We have several other third party apps that does same..

One time one Mr garba launched a similar app for an instant messaging and financial transaction app that comes with a digital wallet that helps to transfer ... Next thing we hear was that, it's been banned by app stores, and PlayStore, not too long after, we heard of e-naira.. I kinda feel he sold the idea to CBN sha.. just a feeling oo not an assertion...

hedonido:
If we had enough people like him in Nigeria, oppression would reduce significantly.

Arda1000:
Kudos to the Nigerian Army they just made more UGM keep harassing and assaulting unarmed people

cazchi:
Dude, he was bundled up.
https://www.instagram.com/p/CUufVaStR3Y/

mybiz234:
Which government?

This corrupt, unconcerned government or which one again?

Why are you talking as if you are in the USA? Do you live in Nigeria at all?

MissEfe:
Kudus to u dear...
Very soon I'll share my repayment testimony

MissEfe:
Thanks Jare...
How far with your own

MissEfe:
I've not been able to pay anyone yet oh..
Those people wahala too much

MissEfe:
Thanks dear...
I can't remember when I really laugh but I'll do as you've said... Thanks