Obyangel:
Oni gbeses (debtors) will be happy in this development.

My neighbor was label rapist and pedophilic old idiot and later a kidnapper

Tell that your neighbor to go and clear his debt

Nigerian borrowers need iron hand, if not you will loose your money!

Temiii69:
I think fairmoney either hacked my Gmail or phone either way i am not sure which.

Private photos from my phone where sent to someone. I asked how he got them he said he isnt sure how they appear on his phone(our whatsapp chats basicly)....But i noticed he had previously sent me money via his Fairmoney account. I know i owe the credit facility but i have paid up 100% of the cost and more than 20% of the huge interest and promised to continue to remit despite the challenges in the country.

This is a huge dent on the image of this company that has recently been accused of operating a ponzy schemme.

Temiii69:


Paid up the capital remaining interest

Who did you leave the interest for?

Who will pay it?

You tied down their business capital for God knows how long and you have the effrontery come here and say "But I have paid the capital", did they not tell you that you will be charged interest when you took the loan?!

Sammy5413:
Looks like this clown works with PalmCredit. Why threaten a customer when you can actually report them to the appropriate authorities? Fool there are terms and conditions in the loan agreement which does not include threat to life and exposure of confidentials like sending messages to your contacts!!! If what they do is appropriate, why then has the FG moved to shut them down? Are you sane at all?
Do you know it's illegal to expose ur customer to third parties unless authorized by the court to do so?
Also do you know that you must be licensed to offer loans?
You know nothing but out of your stupidity you chose to quote my comment.

Yes I work for PalmCredit, come and beat me I'm in my house.

Stupid fool like you, did you not know that the company was not professional when you were asking for the loan?

When it's time to repay a loan that's when donkeys like you will start dodging phone calls and telling stupid lies just so you can avoid paying back the loan. Are you being professional by dodging phone calls from your creditor?

So if an animal like you refuses to repay a loan of 15K you expect the loan app to spend additional resources to go and file a report against you with CBN?

Are you aware that the basic fee/retainer that a lawyer will charge to file court process against a debtor for bad loan of 100 million is the same he will charge to file against a debtor for a loan of 15K?

Some staff of loan apps are being surcharged every month for bad debt of customers while some are contemplating suicide all because they facilitated loans for donkeys like you who have refused to pay back the loan

Sammy5413:
Especially PalmCredit, they're so unprofessional and so illegitimate. They should be banned without a second thought

Once you start calling your friend who borrowed money from you to repay the loan he will start telling people that you're a fake friend.

The same thing applies to loan apps where Nigerians are involved, immediately they start asking for their money you people will automatically accuse them of being unprofessional.

Do you expect them to come kneel down to beg you to repay the loan you took from them?!

Onekilo:


Fairmoney is better and will.

Palm Credit has worst customer service and their interest rates is used to pay staff. That's why when you default, they want to crucify that person.

What else will they use to pay staff if not the interest earned on loans given out?

You don't even understand the basic concept of running a business

Joetttimua1811:
Liberty Assured Limited should be delisted sharp sharp. 86k to pay 236+

First tell us how many months your loan was in default before you start calling out any company here.

Liberty Assured charges flat monthly rate of about 5% so if you have incurred such a large amount of interest then it's because your loan has been overdue for a long while.

You people will just come here and start posting lies because this is an anonymous forum

reiddecuti:
Better days to go on borrowing spray, praying that the company be amongst the one to clamp down on.

You want to borrow with the intention of not paying back, tomorrow when misfortune starts following you and your business you will start blaming innocent village people

wolesmile:
What most of them do after being delisted is to change name and reapply again for operating license. Then they will transfer all their debtors' credit information to the new app.

Where you expecting them to just write off the debts?

Don't you know it's someone's investment capital?

Emyogalanya:
Hello fellow nairalanders. Today I went to Mfb to get a little loan. For my business after all the Protocols the staff came and calmly told me that my bvn is in red. Yes. I do take loans from fairmoney and easy buy. Fairmoney is due in 3 weeks while easybuy is due next month. So i keep wondering where this app called "my credit" got my Bvn from . Pls does anyone know a solution to this problem. Thanks buddies

There is a loan you took and have not paid back somewhere and until you repay it in full your BVN will remain on that list permanently!

thesicilian:
You're clamping down on illegal loan apps but won't introduce policies that will help the ordinary Nigerian to access loans from commercial banks without heavy collaterals and insurmountable terms and conditions.

Why should commercial banks be compelled to give loans to ordinary Nigerians without collateral?

Ordinary Nigerians that don't like to repay loans!

For your info most of the commercial banks in a bid to compete wit fintech companies in that space set up digital lending programmes, as at now almost all of them have been discontinued because they discovered that the cost of recovering the loans is even more than the interest they hoped to earn from giving such loans!

Rolings:


What happened to giving at a moderate interest rate?
So you want to have made over 200% in some instances in 30 days....that clearly is robbery.....if you have this kind of business model you should expect default

Charge people what you are supposed to charge annually in 7 days.
Fear God oooo

I don't believe there is any online loan provider that charges as much as 200% so it's obvious that you're exaggerating the figure.

However it is not possible to give an unsecured loan and charge an interest of just 30% pa and prorate it.

Anyone who does that will never be able to generate enough profit to pay rent for its office talkmore of paying staff salaries or making profit!

Let us do the maths behind it.

An interest rate of 30% when prorated to days is:
30%/12month = 2.5% per month

2.5%/30days = 0.083% per day


If an individual applies to WCash for a loan of N10,000 for 1 week (7 days) his total interest will be = (10,000 * 0.083% * 7days)/100 = N58.33

Does it make sense to you for a company to risk N10,000 of its resources for a measly return of just 58.33Naira?!

Akukoreporterne:
is a loss even the 15k self na him i take flex

And so what?

Akukoreporterne:
Good morning everyone,
i have dating this girl for more than 2yrs now and finally i meet her parent that i want to marry their daughter .so we go into courtship .
along that period i rented a self con because most time i stay at work due to the distance.

so after 6months i was havng financial issues in which i discuss with her and even she was not having enough money on her so i beg her to brrow money from fairmon which was like 15k and she agree

before the loan due date i told her o change her atm card to avoid unessary debit from the bank so she agreed.

not upto a week i lose my job and everything was so hard for me ,so i meet her and try to discuss thing with her that am not financially bouyant and that i will pay the when i have it.

after one month pass she came to me and told me he was debited the 15k that i should get her back her money, i pleaded serverally but this girl insisited until after a month he promise to report me.

the same girl i try my best paying her bill ,make hair and all that but seems she is not ready to plan with me.

because she has been disturbing i told her to sell the phone i bought for her and the i will give her the remaing balance.
i think my decision is right afterall every since i bought her the phone she has been having many affairs outside, love message etc.

even since the money issue happen she has been keepin distance so i want if we are together what can she posibly do.

guy what is your take in this.

.................true life story>>>>

The fact that you asked her to change her debit card so as to avoid paying back the loan she took on your behalf is an indication that you are a dishonest person!

Bodeem:
Easemoni and okash, once you borrow from them and pay up even before due date, they will just suddenly stop borrowing . Many people complain about this tactics of theirs.

I borrowed money from okash last month. About a day before the due date of the loan , small change entered my account and I was like let me just use the mo ey to pay up my okash loan so that they won't disturb me . Then I can borrow again. That way I will use one stone to kill two birds. My dear friends I paid up the okash loan and when I tried borrowing again , they declined. I nearly ran mad coz that was my last cash. I was like if I had known I wouldn't have paid them self. I went to their Facebook page and discovered many people complaining about such tactics of theirs. Just ridiculous

So you think the people who manage these loan providers are fools?

The reason why some of these people rush to pay up is so they can win the trust of the loan company so that they can borrow a larger amount of money at their next attempt.

If the loan provider is foolish and gives them a larger amount that is when the stupid borrower will now show his true colour by defaulting repeatedly

Rolings:


You have no point.
Interest rate in Nigeria hovers between 24 to 30 % pa...
If you give loan for 7 day with 30% interest .....you are a VERY BIG THIEF....
and what they are doing is illegal.
But because of weak regulations these people were duping us for years before Nigeians had enough of them and stopped giving a damn about their character assasination.
You devise cunning methods to lure people don't keep your promise and your only response is that it is clearly stated in your terms and conditions.....shame on you

It is only a commercial bank that will be a loan at an annual interest rate of 30%pa but such a loan must be secured with collateral according to CBN rules.

Online loan companies give loans without need to provide security therefore such loans are highly risky hence more expensive.

Please feel free to start your own loan company and be giving loans at 30% pa to Nigerians let us see if your business will not collapse within 3 months

Ajjj:
Hello...
I am owing easemoni loan money I collected from them and I have determined not to return back the money. I have blocked them from accessing my contacts. I hope there is nothing more they can do

You are a thief!

Brendaniel:


budaatum, what you have said here is good and I am not against the student loan but I do not trust the present government to see it through for the benefit of Nigerian students, because of corruption, if I have seen them already tackling corruption I may have had some hope in it that it will work but I don't see any difference yet from Buhari's style and Tinubu's style of handling corruption.

I hate starting what I hate to finish and that is what Tinubu is doing....

There is very little Tinubu can do to to make the loan program succeed.

His responsibility as the president is approve the policy, he is not the one to personally implement it (This is where the main problem lies)

When the program starts they will start selling the slots to the highest bidders, some of the officers will start asking for kickbacks or commissions before processing applications of student loan applicants etc. Nigeria is a very corrupt country

On their own part the student loan seekers will start submitting fake and contact information and forged documents, people will start faking their own deaths, all because they don't want to repay the loan

Merry100:

I am not against the student loan. The things I listed are very easy for government to do. If they add it to their projects it will life easier for everyone. If there is enough jobs, students can work part-time to pay back their loans. Sometimes, it is good for us to let our opinions out. Somebody close to the president might see this and take one or two things from it and advice the president to implement it.

Even those who will get jobs and can afford to repay the loans will not want to pay.

Nigerians are very terrible people when it comes to matters regarding loan repayment

Ketu223:
Hello people

Please help a friend not to fall victim.

Does anyone know OAKCREDIT & CO LTD if they are into POF .

A friend saw their flyer and contacted so my friend has agree to the interest rate because they ask him to pay first before they will credit him.

I think you are about to be scammed, there is no loan company that will transfer the millions required for POF into your account without first putting a lien on the account

chigostic54:

I didn't pay shit. I found a way to escape this loan sharks

Emmanuel Nnadi you are not only a confirmed bastard but you are also a thief!

chigostic54:

I can see you are a bastard.

Emmanuel Nnadi I have confirmed that you are a bastard from a generation of bastards!

jazzme1:


One agent sighted

Ok go and collect your reward!

jazzme1:
Palmcredit is a mobile loan app owned by Newedge Finance.



The loan app provides quick loans to Nigerians without the need for collateral, only their BVN and other personally identifiable information.



Newedge Finance is a company that has received CBN approval to provide financial services even though FCCPC has only granted conditional approval.



By developing numerous fraudulent apps, the company has succeeded in defrauding people. Palmcredit is the fraudulent app that the company is utilizing.



The lending app uses the same business practices as other shark loan apps that were recently banned in Nigeria.



Recall that Federal Government shut illegal loan financial institutions apps and also freezes their illegal bank accounts.



A number of illegal financial institutions operating on Opebi Road in Ikeja, Lagos, were raided by the Federal Competition Consumer Protection Commission, Independent Corrupt Practices and other Related Offences Commission, National Information Technology Development Agency, and Nigerian Police Force.



Financial institutions like GoCash, Okash, EasyCredit, Kashkash, Speedy Choice, and Easy Moni were among those impacted.





Hidden High Interest Rate:

There have been numerous reports about Palmcredit loan app charging borrowers high interest rate that is concealed.


According to Mrs Olubumi Olusegun who reported to Foundation for Investigative Journalism. The company imposed 54,500 loan on her without any prior request from her.

After checking, she discovered that it was a loan of 14,800 that rose to 21,114.

They gave her the money on September 30 and she complained not to request for any loan on October 2.

The deadline they gave her to repay the money back was exactly a month after disbursement.



One of the agents told her that the company had suffered a network glitch on the day she got the erroneous loan. The agent asked her to repay just the loan amount disbursed and ignore the interests, in which she repaid on Oct 28 but after that payment they kept disturbing her to pay the interest and they also made several threats during her conversation with them as well.



Google Play Store Reviews:

Palmcredit has many users with several Google accounts, as well as professional bloggers and tech support staff, who are paid to post positive reviews about the company on Google Play stores and blogs.

https://tokfora.com/t/1811/scam-palmcredit-hiding-under-cbn-to-defraud-people

Whenever you people default on a loan and get called out by the loan app the next thing is to come to Nairaland and open a thread to badmouth the loan app.

Go and repay you loan!

erniok:

For 5,10,15k, you look for collateral? Some of you should be clowns in circuses.

How you managed to pass English Comprehension in secondary school is a wonder to me.

Go back and read what I wrote again, this time read it slowly!

Illegal1:


omoh.....their phone call no dey shake me again,i dey wait for the day them go cum my house,make we jst stab ourslf any how any how.

Their phone calls wont shake you anymore because you are now a hardened thief!

jamesversion:


I see. Maybe you're one of them.

You people do not like to hear the truth!

Yes I am one of them, come and jump on my back!

Solenzo19:

Some of these loan guys are very mean. They have different tactics of making someone go through hell. Imagine, kashcash gave me a loan of 45.5k I didn't request for, but on my dashboard it was showing 70k. Immediately, I called their customer care line and the agent asked me to pay back the money into an account provided. In doing so, my bank erroneously debited me the 45.5k twice due to network issues.
As soon as I complained to kashcash, they acknowledged receipt of the money, but instead of refunding the extra 45.5k back to me, they sent back only 16.9k!
Let's be careful with these loan shark operators. They can cause one hpb instead of solving your problems.

You have narrated your own version to make yourself look good and innocent but I'm sure that if we ask for their own version they will probably tell us that you were probably owing them so the deducted your debt from the overpayment before sending you the net amount

Getin2ouch:

Yeah, they don't defeme their customers. But nothing justify charging an interest of 74% in space of 6 months. There is not even guarantee that a person will gain such percent (74%) of his capital in a year if he eventually invest that money in a business

The interest is dependent on the duration of the loan so if you don't want to pay such a large interest then make sure you choose a short duration.

Be informed that short term loans are not used to finance or start new businesses anywhere in the world. It is a funding mismatch for you to use a loan with 30 day period to finance a business transaction that will mature in 180 days!