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How I Ruined My Life By Borrowing From Loan Sharks - Family - Nairaland

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How I Ruined My Life By Borrowing From Loan Sharks by Ivebeenafool: 6:21pm On Jun 12, 2021
Good evening lalsticlala and nairalanders,

I hope this makes front page.

Sometimes last year, I had an accommodation issue and I needed money to bail myself out of it,I called friends to borrow from bit none was forthcoming, so I delved into the world of loan sharks and that was where my life was ruined without any hope or remedy.
I have a job and I earn over 100k per month, the money I borrowed initially was what I could have paid comfortably without bathing an eyelid, but the problem is that these fintech and loan sharks can only give you a loan to pay back in one week with outrageous interests. When the loan I took matured, I didn't have money immediately to offset it because it was not the end of the month, I now borrowed from another loan app (these apps are designed in such a way that you must grant them access to your contacts, so that if you default for even a day, they will pull your contacts and send damaging messages to your contacts). So it has now become a continuous cycle of borrowing from one loan app to pay another to the extent that I'm now owing about 700k in loans, that's how bad and vicious it has become, everyday of the week, I receive one threatening message or the other and being a staff of an organisation, I try as much as possible to pay so that it doesn't get to my bosses in the office and now I'm in a quagmire, all efforts to come out of this have proved abortive, my family keep asking me what is wrong with me, the house I rented is a out to expire and I have no hope of renewing the rent because of loans with outrageous interests. I've sold the little property that I was able to acquire, all in a bid to get out of it but all to no avail.
This evening now, they are going to send damaging texts to my contacts but I don't care anymore, 'cos I'm going to end it all (20 tablets of diazepam 5mg will do the job and it will be painless, I will only sleep and wake up in eternity) I only pity my poor mum.
Please nairalanders, learn from bad experience, no matter what you are going through, never borrow money from any loan app, even if you are so sure of paying, something might go wrong and you will end up worst than ever.
My friends don't even pick my call anymore, because they know it's money I'm going to ask of, I'm tired and worn out, I had to let the girl I want to marry go because I can't drag another person's daughter into my mess, I'm no longer mentally stable, at a point my boss noticed and asked me why I always lose concentration, I just told him I'm fine.
Lalasticlala please take my post to front page so that others can learn from me.

10 Likes 4 Shares

Re: How I Ruined My Life By Borrowing From Loan Sharks by Arkmanbuddy(m): 6:29pm On Jun 12, 2021
The fact that you want to end your life because of #700k debt makes me laugh. Many people are facing worse things and are still standing.

Make sure you tell your boss if he/she is a nice person, they might get you out of it. I really don't know how the loan became so much that it got to 700k. You didn't say how much it was you borrowed.

I'd suggest you call down and think of other people and stuff that could fetch you the money and you keep paying gradually, don't even think about killing yourself because it won't solve anything, and its a sure way to hell.

You can do it. You can pay off your debt.

53 Likes 6 Shares

Re: How I Ruined My Life By Borrowing From Loan Sharks by Cutehector(m): 6:34pm On Jun 12, 2021
Be contented.

4 Likes

Re: How I Ruined My Life By Borrowing From Loan Sharks by Omakraid(f): 6:36pm On Jun 12, 2021
Talk to the people around you, let them in on your problems, you never can tell the kind of solutions they'll profer. And please don't end your life, find peace in Christ.

6 Likes 2 Shares

Re: How I Ruined My Life By Borrowing From Loan Sharks by harmargedon: 6:36pm On Jun 12, 2021
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Re: How I Ruined My Life By Borrowing From Loan Sharks by tatutatu: 6:43pm On Jun 12, 2021
I mentioned you in a topic that you'd find helpful.

1 Like

Re: How I Ruined My Life By Borrowing From Loan Sharks by Tokskob2008: 7:00pm On Jun 12, 2021
Op you are not alone in this atal...Hmmm! the things we go through in this country, only God can help man.

8 Likes 1 Share

Re: How I Ruined My Life By Borrowing From Loan Sharks by Asquare84(m): 7:03pm On Jun 12, 2021
So what happens to the salary you have been collecting

39 Likes 2 Shares

Re: How I Ruined My Life By Borrowing From Loan Sharks by brodalikeme(m): 7:15pm On Jun 12, 2021
Your life is worth more than 700k and the embarrassment that comes with a “damaging sms”
If you kill yrself, they will still send the message to yr contact. Your memory will be a shameful one and the stigma on your family will almost be indelible.
My advice
Prepare and bear the shame and dig yourself out of the mess. We all have battles, this is yourself.
SOLUTIONS TO OUR INDIVIDUAL PROBLEMS LIES WITHIN THE CYCLE OF PEOPLE HE/SHE KNOWS. Think very well. Pray, las las, you will be fine.

17 Likes 2 Shares

Re: How I Ruined My Life By Borrowing From Loan Sharks by MetroBaba1(m): 7:26pm On Jun 12, 2021
Dear Op, what's your location?

1 Share

Re: How I Ruined My Life By Borrowing From Loan Sharks by sisisioge: 7:33pm On Jun 12, 2021
Wow! How much was the initial loan? They do 7 days, 14 days, or 1 month. So since the first matured before your salary and you borrowed from another, why didnt you offset with your salary? Hmmm...anyways, I once managed a loan recovery contact centre for two fintechs and here is how it works....

1. They wouldnt give you a first timer any large loan. They start in bits based on the strength of your recharges, age of your sim and its contacts, strength of your social media, type of device, your activities on the device, etc. They wont tell you they are sizing you up when they ask for permission to check your device and facebook so they could profile how much credit you're worth.

2. Once they are done, they will usually offer you less than 10k since all the collateral they have on you are just your sim and facebook contacts....I'm a heavy recharger and my profile didnt even merit me up to 10k. Any fintech that offers you more as a first timermust get tangible collateral such as your Salary accounts, letter from your coy, etc.

3. Again, they offer you for a short term and usually ask that you let them debit you automatically once the tenure expires.

4. If you do not pay or fund your account at the due date, they will start calling you to cajole you to pay. Afterall, you're still a customer. This will continue until they resort to calling one or two of your important contacts to beg you to pay.

5. If you still refuse to pay after 90 days, they will simply report you to credit bureau before writing it off as bad debt. This will hurt your future access to loans, some travels and some jobs.

So how did you get to 700k given this scenario? No fintech will borrow you that amount based on the strength of your contacts alone. Besides, even if this is true why would you kill yourself? Highest that could happen is number 5 above which is still better than suicide. Good luck.

82 Likes 7 Shares

Re: How I Ruined My Life By Borrowing From Loan Sharks by Curious345: 7:50pm On Jun 12, 2021
Please can we see your picture ..

You shouldn't be ashamed of showing yourself since your back is already againt the wall ..

Post your pics here and get 100k from me direct

17 Likes 1 Share

Re: How I Ruined My Life By Borrowing From Loan Sharks by Cutehector(m): 7:57pm On Jun 12, 2021
Curious345:
Please can we see your picture ..

You shouldn't be ashamed of showing yourself since your back is already againt the wall ..

Post your pics here and get 100k from me direct
aaah... grin Waiting for thousands of pictures to flock this thread.

Twoclans, now is the time to show us your face o cheesy dont lose this opportunity.
Re: How I Ruined My Life By Borrowing From Loan Sharks by Dozis: 8:04pm On Jun 12, 2021
Curious345:
Please can we see your picture ..

You shouldn't be ashamed of showing yourself since your back is already againt the wall ..

Post your pics here and get 100k from me direct
How would that help his case

4 Likes

Re: How I Ruined My Life By Borrowing From Loan Sharks by Twoclans(f): 8:06pm On Jun 12, 2021
Cutehector:
aaah... grin Waiting for thousands of pictures to flock this thread.

Twoclans, now is the time to show us your face o cheesy dont lose this opportunity.


For a billion dollars I wont show my ugly face angry

2 Likes 1 Share

Re: How I Ruined My Life By Borrowing From Loan Sharks by Cutehector(m): 8:09pm On Jun 12, 2021
Twoclans:



For a billion dollars I wont show my ugly face angry
las las na mouth you get.

9 Likes 1 Share

Re: How I Ruined My Life By Borrowing From Loan Sharks by Twoclans(f): 8:10pm On Jun 12, 2021
Cutehector:
las las na mouth you get.

2 Likes 1 Share

Re: How I Ruined My Life By Borrowing From Loan Sharks by BuyAndSellStuff: 8:38pm On Jun 12, 2021
This sounds like a tall tale.

1 Like

Re: How I Ruined My Life By Borrowing From Loan Sharks by Mikester: 8:42pm On Jun 12, 2021
Op @ Ivebeenafool, why no pictures? Post screenshots to buttress your story else don't blame anyone for not taking it serious. You can post the screenshots of the messages you receive occasionally as evidence or is there another explanation for this?

7 Likes 1 Share

Re: How I Ruined My Life By Borrowing From Loan Sharks by Ishilove: 8:49pm On Jun 12, 2021
This past Wednesday, they embarrassed the hell out of my colleague who was owing them 40k. They sent this text message below to all her contacts, myself included. In an instant her phone started ringing as all her contacts reached out to her to know what happened. Some of them even called me and the other staff to hear gist. grin

By the end of the day she was an emotional wreck. The embarrassment was something else.

12 Likes 1 Share

Re: How I Ruined My Life By Borrowing From Loan Sharks by Mikester: 8:57pm On Jun 12, 2021
Ishilove:
This past Wednesday, they embarrassed the hell out of my colleague who was owing them 40k. They sent this text message below to all her contacts, myself included. In an instant her phone started ringing as all her contacts reached out to her to know what happened. Some of them even called me and the other staff to hear gist. grin

By the end of the day she was an emotional wreck. The embarrassment was something else.


I do not advocate borrowing of any kind. The plans you have will be frustrated and your honour will be clothed in rags.

Those who shun borrowing live long...

29 Likes 6 Shares

Re: How I Ruined My Life By Borrowing From Loan Sharks by Ishilove: 8:59pm On Jun 12, 2021
Mikester:



I do not support borrowing of any kind. The plans you have will be frustrated and your respect will clothed in rags.

Those who shun borrowing live long.


This lady lives above her means and is notorious for borrowing, so I have no pity for her. She borrowed money to pay the sharks back yesterday. Now I'm wondering how she will pay back. Very shameless person

10 Likes 1 Share

Re: How I Ruined My Life By Borrowing From Loan Sharks by Mikester: 9:03pm On Jun 12, 2021
Ishilove:

This lady lives above her means and is notorious for borrowing, so I have no pity for her. She borrowed money to pay the sharks back yesterday. Now I'm wondering how she will pay back. Very shameless person


Even the name is enough to make someone afraid to borrow...

21 Likes 2 Shares

Re: How I Ruined My Life By Borrowing From Loan Sharks by H2ho(m): 9:03pm On Jun 12, 2021
Ivebeenafool:
Good evening lalsticlala and nairalanders,

I hope this makes front page.

Sometimes last year, I had an accommodation issue and I needed money to bail myself out of it,I called friends to borrow from bit none was forthcoming, so I delved into the world of loan sharks and that was where my life was ruined without any hope or remedy.
I have a job and I earn over 100k per month, the money I borrowed initially was what I could have paid comfortably without bathing an eyelid, but the problem is that these fintech and loan sharks can only give you a loan to pay back in one week with outrageous interests. When the loan I took matured, I didn't have money immediately to offset it because it was not the end of the month, I now borrowed from another loan app (these apps are designed in such a way that you must grant them access to your contacts, so that if you default for even a day, they will pull your contacts and send damaging messages to your contacts). So it has now become a continuous cycle of borrowing from one loan app to pay another to the extent that I'm now owing about 700k in loans, that's how bad and vicious it has become, everyday of the week, I receive one threatening message or the other and being a staff of an organisation, I try as much as possible to pay so that it doesn't get to my bosses in the office and now I'm in a quagmire, all efforts to come out of this have proved abortive, my family keep asking me what is wrong with me, the house I rented is a out to expire and I have no hope of renewing the rent because of loans with outrageous interests. I've sold the little property that I was able to acquire, all in a bid to get out of it but all to no avail.
This evening now, they are going to send damaging texts to my contacts but I don't care anymore, 'cos I'm going to end it all (20 tablets of diazepam 5mg will do the job and it will be painless, I will only sleep and wake up in eternity) I only pity my poor mum.
Please nairalanders, learn from bad experience, no matter what you are going through, never borrow money from any loan app, even if you are so sure of paying, something might go wrong and you will end up worst than ever.
My friends don't even pick my call anymore, because they know it's money I'm going to ask of, I'm tired and worn out, I had to let the girl I want to marry go because I can't drag another person's daughter into my mess, I'm no longer mentally stable, at a point my boss noticed and asked me why I always lose concentration, I just told him I'm fine.
Lalasticlala please take my post to front page so that others can learn from me.
Where do you work? Wats your boss name? Let’s verify your story....abi you won scam nairalanders shocked shocked

5 Likes 1 Share

Re: How I Ruined My Life By Borrowing From Loan Sharks by Prechy08(m): 9:05pm On Jun 12, 2021
Dear friend

You will become the greatest loser if you take your life for a problem you caused yourself. Loans are not bad but we make it bad with our xter and altitude.

I know your story is not straight, you have put it in such a way to paint financial institution bad but it not like that. My office is call your creditor to have a meeting, map out a suitable repayment plan, and follow-through, b4 you know it, you will be out of it.

I know you refuse to make payment for some months which is why your debt increased to 700k.

I can help you with what to do. If you allow me .

8 Likes 4 Shares

Re: How I Ruined My Life By Borrowing From Loan Sharks by cooooooks(m): 9:15pm On Jun 12, 2021
Debt like this is serious but can be worked on. Very simply.

1. If you've been with a company for multiple years, tell them. They can spread your repayment over 1 or even 2 years.

2. Immediately try to boost income. Uber, food, if you're okay (and for serious debt), other less than wholesome means.

3. Immediately cut off all unnecessary and semi necessary expenses. No, you don't need to drink coke every day. No, you don't need to watch DStv or TV for a few months.

4. See if you can file for bankruptcy or get an agreement with the lender. You'd probably have to give them access to your bank account but try to get them to remove all fees and only charge you interest on the loan.

5. PAY BACK!!!

Don't even think of using lottery.

13 Likes 1 Share

Re: How I Ruined My Life By Borrowing From Loan Sharks by Ivebeenafool: 9:16pm On Jun 12, 2021
H2ho:

Where do you work? Wats your boss name? Let’s verify your story....abi you won scam nairalanders shocked shocked

I didn't put up this post to ask for help, it has passed that level.
I'm not here to scam anyone, below is a screenshot of my apps, the loan apps are listed there.
The bottom line is that I've messed up and there seems to be no remedy.

3 Likes 1 Share

Re: How I Ruined My Life By Borrowing From Loan Sharks by Samakus(m): 9:37pm On Jun 12, 2021
Sporty bet dey there too. Hope you're not a heavily addicted gambler.

That's aside sha. I pray you see reason with what others have said up there. Suicide is not an option

14 Likes 1 Share

Re: How I Ruined My Life By Borrowing From Loan Sharks by bomasek(m): 9:49pm On Jun 12, 2021
Op u dey lie,how were you able to accumulate 700k debt as a first timer

12 Likes

Re: How I Ruined My Life By Borrowing From Loan Sharks by ogashman(m): 9:55pm On Jun 12, 2021
Op is a liar

How were u able to accumulate up to #700k as a first timer?

Again, u said u couldn't pay the first loan because it was at the middle of the month and u have not received salary, so what happened to the salary u received at the end of that month and subsequent months?

7 Likes 2 Shares

Re: How I Ruined My Life By Borrowing From Loan Sharks by mariahAngel(f): 10:00pm On Jun 12, 2021
Ivebeenafool:


I didn't put up this post to ask for help, it has passed that level.
I'm not here to scam anyone, below is a screenshot of my apps, the loan apps are listed there.
The bottom line is that I've messed up and there seems to be no remedy.

You better don't kill yourself!

I mean, why kill yourself when they can't and won't kill you?
The worst has already happened, which is disgrace, yeah?
Now, you just have to calm yourself and stop running away from your fear(s).
Facing and overcoming your fears will make you feel/become more powerful.

Ask yourself "what is the worst that could happen?"
Think of ways to solve the issue(s), even if it'll take you years. You'll come out stronger eventually.

Look on the bright side; you have no wife and kids yet.

5 Likes 2 Shares

Re: How I Ruined My Life By Borrowing From Loan Sharks by UnknownT: 10:34pm On Jun 12, 2021
Ivebeenafool:


I didn't put up this post to ask for help, it has passed that level.
I'm not here to scam anyone, below is a screenshot of my apps, the loan apps are listed there.
The bottom line is that I've messed up and there seems to be no remedy.
Liquidate the assets you have in your Binance account and pay some.
Like someone explained for a first timer, it will be impossible to owe upto 700k even if you are owing all the fintech loan sharks because none can give you upto a reasonable amount. For someone that earns about 100k, which amount did the first loan shark borrow you (plus it's accumulated interest), also how much did the 2nd loan shark borrow you (plus it's interest) that you couldn't offset when salary came? Maybe you were not even offsetting the loans and they went that high. If your rent is above your monthly salary, I doubt any of these loan sharks can lend a first timer more than 100k at first time


Picture attached:
April I got the first sms, I called the guy involved, he was laughing about it, I asked him the amount he was given, he said 5k.
May, I got the 2nd sms. I haven't got another one again, maybe he has finally paid up grin grin

3 Likes

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