MrFollowFollow:
Private loan providers serve a need. The problem is that most Nigerians do not like to repay loans

Very correct. Let me counter the writer's points.

1. Extremely high rates: Your friends will not lend to you; your family will not lend to you; your social network will not lend to you; that means you have to check yourself and character. The banks will not lend to you because you are a default risk and you don't have collateral or reasonable cashflow(capacity). So, if they take this risk, then they should earn the reward. Afterall, high risk should produce high rewards.

2. Giving up your BVN: they need to identify the borrower to avoid lending money to ghosts. Since the transaction is online, BVN and maybe your NIN is the way as it can be verified online and has your pictures and details. And of course, the name on the BVN will be matched to the name on the account they are paying into.

3. Access to your mobile device: it's in the permissions while downloading the app. If you were not comfortable with that condition, you would not have accepted it. But you needed this money, so you accepted. Well, the loan request was initiated with that device, so that's their collateral - meaning they can hijack the data in there and use it towards recovering their funds.

4. Harassment, humiliation, intimidation : Pay up and you won't have this problem. Problem is, most people don't want to repay borrowed money. Since it's so easy and with no face to face contact, they see it as free, spend recklessly and with no repayment plans

5. Lien on your bank account: the banks have GSI for recovery, so why not? That's another window for recovery of funds.

6. Inability to develop savings culture: The borrower never had it, which is why he/she needed to borrow in the first instance. So they cannot be blamed for your indiscipline.

7. Addiction: If you live within your means, you won't find yourself in a situation where you're always borrowing for consumption. The problem is most people borrow money they don't have, to buy things they don't need in order to impress people they don't like. You should not be that person.

.

MrFollowFollow:
Private loan providers serve a need. The problem is that most Nigerians do not like to repay loans

You're right, and there's no need seeking for loan without having plans of paying back.

Very inciteful piece. Thanks for sharing.

seriously God will help us and makes us financial free

Newaa

Borrowing from carbon to trade forex makes me who am I today... Don't borrow to eat, drink, pay rent, travel etc borrow for business and make sure you are very good in that business... As long as the earth remaineth borrowing will never cease.... Borrow to earn....

freshinsightng:
Loan sharks in Nigeria are death traps. Banks offer better interest rates even though its still high comparatively. If you want to live long in this country avoid loan sharks /apps

Oga,Nigeria banks are no better!

You forgot to to add the jazz part.

Those people can nack you with better poverty jazz to make sure say u no make any money during that period so that they can seize your properties oo..

People that can't tell the truth are also complaining of loan apps when it is obvious that many here can't even tell themselves the truth.

You won't be balance seriously...

Do you need a platform where you learn and get paid Check my signature .

Nicholaspepe:
Is there any Nairalander that can just call me and saw come and take dis job offer in Abuja no matter how humbling or menial it may be?
I want to share this testimony pls. Life after NYSC had been so so tormenting

The guy who killed iniumoren was a nairalander. Be careful how you seek for job on here.

Pray to God and he'll order your steps to a good job.

Trust no one.

Financialslot1:


Source: https://financialslot.com/7-reasons-why-you-should-avoid-loan-apps-in-nigeria/

.Avoid SOKOLOANS, 9JACASH,GOCASH. THESES LOAN SHARKs are SPONSORs OF BOKOHARAM AND BANDITARY. BEWARE!!!

CharisEleos:


The guy who killed iniumoren was a nairalander. Be careful how you seek for job on here.

Pray to God and he'll order your steps to a good job.

Trust no one.

Hmmmmm..... Is well. The inhabitants of this world are really wicked and heartless. Honestly, I'm totally stranded after relocating to Abuja. No job, no money, no food. I'm depressed

Financialslot1:


Source: https://financialslot.com/7-reasons-why-you-should-avoid-loan-apps-in-nigeria/

Loans app are never good for the health self not to talk of financial damages it causes, please if you in need of money is better you find other ways to get the money, maybe borrow from friends or family members or even quit that your low paying job get a better job but if you know you want to collect loan be ready to be cheated immensely with high interest rate till you get heart attack, my advice is simply avoid loan apps for your health but then there are so good loan apps I know of migo and branch international if you patient enough branch international is the best but overall loans dey bad.

can they still get access to your details, if you deleted their app from your phone?

Nicholaspepe:

Hmmmmm..... Is well. The inhabitants of this world are really wicked and heartless. Honestly, I'm totally stranded after relocating to Abuja. No job, no money, no food. I'm depressed

I understand. There's nothing God can not do. Just keep praying while seeking for it low-key. Don't loud it the way you just did, so the evil ones won't take advantage.

Visit the job section and quietly go through the vacancies there while doing your findings on their authenticity before making a move. Praying for God's guidance.

It is well.

abu12:
can they still get access to your details, if you deleted their app from your phone?

Most of the time, they access needed details the moment you authorize the app to access certain details on your device. Whether not you delete the app later is not effective because the contacts and other sensitive data they probably requested are immediately transferred to their end and whether or not they will put them to use depends on if you default or not.

abu12:
can they still get access to your details, if you deleted their app from your phone?

Are you owing them? I think they have your bvn

[quote author=Nicholaspepe post=102848529][/quote]

You're welcome.

It's a ma, though.

MartinsD12:

Are you owing them? I think they have your bvn

No but once download some loan app and later delete it. because I discovered I don't need it

abu12:
can they still get access to your details, if you deleted their app from your phone?

lol wahala for u...even if u die sef they will come to ur burial and seize ur dead body..u no dey hear thier name this boy...loan sharks...shark azu

These companies had cause so many damages to peoples life, a lot of experiences to back it up after some encountering with some of the applicants .couple with the fact that they had access to all your data in your phone ,BVN, account Number pin codes and all sort of sensitive informations about those who downloaded their Apps and request for a loan, they go as far as deducting money from peoples account without their consent even after they have finally settled paying their debt.
Their staffs are nothing to write home about : they are rude ,arrogant, unprofessional tout who always threatened to kill, humility people who defaulted with even just a day ..
In this cause , many people has lot their jobs ,some lost trust , some are worthless in their relationship , some had even committed suicidal ,depression because of their irrational attitude toward recovery of the loan ..

Financialslot1:


Source: https://financialslot.com/7-reasons-why-you-should-avoid-loan-apps-in-nigeria/

Worth reading... Thank you...

Personally online loans helped me some many things when I have no source of raising money from friends and relatives for an emergency, it's not as if they don't want to give me, but they don't have too.
At first I was very skeptical about giving out my BVN but i came to realize that weather u gv out ur BNV or not. It doesn't matter, after all, hackers will still hack ur bank account if they want to, without giving out ur BNV.
Please if you don't have a source of income, KEEP OFF FROM LOAN. No be to go get loan go play online betting.

CharisEleos:


You're welcome.

It's a ma, though.

Oh! Sorry anty

The only point i concur to be the best in this episode is the inability to save.
Mine was not even from the online app, but a bank loan which u also use the bank app to apply.
Immediately my salary shows vuuumm they've taken theirs and leave the change.
The period salary did not show that month but cross to the next month before they pay, i regretted and sorry for not only myself but my family.
The day I will complete the loan repayment, i will do Thanksgiving. If i hear lo from anyone before u complete oan, i have disappeared
I cannot save again i am now working for the bank. I caused this and it will never repeat itself, better for the project to suffer than entangled myself in loan shark