I've read about cases of this nature, and I think the loan/fintech industry should be regulated in Nigeria. The CBN should curb the activities of these loan sharks and make sure they treat Nigerian borrowers the right way.

The interest rates should be fairer, and they must handle all default cases without insulting, defaming, or dehumanizing the borrower.

If a case of default needs to be handled, then they should take the defaulter to court, instead of defaming his or her character.

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amechispeaks:
I've read about cases of this nature, and I think the loan/fintech industry should be regulated in Nigeria. The CBN should curb the activities of these loan sharks and make sure they treat Nigerian borrowers the right way.

The interest rates should be fairer, and they must handle all default cases without insulting, defaming, or dehumanizing the borrower.

If a case of default needs to be handled, then they should take the defaulter to court, instead of defaming his or her character.

Do you need written content for your blogs, websites, or YouTube channels? Call/WhatsApp 08033422206

So if someone borrows 7K from you and fails to pay back on due date you'll now take him to court?

funshint:
Please avoid these loan companies; like run away as fast as your leg can take you...Sokoloan, 9Credit, imoney, Xcredit, Cashlion , L-money etc very terrible apps. How can you lend to people at very high interest with low maturity; some 6, 7 or 8day! It's just a matter of time that person will borrow to the point that he/she becomes overwhelmed, then default starts. Pls run away from those apps they do more harm than good. But I must commend the exceptional ones among them...Carbon, Branch, Palmcredit, Moneypal(Zedvance), Okash, NodCredit.

Zedvance is the best..

otomatic:

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 to buy things they don't need in order to impress people they don't like. You should not be that person.

...... I had a pressing need on the 10th of May..... Nobody was willing to borrow me 12k because it was a matter of ufe and death...... So I turned to soko loan.... They offered me 14k with a duration of 14days...... To pay back 20k.......i collected it with the hope of paying back by the due date..... On the 24th of May, their agent called and I begged him to give me till month end by which time I would have received my pay.... He refused.... He called and messaged all my contacts including my boss in the USA, saying I'm a criminal and ran away with their company money..... This same message was sent to my other contacts which included my in laws...... As a result of that message, my boss sacked me for supposedly using his name as a guarantor to a loan without his knowledge..... As if that was not enough, I was chased away from the company apartment..... While Still trying to stand, my baby's mum, her father came and took his daughter away along with my Baby saying since I wasn't legally married to his daughter yet, he can't make the mistake of allowing her to marry someone labeled a criminal all over the world.... Since then till now I haven't set eyes on my daughter...... I have lost a job that pays well because of a loan of 14k......with this your explanation, is their actions justified? Yes or no?

frankson1:




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

........... I had a pressing need on the 10th of May..... Nobody was willing to borrow me 12k because it was a matter of ufe and death...... So I turned to soko loan.... They offered me 14k with a duration of 14days...... To pay back 20k.......i collected it with the hope of paying back by the due date..... On the 24th of May, their agent called and I begged him to give me till month end by which time I would have received my pay.... He refused.... He called and messaged all my contacts including my boss in the USA, saying I'm a criminal and ran away with their company money..... This same message was sent to my other contacts which included my in laws...... As a result of that message, my boss sacked me for supposedly using his name as a guarantor to a loan without his knowledge..... As if that was not enough, I was chased away from the company apartment..... While Still trying to stand, my baby's mum, her father came and took his daughter away along with my Baby saying since I wasn't legally married to his daughter yet, he can't make the mistake of allowing her to marry someone labeled a criminal all over the world.... Since then till now I haven't set eyes on my daughter...... I have lost a job that pays well because of a loan of 14k......with this your explanation, is their actions justified? Yes or no?

faithfull18:

Thank you. They see it as free money.

.... .. I had a pressing need on the 10th of May..... Nobody was willing to borrow me 12k because it was a matter of ufe and death...... So I turned to soko loan.... They offered me 14k with a duration of 14days...... To pay back 20k.......i collected it with the hope of paying back by the due date..... On the 24th of May, their agent called and I begged him to give me till month end by which time I would have received my pay.... He refused.... He called and messaged all my contacts including my boss in the USA, saying I'm a criminal and ran away with their company money..... This same message was sent to my other contacts which included my in laws...... As a result of that message, my boss sacked me for supposedly using his name as a guarantor to a loan without his knowledge..... As if that was not enough, I was chased away from the company apartment..... While Still trying to stand, my baby's mum, her father came and took his daughter away along with my Baby saying since I wasn't legally married to his daughter yet, he can't make the mistake of allowing her to marry someone labeled a criminal all over the world.... Since then till now I haven't set eyes on my daughter...... I have lost a job that pays well because of a loan of 14k......with this your explanation, is their actions justified? Yes or no?

generalwo:
.... .. I had a pressing need on the 10th of May..... Nobody was willing to borrow me 12k because it was a matter of ufe and death...... So I turned to soko loan.... They offered me 14k with a duration of 14days...... To pay back 20k.......i collected it with the hope of paying back by the due date..... On the 24th of May, their agent called and I begged him to give me till month end by which time I would have received my pay.... He refused.... He called and messaged all my contacts including my boss in the USA, saying I'm a criminal and ran away with their company money..... This same message was sent to my other contacts which included my in laws...... As a result of that message, my boss sacked me for supposedly using his name as a guarantor to a loan without his knowledge..... As if that was not enough, I was chased away from the company apartment..... While Still trying to stand, my baby's mum, her father came and took his daughter away along with my Baby saying since I wasn't legally married to his daughter yet, he can't make the mistake of allowing her to marry someone labeled a criminal all over the world.... Since then till now I haven't set eyes on my daughter...... I have lost a job that pays well because of a loan of 14k......with this your explanation, is their actions justified? Yes or no?

Dont take a loan you cant pay back simple

manikspears:


God bless you.most Nigerians are f#cking debtors.even when they buy from you,they don't pay.one idiot has been owing me 50k since 2018.imagine.

..... .. I had a pressing need on the 10th of May..... Nobody was willing to borrow me 12k because it was a matter of ufe and death...... So I turned to soko loan.... They offered me 14k with a duration of 14days...... To pay back 20k.......i collected it with the hope of paying back by the due date..... On the 24th of May, their agent called and I begged him to give me till month end by which time I would have received my pay.... He refused.... He called and messaged all my contacts including my boss in the USA, saying I'm a criminal and ran away with their company money..... This same message was sent to my other contacts which included my in laws...... As a result of that message, my boss sacked me for supposedly using his name as a guarantor to a loan without his knowledge..... As if that was not enough, I was chased away from the company apartment..... While Still trying to stand, my baby's mum, her father came and took his daughter away along with my Baby saying since I wasn't legally married to his daughter yet, he can't make the mistake of allowing her to marry someone labeled a criminal all over the world.... Since then till now I haven't set eyes on my daughter...... I have lost a job that pays well because of a loan of 14k......with this your explanation, is their actions justified? Yes or no?

generalwo:
.... .. I had a pressing need on the 10th of May..... Nobody was willing to borrow me 12k because it was a matter of ufe and death...... So I turned to soko loan.... They offered me 14k with a duration of 14days...... To pay back 20k.......i collected it with the hope of paying back by the due date..... On the 24th of May, their agent called and I begged him to give me till month end by which time I would have received my pay.... He refused.... He called and messaged all my contacts including my boss in the USA, saying I'm a criminal and ran away with their company money..... This same message was sent to my other contacts which included my in laws...... As a result of that message, my boss sacked me for supposedly using his name as a guarantor to a loan without his knowledge..... As if that was not enough, I was chased away from the company apartment..... While Still trying to stand, my baby's mum, her father came and took his daughter away along with my Baby saying since I wasn't legally married to his daughter yet, he can't make the mistake of allowing her to marry someone labeled a criminal all over the world.... Since then till now I haven't set eyes on my daughter...... I have lost a job that pays well because of a loan of 14k......with this your explanation, is their actions justified? Yes or no?

I've read alot of stories like these. Those guys need to be sued and dealt with. There are better ways to retrieve your money than sending terrible messages to ones contacts.. so many people have lost their jobs and have their homes broken because of this. That's nonsense.

Callisto1:


Dont take a loan you cant pay back simple

..... So all the loans Nigeria have not been able to pay back, how many times have they been killed for it.... Oga shut up if you no sabi wetin you Wan talk... A man who's child is dying and needs surgery, he should allow her die because he has no means of paying back if he takes a loan.... At times most of you type like, before u became comfortable, u were never poor..... Na this hypocrisy make Nigeria dey backward till today...... I'm sure I will be the first to pay condolences to a man if his pics is posted that he commited suicide because of a loan they embarrassed him for........ How can u give a salary earner a loan of 14 days? If that one is not witch craft, what then is it? The person even went ahead to say he will pay the late fee when the month ends.... U still go ahead to send a message to his contact........ Tell me the witchcraft wen pass that one?

generalwo:
..... So all the loans Nigeria have not been able to pay back, how many times have they been killed for it.... Oga shut up if you no sabi wetin you Wan talk... A man who's child is dying and needs surgery, he should allow her die because he has no means of paying back if he takes a loan.... At times most of you type like, before u became comfortable, u were never poor..... Na this hypocrisy make Nigeria dey backward till today...... I'm sure I will be the first to pay condolences to a man if his pics is posted that he commited suicide because of a loan they embarrassed him for........ How can u give a salary earner a loan of 14 days? If that one is not witch craft, what then is it? The person even went ahead to say he will pay the late fee when the month ends.... U still go ahead to send a message to his contact........ Tell me the witchcraft wen pass that one?

Your campaign to bring them down will not work. Did they force you to take the loan in the first place? No wonder your father inlaw took her daughter, You are not responsible, just shifting blames

Callisto1:


Your campaign to bring them down will not work. Did they force you to take the loan in the first place? No wonder your father inlaw took her daughter, You are not responsible, just shifting blames

...... Yamad bruv..... It's already working because some of the loan apps have been taken down and you and your evil company will follow soon..... Unless u never take loan for your life or borrow anything na im nature go mark you as sensible...... Odeh

Callisto1:


Your campaign to bring them down will not work. Did they force you to take the loan in the first place? No wonder your father inlaw took her daughter, You are not responsible, just shifting blames

.... Father in law took "her" daughter.....bros u need loan to improve your communication skills......

generalwo:
.... Father in law took "her" daughter.....bros u need loan to improve your communication skills......

STOP BORROWING TO SURVIVE. If you cant pay, dont borrow

WE ARE 100 TIMES AHEAD OF YOU. WILLIS YOU WILL NOT SUCCEED. STOP RUINING PEOPLE'S BUSINESS. DONT FORCE PEOPLE INTO UNEMPLOYEMENT BECAUSE OF YOUR PERSONAL GRUDGE

Callisto1:


STOP BORROWING TO SURVIVE. If you cant pay, dont borrow

WE ARE 100 TIMES AHEAD OF YOU. WILLIS YOU WILL NOT SUCCEED. STOP RUINING PEOPLE'S BUSINESS. DONT FORCE PEOPLE INTO UNEMPLOYEMENT BECAUSE OF YOUR PERSONAL GRUDGE

....... U see how daft you are? They forced people into unemployment and you don't want people to force them out of business? U don't know what's coming for you bro.... Just pray non of the people you and your company have messed up see and identify u for real.... And just so u know..... I am a small fish in a very big pond in this struggle....... I don't have issues with them because I don't owe them naffin but I stand with those who them and will doy every bit to bring them down...... U can lie your job for all I care....its high time u guys feel the pains you cause other people....... Nobody has the key to madness.... It's in everyone and since you people have decided to go mad without caution, you will be rewarded in ten portions of the same thing you serve...... I advise u begin to look for another job..... All these evil loan companies are going down and if you are their staff, u will go down with them..... Slowly but surely you all will pay for the injustice you have committed...... Fair money and branch are loan companies too but they will never have their staff insult you or give you a loan you can't repay or even send messages to your contacts when you default and that's why they keep thriving..... If u know what's good for you, switch jobs or go down with these loan sharks

Callisto ...u are one of their agents abi .....I dey on your case now ....cow

Loan app must go you fool

Callisto....Who said we can't pay..we just asked them to give us more time..to be patient...Even after making part payment they will send derogatory messages to our contacts...And who has never borrowed is this life... stop running ur mouth for nothing.. because ur end is near...STOP TARNISHING PEOPLES IMAGE...BE PROFESSIONAL... Obviously u are one of there staffs...We will bring them down by all means

Wandypearl:
Callisto....Who said we can't pay..we just asked them to give us more time..to be patient...Even after making part payment they will send derogatory messages to our contacts...And who has never borrowed is this life... stop running ur mouth for nothing.. because ur end is near...STOP TARNISHING PEOPLES IMAGE...BE PROFESSIONAL... Obviously u are one of there staffs...We will bring them down by all means

DONT TAKE A LOAN YOU CANT PAY BACK. STOP BORROWING FROM 8 APPS AT THE SAME TIME. Thats fraud

That calisto goat is indeed a Chinese slave. If he thinks it's easy go get the loan and invest within 7 days.
That juju the Chinese did to you guys would soon clear from your face when they shut down their company and run to their country. Your mumu go clear

@Calisto
Na una mumu pass, you think publishing names and calling contacts is the best loan recovery tactics.
Lolzzz go and learn from kindle loan and Gmoney.
Their staff dey drink garri for house now. You would soon join them. Amen

Emmakul8:
@Calisto
Na una mumu pass, you think publishing names and calling contacts is the best loan recovery tactics.
Lolzzz go and learn from kindle loan and Gmoney.
Their staff dey drink garri for house now. You would soon join them. Amen

If you think 7 days loan is too short or the interest is too high, dont take the loan. Did they force you to take the loan? If you must take the 7 days loan pay within the time

Calisto who is a fraudster is defining fraud.
Hahahaha.... Chinese companies would give you 30k to get additional 14k. Asking you to pay 44k. In just a week or 2 weeks.
And if you default for a day, they keep adding. Who be fraudster ooo?
Nonsense people. Why can't they do that in their country, they know the implications, they would be burnt alive.
They use the likes of calisto as Chinese slaves to terrorise their fellow Nigerians.
Na you mumu pass.

Emmakul8:
Calisto who is a fraudster is defining fraud.
Hahahaha.... Chinese companies would give you 30k to get additional 14k. Asking you to pay 44k. In just a week or 2 weeks.
And if you default for a day, they keep adding. Who be fraudster ooo?
Nonsense people. Why can't they do that in their country, they know the implications, they would be burnt alive.
They use the likes of calisto as Chinese slaves to terrorise their fellow Nigerians.
Na you mumu pass.

If you think its fraud, dont take the loan simple.

Callisto1:


STOP BORROWING TO SURVIVE. If you cant pay, dont borrow

WE ARE 100 TIMES AHEAD OF YOU. WILLIS YOU WILL NOT SUCCEED. STOP RUINING PEOPLE'S BUSINESS. DONT FORCE PEOPLE INTO UNEMPLOYEMENT BECAUSE OF YOUR PERSONAL GRUDGE

.... Baba na English you dey speak ND I can understand you're trying to protect your job but at the end of the day, you're Nigerian and because of that I have nothing against you.... I see you as a brother but look for another job..... These loan sharks will be taken down and soon it will be the credible ones like branch and fair money that will remain..... Seek new career opportunities there for your own good.... The Chinese loan firms must leave 9ja

generalwo:
.... .. I had a pressing need on the 10th of May..... Nobody was willing to borrow me 12k because it was a matter of ufe and death...... So I turned to soko loan.... They offered me 14k with a duration of 14days...... To pay back 20k.......i collected it with the hope of paying back by the due date..... On the 24th of May, their agent called and I begged him to give me till month end by which time I would have received my pay.... He refused.... He called and messaged all my contacts including my boss in the USA, saying I'm a criminal and ran away with their company money..... This same message was sent to my other contacts which included my in laws...... As a result of that message, my boss sacked me for supposedly using his name as a guarantor to a loan without his knowledge..... As if that was not enough, I was chased away from the company apartment..... While Still trying to stand, my baby's mum, her father came and took his daughter away along with my Baby saying since I wasn't legally married to his daughter yet, he can't make the mistake of allowing her to marry someone labeled a criminal all over the world.... Since then till now I haven't set eyes on my daughter...... I have lost a job that pays well because of a loan of 14k......with this your explanation, is their actions justified? Yes or no?

Your case is isolated. Trust me, based on several experiences, a good number are bad at repaying loans they begged to borrow.

generalwo:
.... .. I had a pressing need on the 10th of May..... Nobody was willing to borrow me 12k because it was a matter of ufe and death...... So I turned to soko loan.... They offered me 14k with a duration of 14days...... To pay back 20k.......i collected it with the hope of paying back by the due date..... On the 24th of May, their agent called and I begged him to give me till month end by which time I would have received my pay.... He refused.... He called and messaged all my contacts including my boss in the USA, saying I'm a criminal and ran away with their company money..... This same message was sent to my other contacts which included my in laws...... As a result of that message, my boss sacked me for supposedly using his name as a guarantor to a loan without his knowledge..... As if that was not enough, I was chased away from the company apartment..... While Still trying to stand, my baby's mum, her father came and took his daughter away along with my Baby saying since I wasn't legally married to his daughter yet, he can't make the mistake of allowing her to marry someone labeled a criminal all over the world.... Since then till now I haven't set eyes on my daughter...... I have lost a job that pays well because of a loan of 14k......with this your explanation, is their actions justified? Yes or no?

Since you say you had a well paying job it means your colleagues were also well paid. What I find strange is why a person who earns a good salary food it so difficult to find a friend or relative to lend him just 14K at short notice.

What that means is that you're not even a credit worthy person to begin with!

NewDelhi:

I've read alot of stories like these. Those guys need to be sued and dealt with. There are better ways to retrieve your money than sending terrible messages to ones contacts.. so many people have lost their jobs and have their homes broken because of this. That's nonsense.

People in loan companies have also lost jobs because customer refused to repay loans.

I have several friends in banks who were either denied promotion or sacked because the gave loans which the customer refused to pay back

faithfull18:

Your case is isolated. Trust me, based on several experiences, a good number are bad at repaying loans they begged to borrow.

Don't mind that guy what he just said is half-truth.

He has refused to tell us that he was probably ignoring their reminder emails and telephone calls.

Most borrowers in Nigeria have the same mentality, they think the loan is their share of the national cake and should not be paid back

generalwo:
....... U see how daft you are? They forced people into unemployment and you don't want people to force them out of business? U don't know what's coming for you bro.... Just pray non of the people you and your company have messed up see and identify u for real.... And just so u know..... I am a small fish in a very big pond in this struggle....... I don't have issues with them because I don't owe them naffin but I stand with those who them and will doy every bit to bring them down...... U can lie your job for all I care....its high time u guys feel the pains you cause other people....... Nobody has the key to madness.... It's in everyone and since you people have decided to go mad without caution, you will be rewarded in ten portions of the same thing you serve...... I advise u begin to look for another job..... All these evil loan companies are going down and if you are their staff, u will go down with them..... Slowly but surely you all will pay for the injustice you have committed...... Fair money and branch are loan companies too but they will never have their staff insult you or give you a loan you can't repay or even send messages to your contacts when you default and that's why they keep thriving..... If u know what's good for you, switch jobs or go down with these loan sharks

The real injustice is people who borrow and refuse to pay back and as a result of that another person in the loan company is sacked or denied his salary!

@ callistos I don't know what is your problem But you this year God will bless you with a lots of problems that you will not see the beginning nor the end of it.keep bad mouthing people up and down you see that your tongue is what will kill you.you don't know what people are going through in life and because you think is going well for you then you are are critising loan takers

NewDelhi:

I've read alot of stories like these. Those guys need to be sued and dealt with. There are better ways to retrieve your money than sending terrible messages to ones contacts.. so many people have lost their jobs and have their homes broken because of this. That's nonsense.

He who comes to equity must come with clean hands.

Take them to court and they will provide evidence which shows that you were dodging their calls and email reminders to pay up your loan - Trust me, you will never win that case in any court of law!