What's the name of the loan app??.. let's c if they are the reputable one u should be worry about.

But I know a legit loan app won't threaten u or massage your contacts, they will only be placing a reminder on you and be waiting for any deposit into your acc.

They are operating on their own, CBN did not asked any one to be giving collateral free loan, when you decide to throw away risk matrix and do your own thing, then it's your loss, so they are operating outside guidelines,
CBN cannot approve a 7days repayment plan for any company, the minimum you can take loan under CBN guidelines is for 90days, those loan apps are operating on their own terms,
For those talking about BVN and NIN to freeze accounts, only the CBN can spool all accounts using BVN, no bank has the ability to do so, it is impossible, the real commercial banks are yet to get the go ahead from CBN to freeze defaulters accounts talkless of sokoloan, the commercial banks won't even let CBN allow loan sharks to start writing for account freeze, banks don't like freezing accounts and again the loan sharks are threat to them, so banks wants to see them go out of business.

signature2012:
Even though these loan companies charge very high interest rate.As a borrower,you are never meant to default paying back.

These companies borrow funds to start operation.Of everyone who borrow default,how will they survive.

I don’t think credit system can ever work in Nigeria.In the West,they will just send your details to collection and you might be forever bleeped.

You have credit rating companies here in naija too. Guess Nigerians don't care for their credit any longer. The major retail credit industry was about to pick up in earnest before buhari came in and destroyed the economy. Don't forget brand new cars eg Honda civic etc was about 2.5m few years ago. One could finance that (but you needed good credit). With that same car costing over 15m today no finance house will give you loan. How do you even pay if they finance for 4 years?
The high default rate is mainly why the cost of financing is high in naija. Nigeria is abviously high risk. Nigerians don't pay loans, instead the take the money with no expectant income and fight you when it is payment time.

signature2012:
Even though these loan companies charge very high interest rate.As a borrower,you are never meant to default paying back.

These companies borrow funds to start operation.Of everyone who borrow default,how will they survive.

I don’t think credit system can ever work in Nigeria.In the West,they will just send your details to collection and you might be forever bleeped.

Not in the west something. He might wake up ten years time and want to access another loan, and be told he is owing 500,000. By then, his credit file is ruined and the loan would keep compounding. Most people owing 700k where I work started with just 15k default. That's the power of compound interest at a high rate.

Resurgent2016:
It's not worth it for them except ofcourse you decide walk into their office and offer yourself up for arrest .

Btw arent you bothered by the reputational damage these messages may cause you?

These person has no reputation to protect. He's trying to see the worst thing the company would do. Not knowing that whenever you default, your bad credit file is hosted and and financial institution in Nigeria would see it especially, when you need another loan in future.

Your BVN can be watchlisted. Try n pay up.

Loan issues are very dicey. When people need loan they are always desperate and loyal but when it's time to repay hmmm... Though so many people are genuine even when they default, majority don't give a hoot afterall even Naija is owing but how will the creditor make his margin and lend to others if the borrower doesn't repay?. That's why I noted that it's dicey because na risky business.

Even Naija situation don turn many borrowers to liars because things change anyhow. So, it depends on what side of the coin you are because both parties need to maintain cordial relationship and maintain their integrity. May God help us all.

Anuoluwagbemiga:
Hello nairalanders,I borrowed 15000 from a app loan and I failed to return the money on the date I suppose to .Now they keep sending messages to some people on my WhatsApp contact that I'm dubious bla bla bla and im planning to pay it back but they are not ready to listen and they even said they will publish my name may be on news papers.please what else can they do to me.pleaee don't mind my typo error

Good day, please be informed that **** ****
is indebted to a loan company and has refused to pay, is acting dubious kindly notify he to avoid being publish as a criminal.to pay today to avoid embarrassment.[/img]Hello nairalanders,I borrowed 15000 from a app loan and I failed to return the money on the date I suppose to .Now they keep sending messages to some people on my WhatsApp contact that I'm dubious bla bla bla and im planning to pay it back but they are not ready to listen and they even said they will publish my name may be on news papers.please what else can they do to me.pleaee don't mind my typo error

Good day, please be informed that (my name)
is indebted to a loan company and has refused to pay, is acting dubious kindly notify he to avoid being publish as a criminal.to pay today to avoid embarrassment.

Loan apps! They can't arrest you, delete the app and move on. They won't borrow you again on that account.

They have sent such messages and I have received calls from them at different occasions, why? my number is in a defaulter's contact list.

I do listen to their calls, see as the customer service lady wan cry.

They won't send an apology message, don't send any money.

Lawlessness is in this nation. I do not understand the kind of law these loan apps operate with. I don't know about these apps until one boys started disturbing me to assist him pay back. First, he asked for N50,000 for repairing his car which I gave him, and he refunded me. And then, this loan thing came in. I told him I will not borrow him to pay back any loan because I realised he actually needed over N700k to pay all (i think up to 15 apps or so). And he used the first N50,000 fast refund as a way to show he would pay back if I had given him. I understood the game. I just hissed off, but I encouraged him what to do. I showed him how to get out of it, but he was not ready to listen, but was bent on collecting money from me (my money oooo). Maybe he was using juju, I dont know what gave him the boldness. When he realised I was not going to give him, he blocked me on the social media platform he used to communicate me. As soon as I realised it, I removed him from all my lists everywhere. Today, he is looking deperately for me again, and never will I allow such in my space again. I don't want much with him again. If I say bye bye to you and you dont take it as bye bye, na you will regret it. My bye bye is bye bye. Shikena.

chukwuibuipob:
why go collect loan

If he no get issues will he collect loan?

May we not see issues that will force us to go the extra mile!!!

ezegold4we:
They will not arrest u, all they will do is to put your account details And bvn number under automatic credit to Their account,

The only thing that will stop u From paying them is two things,one is if you are no Longer existing on Earth and The second one is if you stop Making use of all ur bank accounts becos that bvn number u gave to Them is linked to all ur account's,

Finally try and pay becos Right now, Ur Bill is increasing on a daily basis due to extra interest being accmulated

So because he gave the his bvn means that they will be debiting all his bank account... Learn before you type. I'm not encouraging him not to pay back because it has negative effect on his future loan request but that doesn't mean his other bank will be debited because he gave then the bvn.

This werey guy is asking to know the limit to what they can do so he has enough justification to not repay his loan, and in his small mind he thinks because they've embarrassed him by sending text messages to his WhatsApp contact that the debt is repaid.

ultiabaz36:

So because he gave the his bvn means that they will be debiting all his bank account... Learn before you type. I'm not encouraging him not to pay back because it has negative effect on his future loan request but that doesn't mean his other bank will be debited because he gave then the bvn.

His other banks will be debited if he has money in it, that's how it works now. Its a current CBN mandate to most banks, if you are a chronic debtor, they can flag your bvn and send to the CBN, NIBSS will force debit all accounts linked to your bvn to repay the loan amount.

Kingcalls:
They can't arrest u... its even illegal to arrest anyone that has a bad loan... thats y these companies should put documents in place like getting a collateral....they can only use corrupt police to intimidate u... as long as u dint drop a post dated cheque , no one can charge u to court for failing to pay a loan... unless if its stated in the contract and u accept it but they don't put such in contracts cos its illegal... no one can go to jail for failing to pay a loan, unless they can prove beyond reasonable doubt that u diverted the funds for some other personal use ..then they can turn it to a fraud case

You are speaking English.

They will beat hell out of him

You are decieved by the mobile app to think na sane people dey run the organization.

Best thing is that u stay away from them.

You needed the money so badly and an unknown person lends you the money under a company name, you promise to pay back when due but now you are talking of not paying... Hmm uncle, you get conscience?? please pay back there is nothing wrong to pay back instead you have an opportunity to obtain another load when you are cashless, don't look at what they can do to you but look at what you are doing to yourself..

My boss when I was working somewhere once said "in Nigeria, if you want to separate from your very close friend, just lend him money"

And that's true.

Av proved it over the years

RapistOnBail:

You see one of the many reasons not to trust Nigerians with your money?

They come begging and dying for loans. Give them and see if you’ll get it back in due time.

Op,

You and other Nigerians who are loan defaulters are MAD!!!





I once gave a so called fri”ENEMY” of mine money to pay for an apartment cos I wasn’t in town and I wanted making payments ASAP to secure this apartment.

3 days passed and this caretaker kept telling me she hasn’t received any payment from any of my friends she saw when We went for the inspection.

I called the Bandit who refused picking my calls ever since I started pressurizing him to either pay for the house or send me back my funds.

Las las, the idiot sent me back about 30% of the money I gave him.

As a wise business man, I took the 30% and left the rest for him.

Today, the guy is broke and helpless. He has lost the only source of livelihood and can’t call me for any help.

I sit on my throne and watch him suffer. I’m waiting for his eventual death which will mean nothing to me.

Ciao.

Anuoluwagbemiga:
Hello nairalanders,I borrowed 15000 from a app loan and I failed to return the money on the date I suppose to .Now they keep sending messages to some people on my WhatsApp contact that I'm dubious bla bla bla and im planning to pay it back but they are not ready to listen and they even said they will publish my name may be on news papers.please what else can they do to me.pleaee don't mind my typo error

Good day, please be informed that **** ****
is indebted to a loan company and has refused to pay, is acting dubious kindly notify he to avoid being publish as a criminal.to pay today to avoid embarrassment.[/img]Hello nairalanders,I borrowed 15000 from a app loan and I failed to return the money on the date I suppose to .Now they keep sending messages to some people on my WhatsApp contact that I'm dubious bla bla bla and im planning to pay it back but they are not ready to listen and they even said they will publish my name may be on news papers.please what else can they do to me.pleaee don't mind my typo error

Good day, please be informed that (my name)
is indebted to a loan company and has refused to pay, is acting dubious kindly notify he to avoid being publish as a criminal.to pay today to avoid embarrassment.

What do you mean they are not ready to listen?
On your own part, what are you doing to pay back the loan? It seems you are more concerned about if they can arrest you or not. You aren't even bothered about your reputation that is being ruined on whatsapp.

How about you drop your pride and engage in menial job to pay them? Even if it means going to site to do labour work, riding okada, going to farm to help people work in their farm and get paid, washing dishes in eatery, pls do and pay up the loan. One day you will understand what having a good name is all about.

No one can assault u for loan default.
If they spoil ur name,never pay back.
Just try find money and pay.

Everyone is oweing.

Ofadaman:


His other banks will be debited if he has money in it, that's how it works now. Its a current CBN mandate to most banks, if you are a chronic debtor, they can flag your bvn and send to the CBN, NIBSS will force debit all accounts linked to your bvn to repay the loan amount.

That has never been implemented. They can only list your bvn credit bureau which will prevent you from getting loan in the future even after you might have paid the existing loan except he request for letter of non-indebitedness

Anuoluwagbemiga:
Hello nairalanders,I borrowed 15000 from a app loan and I failed to return the money on the date I suppose to .Now they keep sending messages to some people on my WhatsApp contact that I'm dubious bla bla bla and im planning to pay it back but they are not ready to listen and they even said they will publish my name may be on news papers.please what else can they do to me.pleaee don't mind my typo error

Good day, please be informed that **** ****
is indebted to a loan company and has refused to pay, is acting dubious kindly notify he to avoid being publish as a criminal.to pay today to avoid embarrassment.[/img]Hello nairalanders,I borrowed 15000 from a app loan and I failed to return the money on the date I suppose to .Now they keep sending messages to some people on my WhatsApp contact that I'm dubious bla bla bla and im planning to pay it back but they are not ready to listen and they even said they will publish my name may be on news papers.please what else can they do to me.pleaee don't mind my typo error

Good day, please be informed that (my name)
is indebted to a loan company and has refused to pay, is acting dubious kindly notify he to avoid being publish as a criminal.to pay today to avoid embarrassment.

You shouldn't be asking this type of question unless you plan on not paying back the loan again. Which will be an act of ingratitude and selfishness. There was a contract,you agreed to the terms which included the interest and date of payment,yes you defaulted, for reasons known to you,what you should be concerned with now is how to get the money and pay back.
Remember karma is real,one day you want to have a business too and succeed?
Dear nairalanders,don't collect loans if you don't have a steady source of income or you're completely jobless.

Start Blogging Business Now And Pay Back your Loan

You Can Get In Touch With On Whatsapp Chat To Get Started.

AntiWailer:


You are speaking English.

They will beat hell out of him

You are decieved by the mobile app to think na sane people dey run the organization.

Best thing is that u stay away from them.

See talk,beat who,which area? Which country.
Show me who Dem bear before.
They can't do nothing,if they sendwssge to your contacts,never pay back,because they breach your right already.
Till den,find money and pay.

Someone up there has written the worst they can do i.e reputational damage. They can't arrest nor prosecute you. I think what you should do now is to pay them small small until you offset the whole amount.

Well OP , they can't arrest you but I think they can put a lien on your bank accounts.

Lien: your/some of your bank accounts will be frozen until you sort it out.

2) The process (arresting) will be too expensive for them even if the law allows them (Nigeria Police might not even answer you or push you away indirectly).

please gather 1/2k from friends and family to pay it off. I understand that you might feel reluctant because they seem to have done their worse.

I don't know the full implications of defaulting on a loan and I can't say you'll def be affected by it.

To avoid the possibility of an event you'll be biting your finger in the future, just call them and agree to a payment plan.

Ofadaman:
This werey guy is asking to know the limit to what they can do so he has enough justification to not repay his loan, and in his small mind he thinks because they've embarrassed him by sending text messages to his WhatsApp contact that the debt is repaid.

That's correct.
They can't do him nothing after embarrassing him. They can't do shishi.
They have breached his right. Sokoloan was fined recently for that,he didn't sign up for that, even commercial Banks don't have that right,highest they can do is to report to crb.
If they embarrass him they are even,they won't dare look for you ,because they know u are looking for them.
Just find money and pay

November24:


See talk,beat who,which area? Which country.
Show me who Dem bear before.
They can't do nothing,if they sendwssge to your contacts,never pay back,because they breach your right already.
Till den,find money and pay.

I repeat , if they locate u, they will beat u.

Borrow and interact with recovery team. They will harrass hell out of you.

Like I said, just stay away from them. Forget that right u dnt understand that u are claiming.

JFOD:
Well OP , they can't arrest you but I think they can put a lien on your bank accounts.

Lien: your/some of your bank accounts will be frozen until you sort it out.

2) The process (arresting) will be too expensive for them even if the law allows them (Nigeria Police might not even answer you or push you away indirectly).

please gather 1/2k from friends and family to pay it off. I understand that you might feel reluctant because they seem to have done their worse.

I don't know the full implications of defaulting on a loan and I can't say you'll def be affected by it.

To avoid the possibility of an event you'll be biting your finger in the future, just call them and agree to a payment plan.

You have said it,and this can only happen if he runs away or stop picking their calls.
Lien on his account could reach 200 days.

Just pay back bro. Find money,even if is 1000 naira weekly

They are loan sharks and they are unregulated.

Can they legally arrest you, I do not think so. Can they use violent means to get their money… YES!!!

They’ll resort to blackmail, harassment, bullying and threats to get their money… and that works but most times if you can filter out all that and you have coconut head… nothing will happen!