₦airaland Forum

JavaScript90:
he just wants to kill these SMEs. Nigerians don't like paying back loans. how to do you expect the loan companies to get back their money without collateral

so that is why loan company should be sending me msg and threatening me bcoz someone i dnt know collected money from them. You are first class mumu.

Tapout:
Any day I receive any message from any loan company saying someone I know defaulted on his/her loan, I personally will forward the person's house address and every other necessary information to help track him/her. Because i don't understand why someone will take a loan and not repay it. It's understandable if you were unable to meet up with the time frame given, but there are some people that have no plans of repaying at all. To them it's free money, someone's business oh

unfortunately even the loan companies are running ,they have no physical address, they're not willing to meet their defaulting customers.

AnonPoet:
https://leaders.ng/akin-alabi-moves-motion-to-stop-harassment-by-online-loan-providers/

This is a great Move.... The online Loan company needs to find a better way to executive their Business and the service provider should sue them or provide a means of protecting our lines from receiving such messages and calls they share whenever customers default with their payment .... Mind you a Loan cannot be term as bad just on 2 default while the Loan is still within the repayment period.

JimiJunji:
Never seen anyone as high as 30%. But if you as an individual can't pay the high interest why still go on to borrow? They aren't forcing you to borrow.

They charge as much as 50% for a 6 day loan. In order to avoid Google or Apple removing them from the playstore/app store, they lie on the app page that the interest rate is 5-10% per year.

All these people talking about people not paying their loan should realize that these loan apps are ILLEGAL in the first place.

Tapout:
Any day I receive any message from any loan company saying someone I know defaulted on his/her loan, I personally will forward the person's house address and every other necessary information to help track him/her. Because i don't understand why someone will take a loan and not repay it. It's understandable if you were unable to meet up with the time frame given, but there are some people that have no plans of repaying at all. To them it's free money, someone's business oh

Lol.

Who told you the loan company needs their address? They want you to put pressure on the borrower. By the way, there's no guarantee that you will even know the person who borrowed.

Calitoscassius:
It is crazy! If they lend me money on the basis of just phone contacts they are really foolish.

Please how can i borrow money from them? They can keep my whole contact.

na man u be

einsteine:
Lol.

Who told you the loan company needs their address? They want you to put pressure on the borrower. By the way, there's no guarantee that you will even know the person who borrowed.

even the loan companies are running From their customers,they don't have physical address,

DoggoneDogg:
Better start taking screenshots from now on

if your clain is real them they should be flush down the toilet

Iliveforever:
It’s people like you I’m sure is owing them. Did anyone force you to borrow??
If the bet9ja owner you’re covering up do his part to better the life of those he’s representing, do you think anyone from his contact will borrow??
Instead of you to caution him, you’re encouraging defaulters, just pray you don’t own such company one day so u don’t see what these loan companies are passing through.

The Loan app companies are VERY VERY profitable. They are not passing through anything. They don't pay taxes, they are not registered with any regulatory authority, their staff work from home or nondescript addresses and they can make good profit even with a 40% default rate because they are charging as high as 60% weekly.

Thank you Akin Alabi.

The interest charged in just 5 days is something else - 20% to 45%. CBN really need to look at their modus operandi.

DoggoneDogg:
He should move a motion to shut down bet companies that manipulate customers' tickets in order to dodge hooge payouts first.

Manipulate how?? Nothing like manipulate if you ask me

Emeskhalifa:
Before they blame the loan apps they should,

1. blame the OniGbese wey go collect loan without intention or preparation of how to pay back.

2. Are the defaulters daft? Or they can't read? Didn't they see terms and conditions? Yet went ahead to agree to all the terms of the loan platforms?

3. Is like most of us don't understand that most of these loan apps are someone's business. They have bills to pay, staff to pay and all that.


How then are they going to get their money back when there was no any collateral on ground before loan was issued to OniGbese?

Well said

JavaScript90:
he just want to kill these SMEs. Nigerians don't like paying back loans. how to do you expect the loan companies to get back their money without collateral

Seems to me you own one of those fraudulent loan companies or you re a staff of one.
How on earth do you expect a salary earner to pay back a loan in 7 days when he is paid salary in 30 days.

CryptoClub2018:
Loan companies should find a better way of getting there money other than blackmailing there clients. It doesn't make sense. Better still they should stop the rubbish no collateral loan and start collecting collateral before loan disbursement. Blackmailing is nonsense. People have been surviving without the loan companies and if they leave our space, people will still survive. God will punish them
This loan companies use diabolic means to tie people down. Once you collect a loan, you will keep collecting till you die except God intervens in your matter. To keep themselves in business, they need to tie you down so that you keep on borrowing and paying and borrowing

They use intimidation and blackmailing to hold people bound. Nothing about Jazz. They use empty threats to cajole pple into paying the wicked unsecured loans. 90% of their threats they can't fulfil. I wish Nigerians will rise up to them. They will pack and go.

JavaScript90:
he just want to kill these SMEs. Nigerians don't like paying back loans. how to do you expect the loan companies to get back their money without collateral

Explain to me how you can pay back a 40% interest loan within 7 days?

These loan guys are just taking undue advantage of people's condition in this contry

einsteine:
The Loan app companies are VERY VERY profitable. They are not passing through anything. They don't pay taxes, they are not registered with any regulatory authority, their staff work from home or nondescript addresses and they can make good profit even with a 40% default rate because they are charging as high as 60% weekly.

It’s called “tax relief” the same thing dangote enjoys and have you ever attacked dangote for selling his cements expensive??

The less humans we become, then more dangerous our society becomes

CryptoClub2018:
Loan companies should find a better way of getting there money other than blackmailing there clients. It doesn't make sense. Better still they should stop the rubbish no collateral loan and start collecting collateral before loan disbursement. Blackmailing is nonsense. People have been surviving without the loan companies and if they leave our space, people will still survive. God will punish them
This loan companies use diabolic means to tie people down. Once you collect a loan, you will keep collecting till you die except God intervens in your matter. To keep themselves in business, they need to tie you down so that you keep on borrowing and paying and borrowing

If these loan companies start collecting collaterals, they would end up excluding a lot of people from being able to take a loan

And we would be back to the bad old days of most people being unable to get a loan (and banks don't help)

Mrbenny001:
The loan companies are fraudulent by their interest with exception to few of them...if they are actually genuine they will go through the right process.. register with necessary government agencies...most of them except few like carbon and fairmoney,they can't even report their defaulters to credit bureau why because they are not credible themselves...if you're giving loan without collateral and you're not bank that can petition cbn and have them ransack all your bank's such company should verify their customers houses and place of work.. some of them like Ren money does it..how do you think lapo is still in business... I ll rather encourage them to do the right thing..and not support rubbish

Two wrong definitely can never make a right.
If you know all these, why will still go to them and ask for loan??
Why not go to bank and ask for the same loan?

lolu2019:
Some people will just be speaking stupid English.hunger neva catch una.

Exactly, a desperate man in dire need can sign any agreement

Iliveforever:
It’s called “tax relief” the same thing dangote enjoys and have you ever attacked dangote for selling his cements expensive??

The less humans we become, then more dangerous our society becomes

Which Kain tax relief?

These loan apps are fly by the night companies owned by Chinese immigrants, some of whom are even laundering criminal inflows from China. They don't pay tax because they are EVADING tax. Nobody gave them any tax reliefs.

CryptoClub2018:
Loan companies should find a better way of getting there money other than blackmailing there clients. It doesn't make sense. Better still they should stop the rubbish no collateral loan and start collecting collateral before loan disbursement. Blackmailing is nonsense. People have been surviving without the loan companies and if they leave our space, people will still survive. God will punish them
This loan companies use diabolic means to tie people down. Once you collect a loan, you will keep collecting till you die except God intervens in your matter. To keep themselves in business, they need to tie you down so that you keep on borrowing and paying and borrowing

Lolzzzz

einsteine:
Which Kain tax relief?

These loan apps are fly by the night companies owned by Chinese immigrants, some of whom are even laundering criminal inflows from China. They don't pay tax because they are EVADING tax. Nobody gave them any tax reliefs.

Take ur facts to court and challenge them than ranting on nairaland, and also carry all politicians along in ur suit against money launderers if that’s the only reason why you should run away from paying back ur loan

It's do sad I see people abuse and stand against d senator over a good Bill. Do U know most of this loan companies are own by Chinese test dey stay here and gv out money with incredible interest to pay bk in 7 days something dey can't do in their country.

Those supporting these loan Apps are evil. We need change in this country.

How can a loan App offer a loan for just 7 days duration with an interest of up to 50% of the money borrowed in most cases? How do they expect some people not to default?

The loan Apps should do justice by following the right procedure. There's a law governing all these and must be followed.

The so called fraudulent activities that is carried out
today are mostly orchestrated by this loan providers... And also our financial institutions. Just imagine a situation where someone phone is stolen and the SIM card is used to apply for loan, then you went ahead to retrieve such SIM and you start getting every day threats through SMS,calls or email. If you think there's no collateral as it seems then you should think twice because the information given to them when applying for a loan is enough to defraud you.

Iliveforever:
Take ur facts to court and challenge them than ranting on nairaland, and also carry all politicians along in ur suit against money launderers if that’s the only reason why you should run away from paying back ur loan

See this Ozwo. Who took loan? Your father?

CryptoClub2018:
Which stupid SME, so for your mind now, all this loan companies are SMEs? A 7 day loan with over 40% interest and up to 2.5% daily overdue charges on principal plus interest. God punish the SME

. I have many experiences with loan apps, imagine requesting for 7k and repay 10k in 7days. the legit loan apps are carbon,branch,fairmoney,quick check and few others. I also have bad experience with most loan apps so I just reduced it and uninstall some of the app.

Emeskhalifa:
Before they blame the loan apps they should,

1. blame the OniGbese wey go collect loan without intention or preparation of how to pay back.

2. Are the defaulters daft? Or they can't read? Didn't they see terms and conditions? Yet went ahead to agree to all the terms of the loan platforms?

3. Is like most of us don't understand that most of these loan apps are someone's business. They have bills to pay, staff to pay and all that.


How then are they going to get their money back when there was no any collateral on ground before loan was issued to OniGbese?

it is like u r talking on what u dont have knowledge of. This loan companies will give u 7 days loan with huge interest, lets say u collect 5k, the interest might be 2500 for a week, now if u default a day, they will be adding overdue interest of 3percent or more. You will end up owing more than what u borrow after few days, then they start harassing you, most people after paying the principal

Iliveforever:
If I own a loan company, you’ll have to assent that if you default Payment, I have the right to take your life..

These politicians are useless, you guys make life hard for people and at the same time want to shut them up. These loan companies are like heavens these period to some people and those people will still have the mind to default..
The politrickian should be more concern about not using his betting company to launder public funds...

if I am a landlord and you own me rent, I have the right b to take your life. That's your reasoning.

JavaScript90:
he just want to kill these SMEs. Nigerians don't like paying back loans. how to do you expect the loan companies to get back their money without collateral. he should instead criminalize taking loans without paying back.
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Oga, your reason is dumb.

It doesn't give excuse why they should send messages to people that know nothing about the transaction.

It is unethical and stupid.

Stop promoting stupidity

Emeskhalifa:
Before they blame the loan apps they should,

1. blame the OniGbese wey go collect loan without intention or preparation of how to pay back.

2. Are the defaulters daft? Or they can't read? Didn't they see terms and conditions? Yet went ahead to agree to all the terms of the loan platforms?

3. Is like most of us don't understand that most of these loan apps are someone's business. They have bills to pay, staff to pay and all that.


How then are they going to get their money back when there was no any collateral on ground before loan was issued to OniGbese?

You went to school but still conduct yourself like an idiot.

Nothing excuses invasion of privacy or blackmail.

It is senseless to send unsolicited messages to people that were never part of the transaction. Very very stupid

Lolz, who else also taught they saw "f***" written as a signature at first sight?