Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,151,333 members, 7,811,973 topics. Date: Monday, 29 April 2024 at 03:26 AM

FG To Shut Down Money Lending Businesses Over Violations - Business (4) - Nairaland

Nairaland Forum / Nairaland / General / Business / FG To Shut Down Money Lending Businesses Over Violations (43252 Views)

FG To Shut Down Money Lending Businesses Over Violations / What Has Been Killing Businesses Over The Years And More To Come After COVID-19 / Access Bank To Shut Down 346 Banks Nationwide (List) (2) (3) (4)

(1) (2) (3) (4) (5) (6) (Reply) (Go Down)

Re: FG To Shut Down Money Lending Businesses Over Violations by PrinceofAgoAre(m): 8:36pm On Dec 27, 2021
King44:
one is Aje, the other palm credit, oga patapata L credit haa those ones hen it's not nice doing business with them threatening start from a day to expire date
Which one operate as a site nd nt app.

which one dey lend reach 150k?

bro, e urgent abeg mke u gimme full details..
Re: FG To Shut Down Money Lending Businesses Over Violations by CaptainDo: 8:36pm On Dec 27, 2021
cloud:
With this news, people that collected loans go just lock up and refuse to pay while waiting for the hammer to fall on these companies

Hahaha haha

Your head dey there lol!
Re: FG To Shut Down Money Lending Businesses Over Violations by Jmichael1(m): 8:42pm On Dec 27, 2021
Make them close now ooh b4 my due date expire,i de owe one loan company 80k.make i no kukuma pay
Re: FG To Shut Down Money Lending Businesses Over Violations by solacong: 8:42pm On Dec 27, 2021
Many Nigerian are very backward in thinking, they said shutdown and many are happy? What happens with putting regulations in place to avoid violation. When there is no law, there is no constraints they said.

Shut people's investment and businesses in the name of governance?

The borrowers that are shouting good move, who ask you to borrow, were you given the Money by force?

This country sha, Lord please send us Help

5 Likes 2 Shares

Re: FG To Shut Down Money Lending Businesses Over Violations by ipobarethieves: 8:44pm On Dec 27, 2021
ANDREW91:

I bet u work for them. How can u give someone a loan of 6days duration with interest rate almost at 50% and call it help. They are a devil reaping where dey did not sow, preying on poor innocent citizens. I nor blame you, thats what u get as a result of bad and clueless people in power, Nigerians knew nothing like loan shark apps until this govt came into power. Making life difficult for everybody.
they nor force anybody to obtain loans. ! Reason why banks dnt give individuals loans anyhow. Nigerians sabi KILL/DESTROY biz

3 Likes

Re: FG To Shut Down Money Lending Businesses Over Violations by JordanMichael(m): 8:57pm On Dec 27, 2021
Lemme go borrow before they shut down biko
Re: FG To Shut Down Money Lending Businesses Over Violations by Nobody: 9:13pm On Dec 27, 2021
DubaiLandLord:
I expect the Government to prosecute instead of closing down.

By the time two or one is use as an example, the rest will adjust or close down
Prosecute will strength them to revenge on innocent people
Re: FG To Shut Down Money Lending Businesses Over Violations by noisy45(m): 9:14pm On Dec 27, 2021
PrinceofAgoAre:
Please who know any of these sites that lends up to 150k with less interest rate and could hold on till like a year or 10months b4 they start harrassing me.. I get school fees to pay abeg b4 FG shuts anything down.


Abi i fit see pesin wey fit borrow me 4 dz forum? If u wan dash me too. I'm very open to that. Mke i just clear dz fees abeg.

Branch loan app

1 Like

Re: FG To Shut Down Money Lending Businesses Over Violations by NGArmyTerrorist: 9:22pm On Dec 27, 2021
DubaiLandLord:
I expect the Government to prosecute instead of closing down.

By the time two or one is use as an example, the rest will adjust or close down
Wicked thing, why would you want them to prosecute them; let them close it down so that your likes can go and borrow from your neighbor or friends or maybe the banks.

Re: FG To Shut Down Money Lending Businesses Over Violations by ultimateprof: 9:23pm On Dec 27, 2021
This is long over due self.
Re: FG To Shut Down Money Lending Businesses Over Violations by Nobody: 9:36pm On Dec 27, 2021
ipobarethieves:
they nor force anybody to obtain loans. ! Reason why banks dnt give individuals loans anyhow. Nigerians sabi KILL/DESTROY biz
Any business set up to defraud innocent people doesn't last. It dies a natural death. Please banks gives individuals loans. They only have to verifies to make sure u can pay back. The loan shark doesn't verify they just give u loan by accessing ur privacy. They know Nigerians nor dey like disgrace so they are using that opportunity to defraud people.

4 Likes 1 Share

Re: FG To Shut Down Money Lending Businesses Over Violations by namo77: 9:41pm On Dec 27, 2021
DispatcherLagos:
Shut down the need to patronize them instead

Exactly!

1 Like 1 Share

Re: FG To Shut Down Money Lending Businesses Over Violations by gase3: 9:46pm On Dec 27, 2021
matrix199:
It's about time!

Imagine giving loans to pay back in 2weeks with 50% interest. That's not even a shark loan, that's a killer whale loan.
I if the economy is stable, the so called perceived loan shark apps won’t strive, people falling victims to these so called loan apps don’t have repayment sincerely, they take loans with the sole intention of not paying back cos the loan is without collateral
Re: FG To Shut Down Money Lending Businesses Over Violations by ipobarethieves: 9:48pm On Dec 27, 2021
grin grin Wic banks giv loans? Except salary earners,u’ll wait tire
ANDREW91:

Any business set up to defraud innocent people doesn't last. It dies a natural death. Please banks gives individuals loans. They only have to verifies to make sure u can pay back. The loan shark doesn't verify they just give u loan by accessing ur privacy. They know Nigerians nor dey like disgrace so they are using that opportunity to defraud people.

1 Like

Re: FG To Shut Down Money Lending Businesses Over Violations by dingbang(m): 9:51pm On Dec 27, 2021
SUPERPACK:
Then be ready to create your own country grin grin
there are businesses without government interference na
Re: FG To Shut Down Money Lending Businesses Over Violations by gase3: 9:56pm On Dec 27, 2021
JavaScript9091:
This administration is very clueless on policies. This is how they are killing startups due to misguided public sentiments.

Nigerians should learn how to pay their debts. Remember that when you urgently need money, no bank will come to your rescue without collateral which you probably don't have. Las Las na Nigerians wey dey write petitions go cry pass
those writing petitions are chronic debtors, they take loans with no means to pay back cos there’s no collateral

2 Likes 1 Share

Re: FG To Shut Down Money Lending Businesses Over Violations by gase3: 10:04pm On Dec 27, 2021
FalseProphet1:
Abeg they should shut them down, those people are just criminals taking advantage of poor Nigerians.

Imagine loaning a person in need money with over 45% interest for a duration of 6days, then going ahead to tag him a criminal when he can't meet up with the payment date. Aren't they the criminals?

Buhari's clueless leadership just brought suffering to Nigerians. Las las them no force anybody take the loan

They should shut them down and leave the reasonable ones to keep running.

I see loan sharks going extinct by next year.

This I have seen.
Re: FG To Shut Down Money Lending Businesses Over Violations by osculatedon(m): 10:08pm On Dec 27, 2021
Even with the toutish way of retrieving money? Did you consider the person's side of the whole story? Start up with devilish mind. That defamation can cause depression that can lead to death.
You work with them and have been inculcated with the same idealogy

JavaScript9091:
This administration is very clueless on policies. This is how they are killing startups due to misguided public sentiments.

Nigerians should learn how to pay their debts. Remember that when you urgently need money, no bank will come to your rescue without collateral which you probably don't have. Las Las na Nigerians wey dey write petitions go cry pass
Re: FG To Shut Down Money Lending Businesses Over Violations by funshint(m): 10:09pm On Dec 27, 2021
Etiyeokwe:
Lcredit comes to mind. Those guys are wolves sucking the blood of vulnerable Nigerians.
I swear people are just shouting Sokoloan. LCredit is the worst of them all. They deduct 3% one time charge and 2.5% per day on late charges instead of 0.03% as stated by CBN. Super Thieves!

3 Likes

Re: FG To Shut Down Money Lending Businesses Over Violations by Kokaine(m): 10:14pm On Dec 27, 2021
matrix199:
It's about time!

Imagine giving loans to pay back in 2weeks with 50% interest. That's not even a shark loan, that's a killer whale loan.
and then those rotten messages they send the guarantors that never signed up for it. They threaten you that your friend is owing them and that they will prosecute you because he used you as a guarantor when you never even knew. Abeg let them shut them down.

3 Likes

Re: FG To Shut Down Money Lending Businesses Over Violations by titosblink: 10:20pm On Dec 27, 2021
JavaScript9091:
This administration is very clueless on policies. This is how they are killing startups due to misguided public sentiments.

Nigerians should learn how to pay their debts. Remember that when you urgently need money, no bank will come to your rescue without collateral which you probably don't have. Las Las na Nigerians wey dey write petitions go cry pass


You don't know what you are talking about. I guess you are one of them. These so called loan companies have and still leading many Nigerian youth to depression. This is a wonderful move from the FG and I hope they accomplish it.

3 Likes

Re: FG To Shut Down Money Lending Businesses Over Violations by Nobody: 11:08pm On Dec 27, 2021
ipobarethieves:
grin grin Wic banks giv loans? Except salary earners,u’ll wait tire
There are loans for salary earners and for business owner. U nor be salary earner, u nor be business owner u go bank go collect loan, how u wan take pay b4
Re: FG To Shut Down Money Lending Businesses Over Violations by mindtricks: 11:10pm On Dec 27, 2021
tosine102:
Some people were don borrow money go dey happy

Hmm! grin With these your 32 teeth, you seem to be one of those happy ones?
Re: FG To Shut Down Money Lending Businesses Over Violations by Justiceleague1: 11:13pm On Dec 27, 2021
MartinCorridon IvartheMENTAL..shut up,this thread is only for learned educated people,thank you grin:
It's Nigerians that would complain eventually.

A lot of people are too irresponsible and dishonourable.

They NEVER keep to the terms & conditions.

Borrowing is easy for them...hard to pay back.
Re: FG To Shut Down Money Lending Businesses Over Violations by DomoSabs(m): 11:25pm On Dec 27, 2021
matrix199:
It's about time!

Imagine giving loans to pay back in 2weeks with 50% interest. That's not even a shark loan, that's a killer whale loan.


Sapa dey make people run am sha grin
Re: FG To Shut Down Money Lending Businesses Over Violations by Lothbrok(m): 11:50pm On Dec 27, 2021
Soko lending company of FASTMONEY and GOCASH

Have the worst customer online representatives. Those girls are rude, thuggish and ill mannered.

Because the have you details and private information. They would use it to insult you. Threatening you and all your contacts for a loan as low as 5k.

They just dont want to understand the reason for the delay, even when you have a good credit history and they having an access to auto debit your bank account.

The FG should send those useless girls back to the labour market. Can they borrow 7k to pay 10k in less than 7days. What kind of business can you do with 7k with ROI of 3I?

Their aim is to threaten you into borrowing from their sister Loan Apps and pay them. Borrow from Peter to pay Paul. . In less that 14days, you are already in a loan web. .

In less than 30days. . You are owing almost 25 loan Apps, own by just 4 companies.

Confusion and suicidal thoughts runs into you head when they due dates gets closer. . With non stop calls, messages. . Threats, insults, warnings. . Defamation, Libel. .

This is a calculated plan to defraud, frustrate and antagonize Nigerians by these Chinese companies.

How can a Loan App tell you to go and borrow from another App and pay them. . Is that not wickedness. When all you need is just 3 more working days for your monthly salary to get paid. . So you can clear the loan.

In a situation where you use their loan for business. And your client pays you a post dated cheque. . Then you own is finished. All your contacts will see your pix with a write up that . . YOU CANNOT BE TRUSTED WITH MONEY

Can you imagine

6 Likes 2 Shares

Re: FG To Shut Down Money Lending Businesses Over Violations by Boy2plenty(m): 11:57pm On Dec 27, 2021
I really don't know if shutting down these loan apps is the solution. These apps are actually a solution to the emergency financial challenges of many Nigerians. Majority of those crying foul are actually defaulters. An agreement should be honoured. Study them before collecting their loans.I no know no dey, after all, nobody force you.
Government should rather provide a better financial alternative that's better than what the loan apps are offering.
Re: FG To Shut Down Money Lending Businesses Over Violations by TheMostComplex1: 12:02am On Dec 28, 2021
JavaScript9091:
This administration is very clueless on policies. This is how they are killing startups due to misguided public sentiments.

Nigerians should learn how to pay their debts. Remember that when you urgently need money, no bank will come to your rescue without collateral which you probably don't have. Las Las na Nigerians wey dey write petitions go cry pass

You just mirrored my thoughts. The get the loan quick without collateral & closing it will affect very very well
Re: FG To Shut Down Money Lending Businesses Over Violations by mfm04622: 12:14am On Dec 28, 2021
DispatcherLagos:
Shut down the need to patronize them instead

Not possible! Even Dangote dey owe. Even US govt dey owe. Debt is a fact of life

1 Like

Re: FG To Shut Down Money Lending Businesses Over Violations by Nobody: 12:24am On Dec 28, 2021
NGArmyTerrorist:
Wicked thing, why would you want them to prosecute them; let them close it down so that your likes can go and borrow from your neighbor or friends or maybe the banks.
Gibberish

1 Like

Re: FG To Shut Down Money Lending Businesses Over Violations by winningwinner(m): 1:31am On Dec 28, 2021
tuzle:
I don't understand the people on the first page. It is not as if they forced u to borrow money from them, so why complain about the interest. Before borrow u get to see the interest rate, nobody put a gun on your head to borrow from them. Most Nigerian even if there is no interest on the money they borrowed, they won't still pay backs on time and I am talking from experience. U would have to beg and pursue them up and down before they pay back. The only fault with this loan company is calling wrong people and telling them to warn the debtor( was I there when the person borrowed the money). It is total wrong. A friend of mine borrowed money from 3 different loan app with the intention of not paying back. The goat now use me as guarantor for the three. This was middle of this year and till today he hasn't still paid any. Do u expect them just to fold there hands and do nothing? Most of them believe this is the only way to collect their money.

Guy, calm down, I know you're part of them. I can tell you that 90% of the agreement signed are breached by these loan companies you work for.

They will push you into becoming interested with a bogus offer. You fall for it. Started your registration with all your details imputed. Next thing will be a debit of about N5000 or more from your bank account. Then they will push out some loan apps for you to choose from and borrow your money. You click, the highest any of them can give is a paltry N2000 for 7days to repay N3500 after taking more than that from you. Who is dubious here?

Take it from another angle. They got your attention, and you filled their online form, with all your important details. The next is DECLINED. When you try to opt out, you will not be able. Why hold unto your personal information? Who is dubious here?

In another way, you downloaded the app after seeing a nice loan offer and good duration, say 90 to 120days, then you register. After all documentations, then the APPLY button comes and you hit it... Alas, there was no option to choose. You're forced to take the amount they offered with a high interest rate and a duration of 7days. I have even come across one for only 3days. Imagine that!

However, it takes the grace of God for one back out after giving out one's details. I can go on and on. The worst being that you were given a loan of N35000 to pay back N45000 in 7days with a promise that after payment you will be upgraded to have higher loans and the duration extended from 7days to something higher. You paid and nothing was done. No upgrade for you. You complained and they encouraged you to borrow again that after payment you will get upgraded, yet nothing happens. Who is dubious here?

Imaging taking a loan for 7days, and on the 4th day you started receiving calls and SMS to pay up and get higher loans and better duration. You paid, and your duration was not extended. Note that they encroached into your loan duration without compensation. But when you pass a day or two in repayment, they will surcharge you 1k daily and still hack into your contacts to blackmail you. They will still be sending messages to you to borrow more money after labelling you a CRIMINAL in the first instance. So many things can make someone not be able to pay his/her loan at the right time.

Imaging going through all these with useless promises that can never be met. Whoever that goes to equity must go with clean hands. Federal Government putting up regulations on them is a nice move.

With all these cries about Nigerians not paying loans is a big lie. The loaner and the borrower are business partners (customers). There must be mutual understanding, balance in both sides. Putting up high interest rate so as to make more profit in the shortest time is robbery because you're forcing your customers to pay by the nose. Given something reasonable, those that borrow will not waste time paying back.

Take this again. A customer borrowed money and it passed one or two days in payment, courtesy demands that the attention of the customer should be drawn without threat is insults to know why the delays. Most borrowers refuse to pay because of the attitudes of these loan collectors. They bully, threathen, abuse and say all manner of things they will do if the person fails to pay at the moment. Trust me, there are people who don't take it lightly when you threathen them. They will dare you to do your worst...

There is need for harmony and regulations...

4 Likes

Re: FG To Shut Down Money Lending Businesses Over Violations by Kibbs(m): 1:38am On Dec 28, 2021
Johnnico1:


https://dailytrust.com/fg-to-shut-down-money-lending-businesses-over-violations

Start with LCredit
Oloruburuku la won people yen

1 Like

(1) (2) (3) (4) (5) (6) (Reply)

Hilarious Photos Of What A Young Man Does For A Living(Very Funny Photos) / What Robbers Did To A Nairalander's Sister's New Shop (Picture) / Femi Otedola Congratulates Aliko Dangote On The Completion Of His Refinery.

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 58
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.