ImoleNaija:


And you think desperate Nigerians have time to go through the terms and conditions? Lol. Most would only come to their senses when their nerves are calmed.

King125007:
Yes, you're correct, in my hustling days straight out of nysc, I used to work with one of them..

I also do not support most of the method employ to get the loans back, but trust me when I say some of those method are employed on extreme cases. Nigerians stubborn


And that is where govt regulation come in.

About the interest rate, it was made clear from the beginning before the loan was collected, even contacting or gaining access to your phone contact was part of the agreement customers sign on to on PRIVACY AND AGREEMENT, but most Nigerians don't read, they just glance through documents

I am just concern about the number of youths that are going to be out of job. That's all

LZAA:

Man said 10000 youths
I'm sure kenya,Tanzania and Mozambique that chased loan sharks away have no databases as well
If you or anyone you know is under their employ better complete your education or get a better job
Banks go through all that stress because they keep records

Yoighaman:


You sound like you work for one of them.

So the method of recovery whereby they harass borrowers by sending bulk SMS to their contacts is OK by you? Is that ethical and professional?

They have factored in the risk of eventual default into their crazy interest rates, so if anyone beats them to their game, too bad.

I support the FG's decision.

King125007:
Yes, I may have exaggerated d figure a bit, but I am sure it is close to that sir

About the education part, the minimum qualification needed to work in a loan shark company is ND, I know this because I once work with one of them back in d days

What I am trying to tell you is most youths working with them are university graduates .

For better job, it may interest you that most youths working there are actually working remotely, while doing other jobs. With a salary of up to 100k monthly. I know. A lot of people that were able to use this to gain a better life.. Male and female

What I am trying to say in a nutshell is, these people are employing lots of youths mostly Lagos where good jobs are scarce and some other parts of the country

Govt should regulate their operations and fine those caught wanting instead of killing the business totally.. That's just common sense na

Bullet01:
Bubu blocking only means of survival of employed youths. Making life more difficult for us. I have friends who are affected by ASUU strike that borrowed from some of these loan sharks as a means of survival.

King125007:
Yes, I may have exaggerated d figure a bit, but I am sure it is close to that sir

About the education part, the minimum qualification needed to work in a loan shark company is ND, I know this because I once work with one of them back in d days

What I am trying to tell you is most youths working with them are university graduates .

For better job, it may interest you that most youths working there are actually working remotely, while doing other jobs. With a salary of up to 100k monthly. I know. A lot of people that were able to use this to gain a better life.. Male and female

What I am trying to say in a nutshell is, these people are employing lots of youths mostly Lagos where good jobs are scarce and some other parts of the country

Govt should regulate their operations and fine those caught wanting instead of killing the business totally.. That's just common sense na

mhiztaNexy:


Gaining access, yeah, defamation no. The bastards even sell contacts to other companies, reason why you'll receive loan offers from different numbers.

King125007:
Yes, I may have exaggerated d figure a bit, but I am sure it is close to that sir

About the education part, the minimum qualification needed to work in a loan shark company is ND, I know this because I once work with one of them back in d days

What I am trying to tell you is most youths working with them are university graduates .

For better job, it may interest you that most youths working there are actually working remotely, while doing other jobs. With a salary of up to 100k monthly. I know. A lot of people that were able to use this to gain a better life.. Male and female

What I am trying to say in a nutshell is, these people are employing lots of youths mostly Lagos where good jobs are scarce and some other parts of the country

Govt should regulate their operations and fine those caught wanting instead of killing the business totally.. That's just common sense na

Chomsky1967:
Hello, my name is ... my phone number is 86, my BVN is 0, my family is dead, I need your help now, please call me back quickly, I need you to come Help me dig graves for my family, now they are all rotten and smelly, God told me yesterday to give them the grace to go to hell, so please come and help me, I still owe CashMap money not paid , please help me repay this loan, if you refuse to help me, then your whole family will be sent to hell by God.

That's the crazy message they sent me about someone on my contact

ocelot2006:


But your contact signed up for it. Banks equally give loans with high interest rates.

ocelot2006:


But your contact signed up for it. Banks equally give loans with high interest rates.

mhiztaNexy:
100k, lmao. An ex staff from one of the loan app companies was on twitter sometimes ago. She complained about how rude and bad they treat their staffs because of a take home of 30k.

Juoflife1:
Let them recover their loans before shutting them down. Why will someone take a loan and not pay back? People just like ripping off others. Govt ripping citizens, citizens ripping loan companies and vice versa. To even say some debtors will be happy with this news is disgusting. Can a society develop with this kind of mentality? I think not.

grailife:

I woke up someday, and see two alert from two loan app in my phone, even though I didn't apply for loan

King125007:
Yes, I may have exaggerated d figure a bit, but I am sure it is close to that sir

About the education part, the minimum qualification needed to work in a loan shark company is ND, I know this because I once work with one of them back in d days

What I am trying to tell you is most youths working with them are university graduates .

For better job, it may interest you that most youths working there are actually working remotely, while doing other jobs. With a salary of up to 100k monthly. I know. A lot of people that were able to use this to gain a better life.. Male and female

What I am trying to say in a nutshell is, these people are employing lots of youths mostly Lagos where good jobs are scarce and some other parts of the country

Govt should regulate their operations and fine those caught wanting instead of killing the business totally.. That's just common sense na

Melodydoctor:
screenshot the message pls

AuroraB:
I guess this is the kain message/threat a colleague received. He began to shed tears
No be him collect loan ooo... one of his contacts did. They saved his picture from his WhatsApp profile
He sorrowed more than the borrower wey he no know

Chomsky1967:

It funny but not funny. I panicked when I first read it

einsteine:


The society does not need loan sharks.

In the UK, the rule of thumb is that borrowers are not required to pay back lenders who break usury laws. You can go to the UK Fair Lending Site for more details.

These lenders are illegal, do not pay tax and operate with criminal money. Consequently, they do not deserve to get paid back.

Besides, they have already made billions.

People claim Nigerians to pay back loans, how come Soko Lending kept expanding till they had 8 apps? How come the total number of Chinese Lending apps in Nigeria got to over 100?

Juoflife1:
Let them recover their loans before shutting them down. Why will someone take a loan and not pay back? People just like ripping off others. Govt ripping citizens, citizens ripping loan companies and vice versa. To even say some debtors will be happy with this news is disgusting. Can a society develop with this kind of mentality? I think not.

Chomsky1967:

SavageResponse:


Some of you guys are just dumb!

Anytime a person makes an objective statement on loan apps matter you'll just accuse him of being a staff of a loan shark.

Anyhow you want to look at it the fact is that if you take a loan with the hidden intention of not paying back then you lack conscience and integrity!

crestedaguiyi:
inside life.

what happens to their outstanding debt cos i owe 2 of them

King125007:
Well I don't doubt you o
When i used to work in one of those company, back then, that 30k was our basic salary- by basic I mean if you just wake-up and go to the office daily nd sit down without doing anything at all, you will still be paid that basic.. Not joking

But if u manage to work small your minimum should be 50k+, 70-80k then if you're among top 10-top 20, then you should e taking home 120-150k..

Well she may be right it all depends on the loan company, there are so many of them right now, but some are really still paying well and you can work remotely and at the office

Working remotely start from covid-19 locked down

I know a frd (graduate ) working there that used this to open a big photography studio and bought all d equipment.. It was a gradual process but he was able to achieve it, many of them

mhiztaNexy:


Lol. Never have i seen tarnishing image or disturbing one's contact in their t & cs or agreement. Show us one if you have seen. Why pay after defamation? Breach of agreement.

yeyebrity:


Do Carbon and Branch request for collaterals? Their interest rates are very reasonable with about a month to pay. These loan sharks demand for about 40% to 50% interest for a week’s loan. That’s outrageous!

I know someone who opened up that he owed Branch for about 2 years because he was too broke to pay. The most they did was submit himself at credit bureau. And they even stopped his interest from running further.

pacesetting:
Most of these loan sharks are criminals. The government needs to look into their activities properly. Imagine one of the so-called loan sharks worker called me yesterday, complaining about one of my contacts that borrowed money.

I called the contact later to get more info. It turned out that he borrowed 15K to pay 23k in one week. Just imagine the rip-off.

On top of that, he asked for one week extension, but was denied.

This is not how loan firms operate in other countries. Their policies, interest rates, and debt recovery methods are something else.

chaseblack:
Lies, same loan apps that want to finish me with 'you have a loan offer' on WhatsApp.
How can you borrow me 50k and expect me to pay 70k within a week?
Even the most astute business man can't make such profits.

It only means one thing, they know people won't be able to pay back, so if they don't the money keeps increasing, before you know it, in two weeks you would have been owing 100k on top 50k loan and a lot of blackmail.

That's the biggest and most fraudulent rip off, these loan apps are scammers and a cheat shouldn't complain if someone beats him to his own own game!

King125007:
Ok, lemme let you in a little secret
The companies frown totally on defamation , threats, use of documents to threaten customers, I know a lot of my colleagues back then that were sack for that when they were caught

But here is the thing, every worker is assign a particular number of customers weekly to recover loans from and everyone is in competition to lead.
The higher money you recover from debtors the higher your bonuses and take home salary that month.. (100k-150k) This is not adding the basic salary for that month

So you see, it's a dog race, everyone want to take home a big cut, so they do this without the knowledge of the company most times


About contacting relatives, that was part of the agreement customers sign and gave consent to. They just didn't read the terms of agreement . So company can contact relative and inform of unpaid loan after attempt to get debtors to pay