You people keep writing about recovery methods of loan apps...when will you write about Nigerians who borrow without intention of paying back?

Dem no force them to take the loan

Nigerians should learn to pay a loan and not default. This is the attitude of an average Nigerian, you loan them money to pay back you become an enemy of the state.

Sprints3:
u go dey yarn rubbish... Those loan sharks ain't honest I once had issues with creditwise I was accessing their loan policy next they just sent 29k into my account and asked me to pay 49k in 7 days... Those loan organization are not honest... How do u expect to collect 45k on 100k in 30 days is the person during blood money

are you an illiterate?

cant you read?

or are you just a special kind of stupid?

do you think a business will lend you money without creating interest?

why don't you have any friends or family lending you money?

maybe because like the loan sharks they have all tagged you for what you are a lazy entitled good for nothing who will take a loan for a party for bet 9ja or some other daft scheme.

your argument is as follows.

i need a loan
the only service that will give me the loan is a loan shark.
i will take the loan but they are wicked people who have told me i will pay high interest on the capital
this justifies my failure to repay the loan

nonsense

Chetas81:
LOAN TO BUY PHONE.LOAN TO BUY SO MANY UNNECESSARY THING'S KILLING NIGERIAN CITIZEN, HOW CAN YOU TAKE LOAN FOR WEDDING, WHEN IS NOT AN INVESTMENT

Don't mind them, go around you will see someone that can't feed himself using an iphone 13 promax, almost everyone. Even sales girls that are paid 25k per month are buying a phone of 800k on loan. From easy buy.

These two facts are incontrovertible:

1. Loans are difficult to pay back.
2. Nigerians are extremely poor borrowers.

Add equation 1 and 2 together, what you get will solve for the elusive x in the equation.

Quick Disclaimer: I'm not an employee or affiliated to any loan company operating in Nigeria or anywhere else in the world.

I've read so many threads both here and other media outlets about how online money lenders also known as loan sharks go about harassing their defaulters with threatening calls and demeaning messages some even go as far as sending messages to their contacts calling them criminals on the run or wanted persons. Even though I strongly object to this cruel and barbaric method of recovery but the question still remains why collect from these sharks in the first place?
Most Nigerians are terrible debtors if given the opportunity to access a credit facility, many people borrow with no intention of paying back, some see these loan money as free money even though most of them come with outrageous interests. I have even recieved messages on my phone telling me someone used me as a guarantor I called and ask how come why didn't you call me first to know whether I can even stand as one in the first place? The person told me he didn't use me that they just got my contact and sent it. I ask him did you give them permission to access your contacts he said yes. Then why blame them. When you knew you couldn't pay back their loan at the stipulated time why did you go ahead to collect it.
Money business is a serious business when you borrow money from faceless people with no intention of paying back at the stipulated time you are inviting trouble, because they can do anything to you, even if you take them to court they judge will ask you why you borrowed money from them knowing fully well they can harm you with threatening messages. It's like going to sleep with a prostitute without paying of course you know the prostitute can harm you or embarrass you, that time who will come to your rescue or who'll you cry to? Maybe you will come to Nairaland and ask for advice on how a prostitute harassed you because you didn't pay her after having sex. That's the exact same thing that happens when you borrow money from online loan sharks without intent of repayment. Any harassment you get from them is well deserved because you asked for it by agreeing to their terms and conditions in the first place

In conclusion, if you have to borrow money, borrow from a reliable source you know that won't threaten you or harm you even if you default. Don't borrow from a faceless organization thinking that they'll understand your plight and sympathize with you if you default. Like I said earlier money business is a serious business.

Cheers*

Nigeria is a failed country for anyone to do good business because you are solely on your own. These loan sharks wouldn't resort to just any means to get their monies back if the government backs them on a simple strategy. You take a debtor to police and they tell you it's a civil case. Shebi you'll go and carry lawyer to pursue a debt of 50k🤷‍♂️. The Nigerian laws protects the debtor more than the owed. The Nigerian economy also pushes debtors to borrow and borrow no matter the interest rate. Now this is the logic. The Nigerian government knows the economic hardship they metted on Nigerians due to their devilish leadership, and they also know Nigerians have turned to loan sharks, micro finance banks and banks for solace hence they relax the laws on debtors who owe to ease the polity else there will be serious revolt. If borrowers know if I fall to pay I can be arrested and locked up at the request of the loan company, he or she will think twice before borrowing and then the backlash will be on our leaders for bad governance. In all, our government is our problem

Kindly stay away from loan apps.

mascot87:
The secret of loan shark is very simple.
Before you borrow money from any loan app company, MAKE SURE you take off all your phone contact and store them in a different phone. Make sure you have FAKE contacts on the phone you are installing the loan app.
Make sure you have fake phone contacts on the phone you are installing the loan app

Make sure you have fake phone contacts on the phone you are installing the loan app

Please take that information seriously.
Don't keep your original contacts on that phone you are installing that loan app.
That's is the only way they can blackmail you.
A word is enough for the wise

The question is why do you intend to take a loan without paying back?

Is04970:
We have the mist useless government in Nigeria.

Lolzzzz....
Na government help them borrow money ni

GloriousGbola:
The loan sharks actions are a response to a Nigerian problem. Nigerians take loans all the time with no plan to pay them back.

Multiple finance houses and lower tier banks have failed because of this.

They have identified harassment and embarrassment as a tool that can force people to pay.

I cannot fault their methods because 95% of the people who take those loans never had any plan to repay.

Let the average Nigerian become more financially honest and these companies will not resort to methods like this

@bold: well said.

Someone above is already telling people how to boycott the DLMs by storing fake contacts on the phone they intend to download the app.

This is a case of cunny man die, cunny man bury am.

mascot87:
The secret of loan shark is very simple.
Before you borrow money from any loan app company, MAKE SURE you take off all your phone contact and store them in a different phone. Make sure you have FAKE contacts on the phone you are installing the loan app.
Make sure you have fake phone contacts on the phone you are installing the loan app

Make sure you have fake phone contacts on the phone you are installing the loan app

Please take that information seriously.
Don't keep your original contacts on that phone you are installing that loan app.
That's is the only way they can blackmail you.
A word is enough for the wise

exactly what i tell people who run to them for loans. The second one is to immediately block the card the moment they credit your account and then go to your bank and get a new card.

Sprints3:
u go dey yarn rubbish... Those loan sharks ain't honest I once had issues with creditwise I was accessing their loan policy next they just sent 29k into my account and asked me to pay 49k in 7 days... Those loan organization are not honest... How do u expect to collect 45k on 100k in 30 days is the person during blood money

Since you can't pay back N45k on N100k in one month, isn't it natural to steer clear?

You could be one of the stupid and useless loan shark agents wey people don swear for, since you lack manners to talk in public.

A loan app will show you 20k as loan amount to pay 24k in a week. When you click accept, they will credit you with 16k and write on the app that you're to repay 24k.

What if you need that 20k to solve your problem at the moment? Where will you get the remaining amount.

And once they credit your account, all the agents go AWOL so you can't contact them, only to remind you a day before the loan expiry date to pay your loan.


Tell me if that is not a criminal act.

GloriousGbola:


are you an illiterate?

cant you read?

or are you just a special kind of stupid?

do you think a business will lend you money without creating interest?

why dont you have any friends or family lending you money?

maybe because like the loan sharks they ahve all tagged you fr what yo are a lazy entitled good for nothing who will take a loan for a party for bet 9ja or some other daft scheme

your argument is as follows.

i need a loan
the only service that will give me the loan is a loan shark.
i will take the loan but they are wicked people who have told me i will pay high interest on the capital
this justifies my failure to repay the loan

nonsesne

mascot87:
The secret of loan shark is very simple.
Before you borrow money from any loan app company, MAKE SURE you take off all your phone contact and store them in a different phone. Make sure you have FAKE contacts on the phone you are installing the loan app.
Make sure you have fake phone contacts on the phone you are installing the loan app

Make sure you have fake phone contacts on the phone you are installing the loan app

Please take that information seriously.
Don't keep your original contacts on that phone you are installing that loan app.
That's is the only way they can blackmail you.
A word is enough for the wise

What is wrong with u paying back ur loan?


Y borrow when u don't have any intentions of paying back.


NIGERIANs we need to change our criminally minded attitude

pacesetting:
You could be one of the stupid and useless loan shark agents wey people don swear for, since you lack manners to talk in public.

A loan app will show you 20k as loan amount to pay 24k in a week. When you click accept, they will credit you with 16k and write on the app that you're to repay 24k.

What if you need that 20k to solve your problem at the moment? Where will you get the remaining amount.

And once they credit your account, all the agents go AWOL so you can't contact them, only to remind you a day before the loan expiry date to pay your loan.


Tell me if that is not a criminal act.

this is your reasoning - i took a loan with very steep terms. the loan is criminal. therefore i am not entitled to pay
this was your default setting from day one

we all know people like you in real life. they take loans , do not pay and when you start chasing them they do their best to instigate a fight or conflict as an excuse not to pay

the loan sharks fit people like you

congenital deadbeats with dishonesty in their DNA

Can't blame the Loan App owners.

A Nigerian will borrow from you and secretly pray you Forget about the money.

I nor get shame, if you like post any derogatory messages to my contacts, na that one concern you.

The loan apps did not compel anyone to borrow. Live within your means, you say no.
Your precious personal data is now collateral. Some people even borrow with no intention of paying back. Worst is when you know that an entity is not regulated and is illegal yet you deal with it thinking you can outsmart it.

I recall how banks had a shortcode for instant credit some years back. People could just dial the code and borrow up to a maximum prequalified amount. Right now, almost all of them have suspended it because of too much default from borrowers. The various account officers are now left with the tasks of recovering loans they did not originate.

I also recall how banks were doing instant refund of dispense errors less than 20K. People went around lodging fictitious claims and that service had to be suspended to the detriment of genuine and honest customers.

People don't like good things here. I'm sure these defaulters are owing everyone including friends, family, neighbours, church, shop keepers, and others that they have not paid. That is why nobody lends to them again. Let them deal with the illegal apps and learn.

How does your response correlate with his analysis here...

pacesetting:
You could be one of the stupid and useless loan shark agents wey people don swear for, since you lack manners to talk in public.

A loan app will show you 20k as loan amount to pay 24k in a week. When you click accept, they will credit you with 16k and write on the app that you're to repay 24k.

What if you need that 20k to solve your problem at the moment? Where will you get the remaining amount.

And once they credit your account, all the agents go AWOL so you can't contact them, only to remind you a day before the loan expiry date to pay your loan.


Tell me if that is not a criminal act.

You said it all

mascot87:
The secret of loan shark is very simple.
Before you borrow money from any loan app company, MAKE SURE you take off all your phone contact and store them in a different phone. Make sure you have FAKE contacts on the phone you are installing the loan app.
Make sure you have fake phone contacts on the phone you are installing the loan app

Make sure you have fake phone contacts on the phone you are installing the loan app

Please take that information seriously.
Don't keep your original contacts on that phone you are installing that loan app.
That's is the only way they can blackmail you.
A word is enough for the wise

Na me give them my picture to defame me by myself since when I pay back exactly the amount I borrowed from them and they say make pay overdue payment....

i am a nigerian and taking a loan without paying it back is a fundamental human right in the UN charter.

the person who gave me the loan has a lot of money and is an evil and wicked person

i deserve the money i borrowed because God told me so. i have also sowed tithe with part of the money so the rest is now my own

God used the loan agent to give me a temporary breakthrough

It’s the criminal Chinese basterds that are behind all of these nonsense. They have destroyed live in india too through this loan apps

Keep defending Loan sharks mr Loan shark manager. May be you need to be asked how it is done in saner climes cos last time I checked, they owe money to banks etc in those countries as well.

GloriousGbola:
The loan sharks actions are a response to a Nigerian problem. Nigerians take loans all the time with no plan to pay them back.

Multiple finance houses and lower tier banks have failed because of this.

They have identified harassment and embarrassment as a tool that can force people to pay.

I cannot fault their methods because 95% of the people who take those loans never had any plan to repay.

Let the average Nigerian become more financially honest and these companies will not resort to methods like this

Nigerian are very funny
How can you steal from a beggar
Those loan sharks are beggars armed
With a lethal weapons
To kill your integrities
Frustrates,depression and eventually
Suicides.

Just last week I almost got trapped into a loan shark system. I had a need for just 5k to complete a money, it's very very imperative that I make a swift complete transaction. I don't know how to ask money from even my close pal less talk of a family members who I always wish to give to and not to take from them. I'm also of the believe that nothing could tempt me to apply for loan from these loan app. But temptation is not a respecter of anyone. I made use of the app I have on my phone from default, when it got to the last step to submit, it pop up an error and I never thought twice to retry I took it as a red flag for me and I backed down.

Looks like you work for one of them loan shark app.

GloriousGbola:


are you an illiterate?

cant you read?

or are you just a special kind of stupid?

do you think a business will lend you money without creating interest?

why don't you have any friends or family lending you money?

maybe because like the loan sharks they have all tagged you for what you are a lazy entitled good for nothing who will take a loan for a party for bet 9ja or some other daft scheme.

your argument is as follows.

i need a loan
the only service that will give me the loan is a loan shark.
i will take the loan but they are wicked people who have told me i will pay high interest on the capital
this justifies my failure to repay the loan

nonsense

Sorry, mate. I'm not the one you are referring to. In fact, I'm more of a nightmare to these useless loan sharks.

I've seen first-hand evidence from dozens of victims who were unfortunate to fall into the hands of these rogues.

I work with an agency that is working on something to cancel all of them. Some have been taken out, but more work needs to be done to clear that industry from fraudsters masquerading as loan sharks.

Only few ones are genuine, and most of these ones are duly registered.

I've dealt with countless of these idiots masquerading as loan apps.

GloriousGbola:


this is your reasoning - i took a loan with very steep terms. the loan is criminal. therefore i am not entitled to pay
this was your default setting from day one

we all know people like you in real life. they take loans , do not pay and when you start chasing them they do their best to instigate a fight or conflict as an excuse not to pay

the loan sharks fit people like you

congenital deadbeats with dishonesty in their DNA

Let's be clear: Collecting a loan to pay back in 7 days with outrageous interest is ridiculous if not downright evil and wickedly exploitative.

However my issue is, were these stated in the T&C? Because if the would be beneficiary willingly agreed to them, then he/she really has no case.

While I agree some of the legalese jargon can be difficult to comprehend to the untrained mind, that's not really the fault of the lender.

Bottom line is do full diligence and avoid them if you can

It's either you did not understand the post or my reply. You probably didn't understand both posts.

Please try and read again or get somebody to read and explain to you.

oghenetegah:
How does your response correlate with his analysis here...