₦airaland Forum

They should be sued !

Blitzking:
Borrowing is expensive...90k to pay 129k..200k to pay 315k...60k to pay 95k all in 6 months naso loan app be..

That's massive

Nnamdipapa:
If friends borrow these same people with no interest, they wont pay back.

Exactly!

DeltaBachelor:
They should be sued !

Before the loan company took this action just know that they have tried all their possible best to recover the loans through normal means

Does this work?

The truth is that, loans are difficult to repay whether from an individual or a corporate entity.

That is why you should always ensure that whoever is going away with your money fulfills the 5Cs of credit vis: collateral, capacity, character eetc.

Never you borrow someone on a salary of N45, 000 the sum of N300,000 to bury his mother in law. Shey, hin no go chop after the burial ni? How will he pay back?

After public display of their picture what else, it means that the loan had been fully repaid. Because if they did not pay, what else can they do. This is how one of them announced the obituary of my sister's husband to the world, just because his son collected loan in which the parents did not know anything about. If you own them, they can call you 20 times within an hour and deny you of many important calls. Apart from all this, the interest they charged is so high that it outweigh even the benefits of the loan, take for instance, we took 32,000 naira, just with a space of 38 days they charged nearly 10,000 naira as interest, and in our main bank we took 50,000 naira for the whole 6 months and the bank charged us 7,225 naira as interest we can now see that this online loan apps are out to exploits people. I don't know why government did not maintain her stand to completely ban them for defrauding people through their loan apps, or regulate interest they charged on loans.

Blitzking:
Borrowing is expensive...90k to pay 129k..200k to pay 315k...60k to pay 95k all in 6 months naso loan app be..

Dem force una to borrow the money abi wetin?

benjaminlawson:
After public display of their picture what else, it means that the loan had been fully repaid. Because if they did not pay, what else can they do. This is how one of them announced the obituary of my sister's husband to the world, just because his son collected loan in which the parents did not know anything about. If you own them, they can call you 20 times within an hour and deny you of many important calls. Apart from all this, the interest they charged is so high that it outweigh even the benefits of the loan, take for instance, we took 32,000 naira, just with a space of 38 days they charged nearly 10,000 naira as interest, and in our main bank we took 50,000 naira for the whole 6 months and the bank charged us 7,225 naira as interest we can now see that this online loan apps are out to exploits people. I don't know why government did not maintain her stand to completely ban them for defrauding people through their loan apps, or regulate interest they charged on loans.

That is not what it means since the companies can continue to damage the people as they see fit. In a place like Nigeria where the right of the individual can be easily trampled on, if care is not taken, these people can even be kidnapped only to have an organ extracted as payment.

kingphilip:
As someone said above, if they were legit, they would have gone through legal means to retrieve their money but because they're not, they can only use blackmail to do so.

People should as much as possible live within their means to avoid such embarrassment because the people they want to impress with their extravagant lifestyle don't care but will even mock them when the loansharks post their pictures all over the place.

Use legal means of 800k to get 95k ?

Biznesworld:

https://www.youtube.com/watch?v=qln-UvYNqX0

Loan companies have taken to social media platform TikTok to shame and mock loan defaulters by posting their passport details online. This alarming practice aims to publicly humiliate individuals who have failed to repay their loans, in an attempt to coerce them into settling their debts.

The move has sparked widespread criticism, with many condemning the tactic as unethical and invasive. Privacy concerns are being raised, as sensitive personal information is being shared without consent.

Regulatory bodies and authorities are being urged to intervene and establish stricter guidelines for loan companies to prevent such exploitative practices.


https://www.google.com/amp/s/punchng.com/loan-app-sparks-outrage-by-posting-87-debtors-photos-online/%3famp

This is invasive and unethical. There should be better ways to "take down" these loan defaulters and ensure they are held accountable.

Business like my business that need a loan up to ten million no go see money borrow

The YouTube Voice-over guy has the ugliest illiterate accent in social media history

That's the only way their business can survive .

I think what these loan app should do is to ask people to invest to nigerian money will be given out as loan .

All this pity for defaulters will end when the Nigerians ask for their money only to the told that the borrower is yet to pay

Zico5:
At times it's very difficult to get funds but loan app should not be an alternative. My issue is flexi that palmpay put in their app. At times u will want to withdraw money from your account and u will mistakenly press their flexi. They won't even give u the chance to correct it. They will credit you and demand for interest immediately. Is there anyway one can remove this totally

Use OPAY

They have no choice

danvon:
The damage is done, they have played their trump card.

After publicly disgracing them what else can they do?

If they were a legal loan company they could have easily notified the authorities.

And what would the authorities do? They were legal when Nigerians were borrowing from them abi? Some people borrow money without the intention of ever paying back. A credit system cannot work in Nigeria because most Nigerians lack integrity.

Blitzking:
Borrowing is expensive...90k to pay 129k..200k to pay 315k...60k to pay 95k all in 6 months naso loan app be..

the truth is some of them don't need it for any thing serious or just don't to return,
I don't borrow, I work hard for mine

benjaminlawson:
After public display of their picture what else, it means that the loan had been fully repaid. Because if they did not pay, what else can they do. This is how one of them announced the obituary of my sister's husband to the world, just because his son collected loan in which the parents did not know anything about. If you own them, they can call you 20 times within an hour and deny you of many important calls. Apart from all this, the interest they charged is so high that it outweigh even the benefits of the loan, take for instance, we took 32,000 naira, just with a space of 38 days they charged nearly 10,000 naira as interest, and in our main bank we took 50,000 naira for the whole 6 months and the bank charged us 7,225 naira as interest we can now see that this online loan apps are out to exploits people. I don't know why government did not maintain her stand to completely ban them for defrauding people through their loan apps, or regulate interest they charged on loans.

If the interest rates are high then stop taking loans from them na.

Stupid loan sharks even the country dey borrow money let alone the citizens what's shameful about borrowing this is not how to get people to repay their loan.

only thieves will support the loan defaulters

Konquest:
This is invasive and unethical. There should be better ways to "take down" these loan defaulters and ensure they are held accountable.

Please suggest just one better means to take down loan defaulters after you have tried all your possible best

This is unlawful. Well...the loan company should forget about their bloody money.

You don't know people, 1day show

AirBere:
I don't think a human can be this foolish. I doubt this story.

Who gave him 6m? If he can access 6m then he was doing a job that can at least cover for that. The story is not clear abi he lost his job?

How can a jobless person borrow 6m just like that, then return to zero after wedding and started begging.

I reiterate, the story no clear as no human can be this stupid. Or the the person who borrowed must be beyond foolish as well.

No collateral for the 6m loan abi online loan apps now give up to 6m?

Calitoscassius:
This is unlawful. Well...the loan company should forget about their bloody money.

Unlawful in a country where public servants blatantly ignore and refuse to enforce the law?

Some can be more foolish. My brother told me about a customer in the bank he worked, who borrowed 3.5 million over 12 years ago, to fund the wedding of his son. Sadly, the marriage ended 6 months later.

AirBere:
I don't think a human can be this foolish. I doubt this story.

Who gave him 6m? If he can access 6m then he was doing a job that can at least cover for that. The story is not clear abi he lost his job?

How can a jobless person borrow 6m just like that, then return to zero after wedding and started begging.

I reiterate, the story no clear as no human can be this stupid. Or the person who borrowed must be beyond foolish as well.

No collateral for the 6m loan abi online loan apps now give up to 6m?

See the faces of modafokas that are ruining other people's hustle. They should all be jailed until they pay up. I can bet that 99% of them borrowed with no plans of repaying.

BadBradley:
The YouTube Voice-over guy has the ugliest illiterate accent in social media history

Typical of Nigerian YouTubers

Kobojunkie:
Unlawful in a country where public servants blatantly ignore and refuse to enforce the law?

I don't understand, what laws did they ignore or refused to enforce? Are you implying that is Is the public servant's job to chase after debtors?

kingphilip:
As someone said above, if they were legit, they would have gone through legal means to retrieve their money but because they're not, they can only use blackmail to do so.

People should as much as possible live within their means to avoid such embarrassment because the people they want to impress with their extravagant lifestyle don't care but will even mock them when the loansharks post their pictures all over the place.

Your first paragraph may not be true. Cost-benefit analysis could be the reason they didn't pursue legal action. It often doesn't make economic sense to take a loan defaulter who owes a small amount like 50k to court. Imagine the legal expenses you would incur versus the amount owed. It simply would not be financially justifiable

LoanShark:
Before the loan company took this action just know that they have tried all their possible best to recover the loans through normal means

That doesn't warrant tarnishing a person's image. That is the height of public ridicule. As it stands, no sane person would pay back the loan after this has been done. They should just kiss the loan goodbye.

This is more like the last kick of a dying horse

Anyways, what do I even know apart from giving my candidates sure IELTS japa runs for them to have a better life abroad . Only for serious candidates only please !