₦airaland Forum

Go mad pay your load and stop this

moscow007:
That's wrong, a loan stops accruing interest the moment it's lost.

This violate CBN guidelines for Microfinance Banks which opay falls under, once a loan is overdue by 90 days it's classified as Lost at which point interest stops accruing.

Unfortunately we are in a useless country where laws, rules and institutional guidelines doesn't matter, everyone does as they like.

To top it off, we've a useless Govt that has rewarded everybody except Nigerians...

Chinese loan sharks all over the place charging as much as 700% per annum on loans...Nigerian Govt rewarded them with GIS interface that allows them debit any account linked Via BVN to recover such insanely flawed interest bearing loan.

nlfpmod:
Media Personality Mardiyyah Reveals How a ₦1.2 Million Loan She Took in 100 level to Fund a Flashy Lifestyle Grew to Over ₦9.6 million After She Stopped Making Repayments



Source

What a useless lifestyle!
1.2M loan on phone and wigs.....not even on any hustling business.

Can you imagine
Borrow millions for nonsense
You are still proud of your debt.....
So what are you expecting
They should cancel your debt abi

I thank God for my life and everyone that have supported me in one way or the other God knows that I can never owe someone except I don't have that's why I looked for help before it got out of hand at least I was still trying to pay mine and I can say proudly that this month is my last payment.


Now I made a promise to someone that helped me here I will not forget it's because I'm still settling somethings that's why I haven't done my part.

Now I think it's mindset if you have the mindset that she has you'll not pay because why would she delete their app since 2024.

It's not funny at all opay is even better to communicate than palmpay she should have done something anyways I don't plan on borrowing from any of them anymore I believe their interests alone would have added something to my life but God knows best.

ajalawole:
is not lie. If you borrow loan from opay and still have funds in your account, the won't touch you money, but the interest on your loan will keep adding up.. they won't force you to pay back, they can only remind you to pay back the loan, but if you don't the interest will keep adding up daily.

Exactly that's how opay do unlike palmpay in opay you can still pay it small small still better than nothing at all

Fiscus105:
But people arresting debtor in naija o

depends on the agreement you have with them

Pity that the financial industry is not fully integrated and locked under a universal credit agency so that banks become musketeers....one for all and all for one. Then you will have nowhere to run.

Loan default is a serious thing. That is why the Holy Book makes it clear. Avoid borrowing like your life depends on it. Because in reality it does. See what it has done to this country.

You are part of Nigerian's problem.
Why borrow what you can not repay with easy or maintain a payment system.

ajalawole:
if you still keep the phone number to the account you have to pay the load, only if you change phone number if may be off. government don't have any hand in this at all. Hope you also know opay won't touch your money in your main account if you take a loan, they can only remind you to pay back the loan, and if you don't the interest keep adding up. So they are being fair.

Get what is saying right.
CBN policy says a defaulted loan of 90 days should stop accruing interest after the 90 days. See the attached extract

This is roughly 5 years or more loan. U too u r wicked. Pretty face, wicked heart.
Any loan without liquidation option, count me out.

ajalawole:
opay won't even flag that account, the only way out for her is if she stop using that number.... The more she use that number, the more the account is active, even if she have money in her opay, they won't touch it, she will be the one to pay back or else the interest keep adding up.

Even if she has money in Opay, they won't touch it? Pls explain this to me abeg. I get loan wey I suppose pay on 7th of August. I don't know if I can clear it before then. The problem is, my boss normally sends workers money to that account. Hope they won't debit it shaa

Rebelutionary:
Now this is inaccurate...yes after 90 days the loan is classified as lost but does not automatically mean that interest stops accruing on the loan going by your contractual agreement with the loan app.

The CBN regulations stipulates that the interest after 90 days can no longer be classified as income on the books of the loan app because there's a chance they won't collect but doesn't say that interest won't accrue on the loan.

Calm down with the rant abeg!

Please #FACTCHECK before replying that's if you need to.

Is unearned interest ever classified as income in the books of the bank?... what do u mean by "loan being classified as income the books of the loan app", do u even know the difference between loans, interest in suspense and earned interest?.

You are the one that needs to get ur facts right.

Interest are not earned in advance, that ur loan app is deducting ur interest up front doesn't make it right, it's violated CBN guidelines, again, a lost loan doesn't continue to accrued interest "it's lost" and fully provided for pending when it's recovered.

All dis nonsense can only happen in Nigeria where ur Govt have sold y'all for individual ambitions, the fact that you guys still excuse their excesses makes it's more disgusting.

This loan interest is actually growing more than Nigeria's oil reserves...

educatedfool:
The phone is outdated, the wigs are worn out, but the debt is still getting stronger

This is what happens when social media validation costs more than financial literacy.

This guy don't kill me with laugh abeg😂😂😁😂😂😂😂😂

Teymanhenry:
Stop this cap. She definitely signed or agreed a contract with easymonie before collecting the loan. Instead of counseling on people to learn how to pay debts or use loans for business rather than buying wigs and phones you are here seaking about the law.
Kindly remember that Placing a loan on nonaccrual status does not erase your legal obligation or change your loan contract

The contract is defective then, I pray she engages me to engage Opay, I will furnish u with the outcome. It's wrong to continue accuring interest on a lost loan. Simple!!

Don't get me wrong she will definitely pay her due, but not in excess of 90days post default, maybe in addition to interest and penalties.

Moreso, the loan app can waive all the interest and penalties and recover their money, it all depends on her Lawyer/Accountant.

moscow007:
That's wrong, a loan stops accruing interest the moment it's lost.

This violate CBN guidelines for Microfinance Banks which opay falls under, once a loan is overdue by 90 days it's classified as Lost at which point interest stops accruing.

Unfortunately we are in a useless country where laws, rules and institutional guidelines doesn't matter, everyone does as they like.

To top it off, we've a useless Govt that has rewarded everybody except Nigerians...

Chinese loan sharks all over the place charging as much as 700% per annum on loans...Nigerian Govt rewarded them with GIS interface that allows them debit any account linked Via BVN to recover such insanely flawed interest bearing loan.

Blue ridge microfinance is in charge of Easemoni and Okash. Not Opay.

jericco1:
Borrow money to buy big phone

I wonder. How did she plan to pay back?
Through a small girl with big gods?

We need to include financial management in the curriculum from kindergarten.

JuanDeDios:
What's TIP?

Initiates PLC

deanoffaculty:
What a useless lifestyle!
1.2M loan on phone and wigs.....not even on any hustling business.

But that is also how your country rolls while borrowing from the biggest Opay's of the world.

Mark you the 70, 80, 90 percent of our income they say going back to them annually out of budget is for 'servicing' the debts, that is paying interest on the loans...or in layman's terms keeping the money pipeline flowing , not in repaying the loans.

That is for your children's children yet unborn to pay, long after the greedy leaders and their retinue of corrupt contractors have long died and turned to dust. And the white elephants they built have fallen into disrepair and turned to dust as well.

callmeDDD:
To impress who exactly? You didn't borrow to build a scalable business or to develop a tech space... But to impress your self...by the way,why this particular mod so bias and untrust worthy. This is the third time I am seeing you doing that. @Lagosorigin guy (though I don't like him ) , posted this first this morning, and then tag this same mod, instead of him to push it to fp, he went and create his own, same source, then pushed it to fp. Haba, what's the motive behind this? To get complete salary from seun or what? What kind of bias is this? Na wa for this nl oo. And I know who is behind the moniker but won't say anything now...

Nlfpmod has proven to be what people and you think of him .

Such a disappointment

ajalawole:
is not lie. If you borrow loan from opay and still have funds in your account, the won't touch you money, but the interest on your loan will keep adding up.. they won't force you to pay back, they can only remind you to pay back the loan, but if you don't the interest will keep adding up daily.

Why do you think they don't just pull the owed money from money in your account?

educatedfool:
The phone is outdated, the wigs are worn out, but the debt is still getting stronger

This is what happens when social media validation costs more than financial literacy.

😆

moscow007:
That's wrong, a loan stops accruing interest the moment it's lost.

This violate CBN guidelines for Microfinance Banks which opay falls under, once a loan is overdue by 90 days it's classified as Lost at which point interest stops accruing.

Unfortunately we are in a useless country where laws, rules and institutional guidelines doesn't matter, everyone does as they like.

To top it off, we've a useless Govt that has rewarded everybody except Nigerians...

Chinese loan sharks all over the place charging as much as 700% per annum on loans...Nigerian Govt rewarded them with GIS interface that allows them debit any account linked Via BVN to recover such insanely flawed interest bearing loan.

9.6/1.2=X8
9.6m over 800% ritualistic interest on 1.2m loan, that should stop accruing interests after day 90 . Even 50% interest on 90days loan is outrageous. These unscrupulous loan apps need to be delisted.

But this loan app and there outrage interest charge

inforesource:
Then you will be looking for a ready-made man who will come and house this nonsense mentality. If that same money was used to buy TIP same period, you will be having almost N32Million today.

What is tip?

inforesource:
Then you will be looking for a ready-made man who will come and house this nonsense mentality. If that same money was used to buy TIP same period, you will be having almost N32Million today.

What is tip

yomi531:
Even if she has money in Opay, they won't touch it? Pls explain this to me abeg. I get loan wey I suppose pay on 7th of August. I don't know if I can clear it before then. The problem is, my boss normally sends workers money to that account. Hope they won't debit it shaa

there will come a time the will debit it from ur opay, maybe the are targeting huge money to come in, the once debit my friend money from his opay account, this year ooh, the target him once the money enter the debit my guy ooh from him opay, money I sent him but the guy defaults for long period before that

Most of this loan app will fold, even bank the are competing are not happy due to there fast service, so the will be fighting for them to go extinction so local bank can take up there customers back, that's y the top body are not doing anything when it comes to defaulterse

Sonnobax15:

Typical Nigerian debtor .

When you're lending them the money, they'll appear like a dove but when it's time to pay back, they'll suddenly turn to lions.

Not that when she took the loan ,that she even invested it wisely or meaningfully . Instead,she used it to buy wigs that'll only end up covering the empty head she has on her neck

Typical Nigerians. So your own major concern is about what she used the money to buy?. How on earth did a 1.2M loan grow to become 9 million naira in less than 2 years? Yes, let’s focus on what she used the money for and not the glaring extortion.
Do you think OPay would pay her 9M if she had invested 1.2M Naira in Nov of 2024?
Both the loanee, the loaner and you, the supporter of extortion Dey gather crase

I will never for the life of me understand why people consciously refuse to pay loans.

moscow007:
That's wrong, a loan stops accruing interest the moment it's lost.

This violate CBN guidelines for Microfinance Banks which opay falls under, once a loan is overdue by 90 days it's classified as Lost at which point interest stops accruing.

Unfortunately we are in a useless country where laws, rules and institutional guidelines doesn't matter, everyone does as they like.

To top it off, we've a useless Govt that has rewarded everybody except Nigerians...

Chinese loan sharks all over the place charging as much as 700% per annum on loans...Nigerian Govt rewarded them with GIS interface that allows them debit any account linked Via BVN to recover such insanely flawed interest bearing loan.

You are very correct. The loan should have been classified as "Lost" and interest should no longer accrue after 90 days. While the Microfinance bank is obliged to write off the loan in their books, they are still permitted to recover the loan including realizing any tangible collateral collected.
However, microfinance banks do not presently have access to GSI which banks use to recover their loans from the borrowers accounts held with other banks.