79733139:
How do they get borrowers' phone contacts?

When you download a loan app it demands access to your phone contacts.

If you say no, it won't work

Loan is good if your have good business idea

megacity:
Interest cost on those loans are too expensive

Because they aren't banks who demand collateral before they can give you loan.

SEGLIZ:
I keep wondering why people go for this loan, it beats my understanding and imagination!?
from my observation greed is all I see in person going for this quick loan popularly called lapo.

Sometimes one runs into an unexpected expense

Thats why

Check my signature if you need a quick loan

Just call them what they are : Loan sharks.......

Easy & convenient money, the moment you default, your financial world would come crumbling..............

FatherCHRISTMAS:
Those apps are nothing but loan sharks. The amount of interest they place on loan is too high. They know you can't pay back on time.
Theyy know you can't pay back on time so they call your contacts, girlfriend, exgirlfriend, neighbors, your in-laws ND co-workers. They send out text messages too that will tannish your image

The interest is high because unlike banks who demand a collateral before giving you a loan, payday loan companies dont have that luxury.

If you take a loan from a bank and don't pay, they sell or liquidate your collateral and get their money back. Payday loan companies rely on your word only.

Also the app is tailored towards those who get regular salaries really and by extension have means of paying back as when due

Godarz:


When you download a loan app it demands access to your phone contacts.

If you say no, it won't work

So the trick is, use a phone with irrelevant contacts...........

5% per month? That's a 60% apr. I guess lending is risky in Nigeria, but those rates are atrocious. Need to get into that business.

Lexusgs430:
Just call them what they are : Loan sharks.......

Easy & convenient money, the moment you default, your financial world would come crumbling..............

Well they are loan sharks, but they always are upfront about their terms and conditions

They always tell you that if you get means to pay then take their loans. If not don't pay

My eyes see shege for this matter

Gaan preach this to buhari, the chief loan borrower ...

Lexusgs430:



So the trick is, use a phone with irrelevant contacts...........

Or don't take a loan you can't pay back.

This loans help if taken by the right set of people, i.e someone with a functioning business, but some people take loan for party or just to get food. That is where the problem started .

Cutehector:
Gaan preach this to buhari, the chief loan borrower ...

True

Though Nigeria takes loans because our major earner oil has never been at a price that earns sufficient revenue for our large population

Which is why APC should develop ideas on how we can diversify our economy but no..

Maxymilliano:


Sokoloan customers, una dey hear ?

omo those fools can embarrass for Africa

I'm still battling with d criminal message they sent to all my contacts because i defaulted repay back of 2500 because of 2days late

Godarz:


Well they are loan sharks, but they always are upfront about their terms and conditions

They always tell you that if you get means to pay then take their loans. If not don't pay

Just like MMM too said, only invest spare change......

Desperate people never care about terms and conditions.....

Lexusgs430:



Just like MMM too said, only invest spare change......

Desperate people never care about terms and conditions.....

MMM was a clear fraud though.

Desperation or no( and i have been desperate too) one should not take a loan he or she has no means of paying.

gfon:
My eyes see shege for this matter

Your experience?

Godarz:


Or don't take a loan you can't pay back.

When hunger wire pesin belle, ability to pay back, is not the most important thing.......

79733139:
How do they get borrowers' phone contacts?

The app will ask for access to your contact, sms, location etc. They would import all these to their end so if you delete the app, they already have it.
What annoyed me most is the way their customer's service talk to people. Very very rude. And they send messages to your contact that Mr so so is a criminal bla bla.
Imagine, your boss or in-law received such message.
I pray I never have reasons to take such loan again

The worst of the apps are some fraudulent ones that will ask for your atm details and debit you, but will not give you loan. They will now refer you to other loan apps. That is outright fraud. I have reported some to google.

Lexusgs430:



When hunger wire pesin belle, ability to pay back, is not the most important thing.......

I know now, but sometimes e beta just let hunger wire persin till alat comes in.

If it so happens that I'm able to pay off the loan I took with fairmoney, I'm done......Yes they are(Fairmoney) are really understanding and patient but no more loans for me, was never one to borrow, until last year happened.

Honestly they are no Good (Quick Loan Apps)helps you cultivate an unhealthy borrow habit.

Godarz:


MMM was a clear fraud though.

Desperation or no( and i have been desperate too) one should not take a loan he or she has no means of paying.

Nigeria nko...... We are taking loans, we can never pay back......

Down the line, they start looking for loan amnesty.........

Sokoloan sha

FatherCHRISTMAS:
Those apps are nothing but loan sharks. The amount of interest they place on loan is too high. They know you can't pay back on time.
Theyy know you can't pay back on time so they call your contacts, girlfriend, exgirlfriend, neighbors, your in-laws ND co-workers. They send out text messages too that will tannish your image

are u serìous? How do they get of numbers of your family and colleagues?

Lexusgs430:



Nigeria nko...... We are taking loans, we can never pay back......

Down the line, they start looking for loan amnesty.........

Naijas issue is that we don't want to be like china and japan

Selling goods whose prices we can control. That's the difference between borrowers and lenders

Godarz:


I know now, but sometimes e beta just let hunger wire persin till alat comes in.

This people are not expecting Alat from anywhere....... Abi spirit dey give Alat........

The borrower is indeed a slave to the lender ~ inspired proverb.

thatigboman:
are u serìous? How do they get of numbers of your family and colleagues?

When you download the loan app it asks for access to your phone including contacts

If you say no, the app won't work

Ameboperoo:

The app will ask for access to your contact, sms, location etc. They would import all these to their end so if you delete the app, they already have it.
What annoyed me most is the way their customer's service talk to people. Very very rude. And they send messages to your contact that Mr so so is a criminal bla bla.
Imagine, your boss or in-law received such message.
I pray I never have reasons to take such loan again

Fairmoney is a bit nice with the way their talk to you when you default on payment. But that doesn't mean I'll advice anyone to go borrowing, as they are all traps.....you borrow with a very calculated plan to pay back.....and for some Strange reason you'd be unable to make payment

Godarz:


When you download the loan app it asks for access to your phone including contacts

If you say no, the app won't work

wow