₦airaland Forum

ololololo:
No need to trade insults with you. Just default on a loan obtained from a loan app. In 3 months, approach your bank for a loan just for the fun of it. Do well to report your experience.

Ciao

rita25:
ANOTHER MAXWELL ODUM IN THE MAKING

ololololo:
It's okay to regulate them to curb their excesses. For those who do not want to repay their loans, you might want to view this thread

https://www.nairaland.com/7057692/before-refuse-repay-loan

ololololo:
Getting a loan from a traditional Nigerian Bank has been a herculean task. With the requirements and conditions attached, it was almost as if these loans were designed for a select few. Moreso, there was no consideration for immediate loans for individuals to meet their urgent 2k needs. Online loan apps stepped in to bridge these gaps.

When these guys first came into the scene, Nigerians were grateful for their thoughtfulness. You could access loans for emergencies without needing to bring your grandmother's kidneys! But then came repayment time and they began to understand some of the reasons why traditional Banks shunned this mass sector, repayment issues. And these loan agencies got bullish. When they weren't threatening their customers, they were actually blackmailing them, invading their privacies and committing several other crimes. These acts have totally robbed them of whatever goodwill they had with the general public. In fact, the consensus now is for their borrowers to withhold their repayments whenever they resort to any of their underhanded tactics. Even on this platform, once a Nairalander complains that a loan app has sent messages to his contacts, the overwhelming majority immediately advises him not to repay anymore since they have done their worst. Sadly, this advice is not in the interest of the borrower.

You see, when someone takes a loan, this loan is registered in a central database and updated with defaults or repayments accordingly. Now for those who refuse to pay the loan, the loan apps simply update it that the loans are in default. This might not matter to the borrower now. However, if such a person ever wants to access a real loan in future, then shit hits the fan.

Banks are mandated to do credit checks on any customer before granting a loan. They typically generate the customer's credit history from 3 or 4 credit bureaus and these credit reports must show no outstanding borrowing for the loan to be approved. That means, a small debt of 1kobo reported by any of these agencies would be enough reason for a bank to decline lending 100million to a customer. Now think about this for a second. A future breakthrough can be thwarted by a very small indiscretion. Now, you could argue that yes, when you get to that bridge, you'll cross it. Fine. Now pause and think for a moment, what if the loan app has stopped existing by then, who then will you make repayment to and who will update your credit history?

As it is, updating credit history is even hard for some banks not to talk of online loan apps without physical presence. They could deliberately frustrate the borrower! Now, this is before GSI o.

GSI is how some banks recover money from some incorrigible borrowers now and was recently okayed by CBN. How does it work? Very simple. You owe bank A and have money in bank B. Bank A simply passes your debt information to bank B, who will now send whatever balance you have with them to settle your indebtedness. I am sure that these loan apps will try to key into this too when they have got their politics right.

Now, I am neither for nor against any of the parties here. I am just pointing out the hidden pitfalls that the borrower might face by refusing to pay the loan.

Ciao.

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

rusher14:
I watched the match.

Cucurela was fouled in the box.

Taylor communicated with the VAR people but they didn't request he took a look so he continued with the corner kick that he had earlier given.

From the corner kick spurs scored.

Question; Was Taylor responsible for Chelsea conceding?

rusher14:
Did he make you guys concede?

Sambaby7640:
I go beat you die... You go beg tire....abide the school rules and regulations, no they won't!.

Nonsense

slawomir:
Damnnn niggar
Wike the wicked

Blackdeewhy:
Naija don cast for most people BUT NOT ALL.
Someone I know as of last week single handedly bought a #7million naira house.
And yes, HE HAS A LEGIT WORK.
So no join Dem dey shout money no dey Nigeria.
Just ask God for open doors!
Ire o

FatherBona:
Learn to have your cake and eat it, he should have collected it, and serve the Obidient movement from the pdp camp

Realguyman1:
Which striker u want make Chelsea sign? Abi the one wey them sign last season, na wetin he play?

Remijuice:
Do you think 3 goals can happen in this match

Samskid310:
United to keep clean sheet
Put your life savings

VeryWickedMan:
You are looking for a draw against a newly promoted club?

Ninejaywon:
This gunnerz wey i dey see so, are going to shock epl. It's been a long time coming.

post=115273355:
But if it is in favor of your obi, you will believe it 110% right?!
Hypocrisy at its peak



Seun right now...........

posty56:
weakling yet their lives is 10x better than yours ,now crawl to your hole

SmartPolician:
Guardian? No pictures?