Decryptor:
Pay your debt

Is04970:

6 months or 1 week?

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.

Anonymous012:
Our credit system is bad, the companies charge very high interest rate and the people too borrow without clear plan on how to repay these loans. The government need to overhaul the credit system in Nigeria

ddippset:
I know someone who took a loan of 300k.

He defaulted in payment for close to a year and when he finally had money, he still refused to pay up.

Instead he used the money for other family and personal things.

Some people deserve all the disgrace, let's face it.

essentialone1:
If you must take loan, take from only your friends and family members.

If you do not have close friends or family members who can loan money to you when you really need it, it is your fault.

Nobody is an Island, But some people live their lives, as if they are greater than every other person and better than every other person. Total disgusting snobbish attitudes.

Loan kill them there.

The loan company should track them all, and imprison them. Rubbish nonsense and ingredients people.

Relate well with people especially your family members. Keep close contact with your friends and neighbours. Greet people and respond to greeting when others greet you. Stop feeling unnecessarily too important, only to end up using loan apps.

LoanShark:


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

Feldie:
raving illiterate. You can't imprison someone for owing you money. Highest you can do is harass them. My sister arrested one guy who owed her money, after 2 days police said she should start bringing food for the guy so he doesn't die of starvation since nobody came to look for him. She had the options of either bringing him food daily or letting him go

trium:


Guard your reputation with all you have!

Zico5:

Opay no dey give daily interest

Feldie:
if you already disgraced him, why should he pay back?

Konquest:

First off, these app loan defaulters have BVNs, so, that can be used to track any inflow of cash into their other banks, so, as to ensure they pay the loans back.

Second, more importantly, this loan apps business model is NOT sustainable to me because they charge extremely high interest rates on short-term loans (without collaterals) and knowing full well that some Nigerians are notorious for not paying back (credible statistics show that female small business entrepreneurs generally pay back loans on time more than men).

Third, a better business model to adopt for these loan apps owners can be to adopt the non-interest or Islamic banking type of investment where a person who wants a loan can apply through an app, you fund the business and you share the profits. You don't have to call it Islamic banking just simply non-interest loan apps that involve profit sharing. For smaller loan requirements, ONLY give out funds to those who are existing salary earners. I'm a man who believes in sharing disruptive innovative ideas and solutions from time to time.

If the current loan app method continues with these high interest rates, many people will certainly default and the loan app business will collapse!

Last but not least, the Federal Competition & Consumer Protection Commission (FCCPC) had warned loan apps against harassing borrowers since 2023:

Actions against non-compliant operators.

The FCCPC will take action against operators that don't comply with regulations, including:
1] Blocking their apps from the Google and Apple stores.

2] Blocking their accounts through the CBN

3] Taking law enforcement action

Treasure17:

Nigerians are terrible at this.

davies:
The loan app or credit facilitators are dumb to do this cos will this pay the loan.
I personally defaulted palmpay flexi cos those guys are stupid set of c
People. You call people and humiliate them and expect them to pay you,yet you keep increasing the same money that hasn't been paid.
Government need to step into this loan sharks matter cos even the normal conventional bank wont do this shit.

LoanShark:


What your talking is theory, they don't work in real life.

You can't just apply global debit order on all the bank accounts of a debtor without a court order.

So let's assume the person owes your company 40K and has refused to pay, the process for using a global debit order is time consuming and it is costly because you need to pay lawyers and court fees before you can get it.

In the end you might end up incurring total expenses of at least 250K just because you want to recover a bad debt of 40K! It makes no economic sense

southsouthking:
Failed country.
Failed leadership.

ddippset:
Is disgrace money?

If you owe someone and he brings police to come and arrest and disgrace you and your family..

Will you tell the person that you will not pay again?

Can you covert disgrace to money?

You don't want disgrace but you will borrow money and refuse to pay till even 9 months later..

If other borrowers before you did like that will you even see money to borrow in the first place?

southsouthking:
Failed country.
Failed leadership.

backtalkG:
see their cone heads

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