It is no news that several loan sharks has been in existence in Nigeria for a while. We all know them to be aggressive, ritualistic, defammative and all forms of evil they can mete out at customers who defaults in paying there loans.

The advent of digital market in Nigeria has made them to reach larger customers at there own peril. These companies take every data available ranging from full name, BVN Number, Date of Birth, place of work, pictures, access to your phone,etc. This past 2020 and the economic melt down caused by the Covid19 and other factors made them more popular and patronized as it was seen by many of Nigerians as a way to get quick cash.

Recently, the rate of their interest accrued on such loans are very tormenting with a shorter period of time. Some ranging from 7 days to 14 days and the likes. In the event of defaulting in repayment of their loans, it is said that customer care representatives begin to harass, threaten and some of them go as far as swearing for the said customers which I've witnessed.

Now my questions are:

1. What should be done to control these frivolous act of theirs?
2. What would you advise a Nigerian or anybody taking such money?
3. What calibre of people could take such money? Considering the failed economic development of Nigeria.
4. What are your experiences when you took such money? Especially the digital lenders.
5. Who are the owners of these companies? From my investigations majority of them are split company owned by Chinese.
6. How save are your data with them?

Omo the palmcredit people and carbon collected all my data money I no see till now o

PoshTraveler:
Omo the palmcredit people and carbon collected all my data money I no see till now o

Try them again you'll be granted if all you provided is in consonance with your BVN

If you have complaints to make about loan sharks, you can forward them to this email address: lendersinterimregistration@fccpc.gov.ng with proofs/screenshots. Please, don't wait till you're defamed 🙏🏼

I believe we can put an end to this madness for good.