MrFollowFollow:
Private loan providers serve a need. The problem is that most Nigerians do not like to repay loans

God bless you.most Nigerians are f#cking debtors.even when they buy from you,they don't pay.one idiot has been owing me 50k since 2018.imagine.

Eady credit
9credit
LCredit
Fairmoney
renmoney
Fast money
Are all fraudulent schemes that should not be allowed to exist.
Its negative output an consequences outweighs its positive effect and rational for existing.

Hence they should be scrapped off from the financial system.

They cause more hardship, fiancial burden and more depression than the original situation

Thank you OP.
One of the best article I have read on NL.
I found myself tryna be in loan financial dept circle.
But I am glad I advised myself and break through.
I will never, I repeat, I will never ever use these loan apps anymore.
I have deleted all and deactivated them.
Now, I have my peace of mind and can save some money for myself.
Cheers.

PS: Please don't ever take a loan if you are not working or have a means to pay back.
My candid advice to you.
Avoid it completely, if you can.

Imagine those stupid apps borrowing you 2500 to pay back 5000 in a week. Or 6k to pay 10k in a week as if you have a machine that multiplied the money in your room. Their calls and text re so annoying. Thank God I was able to desist from it.

thank God you said most .... and you said since 2018 if you do any thing to that person , no body will talk ,but those loan application ? will embarrass you because of 2days default , they will call all your phone contact and call you fraudster,thief , idiot and all sort ..even if you tell them you want to pay little out of it ,, they we still insult you

God bless you.most Nigerians are f#cking debtors.even when they buy from you,they don't pay.one idiot has been owing me 50k since 2018.imagine.

[/quote]

Most of them are owned by most of our politicians. This I have checked and confirmed. ... This is this other app that loans money and they have another name called easyby which you can buy phones and electronics and pay small small. They re all scam. Your bvn is at stake .

evil1:
Eady credit
9credit
LCredit
Fairmoney
renmoney
Fast money
Are all fraudulent schemes that should not be allowed to exist.
Its negative output an consequences outweighs its positive effect and rational for existing.

Hence they should be scrapped off from the financial system.

They cause more hardship, fiancial burden and more depression than the original situation

Nicholaspepe:

Hmmmmm..... Is well. The inhabitants of this world are really wicked and heartless. Honestly, I'm totally stranded after relocating to Abuja. No job, no money, no food. I'm depressed

must you stay in Abuja abi you no get family house to relocate nii,no go die for Abuja o

You are talking about loan sharks. Commercial banks are the biggest thiefs.

They pay interest on deposit at 2-5% and give out loans at 26-30% per annum.

what is CBN doing? are they not supposed to regulate the margin between lending rate and deposit rate?

Most of the people you call loan sharks have microfinance license and we all know that microfinance loan rates are higher than commercial banks. Moreover you are paying the premium for no Collateral.

Dont go and kill yourself with loans because it is easy to take.

Map1:
must you stay in Abuja abi you no get family house to relocate nii,no go die for Abuja o

You've only just succeeded in proving how foolish you are. You will be the first to die.

Nicholaspepe:


You've only just succeeded in proving how foolish you are. You will be the first to die.

can't you read?did say you will die?chaii the reason your likes are lacking behind simple sentence you can't comprehend, tell me who go employee such a brainless entity

NewDelhi:
Sokoloan, gocash, xcredit etc.

If dem born your papa well don't pay their money . They'll start messaging your contacts that you and your families are criminals on the run with company money and wanted by the police. I get alot of texts from them concerning defaulters who have my number. Sometimes the call me to beg the person to pay

They themselves know you can't meet up with the payment that's why they offer you loans with ridiculous interests and tenors of 7days

I think a thread was created about them weeks back https://www.nairaland.com/6590757/sokoloan-very-nasty-set-people

I made a plea for a girl who wanted to commit suicide. This one even used the money to pay fees, she got 100k from like 5 firms now she's oweing 250k.

Person wey never even see food chop...


They were texting me daily, I was just blocking.

Next thing, they went to her whatsapp school group and put a message there that she's oweing oohhh. Imagine the embarrassment.

CharisEleos:


The guy who killed iniumoren was a nairalander. Be careful how you seek for job on here.

Pray to God and he'll order your steps to a good job.

Trust no one.

Was he??

Thank you very much
This is very educative.
The seven points are valid, As a victim already, I am working my way out of this mess.

BareFacedLies:


Was the person drunk when he took the loan?

abeg help me ask them ooooo........didnt they read the terms and conditions , before take the loan?

I know a friend who is a student, she borrowed 50k from this loan app and invested it in trading. She lost all that money. When she started begging me to loan her the money because the loan shark company is treathening her, I asked her how is she going to pay back when she is a student and got no job.

All she said was I will pay you back please, when and how? No answer. I just told her I don't have. I'm not like those guys that ask for sex in exchange, I get sex on a regular if and when I want and never have to pay for it.

If you don't have a job or means of earning money please stay away from taking loans. Why take a loan your sure you can't pay?

Nezzjnr:

Was he??

Yes na. Didn't you read it here?. Someone dug up his account then but I can't remember his moniker now because my eyes were teary that period for that innocent girl.

Though he didn't lure her from nairaland. I think it was on Twitter he lured her after she made it open she needed a job as a fresher.

Childofaking:
You are talking about loan sharks. Commercial banks are the biggest thiefs.

They pay interest on deposit at 2-5% and give out loans at 26-30% per annum.

what is CBN doing? are they not supposed to regulate the margin between lending rate and deposit rate?

Most of the people you call loan sharks have microfinance license and we all know that microfinance loan rates are higher than commercial banks. Moreover you are paying the premium for no Collateral.

Dont go and kill yourself with loans because it is easy to take.

Let me take it from your last paragraph, Nigerians are so wise, when they are in dare needs they will turn out as a fool in other to achieve their goals,the moment they get it, you will see them quoting a law,they will remember they have friends and family to protect and deep down their minds they were not prepared to pay back the loan,I know a guy who borrowed from more than 5app simply because he wouldn't pay back, how on earth will a reasonable person borrow 5k to pay 8k within a week or two weeks it sounds crazy but this people will go for it willingly,if truly you are a respectable person among your friends and family I don't think to take a loan of 100k should be a problem but if you try it with them, they will never pay back.

Nicholaspepe:


You've only just succeeded in proving how foolish you are. You will be the first to die.

chaiii your frustration no be here o,truly a hungry man is a angry man

[quote author=Siwisheswereesh post=102848985][/quote]

Thanks man. Didn't notice that.

Map1:
chaiii your frustration no be here o,truly a hungry man is a angry man

There's no point saying all these pls

Debt worthiness is one of the biggest problems in Nigeria. I've lived in Canada almost all my life, although I frequent Nigeria. In Canada, our own number is called SIM (Social Insurance Number). You need your SIM number for almost everything that involves financial matters, and even when you go look for employment. Without your SIM you cannot even rent an apartment because it's this SIM that allows people to see that you have been meeting up to your past debt obligations and will not give them a problem paying back your dues. People also behave responsibly by paying back their debts and rents because they know they will be reported to the credit bureaus if they don't pay. I've been praying for something like this to come to Nigeria for a long time so people like myself can invest in Nigeria and improve the wellbeing of Nigerian lives without fear of permanent loss of hard-earned money. Everything you added to your 7 reason post only means something to you and people like you because you guys are new to the concept of being able to borrow easily. BVN is a game-changer to the Nigerian economy in my opinion

I defaulted on loan payment to one of these fintech companies (clue: the most successful operator in the country) last year. I stayed a period of 2.5 months before i could pay back.
That period was a nightmare for me. You don't want those guys calling and texting you almost daily, asking for their money.
It plays with your mental state.

I've stopped looking to borrow from them ever since i settled the debt.

Sorry for the embarrassment OP...But,most time I ask myself,what Bussiness or Emergency would demand 7k to solve??

Loans are meant to be collected for business purpose so you pay back...5k loan is for what emergency please in this Nigeria??..

God help us and Bless every Hustler out there...E go better...I teach FX and Binary and how you can be making $5-$10 almost every day... and Cashout weekly...

My advice is,learn skill that brings money not one that you start putting in CV to apply for jobs..

dhoncesar:
Imagine those stupid apps borrowing you 2500 to pay back 5000 in a week. Or 6k to pay 10k in a week as if you have a machine that multiplied the money in your room. Their calls and text re so annoying. Thank God I was able to desist from it.

But there's terms and conditions before you apply if truly you are wise and they are stupid what makes you go for it atleast you can contact your family and friends to borrow you

Nice advice.

Childofaking:
You are talking about loan sharks. Commercial banks are the biggest thiefs.

They pay interest on deposit at 2-5% and give out loans at 26-30% per annum.

what is CBN doing? are they not supposed to regulate the margin between lending rate and deposit rate?

Most of the people you call loan sharks have microfinance license and we all know that microfinance loan rates are higher than commercial banks. Moreover you are paying the premium for no Collateral.

Dont go and kill yourself with loans because it is easy to take.

Commercial banks interest is based on the cbn monetary Policy rate, the current rate is 12.5%, if the MPR rate comes down to single digit like 5%, the commercial banks will have no choice to also come down to like 14%. The prime lending rates is averaging 21%

.

This article made my day already because it will really help so many people before falling deep into the ocean of depression those loan shark app can cause.
I guess the whole writeup was about me but I thank God for a friend that God sent to free me from there web of financial struggle I found myself when I opened up to her (Annie)
My advice open up to someone for help and determine not to get any further loan from them pls

Taking loan from online app, the so called fintech is walking yourself into a world of overburden debt. At first you believe is just urgent 5k, you to per 7,500 in one week, 9credit is even 6 days. With just that 5k you may end up paying over hundreds of thousands if got disappointed and have to borrow from another loan app to pay up.

Avoid loan app with all your strength, in fact I begin to hate Google for not doing enough in screening apps available on the it's Play Store there are lots of fraudulent loan apps on its platform some from India and China. Others with no definite address from Lekki Lagos.

Op thanks for this exposure, I cannot thank you enough.

Any NL still owing them should just stop borrowing to make payments. Be committed to repayment but never from any other loan app or interest based platform to offset your debts because you will continue to be more indebted. Freeze or uninstall their apps, tighten your privacy settings on all platforms. And concentrate on repayments based on your earnings.

ubee:
I defaulted on loan payment to one of these fintech companies (clue: the most successful operator in the country) last year. I stayed a period of 2.5 months before i could pay back.
That period was a nightmare for me. You don't want those guys calling and texting you almost daily, asking for their money.
It plays with your mental state.

I've stopped looking to borrow from them ever since i settled the debt.

Either carbon or branch. At least those ones dey try, they'll just be reminding you with calls and texts..

Unlike sokoloan, xcredit etc
They'll send shits like this to all your contacts. Including your exes, boss, family, business partners

I believe many have not yet come across Carbon, they are the best. Even though, their interest rate is on the high side, let's be honest, this is business. If you can't pay, get ready to face embarrassment, or better still, stay far away from borrowing via fintech Apps. Simple