Housing:
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.

Cutehector:
Nigerians dont like paying back loans.

ArcFresky:


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:


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.

Nezzjnr:


Wow... Didn't know

Do you have the link to the thread

corike:
I received a very devastating msgs from Gocash regarding one of our employees the guy almost died,the money he borrowed will be due by 2pm of the said day,& he did asked for an extension to the following day & was willing to pay the extra charges but by 3pm,a girl in their organization had called almost 10people from his contact list & sms us,his inlaws, friends ,everyone we had to pay. those people are mean and demonic it's better to avoid them totally expecially the sokoloan I heard they owned 9jacash , Gocash etc ,there is this rude demonic girl that works with them even when I called on behalf of the guy & promised to pay she wouldn't budge.

2mininuP:
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

Tekzyflex:
Even Nigeria government dey borrow na!

Ewedegubbler:
You forgot to to add the jazz part.

Those people can nack you with better poverty jazz to make sure say u no make any money during that period so that they can seize your properties oo..

koladebrainiac:
so hooked on it now

Cutehector:
Nigerians dont like paying back loans.

Dogasas:

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

Nicholaspepe:
Is there any Nairalander that can just call me and saw come and take dis job offer in Abuja no matter how humbling or menial it may be?
I want to share this testimony pls. Life after NYSC had been so so tormenting

Perfectbeing:
Yes. But with low interest, a minimum of 7 years grace period and long period of about 20 years to repay the loan.

CharisEleos:


Nope.

bobbiiee:


Very true! Someone borrowed 5k from me when searching for job. He later got a job that paid 100k monthly. He withdrew whenever I ask for the money. When he wanted to marry he called me that I should accompany him to cow market because I know some people there. The cow he bought cost N100k. My money is still not paid.

Another person bought a device without paying. Promised to pay in few days after receiving a cheque worth a million naira. She got the cheque. She didn't pay my money.

Someone that I did business with owned me about 100k. He later got 1.8 million from selling an asset. When I asked for my money, he said he has used 300k to pay debt and invested 1.5 in another business.

Over 10 years ago, a friend was seeking for job, someone promised him one. I loaned him 10k to buy clothes. He later got another job, got married, moved from one room to mini flat, bought laptop with modem to browse, yet he didn't pay up. After 16 months, I texed him that I know his new office address, that we will resume together on Monday. I got a reply less than one hour later that he has dropped it with someone. He paid half, the other half was paid about 2 months later.

Am acquaintance asked for a loan of N50k promising to pay in 5 days. He knew I had some money, he knew the purpose. I needed not less than 200k beside what I have. The project was time bound. After 3 weeks, he paid 30k. The rest entered voice mail. I later heard that he got a contract worth 4 million. His mechanic said he fixed his car with over 500k. Yet!!!!

A young man in my church unit was having a hard time at work. He wasn't paid. He was expected to come to work daily. He had defendants. I loaned him my sibling's money. Not less than 50k. He later left the job, he said there isn't any sign he will ever be paid. I later learnt from a source that he was given some amount. Part of which he gave as Shiloh sacrifice. He didn't mention it. I didn't say anything about it too.

I can go on and on. Human nature is selfish when it comes to money. Loan repayment is never in view when most debtor have money.

Never loan what you can't spare.
Check people's credit worthiness before loaning them money or standing as their guarantor.
Except in matters of life and death, have a fixed amount you would not go beyond.
Always remember you have a limit, but those who come asking for help don't have.
Learn to say No without sense of guilt.

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

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

alizma:

And some collect loan for purpose that doesn't add value to their lives. e.g someone collect 200,000 loan, drop 50k in his business, give girlfriend 40k for her birthday, send 20k to his mum and siblings as the success son who has a business in the city, drop 50k in his house as big guy concern and 40k in his account so that when he is talking to his babe he can comfortably say do you need cash or transfer.
The money at home and bank will eventually go into buying drink for himself and friends and to the babe but when you ask him what did he do with the loan, he will say "I put it in my business".

abu12:


No but once download some loan app and later delete it. because I discovered I don't need it

otomatic:

Very correct. Let me counter the writer's points.

1. Extremely high rates: Your friends will not lend to you; your family will not lend to you; your social network will not lend to you; that means you have to check yourself and character. The banks will not lend to you because you are a default risk and you don't have collateral or reasonable cashflow. If they take this risk, then they should earn the reward. Afterall, high risk should produce high rewards.

2. Giving up your BVN: they need to identify the borrower to avoid lending money to ghosts. Since the transaction is online, BVN and maybe your NIN is the way as it can be verified online and has your pictures and details.

3. Access to your mobile device: it's in the permissions while downloading the app. If you were not comfortable with it, you would not have accepted it. But you needed this money, so you accepted. Well, the loan request was initiated with that device, so that's their collateral - meaning they can hijack the data in there and use it towards recovering their funds.

4. Harassment, humiliation, intimidation : Pay up and you won't have this problem. Problem is, most people don't want to repay borrowed money. Since it's so easy and with no face to face contact, they see it as free, spend recklessly and with no repayment plans

5. Lien on your bank account: the banks have GSI for recovery, so why not? That's another window for recovery of funds.

6. Inability to develop savings culture: The borrower never had it, which is why he/she needed to borrow in the first instance. So they cannot be blamed for your indiscipline.

7. Addiction: If you live within your means, you won't find yourself in a situation where you're always borrowing for consumption. The problem is most people borrow money to buy things they don't need in order to impress people they don't like. You should not be that person.

Felixalex:
Hmmmm

Make Una listen o, until this stuff is almost ruining your life before you realize what u've gotten urself into.. u keep borrowing and paying and they keep increasing the limit, before u know it, ure using Ur salary to service loans...

This happened to me until I had a big deal that gave me a lump sum, before any other thing, I paid off all loans (even those that were not due), uninstalled the apps and prayed to God never to allow me get into a situation that would make me seek such loans again... I was lucky, u may not be!
Your head get oil

Felixalex:
Hmmmm

Make Una listen o, until this stuff is almost ruining your life before you realize what u've gotten urself into.. u keep borrowing and paying and they keep increasing the limit, before u know it, ure using Ur salary to service loans...

This happened to me until I had a big deal that gave me a lump sum, before any other thing, I paid off all loans (even those that were not due), uninstalled the apps and prayed to God never to allow me get into a situation that would make me seek such loans again... I was lucky, u may not be!