dre11:
*As FCCPC develops framework, guidelines for digital lending





https://www.vanguardngr.com/2022/08/fg-blocks-mobile-payment-telecoms-network-access-to-online-loan-firms/

Good riddance to bad rubbish

Fkmodhi:
Our loan brother would be proud...

I owe over 25 of them... I don't even want them to close down. I need to collect more

That okashk own self tire me. borrow #4000 to pay #7500, and the money they credit my account was #3'470, haha.

Kobicove:
I don't blame these loan apps for their loan recovery tactics cos Nigerian debtors can be so annoying.

Personally for me if you like beg me for a loan with tears of blood in your eyes, I no go gree give you

You wicked, you not nice hanhan even with tears of blood.

Fkmodhi:
Our loan brother would be proud...

Truth is ... When one borrows one should pay back... At least they got their terms and conditions... And one accepted and most times dont read it ... But to be sincere this interest are outrageous ... And they calling peoples contact and even saying they person that did not borrow will pay or some sort of rubbish ehn... Doesnt make sense just like borrower doesn't want to pay back after following or accepting their terms... I don block tire here sef

JASONjnr:
How will they recover the money from their debtors?


FG and their useless policies....


The loan companies aren't a bad option. But the percentage given is the problem.

How can you loan company 300k and will have to pay back 500k.. And when you can't pay it off... they begin to add to it... Why?

Anyway, I should've collected a loan before they blocked them.

They've made lots of money so
Forget

You can say their interest rate is very high coupled with the high interest on defaulters,if they can try and adjust this I think they would find it easier to keep their business afloat...with that being said,some Nigerians ain’t credit worthy and bad debtors and quite crooked on their ways,always wanting to game a system or outsmart others such people deserve the kinda treatment they get from the dreaded loan apps.

How would you take a loan you don’t plan or don’t have the means of paying back or without reading the loan terms or the interest rate?if you do that you don’t have any reason to cry wolf cos as a sensible person that’s the least kinda due diligence you should do,the loan companies are Shylocks and they believe they’re the piper so they dictate the tune,if their terms don’t sit well with you then do well avoid them and the public humiliation,indignation that comes with defaulting afterall you weren’t put under duress by the loan apps while accessing their loans,plus with the ease with which these loans are given out it’s not so surprising that it comes with a high interest rate and stringent T & Cs and crude loan recovery methods.

Kobicove:
I don't blame these loan apps for their loan recovery tactics cos Nigerian debtors can be so annoying.

Personally for me if you like beg me for a loan with tears of blood in your eyes, I no go gree give you

Debtors are the same worldwide
That does not absolve these illegal apps(or companies....companies) of their madness
Also they breach so many laws any competent solicitor will beat them without breaking a sweat
Data breach,defamation,privacy breach,harassment
The list is endless

DryMouth:

I owe over 25 of them... I don't even want them to close down. I need to collect more

Lwkmd.

Loan shark is a slavery yo....with their ridiculous rate

pacesetting:
Most of these loan sharks are criminals. The government needs to look into their activities properly. Imagine one of the so-called loan sharks worker called me yesterday, complaining about one of my contacts that borrowed money.

I called the contact later to get more info. It turned out that he borrowed 15K to pay 23k in one week. Just imagine the rip-off.

On top of that, he asked for one week extension, but was denied.

This is not how loan firms operate in other countries. Their policies, interest rates, and debt recovery methods are something else.

Una too dey like problems out of nothing. 15k to pay 23k was he blind when he was opting for it? Did anybody push him to go for it, una no go read and study "terms and conditions " for using a service.. I wonder what made you people learned!

pacesetting:
Most of these loan sharks are criminals. The government needs to look into their activities properly. Imagine one of the so-called loan sharks worker called me yesterday, complaining about one of my contacts that borrowed money.

I called the contact later to get more info. It turned out that he borrowed 15K to pay 23k in one week. Just imagine the rip-off.

On top of that, he asked for one week extension, but was denied.

This is not how loan firms operate in other countries. Their policies, interest rates, and debt recovery methods are something else.

I was completely down financially last month and that was when gas came calling... I looked everywhere Corolla money without success pay day was far so I decided to apply for small loan from one called loan personal.. This people gave me 1400 to pay 2400 on a week I collected it, a week elapsed like yesterday.

Immediately calls start coming in with multiple threats, I managed to pay 1200,i beg them to give me time but without success the guy even threatened to take my file to legal department, days later their lawyer asked me to report myself to a nearby police station but I ignored.

Last week one of them called me you need to hear noise from the background how they were insulting people calling them names for defaulting.

Las las I pay them their balance yesterday promised never to try it again.

faithfull18:

You wicked, you not nice hanhan even with tears of blood.

No, he is not. He is only been careful with his cash. I rather gift you money than lending you money to pay me back. Talking from experience, the country people are terrible ones; immediately you lends them money you will see their true colors.

pacesetting:
Most of these loan sharks are criminals. The government needs to look into their activities properly. Imagine one of the so-called loan sharks worker called me yesterday, complaining about one of my contacts that borrowed money.

I called the contact later to get more info. It turned out that he borrowed 15K to pay 23k in one week. Just imagine the rip-off.

On top of that, he asked for one week extension, but was denied.

This is not how loan firms operate in other countries. Their policies, interest rates, and debt recovery methods are something else.

Your friend was more desperate. He saw it and agreed to it.

PraiseGodNoTime:
Una too dey like problems out of nothing. 15k to pay 23k was he blind when he was opting for it? Did anybody push him to go for it, una no go read and study "terms and conditions " for using a service.. I wonder what made you people learned!

pray never to find your self in a tight corner bro.

PraiseGodNoTime:
No, he is not. He is only been careful with his cash. I rather gift you money than lending you money to pay me back. Talking from experience, the country people are terrible ones; immediately you lends them money you will see their true colors.

I was joking around. I understand him too well, trust me.

Nigerians are the nicest when it's time to borrow or they need something from you.

Then, you see their true colours when it's repayment time.

pacesetting:
Most of these loan sharks are criminals. The government needs to look into their activities properly. Imagine one of the so-called loan sharks worker called me yesterday, complaining about one of my contacts that borrowed money.

I called the contact later to get more info. It turned out that he borrowed 15K to pay 23k in one week. Just imagine the rip-off.

On top of that, he asked for one week extension, but was denied.

This is not how loan firms operate in other countries. Their policies, interest rates, and debt recovery methods are something else.

He saw 15k to pay 23k and he still went ahead to take the loan. Let him face the music.

OneMillionBTC:
Loan sharks started because the institutions established to give loans are not functioning. You have been banking with XYZ bank for the past 10years yet they can't give you a loan of 100k. You will fill forms, write application letter, visit the bank and yet they will tell you they can't give you loan of 100k even when your yearly volume is 2M except you have a landed property as security.

Do you have a salary account with us? Meaning only salary account owners can access loans easier. Do you know the percentage of salary account owners in Nigeria to the general populace ?

It is fraud if you ask me, that the banks collect monies from CBN on the ground that they want to give out loans to Nigerians only to use the money for their branch opening and personal business. CBN too is terrible, they can't enforce loan policies on the banks and ensure it gets to the citizens.

If bank loans are accessible to Nigerians, No one will use these loan shark with their ridiculous interest rate.

This means FG is fighting the wrong fight, no need for all these, Nigerians need loan, they can even use the loan sharks for these services if the banks are failing, just regulate their interest rate and how they embarrass defaulters.

Most of the commercial banks in Nigeria fearing not to give loans to non-salary earners simply because of failure of payment, salary earners has their job as collateral and so far the salary of the person is being paid into the lender bank, it's easier for the bank to get their money back.

Though, it's very bad system because it's not good to be denying those that not working with government or cooperate companies loan which will enable them to develop their businesses. Some Nigerians are not trust worthy in fulfilling their commitment to pay the loans and that's the main bone of contention on this challenges.

Well I see people getting happy and supporting the decision

The govt should regulate them, and not go with this bad decision again

Only if dy know how many youths are working with this companies, they can even work remotely.. EASYBUY and SOKO LOAN employ close to 10000 youths.. Pleas you can verify this

Easybuy/palm credit (field agent and office agents)

Sokoloan (office agent)

So many of them out dere


Nigeria business climate warrant their mode of operation, the average Nigerian don't want to pay debt as at wen due nd we don't have good data base to track debtors, in the developed countries dy do, that whybdybare able to use credit card billing effectively

Have you ever wonder why the banks make you Sweat and submit all kind of papers nd guarantors before even giving you a loan of 100k?? Yeah.. Dts d reason

When you decide to give a loan out at above 20% rate you are looking for trouble , so expect anything . When you prey on peoples desperation , needs amd situation you nothing but a scammer. The online loan apps are only there to take advantage of people who are at a disadvantage . In my opinion its same offence as rape or sleeping with a minor. How on earth do you give some one a loan at more than 50% to pay back in one week. Isn't that exploitative ?

First, I didn't go into details about our conversation.

Second, at the bolded, I didn't say he is my "friend". I said he is a contact on my phone, unless you are telling me everyone in your contact list is your friend.

And for your last statement about situations, not everyone is as buoyant as you want to claim you are. Someone can have nothing today, but expects something tangible in few days.

By the way, I helped the guy pay off the debt because he's someone I trust and call occasionally to fix things in my house.

alizma:

Both the lender and the borrower in this case are crooks except you are telling me that your friend from whom I can define you, is a stack illiterate. Didn't they tell him of the interest rate? And don't tell me the situation was terrible because that is where the dubious attitude will come in, if your situation is so terrible that you can't afford 15k today, there is 80% possibility that you will not be able to pay 23k in 7days

Yeah, it was a medical reason. But it has been paid off anyway.

Ibechris2:




Your friend was more desperate. He saw it and agreed to it.

PraiseGodNoTime:
Una too dey like problems out of nothing. 15k to pay 23k was he blind when he was opting for it? Did anybody push him to go for it, una no go read and study "terms and conditions " for using a service.. I wonder what made you people learned!

Lemme explain mr "terms and conditions "
Those companies don't have lending licences or known physical addresses-crime number 1
That's like the US military operating on Nigerian soil and calling itself Nigerian
You get the gist?
It's illegal
That alone is enough ground to shut it down
Also better get rid of this agbero mindset aka onigbese mindset
No lending company worth it's salt operates that way
Infact the only people known to operate that way are...chinese triads

Taking a loan is something of a last resort. His was for medical purpose. But it has been cleared, so the music has stopped playing.

iHart:
He saw 15k to pay 23k and he still went ahead to take the loan. Let him face the music.

pacesetting:
Taking a loan is something of a last resort. His was for medical purpose. But it has been cleared, so the music has stopped playing.

Whether it was cleared or not. You should not call that a rip off. Your friend saw it and went for it. Its not a rip off.

pacesetting:
First, I didn't go into details about our conversation.

Second, at the bolded, I didn't say he is my "friend". I said he is a contact on my phone, unless you are telling me everyone in your contact list is your friend.

And for your last statement about situations, not everyone is as buoyant as you want to claim you are. Someone can have nothing today, but expects something tangible in few days.

By the way, I helped the guy pay off the debt because he's someone I trust and call occasionally to fix things in my house.

You even have time to dignify him with a mention.

All this online millionaires, ask him for 2k he will call you beggar.

Ignore him pls.

Toktee:
pray never to find your self in a tight corner bro.

I will never and it had always been my prayers .. Thanks

It is a rip off to me. To him it may seem okay. You get my point?

iHart:
Whether it was cleared or not. You should not call that a rip off. Your friend saw it and went for it. Its not a rip off.

King125007:
Well I see people getting happy and supporting the decision

The govt should regulate them, and not go with this bad decision again

Only if dy know how many youths are working with this companies, they can even work remotely.. EASYBUY and SOKO LOAN employ close to 10000 youths.. Pleas you can verify this

Easybuy/palm credit (field agent and office agents)

Sokoloan (office agent)

So many of them out dere


Nigeria business climate warrant their mode of operation, the average Nigerian don't want to pay debt as at wen due nd we don't have good data base to track debtors, in the developed countries dy do, that whybdybare able to use credit card billing effectively

Have you ever wonder why the banks make you Sweat and submit all kind of papers nd guarantors before even giving you a loan of 100k?? Yeah.. Dts d reason

Man said 10000 youths
I'm sure kenya,Tanzania and Mozambique that chased loan sharks away have no databases as well
If you or anyone you know is under their employ better complete your education or get a better job
Banks go through all that stress because they keep records

LZAA:

Lemme explain mr "terms and conditions "
Those companies don't have lending licences or known physical addresses-crime number 1
That's like the US military operating on Nigerian soil and calling itself Nigerian
You get the gist?
It's illegal
That alone is enough ground to shut it down
Also better get rid of this agbero mindset aka onigbese mindset
No lending company worth it's salt operates that way
Infact the only people known to operate that way are...chinese triads

95% of these loan sharks are run by the Chinese. They only use Nigerians for recovery via phone calls.

Have you ever thought of it that no Nigerian can run his or her business that way; the risk and mode of operation is not Nigerian.

iHart:
Whether it was cleared or not. You should not call that a rip off. Your friend saw it and went for it. Its not a rip off.

Why can't you guys comprehend a simple argument?

The rip off here implies the outrageous interest rate this loan sharks using to robb the public.


So where have he gone wrong in his statement?

Shut them down and arrest them. Most especially addmoney. They are criminals.