The funniest thing is that these people will be forming big men and women on nairaland.
you are living on loan and you're abusing someone who can employ you. I have seen/identified one face among them.

andayo2011:
Did you know that whatever agreement you sign contrary to the law of the land is null and void. For example, if you kill me because I signed a contract that you could take my life for whatever reason, you'll be guilty of murder?

No part of the Nigerian constitution will make a citizen subject of harassment.

Harassment is a crime, defaulting on loan is not! Stop defending illegality!

I really don't know as regards killing sha. But I know court honours certain level of agreement written or verbal by individuals even if the law doesn't state it.

Especially when the individual fully understands, in right state of mind, without fear or favour, not forced or coerced to sign it.

Am not defending illegality. Borrowing money and refusing to pay is illegality on it's own too. Same way banks will not pity you at all but quickly confiscate your collateral when you default a loan. The loan apps are doing same thing since they don't have a collateral to hold on to

If you borrow money and promise to pay simply do. It will surprise you that 70% of people who use loan apps have dont have the intention of paying back. It's isn't surprising because the money was borrowed without sureties, guarantors, signatories, collaterals etc hence they are not gingered to pay back

I no say the loan app coys no dey try, I see you them as dubious because their interest rete is out of this world. If I were in government, I will close them

That being said , Nigerians should be honest, and keep to their words

1. No contract can stand contrary to the Nigerian constitution. Defamation of character is criminal (refer to section 373 of the criminal code)

2. Banks don't go ahead to confiscate your assets even you default on a loan. They must obtain a court order to realize the collateral. I'm saying this as an insider.

3. I'll like to know how you arrived at your data that 70% of people who go to loansharks have no intention of paying back. You must have done some research before arriving at this conclusion.

hardon1:


I really don't know as regards killing sha. But I know court honours certain level of agreement written or verbal by individuals even if the law doesn't state it.

Especially when the individual fully understands, in right state of mind, without fear or favour, not forced or coerced to sign it.

Am not defending illegality. Borrowing money and refusing to pay is illegality on it's own too. Same way banks will not pity you at all but quickly confiscate your collateral when you default a loan. The loan apps are doing same thing since they don't have a collateral to hold on to

If you borrow money and promise to pay simply do. It will surprise you that 70% of people who use loan apps have dont have the intention of paying back. It's isn't surprising because the money was borrowed without sureties, guarantors, signatories, collaterals etc hence they are not gingered to pay back

I no say the loan app coys no dey try, I see you them as dubious because their interest rete is out of this world. If I were in government, I will close them

That being said , Nigerians should be honest, and keep to their words

Pls anyone with their physical address?? We should teach them a lesson they'll never ever forget

Nairalander248:
That one that says if he pay them let the obituary be real na real baztar.d. he doesn't know if he need loan tommorow he will pay those guys back because his BVN was used...

But what if a person used no BVN??

It is na wa so this is what they go through lol never will I borrow in my life.. na wa

It's good for some people. They think the way they borrow form friends and refuse to pay back as promised, they cam use same format for these loan companies

mu2sa2:
The bona fides behind your curiosity is suspect. Suffice it to say that if you borrow money, from whatever source, pay it back and you don't need to fear what your creditor can or cannot do with your biodata and biometrics accessible via your bvn and nin. Honesty is the best policy.

Hehehehehehehehehe.
You ended up saying nothing.

LZAA:
Loan app thread on NL again
Anyhoo i can see some of their workers saying you are a criminal, thief blabla
What if you clowns just sit down and ask yourselves why loan apps abroad don't do this nonsense or your bosses are too scared to expand there
Well the answer is quite simple,the day them try am na 15 year sentence straight
What is appalling is that some of you are degree holders
Just opened the page and i was like smh
Anyway like somebody said ignorance na disease
About the loan sharks i think fccpc have and are doing their best

Lol. You guys keep shouting abroad as if when you take a loan there and you decide not to pay they'll just let you be.

They'll take your car , your house, your furniture. They'll liquidate your ass before you blink. That is if you are even eligible to receive a loan in the first place from an institution.

If you're not eligible then you'll look for the loan apps there( those are the real sharks, this is face to face terms an agreement ). They'll break your knees and beat up your kids if you don't pay up.

You guys know nothing

TheBTCinvestor:


What!! Is this for real! Can't they be sued!

You forgot you're in a jungle of a country where there's no justice.

LIGHTHEARTED0:
.



I pity non of you, if you can borrowed even a token you shouldn't be anyway forced to pay,not even 1 day default.

majority of Nigerian are just criminal-minded that need to be drag on the floor to reset their brain

One of their staffs spotted. Talk to your people to be well mannered.

LZAA:

Hate to break it to you pal but they are worldwide
What you are referring to is the mob,mafia,gang whatever term you choose
These chinese clowns here are using triad money to operate,claiming to be legal when they are not and constituting nuisance
Huge difference

Loan sharking is illegal everywhere. Truth be told nobody should collect those loans on the terms of desperation. 10 yrs ago these apps weren't available. So how wouldn't they have survived and many of them use the loans for silly things.

Some borrow to go and drink or buy phone. Who does that? I'm not on the side of the loan apps but I dislike breach of contract. Do not agree if you cannot keep your side of the bargain.

Nairalander248:
That one that says if he pay them let the obituary be real na real baztar.d. he doesn't know if he need loan tommorow he will pay those guys back because his BVN was used...

Not all loan sharks has the power to blacklist one's BVN (not a discussion here),hence some loans are just bad debts to the loan company in picture.

armadeo:



Lol. You guys keep shouting abroad as if when you take a loan there and you decide not to pay they'll just let you be.

They'll take your car , your house, your furniture. They'll liquidate your ass before you blink. That is if you are even eligible to receive a loan in the first place from an institution.

If you're not eligible then you'll look for the loan apps there( those are the real sharks, this is face to face terms an agreement ). They'll break your knees and beat up your kids if you don't pay up.

You guys know nothing

Errr why is it so easy to spot una?
Uncle the only way anybody will even attempt to seize your properties or assets abroad is if you have a very long list of creditors who actually sue you
Nobody except criminal organisations rough you and beat you or your family
As far as i know your paymasters can't even dream of trying this crap abroad because na jail straight
The fine alone will make the person you defame wealthy sef

armadeo:


Loan sharking is illegal everywhere. Truth be told nobody should collect those loans on the terms of desperation. 10 yrs ago these apps weren't available. So how wouldn't they have survived and many of them use the loans for silly things.

Some borrow to go and drink or buy phone. Who does that? I'm not on the side of the loan apps but I dislike breach of contract. Do not agree if you cannot keep your side of the bargain.

I agree some people abuse the loans but defamation?
Even china chased loan sharks away
China o a communist nation

The best loan Sharks I have used, it was my first and will always remain my best is Migo.

I respect them

I can imagine how it feel cos I have experienced it several. For those of you saying why we someone borrowed money without paying back at when due should just give thanks to their creator for giving them the resources. In this present days where families and friends are complaining that no money, even before you request for help from then they would have prepared a counter reply on how they too are managing or planning to come to you for help also.
Not everyone love to be hearing such reply, that is why some people borrow from this loan apps. And the evill planned of this shark loan apps is that they will never loan you money you can use to fulfill or to put into use in paying back the loan applied, instead what they will give is amount you will use within minutes and the days they will give will be so short that before you close and open your eyes, is their call and embarrassing messages you will be receiving. Is God that will safe common man,

LIGHTHEARTED0:
.



I pity non of you, if you can borrowed even a token you shouldn't be anyway forced to pay,not even 1 day default.

majority of Nigerian are just criminal-minded that need to be drag on the floor to reset their brain

Do you still expect payment after such defamation?!

Why this people never send me buhari face?

Nairalander248:
That one that says if he pay them let the obituary be real na real baztar.d. he doesn't know if he need loan tommorow he will pay those guys back because his BVN was used...

I disagree sir.

They are not legitimate banks neither are they registered to provide banking services in Nigeria and actually circumvent the legal process of obtaining a loan in Nigeria.

They have no legal recourse in Nigeria which is why many of them resort to harassment and embarrassing tactics to get their money back.

It's difficult but not impossible for CBN to regulate them because they work through smartphone appstore which does not come under CBNs purvey typically.

So though they have your BVN they can do nothing with it except to ID you. They can't present you as a defaulter to Credit Bureau and cannot sue you over a loan default.

Most of them don't even have local offices; just a few people they pay a pittance to harass loan defaulters.

By all means pay back what you owe but these companies are operating illegally to begin with

IamMobisola:

You are a thief and a criminal. Didn’t you see the interest the loan amount incurred before collecting the loan? If it was bank that gave you the loan, wouldn’t you have paid the interest?
Many of you Nigerians are just greedy

how can you charge 13k interest for 28k?
Is thy not robbery?

Sermwell:

You're a criminal! Weren't you aware of the interest before taking the loan?

you charge 13k interest for 28k?
Is thy not robbery?

Smartguyboy:

you charge 13k interest for 28k?
Is thy not robbery?

It is done that way because many of the loan apps don't collect collateral.

When you get a loan from a bank, the bank asks for something called collateral...which can be a property of yours like say land, house, even your account with the bank. If you don't pay off the loan, or default, the bank takes the collateral and 'liquidates' it ....ie sells the thing, and recovers their money (in principle).

Loan apps on the other hand loan you money without collateral. Because of that, their business has more risk than a bank. So, they charge high interest rates. This has two effects..

1.Scares off frivolous borrowers.

2.Enables them to adequately cover their asses...and pay other customers...and still do things like pay their staff, and other expenses.

Besides, you don't live in a country where 'you must borrow from a loan app'...friends, family and church dey.

habsydiamond:
These loan sharks are crazy as shiit they can go to any length cos of their money... in most cases. The money they are badmouthing someone for is always chicken change. If not fir bad economy why would someone run to loan sharks to borrow money which carries huge interests. I pity those these loan sharks rubbish... imagine sending messages to someone's boss in office on top small change that can be the end to that job

Pay money you're owing and avoid insults

Smartguyboy:
how can you charge 13k interest for 28k?
Is thy not robbery?

You saw the huge interest initially before you applied for the loan. You could have just gone to the bank then to get a loan or looked for loan elsewhere.

LIGHTHEARTED0:
.



I pity non of you, if you can borrowed even a token you shouldn't be anyway forced to pay,not even 1 day default.

majority of Nigerian are just criminal-minded that need to be drag on the floor to reset their brain

What about those loan apps that sends you money when you did not request for it??

Apps like Cashlawn, cashdey, Truemoney, Quick credit e.t.c will send money you did not request for simply because you've downloaded their app and answered some questions on it, then the next thing, they just credit your account with some amount of money. Then you receive a message from them claiming to have disbursed for example, #10,000. When you check your accounts you discovered they actually sent #6,000 and in trying to call their customer care number, they won't pick calls and they'll not reply your E-mails. After 6 days they start calling you, calling your contacts, harassing you.

Is that normal to you?

Nairalander248:
That one that says if he pay them let the obituary be real na real baztar.d. he doesn't know if he need loan tommorow he will pay those guys back because his BVN was used...

This guys are not registered by CBN or any government back up so it doesn't in any BVN

Be advised to avoid these people if you don't have immediate ways of settling anything collected from these companies.

They are called loan sharks, not necessarily loan companies. They are very inviting with their offers but deadly when you are trapped.

Kobonaire234:


It is done that way because many of the loan apps don't collect collateral.

When you get a loan from a bank, the bank asks for something called collateral...which can be a property of yours like say land, house, even your account with the bank. If you don't pay off the loan, or default, the bank takes the collateral and 'liquidates' it ....ie sells the thing, and recovers their money (in principle).

Loan apps on the other hand loan you money without collateral. Because of that, their business has more risk than a bank. So, they charge high interest rates. This has two effects..

1.Scares off frivolous borrowers.

2.Enables them to adequately cover their asses...and pay other customers...and still do things like pay their staff, and other expenses.

Besides, you don't live in a country where 'you must borrow from a loan app'...friends, family and church dey.

Well I paid them the 28k they gave me that very important the interest is too much I believe you can do such to your follow human being charging that much

IamMobisola:

You saw the huge interest initially before you applied for the loan. You could have just gone to the bank then to get a loan or looked for loan elsewhere.

Well I paid them the 28k they gave me that very important the interest is too much I believe you can do such to your follow human being charging that much

Smartguyboy:

Well I paid them the 28k they gave me that very important the interest is too much I believe you can do such to your follow human being charging that much

Pay the interest.

If we all did as you did, the loan apps will go out of business

And when they do, where would you find 28000 to borrow next time?( The local thug most likely)

If you knew you won't be able to pay the interest, why take the loan in the first instance? It is not like you were forced to.

Next time, meet your family or your church. Or Mosque if you are muslim.

And pay that interest. No excuses.

zinaunreal:


Pay money you're owing and avoid insults

if I tell u I haven't borrowed from loan sharks before will u believe.