Basicend:


The blackmailing clause was stated in the products business rule (terms and conditions).

If you agreed to it, you must be prepared to receive it if you default.

The defaulter has no case here.

Your terms and conditions bears no weight in the court of law if it infringes a person's basic human right. The land has a court if anybody defaults in debt take him to court.

There are plenty online loan shark agents on this thread.

AmazingELixir:




Were you forced to take the loan or in your bid to acquire fast and easy money you failed to read the terms and conditions of the loan application.

Abeg don't lie to us here gaan pay up your loan and the interest more importantly.

Another agent.

MrBroke:


What about 25% for a month, is that okay by you? Cause that's the interest rate on my loans

Thief !!
Another agent

Getin2ouch:

Yeah, they don't defeme their customers. But nothing justify charging an interest of 74% in space of 6 months. There is not even guarantee that a person will gain such percent (74%) of his capital in a year if he eventually invest that money in a business

I think that's even 148 percent interest if my calculation is correct. Despite that fact, these apps are helpful to people. They want to make profit just like every other business man out there, just like every other phone repairer, sales man out there and I don't think there are measures in place to regulate this. Therefore, anything goes. By lending people money without paperwork or collateral, they put themselves in a vulnerable position and the fair thing to do is to try to pay up on time or try to extend the payment date. That being said, I hope they are going to reduce the interest rate though I know I'm not entitled to make such requests. I mean, they are a private organization right?

imoh4king:


Thief !!
Another agent

No nigga, I'm not an agent o, i want to start a cash advance business so I'm just carrying out a survey on my interest. Thief!! Is the last thing i will become, so peace

SalamRushdie:


That why you should reject their terms from the get go ..if everyone rejects their terms they will have no choice but to step it down or close shop

That is why the govt. is trying to sanitize the market and I think the govt. deserves an accolade for it.

Getin2ouch:

Easemoni is different from ease money o. I once borrowed 12k from them and paid back 13.2k in 2 weeks.

Na them easemoni.

sunkieisland:
If you can't tolerate insults, don't borrow from loan apps in Nigeria, except for a few ones.

Imagine one of them cursing my blockos for defaulting by a few hours

Hahahahaha.. 😂😂😂😂😂...
Shey e still dey work sha 😆😂😂😂 abi Dem don use curse disable am? Hehehehehe... wahala

imoh4king:
There are plenty online loan shark agents on this thread.

They are plenty here o.Im surprised too.

MrBroke:



No nigga, I'm not an agent o, i want to start a cash advance business so I'm just carrying out a survey on my interest. Thief!! Is the last thing i will become, so peace

Better do your survey with loan Company owners. I almost started up with a friend (former UBA Staff).
If u don't have the dynamix of what it means to chase defaulters especially some that might use diabolic means to escape paying back with interest, don't try it.

AsaBlackheart:


The problem is most of the loan apps have hidden charges.
For example, you get offered 10k to repay let's say 12k in 1-2 weeks. that's fair right?
well that's until you realize that the 10k you're offered actually has a hidden charge and you'll be credited like 7k.
now how will you lend someone 7k and expect him to pay back 12k in a week?
that's really wrong and just means of extortion.

Dem carry you handicap

Goodlady:
I dislike all loan apps that you can't use as normal online banks. Thanks to Opay, Palmpay, Kuda, Moniepoint, Baxi etc this new note era. Hunger for kill person.
The FG has proven again that our lives no matter. See them approving loan banks especially that fair money that ran advert on YouTube to the extent that if you aren't careful you ll install it by mistake. Anywhere on YouTube is fair money. It's as if they did it to target Nigerians.
Unfortunate loan shark bank that ll go bankrupt this year, amen.

I can comfortably tell you for free, that Fairmoney is amongst the top 3 loan apps to deal with. They don't inundate you with incessant and embarrassing phone calls or messages. Their interest rates are decent. Even if you default on the set date for repayment, they give you the option of extending your deadline but with a slight fee. They make certain to exhaust all responsible means of recollection before resorting to contacting your two fall back contacts.

I used the platform during this naira scarcity saga because I needed a means for online transactions. When I subsequently experimented twice with their loan option, I was impressed.

erniok:

That is why the govt. is trying to sanitize the market and I think the govt. deserves an accolade for it.

Some of these loan guys are very mean. They have different tactics of making someone go through hell. Imagine, kashcash gave me a loan of 45.5k I didn't request for, but on my dashboard it was showing 70k. Immediately, I called their customer care line and the agent asked me to pay back the money into an account provided. In doing so, my bank erroneously debited me the 45.5k twice due to network issues.
As soon as I complained to kashcash, they acknowledged receipt of the money, but instead of refunding the extra 45.5k back to me, they sent back only 16.9k!
Let's be careful with these loan shark operators. They can cause one hpb instead of solving your problems.

SUPERPACK:
Your terms and conditions bears no weight in the court of law if it infringes a person's basic human right. The land has a court if anybody defaults in debt take him to court.

Oga, I can't be arguing with you coz u don't know what the weight of consent means in contractual agreement.

Go and expand your scope on legalities.

imoh4king:


Better do your survey with loan Company owners. I almost started up with a friend (former UBA Staff).
If u don't have the dynamix of what it means to chase defaulters especially some that might use diabolic means to escape paying back with interest, don't try it.

Thanks for the info. 60% collateral value equal to loan amount given, so if the defaulters do their thing i claim Collateral. And a background check too for salary earners you get a loan of 20% of your salary.

4Humanity4All:

I think that's even 148 percent interest if my calculation is correct. Despite that fact, these apps are helpful to people. They want to make profit just like every other business man out there, just like every other phone repairer, sales man out there and I don't think there are measures in place to regulate this. Therefore, anything goes. By lending people money without paperwork or collateral, they put themselves in a vulnerable position and the fair thing to do is to try to pay up on time or try to extend the payment date. That being said, I hope they are going to reduce the interest rate though I know I'm not entitled to make such requests. I mean, they are a private organization right?

Nah, it is 74%. They are out to make profit doesn't mean to reap off their customers.

Meanwhile, there are still many people taking the loan with the intention of not paying back. There are many groups in Facebook where you see people prouding about the number of apps they took loan from without paying.

The thing is, all this is synonyms to lack of proper regulation. Even with this registration, nothing will stop these loan companies from charging exorbitant interest and many people would still borrow without paying back. The only thing this registration will curve is the defamation of defaulters.

The Nigerian government can do better by putting proper regulatory guidelines of operation to this companies and the companies in turn device lesser risk mechanisms of giving loan.

[🤣🤣🤣🤣🤣
quote author=inoki247 post=122281344]😂😂😂


Oya dey borrow money dey go una use am resemble Buhari...


If dem ask una Wu be una role model jus say Buhari...[/quote]

Moneyboyz:
Imagine getting 50k from all 173 and japa

That's over 8 mill.

3K would be their minimum 😂

Hezzyluv:
Way to go. Because, some of these loan sharks are just fraudulent. How can you borrow someone #10,000 and expect him to payback 16k within 7day? Shey na bet9ja him wan use the money for

I created thread on crime section, of how one of them keeps calling my mobile line every week telling me to repay the loan l took from them or else, they would send sabotaging SMS/calls to my contacts. And I have NEVER in my life applied for a loan.

Hope someone didn't have access to any of your SIM cards at any point in time...

jaeyking:
The interest of the loan sharks should also be protected

How Nigerians will borrow and refuse to pay is something I can't understand

After the loan shark take drastic measures they start screaming foul play

Are you an agent of one of these loan sharks calling and harassing people?
Is like you are culpable..

Getin2ouch:

Nah, it is 74%. They are out to make profit doesn't mean to reap off their customers.

Meanwhile, there are still many people taking the loan with the intention of not paying back. There are many groups in Facebook where you see people prouding about the number of apps they took loan from without paying.

The thing is, all this is synonyms to lack of proper regulation. Even with this registration, nothing will stop these loan companies from charging exorbitant interest and many people would still borrow without paying back. The only thing this registration will curve is the defamation of defaulters.

The Nigerian government can do better by putting proper regulatory guidelines of operation to this companies and the companies in turn device lesser risk mechanisms of giving loan.

OK. Where there is no standard interest rate, there's nothing like reap off customers here. It's a business. When the terms aren't Favourable, you borrow from family and friends instead. To those who pride themselves in taking loans and deliberately defaulting, that's their own problem. It's easy to sit in our house and blame the government for everything. If you have anything against these loan apps, the best is to write a review on play store and with time they'll listen. If they don't listen, you look for other means. A loan app isn't a charity organization. It's not a government organization either. It's just like all these private institutions.

jakizio42:
I'm looking for a means to pay tuition i considered taking a loan but these apps don't offer much on first loan trial. who can help me here?

You might use multiple loan apps if your tuition fees is high. Registering on a different user phone is better, in case there is issues repaying back. They may contact the "unfamiliar contacts" in that person's phone. OR use your phone to register another person, when they credit the person the person can pile up all the money and credit you. Should there be any issues, your contacts "do not" know that person "who registered and obtain" a loan using your phone.

4Humanity4All:

OK. Where there is no standard interest rate, there's nothing like reap off customers here. It's a business. When the terms aren't Favourable, you borrow from family and friends instead. To those who pride themselves in taking loans and deliberately defaulting, that's their own problem. It's easy to sit in our house and blame the government for everything. If you have anything against these loan apps, the best is to write a review on play store and with time they'll listen. If they don't listen, you look for other means. A loan app isn't a charity organization. It's not a government organization either. It's just like all these private institutions.

Guy rest abeg!

I have said what I have said and still stand by it. Who is responsible for regulating these companies if not the government and how is asking the government to regulate them become blaming the government for everything? . You are saying it is business, aren't supposed to be regulated in such a way that it will become beneficial to both parties involved?

This is my last reply concerning this issue.

iyabeji14:
Despite that, the refusal to pay back should be handled professionally.
Banks also have bad loans but have never harassed their customers in an unprofessional manner

Banks do not give loans unless the borrower provides collateral thus they have something to fall back on unlike the online loan companies

erniok:

Because someone needs funds, you ask for ribs, arms and legs?

If you don't want to meet their conditionalities then go and arrange collateral so you can get a loan from a commercial bank!

jamesversion:


The FCPC does not allow loan sharks to operate. No loan company should turn into a loan shark.

If the loan interest is reasonable and duration is good, people will pay back easily.

This one is a big fat lie!

Some Nigerians borrow specifically with the intention of not paying back the loan!

4Humanity4All:

Over a period of how many months, and how much per month? Why don't you state it. Give a complete information.
It's simple SIMPLE INTEREST in Mathematics.
And do you know there's option to extend your loan date, even receive top up loan.

Don't mind him, he's intentionally misrepresenting facts because he wants to curry public sympathy

Getin2ouch:

Guy rest abeg!

I have said what I have said and still stand by it. Who is responsible for regulating these companies if not the government and how is asking the government to regulate them become blaming the government for everything? . You are saying it is business, aren't supposed to be regulated in such a way that it will become beneficial to both parties involved?

This is my last reply concerning this issue.

l

You have no right to tell me to rest when you stand by your opinion. I never said anything was the reason for blaming the government for everything so, don't put your words into my mouth. If you aren't comfortable with the interest rate, don't take the loan simple. Approach your banks instead for loan.

Getin2ouch:

Yeah, they don't defeme their customers. But nothing justify charging an interest of 74% in space of 6 months. There is not even guarantee that a person will gain such percent (74%) of his capital in a year if he eventually invest that money in a business

The interest is dependent on the duration of the loan so if you don't want to pay such a large interest then make sure you choose a short duration.

Be informed that short term loans are not used to finance or start new businesses anywhere in the world. It is a funding mismatch for you to use a loan with 30 day period to finance a business transaction that will mature in 180 days!

Solenzo19:

Some of these loan guys are very mean. They have different tactics of making someone go through hell. Imagine, kashcash gave me a loan of 45.5k I didn't request for, but on my dashboard it was showing 70k. Immediately, I called their customer care line and the agent asked me to pay back the money into an account provided. In doing so, my bank erroneously debited me the 45.5k twice due to network issues.
As soon as I complained to kashcash, they acknowledged receipt of the money, but instead of refunding the extra 45.5k back to me, they sent back only 16.9k!
Let's be careful with these loan shark operators. They can cause one hpb instead of solving your problems.

You have narrated your own version to make yourself look good and innocent but I'm sure that if we ask for their own version they will probably tell us that you were probably owing them so the deducted your debt from the overpayment before sending you the net amount

yinkus6750:
Every aspect of business, needs to be well regulated by respective government agencies and need to operate base on stipulated guidelines
However, the interest of the financial institutions also need to be protected , to guide against huge loss .

But these companies loves disgracing their customers once you defaulted, that's is why I never too loans from their apps