If the government officals have no investment on this loan shark app why have they not prosecute them for violting the laws of nigeria

Owners of the company

My discussion with a few recovery agents of these companies told me that their supervisors are Chinese. In fact, I was told by one agent that these companies are Chinese owned and the difference between them and the professionally run loan companies could be seen.

My most shocking encounter was when one agent told me that these Chinese have government collaborators. The agent informed me about one that was recently closed down by FCCPC, but are today still functioning and are back in operation.

Collaborators

Some fintech companies are one of the biggest collaborators according to my findings. They assist these companies in sending payments and receiving payments

https://allafrica.com/stories/202207140051.html

Mr. Babatunde Irukere, the ED of FCCPC said last year the reason they have not tracked the loan shark because they have no known address okay now that you have registered, them and you have their details and address what excuses will you give again Sir,


No known addresses

In a report, Babatunde Irukere, the ED of FCCPC, once noted that the challenges of tracking down these companies are due to the fact that they have no known addresses and as such operate in a clandestine manner.

Some of the agents who spoke to us are willing to give the location of a few of these agencies that we will publish in the second part of this story.

https://allafrica.com/stories/202207140051.html

MichaelSokoto:

Govt will ban a legit financing coy?

Hw do u think d US, China and other top con3s ginger their citizens to build up their respective economies?

Please stop quoting me if you lack understanding. US and China ginger their citizens to collect 1.5-2.5% daily interest loan or what are you spilling?

Please stop quoting me. Wasn't talking to you. Fair or branch or anything that charges 1% or more daily interest is a loan shark. If they have their license, that doesn't mean they can't be ban. Any listening government can review and ban them. Infact loan sharks irrespective of being registered or not should never be encouraged.

If you still lack reasoning. Please don't quote me

Majesty7:


Please stop quoting me if you lack understanding. US and China ginger their citizens to collect 1.5-2.5% daily interest loan or what are you spilling?

Please stop quoting me. Wasn't talking to you. Fair or branch or anything that charges 1% or more daily interest is a loan shark. If they have their license, that doesn't mean they can't be ban. Any listening government can review and ban them. Infact loan sharks irrespective of being registered or not should never be encouraged.

If you still lack reasoning. Please don't quote me

sorry!
I tot I was chatting wit a human being!
my bad!

obembet:
My dear Nairalanders, kindly save me from this loan Marchant. I was deceived by Thier agent.

Please ignore my typing errors.

According to Otijah

I have been borrowing from this app for sometime now until I decided to stop due to the one week duration they do give and the high interest rate during this interval

After 2days an agent of them chatted me up and told me about the increment in my loan to 50k and and extended duration of 1 month, I told him if its not what he said then I will wait he said no problem. He even said I should carry him along while doing it.

I went to the app clicked on it and saw 55k to pay 66k and after I did it I received an alert of 38k in my account instead of the 55k and a one week duration at that to pay 66k.

I chatted that agent to tell him about the outcome but he ignored me, I called him up he refused to answer, I told him I want to refund the money because I don't need it, as I did tell him initially yet he was ignoring me.

After three days I contacted another agent of theirs and told him about the incident he later gave me an account number to refund the principal, which I did immediately

Fast forward to one week later these people started threatening the hell of my life that I must pay those interest, that is non of their business. One even openly told me that they are trained to Deceive their customers and tell them lies do at to attract them.

Even till today am still receiving threatening messages from them

please I need an appropriate place to channel this. thanks

babe why you dey worry yourself na
even naija way collect loan from China never pay why you come dey bother

Adefemimoraks:

This was my mistake with palmcredit
Loan I didn't request for was sent to my account after paying for my previous loan
I sent in app messages,sent email, send reviews on play store
I got no reply
Then I sent back the principal, the due date came and they kept calling,I explained all my shits to them my mouth nearly dried
After the due date the interest kept increasing with almost 1k5h par day, Before you know interest of 7k increased to 19kplus
And now it seems my bvn has been reported,for money wey I no chop
I blame myself for not keeping the money
Even if na 2odds I use am play,e for better

I have this same issue this guy is also saying.
Read this guy's post below, same thing happened to me after paying back a loan, I was given another without requesting for it

Delightsome2023:
bro this is my situation.
I've been depressed.
So I borrowed 13k from palm credit last month to pay 18k, imagine such high interest. I was in dire need and was sure of paying back as soon as salary is being paid.
Few days after salary was paid my phone screen got crashed and I couldn't repair it, during due date of the loan their customer called me and reminded me that my loan date has expired, I narrated the issue to her that I can't login to the app cos I don't have a smartphone and no one I knew around agreed to give me their phone the moment I told them I want to repay a loan.
So the following day they texted me a message that I should pay in less than an hour or they'll reach out to all my contacts, she called and threatened. I transferred through ussd and told her to close my account immediately after paying the high interest.
Can you imagine this woman intentionally clicked on repay and reloan another 17k to my account and I instantly received another credit alert of another loan of 17k to pay 23k.
I called her back with anger but she refused picking up the call, an hour later another lady said there's nothing she can do that I should pay the money with the interest.
So I took the loan and repaired my phone's screen yesterday.
Don't know where I'll get money to pay this one back.
This is sheer wickedness.

Cc Getin2ouch

Majesty7:


Nobody reported your bvn. Move on

does palmcredit sends messages to contacts?

EnglandAmaka:


Wetin i owe loan sharks is more than 200k of Principal, excluding the interest, across 7apps. (between 2019 - 2021).

Dey don call me tire, If i pick a call and discover it's them i will just cut the call. Now they don't call me again, I've blocked all their numbers.

If you doubt, enter DM I will show you screenshots of the money i owe all the different apps. Almost 300k ( Principal + interest).

Na only two people tell me they called them. (close associates). Thank God they didn't call any of my two girlfriends.

You Bleep up. You no suppose return the money to them.

lol this is so funny especially the bolded

sweerychick:
delete their app. Go to your Google accounts on your phone and synchronize your contacts it will wipe off from their database.

please does this work please

travismacoy:
Na so LCREDIT dey threaten me. People wey make loss my savings them open office for my head until i decided not to continue they start threatening my life. This people have been eating my sweat for more than two years. I became trapped to them. I work to pay them just to take again for almost 3years.

It wont continue my wife and family need my attention let the worse happen. It is over between us LCREDIT

are you serious so after paying off debt you still collect from them?

BscHolder:

I have this same issue this guy is also saying.
Read this guy's post below, same thing happened to me after paying back a loan, I was given another without requesting for it

Cc Getin2ouch

I really don't know what to say because it has been a long time I stopped patronizing all these loan apps.

There are certain groups on Facebook where you can seek the opinion of those that have passed through similar issues. You can search for 'say no to sokoloan app' and you will come across many such groups regarding loan apps.

otijah:
Super loan. Some of their agents are begging me oo, some are threatening me with curses, am not owing them

can i see the logo of d app

Fantazy:
Those people are indirectly doing runs (illegal business).

Any way, I don borrow from 3 different apps amounting to about 15k in total combined.
You know what? I AM NOT PAYING ANY OF THEM A DIME. Let them come and meet me in my house.

Did you not know they were doing illegal business when you went to borrow from them?

peterobitinubu:
can i see the logo of d app

What’s the content of the email you sent to me?

Stupid people.