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Nairaland Forum / Nairaland / General / Business / Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink (22631 Views)
Loan Sharks Persist With Cruel Recovery Practices / Avoid Loan Sharks, Leverage On Microfinance Banks, Emefiele Tells Nigerians / How To Stop Loan Sharks From Getting Your Phone Contacts (2) (3) (4)
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Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by MichaelSokoto(m): 2:18pm On Nov 18, 2023 |
Map1:wat can dey do wit ur bvn? |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by Map1(m): 2:19pm On Nov 18, 2023 |
Am about to download 5 loan app now with intention of not paying, what is delaying me is the inclusion of the BVN which i don't want to add.I need the money seriously. |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by Map1(m): 2:20pm On Nov 18, 2023 |
MichaelSokoto:don't you think they can withdraw some one's money later? |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by MichaelSokoto(m): 2:22pm On Nov 18, 2023 |
Map1:as how naa?
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Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by PoliteActivist: 2:24pm On Nov 18, 2023 |
mascot87: Only one flaw in your advice: when people borrow the money, 95% have no intention of defaulting - it just later turns out that way. So why would they be doing all this?? |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by julimax(m): 2:28pm On Nov 18, 2023 |
Useless people |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by mascot87(m): 2:34pm On Nov 18, 2023 |
PoliteActivist: That is why I want them to know so they learn from experience |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by PoliteActivist: 2:36pm On Nov 18, 2023 |
mascot87: Only scammers who have no intention of repaying the money in the first place , will go to all that trouble |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by mascot87(m): 2:50pm On Nov 18, 2023 |
PoliteActivist: You have no idea what you are talking about. If you are not a loan shark agent then I hope you fall into there trap one day then you will know what's up |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by PoliteActivist: 3:15pm On Nov 18, 2023 |
mascot87: What I'm saying is, someone like me for example, I'll NOT take the loan if I'm not sure I can pay it back. I'm sure most people are like that. Your advice is good, but for someone to go to all that trouble and do all that work, they must know in advance they likely won't be repaying the loan as stipulated |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by mascot87(m): 4:19pm On Nov 18, 2023 |
PoliteActivist: Let me tell you how this thing works and I can tell you for free that they start with deceit. God knows how they got ones number and they start calling you advertising there loan company and its offering. They tell you for example that they will loan you #10,000 and you will pay #12,000 in return in 20 to 30 days. They tell you all sort of juicy stuffs that will attract you into downloading there app. I cam tell you for free that all they advertise to you is a LIE. There first target is to ensure you download there app on your phone and once you install the app, they steal all your phone information even before you apply for a loan. They steal your contact numbers, all photos and videos in your gallery, your files and every classified information on your phone and they keep them in there data base. They know for sure that you will apply for loan one way or the other. Now you and I know that one way or the other we could be broke and need some quick cash to sort things out and then you remember the loan app you have downloaded and installed on your phone (Remember, you don't know your informations have already been stolen by the loan company). Then you apply for the loan by first registering on the app. After you register and you expect to see what was advertised to you initially to collect #10000 and pay 12000 in 20 day, what you would see is the company offering #7000 or less and note, they will not disburse the #7000, they will disburse about let is say #4120 to your bank account and you are expected to pay in 7 days. Another lie is that, the loan is actually for 5 days and not 7 days. The day the loan is disbursed is day 1 and trust me them no burn you well not to pay on the 6th day because on that 7th day, they will start to send derogatory messages to your contact if they haven't received the money on the 6th day. They offer you 7000 but disbursed 4120 for you to pay 7000 in 5 days. From the 4th day after the loan has been disbursed, they assign an agent to you that will start calling you and sending you WhatsApp messages. They will start by frustrating you by telling you your loan will be due in 2 days, bro you don't want to experience it and on the 5th day, you dare not tell the agent to calm down that your repayment date is the 7th day, he or she is start to insult you and embarrass you calling you all sorts of name including calling you poor and wretched. Remember, this is the 5th day and not even the 7th day that the loan Repayment is due. Then the agent will forward your pictures and all your contacts to you on WhatsApp and tell you that if he or she doesn't see payment from you on the 6th day by 11am, they they will publish you pictures and disgrace you by sending derogatory messages to you contacts. I can tell you for free, you don't want to experience it. Those people are satanic 4 Likes 1 Share |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by ufotunang: 4:43pm On Nov 18, 2023 |
mascot87:...ok no problem....but they do not ask for ones BVN number during registration...just asking |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by linearity: 4:49pm On Nov 18, 2023 |
Map1: They can’t get your contact’s info and photo through BVN with which to embarrass you. The whole excess of my post is to save yourself from their embarrassment and not to avoid your responsibilities. |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by mascot87(m): 5:21pm On Nov 18, 2023 |
ufotunang: They do |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by Moniya4Real(m): 5:22pm On Nov 18, 2023 |
Hmmmm, that’s true though armadeo: |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by ufotunang: 5:24pm On Nov 18, 2023 |
mascot87:..ok giving them your BVN is risky...that means they can withdraw money anyhow in ones bank account if the person defaults in payment |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by nairalee(m): 5:39pm On Nov 18, 2023 |
allenpaul: You're the one that has subscribed for stupidity because if u read the story well u wouldn't be asking such nonsense. Point any of the two stories and tell me how it makes sense to u |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by mascot87(m): 6:07pm On Nov 18, 2023 |
ufotunang: No one can withdraw your money using your bvn. They ask for your bvn to verify your identity. They can withdraw your money if you bind your atm card and don't change the pin or even deactivate it |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by Gentlesoul2021(m): 6:08pm On Nov 18, 2023 |
buttlover: Lol. Did u end up to clear Ur debts.... |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by Gentlesoul2021(m): 6:12pm On Nov 18, 2023 |
MrBroke: Lol during my days of borrowing bfr I cleared Nd free from them, I do have my pictures on my gallery but didn't experience this apps blackmailing me through it.... |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by nedekid: 9:31pm On Nov 18, 2023 |
mascot87:So the intention is to take loans but not to pay back? When the initial loan companies eg paylater started years back, the current outrageous interest was not there. But as the true character of Nigerians started showing, the interest rates was jacked up along with a shorter repayment period. No more 9 months, 1year loans. Doubt if there is any 3 months loans available again. The reason is the high risk environment, ie the high default rate. The cost of handing them over to debt recovery firms to get their money. Furthermore the earlier companies declined while the brazen ones have adapted to the Nigerian reality. Nigerians think they are wise, but intimately it comes to harm them. Why don't they ask family and friends for loans. Why don't they go to traditional banks. Some give, except Zenith bank. Lol. My Zenith bank banking officer said lie lie, nothing like quick loans again, that they do not have power to chase anyone. |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by nedekid: 9:43pm On Nov 18, 2023 |
armadeo:Well said. Early this year, I need quick cash, all my banks said I run current accounts, some said because I have business account, another, that it is savings account they give and it must be salary account. Different stories. It lead me to one of the loan apps, an outrageous amount to pay as interest, guy, I declined. Do you know they called me that a loan was ready I should collect? I told them not to send any money to my account that I had already uinstalled their app. The next day I received call again. I do not take the money and I am alive and well today, debt free. In short I do not have "long throat" . I live within my means, I do not do pass myself. I save despite my responsibilities, so in rainy day, there is something to fall back on. This is also the problem with Nigeria, eg we buy 180m landcruisers for hundreds of law makers, while collecting loans we cannot pay. 3 Likes |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by ufotunang: 5:50am On Nov 19, 2023 |
mascot87:...ok no problem |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by sammy2007: 5:53am On Nov 19, 2023 |
[color=#006600][/color] My brother you are even lucky that he even have conscience, some will never pay you, even if they have the money, they will conclude in their mind that they will never ask you for money again, but you see that money they will never pay you. The easiest way to create enemy is to borrow money to some people. In other to have peace of mind, avoid borrowing, because this generation have short memory Nwanna2588: |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by buttlover(m): 6:32am On Nov 19, 2023 |
Gentlesoul2021:Shishi them no see |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by OwoukoUrua(m): 8:19am On Nov 19, 2023 |
GloriousGbola: |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by OwoukoUrua(m): 8:32am On Nov 19, 2023 |
emezuo17: Bros abeg you fit dey dash me money as you dey dash those loan apps? God go bless you |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by OwoukoUrua(m): 8:34am On Nov 19, 2023 |
allenpaul: Boss make I drop Aza? 🤲🏿🤲🏿 |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by tallfish145(m): 9:36am On Nov 19, 2023 |
DKM123:Keep quiet there. The fact that life never hit you hard to collect loans does not mean others can't when they don't have other means |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by DKM123: 9:39am On Nov 19, 2023 |
tallfish145: Tell your mama to keep quiet. Idiotic ph00l. Stewpid onigbese wey leave family and friends (cos you no dey credit worthy to dem) come dey go take #500 online loans despite warnings (yet you no fit still pay)....na you suppose to keep quiet. You no suppose dey talk where real men dey talk. Ewu Gambia! 1 Like |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by armadeo(m): 10:00am On Nov 19, 2023 |
ADAMUdaCOWBOY: I totally agree. They are thieves so why collect loans from them. That's my grouse here. I'm not supporting the loan apps I'm wondering why people collect those loans. |
Re: Digital Loan Sharks: Shaming, Recovery Techniques Pushing Nigerians To The Brink by ADAMUdaCOWBOY: 11:28am On Nov 19, 2023 |
armadeo:I have never borrowed money from them, infact I have never ever contemplated doing so, but that there are very large numbers of poor people in Nigeria is a fact. The West will never tolerate such ridiculous interest rates because they understand that the vulnerability of the poor can be exploited and that is how they manage to sanitise their society. You remember the kidney saga of Ekweremadu's daughter? You are not allowed to sell your kidney there because the rich can exploit the poor man's vulnerability if it is allowed. In Nigeria, you will typically hear people say did anyone force them to sell their kidney? That is exactly the same way you are thinking. That is the difference between them and us. While they are capable of identifying certain disgusting business ventures as exploitative and immoral, we think money can be made at all cost. That is why our young men and women are always running in droves to their countries because we have thrown away conscience and morals to the wind. |
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