FCCPC Vows To Clamp Down On Loan Apps Harassing Customers - Business

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FCCPC Vows To Clamp Down On Loan Apps Harassing Customers - Business - Nairaland

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FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by dre11(m): 1:07pm On May 05

The Federal Competition and Consumer Protection Commission says it will begin the process of blocking loan apps that harass their customers.

Many Nigerians have complained about the harassment they are subjected to by these loan sharks

However, the commission’s acting chairman, Adamu Abdullahi, said the agency has begun to address the issue.

”It would soon be history in the country that online platforms that many people know as loan sharks, where some Nigerians access money quickly to solve urgent issues,” Abdullahi told the BBC

Recall that in March, the Nigeria Data Protection Commission said it was investigating over 400 cases of privacy breaches involving online loan apps.

It noted that investigations have revealed that “loan apps are overly intrusive.”

NDPC is also seeking a ban or restriction on mobile numbers found to have been used by lenders to breach the privacy of their customers.

“They generally violate the principles of data protection and privacy because they have access to contacts, pictures, messages, etc. of data subjects,” the commission stated.

https://punchng.com/fccpc-vows-to-clamp-down-on-loan-apps-harassing-customers/?amp

12 Likes 1 Share

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by helinues: 1:11pm On May 05

The borrowers should also pay their loans.
Reasonable of both the loan apps and the borrowers are actually wicked

84 Likes 3 Shares

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by dominique(f): 1:23pm On May 05

They also need to facilitate a means loans can be repaid without having to repeatedly request repayment from borrowers. Like debiting the money from any account linked with the borrower's BVN when the loan is overdue.

26 Likes 4 Shares

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by parkervero(m): 2:04pm On May 05

I experiment something with fairmoney.

I tried to borrow 10k from them to pay almost 14k in two weeks.

I tried to fix savings 10k only to get less than 1k in 6 months.

This means that when you borrow from them they charge you with
higher interest rate when you save with them they pay very small interest rate on the same amount.

All loan apps are criminal.

The best thing is to stay away from them.

145 Likes 12 Shares

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by ecolime(m): 2:21pm On May 05

Enough of all these vows.

Just do your job and STFU.

BTW, if you borrow money without a means to repay or have the intention of paying, then you are not just a wicked thief but a mad man. If everybody behaves like you, how will the company be able to stay in business?

23 Likes 3 Shares

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by Dagger111(m): 2:22pm On May 05

Wicked loan sharks

86 Likes 1 Share

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by SlavaUkraini: 2:24pm On May 05

Do all you can to avoid Borrowing...

You don't want to become someone's servant..

7 Likes 2 Shares

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by Angelfrost(m): 2:24pm On May 05

You people are always promising and vowing... But never delivering.

14 Likes 1 Share

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by nairalanda1(m): 2:25pm On May 05

parkervero:
I experiment something with fairmoney.

I tried to borrow 10k from them to pay almost 14k in two weeks.

I tried to fix savings 10k only to get less than 1k in 6 months.

All loan apps are criminal.

The best thing is to stay away from them.

The reason why the loan apps have such criminal levels of interest is because they are not banks, that can demand collateral.

When you take a loan from a bank, bank will ask for collateral, which if you fail to pay back the loan, bank sells collateral

Most loan apps don't have that advantage, hence the high interest.

It's criminal, yes, but it is also a way of telling potential borrowers...see o, if you want to patronise us, make you have the money to pay o.

55 Likes 1 Share

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by AOB1: 2:25pm On May 05

Okay

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by nairalanda1(m): 2:26pm On May 05

helinues:
The borrowers should also pay their loans.
Reasonable of both the loan app and the borrowers are actually wicked

Exactly

Eventually,someone would have to take the risk and set up a loan app with very low interest and flexible repay....not sure how it would work tho.

53 Likes

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by Authoreety: 2:28pm On May 05

guys pay up

3 Likes

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by AfroBeatDiary: 2:28pm On May 05

Nice nice, fairmoney will hear word this time.

2 Likes 1 Share

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by Akfrenzy(m): 2:28pm On May 05

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by Goodlady(f): 2:30pm On May 05

Yes wound dem.
Some of them post obituaries of defaulters. If they truly died who ll pay the money?
The country has allowed too much anomalies from loan sharks.
Onye nzunzu territory!
Loan apps need deliverance from this pastor.
Loan sharks are like this madman and CBN should be violent like this Pastor. Rip them apart, tear their blokkos.

8 Likes 2 Shares

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by Chisave: 2:30pm On May 05

FCCPC should stop too much talk and start acting jaree. What stops them from blocking their website the way Buhari's Govt. did to twitter and the way they blocked that website that imitated Airpeace to scam people. Till tomorrow some loan apps are still running sponsored ads om Facebook and Instagram.

MEANWHILE

If an average Nigerian has not owed you b4, you will not understand why these guys use this approach to recover their debt.

Someone will come and meet you to lend him 10k till weekend meanwhile, there is no certain way he is expecting money that weekend.

Someone will be oweing you 2k, be posting you whwreas he spends such amount everyday.

Someone will be oweing you and openly tell you to go to police that he will tell police how much he can be paying per week whereas this person worth far above that.

Averagely if you leend 20 people money in Nigeria, only 4 will pay back without you reminding them, 10 will not even want you to talk about it at all. 6 will keep given unnecessary excuse even when they have it. Some will even fight you.

7 Likes

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by Goodlady(f): 2:31pm On May 05

Chisave:
Bdb

You should be arrested for failing to comment!

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by bamsz: 2:31pm On May 05

Anytime this kind of story makes it to the news, just know nothing will be done. If you are doing your job, you should report the statistics of how many culprit has been arrested not what you plan to do.

3 Likes

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by Davehasmadeit(m): 2:32pm On May 05

They should ban loan apps totally. Nigerians have been surviving before they came

10 Likes

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by 99thEnemy(m): 2:33pm On May 05

Goodlady:
Yes wound dem.
Some of them post obituaries of defaulters. If they truly died who ll pay the money?
The country has allowed too much anomalies from loan sharks.
Onye nzunzu territory!
Loan apps need deliverance from this pastor.

You must have really been victimized by those people grin

2 Likes 1 Share

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by Goodlady(f): 2:37pm On May 05

99thEnemy:

You must have really been victimized by those people

How do I locate you and slap you for calling me a debtor?
How do I charge you for assault, internet battery, defamation of character, character assassination & perjury?
Do you prefer if dog bite your left yansh or make Keke napep jam you for mouth?
Or make you get deliverance from the pastor below?
Or you ll be charged to court & face a likely 6 months jail term with option of N500 akara bread?
Choose one!

2 Likes 1 Share

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by Richnero99: 2:38pm On May 05

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by luluman: 2:39pm On May 05

helinues:
The borrowers should also pay their loans.
Reasonable of both the loan app and the borrowers are actually wicked

Is that why the the loan givers should call any contact found to report those who borrow & cannot pay?

3 Likes 1 Share

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by Lexusgs430: 2:39pm On May 05

It's simple...... Payback the money you collected......

When you collected the money, you're fully aware of all the terms of the loan ........

Even those you give money with 0% interest, they would still refuse to payback......

2 Likes

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by ALLNIGERIANSMAD(m): 2:40pm On May 05

helinues:
The borrowers should also pay their loans.
Reasonable of both the loan app and the borrowers are actually wicked

he no go ever better for anybody who pay loan shark, you give loan to someone who needs help, you give #20k, and you want to collect #35k in just 7days. Are you ok. Who wicked pass

22 Likes 3 Shares

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by INTEGRITYA1(m): 2:40pm On May 05

Apart from them harassing those who borrowed and not paying, they will go to the borrowers contacts and begin to pick up their contacts numbers and begin to threaten them as well.

My own personal experience about two weeks ago, I received a call that someone used me as Guarantors when he borrowed and he's yet to pay up, the caller mentioned the name which he's on my contact anyway.

I let her (the caller) realized I am not a party to whatever loan or whatever deal they are having, she insisted I must call the person and tell him to pay up or better still I should pay the remaining balance or else she will not let me be.

At that point I told her she should get away and I dropped the call.

Instantly she call with another number and she was telling me she will not let my line rest until I persuade the guy to pay up. I dropped the call again and I blacklisted it with the first line she called with

Then she call me with another line again and told me that there are several numbers they can use to call and callers readily available to keep calling me. In fact I decided not to dropped the call, I just left the phone on my bed without saying anything, she don't care the credit was running as well and after about 10 minutes, i put the call on hold and that's when she dropped the call from her end.

She call again for up to about 8 lines and I kept putting it on hold without cutting myself, at a time she was tired and didn't call again ever since.

I let her understand I'm not a party to the loan in whatever form and you want to persuade me to get to the borrower and I said NO.

7 Likes 1 Share

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by 99thEnemy(m): 2:42pm On May 05

Goodlady:

How do I locate you and slap you for calling me a debtor?
How do I charge you for assault, internet battery, defamation of character, character assassination & perjury?
Do you prefer if dog bite your left yansh or make Keke napep jam you for mouth?
Or you ll be charged to court & face

With your mention of the word left nyash it is obvious you and Boogyman557 have become a thing . grin

Congratulations to you. grin

If you do your duty well, he will rest from that Ashawo house he always frequents. grin

2 Likes

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by Sonnobax15(m): 2:43pm On May 05

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by Goodlady(f): 2:44pm On May 05

99thEnemy:

With your mention of the word left nyash it is obvious you and Boogyman557 have become a thing .

Congratulations to you.

If you do your duty well, he will rest from that Ashawo house he always frequents.

You can be prosecuted for annoying me.
If I sneeze from this laughter, I ll arrest you from Abuja or Kano or Potakurt!

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by 99thEnemy(m): 2:46pm On May 05

Goodlady:

You can be prosecuted for annoying me.
If I sneeze from this laughter, I ll arrest you from Abuja or Kano or Potakurt!

Congratulations once again grin

3 groundnuts from boogyman557 ‘s old Kala in the air. grin

2 Likes

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by richiemcgold: 2:48pm On May 05

They should be banned once and for all.
Whoever needs loan should approach commercial banks.

Kobicove:
Which commercial bank will give you people a loan of 10K?

Microfinance banks

nairalanda1:

I think Polaris and GTB have something similar to today's loan apps.

3 Likes

Re: FCCPC Vows To Clamp Down On Loan Apps Harassing Customers by cnonyechi(f): 2:50pm On May 05

helinues:
The borrowers should also pay their loans.
Reasonable of both the loan app and the borrowers are actually wicked

I actually took a loan just to experience people's complaints. Guess what 2days to d expiration I was called up to 20 times and told to pay the loan, a 7 days loan with over 10k interest on it oo, I told the rep that I will pay when it expires, but guess wat? She said if I don't pay immediately even God will pity me, cos of wat dey will do to me, dat a dead corpse will be better than her not me. So u see its crazy Dey need to ban them totally

12 Likes 3 Shares

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