I am a banker and a credit officer......
Though nothing will happen to you, no body will arrest you or disturbed, they will only percified you to pay back. But if you are the type that want to grow in future and want to access facilities, i will advice you to pay and always pay at stipulated date... because, your record on credit bureau will be flag.. Meaning no bank can grant you facilities, no standard or reputable organization can do business partnership with you again, even it can affect you in traveling process.... it's will always show that you have bad credit...

People don't know that trust is capital. Businesses have a hard time getting funds for their ideas because of financial institutions don't trust Nigerians. Now you have companies taking a gamble, and we can think of is how to cheat this system. This is really sad.
If you don't have the intention of repaying, don't borrow. It's that simple. Cheating the system doesn't make you smart, it makes you a cheat, and a cheap one at that.

UnknownT:
Nothing actually. A situation where you have zero naira in all your bank accounts, using your BVN wont even work, they will just be calling your contacts telling them that you owe them debt, which is not fair on them. They cant even arrest their debtors because "where dem wan see d person arrest"

It means you will be saving money on piggy box for life then cuz a person is only assigned one BVN irrespective of whether you operate 4 bank accounts.

Does it mean you will never make money for life to save in the bank? In the advance countries, things like this will hugely affect one cuz they operate a credit card system. No company will ever grant you credit card if one is fond of not paying back. And trust me, without that, such person life will be terrible.

Nothing

dominique:
As long as you submitted your BVN, any account linked to that BVN will be debited with heavy fines as penalty.

You people will just be spewing out ignorance with Confidence..Babe no vex abeg, na nonsense you write. If you don't know, say you don't know.

oshiokpu:


You people will just be spewing out ignorance with Confidence..Babe no vex abeg, na nonsense you write. If you don't know, say you don't know.

You want Dominique to ban you shey?

NaijaDonCast:
First of all they have your BVN, most times they have the 4 last digit on your ATM, they can decide to shortlist your name from your BVN on any platform that strictly is against banking fraud, the can still use your BVN to trace your other bank transaction with other commercial banks, but at times the CBN 3RD PARTY RIGHT might not favour them if the loan app is not a reputable loan organization thereby not giving them any right to exploiting your other accts

U must be a banker

Edoziesmart:


Me I'm putting money into my bank account. Even ₦2M entered my bank as of 29 December base on btc transaction and nothing happen to the money till I transfer it out.

Kwikmoney their papa

unbelievable, so how do these people get back their money frontier people that refused to pay

ENG0701:
People don't know that trust is capital. Businesses have a hard time getting funds for their ideas because of financial institutions don't trust Nigerians. Now you have companies taking a gamble, and we can think of is how to cheat this system. This is really sad.
If you don't have the intention of repaying, don't borrow. It's that simple. Cheating the system doesn't make you smart, it makes you a cheat, and a cheap one at that.

We will pay our debt at the appropriate time.
Country is hard now

toniblacman:
Well...sometime in April last year, my man...I took a chikini loan from this app, I used to get loans from the company, for about four occasion, but this last one con get as e be... this money refused to show up when I suppose pay back based on as area just be. Then I started getting notifications on notifications every gaddem days....later notifications turned to threats of being blacklisted my man ..e reach one time na calls dem con dey gimme to know why I never pay up judging by my record with dem. To cut long story short sha after weeks wey man no even see dis tin arrange dem confirm the threats. Now I no go fit say I wan obtain any loan from any company offering similar service unless I pay that money up and dem remove my information from that blacklisted zone. But wetin con surprise me pas be say ... nothing do me.

Bros how long maximum the loan can go?

A friend took a loan from one sokoloan company
I think he defaulted by 2 or 3 days then the next thing dem send me text say make i tell am to pay or dem go arrest am(or something along that line )

lastchild:
unbelievable, so how do these people get back their money frontier people that refused to pay

No way they will get their money back if defaulter like me refuse to pay back.
Rather it will affect the defaulter credit score. Which will make it difficult to apply for any future loan in any company in Nigeria. Both online and offline.

And the person won't have access to apply for credit card in future, if Nigeria decided to start issuing credit card to eligible people.

I will pay my own back though, but not now.

pwansunriseteam:
Who have information about a loan company that can give up to 2m without any collateral. O want to go and confirm something in Canada

Bad man

pwansunriseteam:
Who have information about a loan company that can give up to 2m without any collateral. O want to go and confirm something in Canada

shee 2m dey enough for Canada processing ni ?

UDOKABESTLUV:
Hello, My Fellow Nairalander, What Will happen to the person, if he/she fail to pay Loan he/she borrowed From Loan App Company Because Of One Reason Or The Other.
I Need To Hear From You Guys!

How do one go about it, as in... The process and criteria.

oshiokpu:


You people will just be spewing out ignorance with Confidence..Babe no vex abeg, na nonsense you write. If you don't know, say you don't know.

Read and digest the bolded below. Its a long procedure but if those loan people flag your BVN and report you to CBN and one board like that, they'll deduct your money plus more interest than agreed and nothing will happen. Maybe they don't do that to all defaulters but a handful will still be used as scapegoats. It's better not to apply for loan if you don't have any plans or means of repayment

Mufasa2010:
Op pls don't get loan that you can't repay, those loan guys will surely get back at you.

Sometimes last year I apply for a loan from one of the loan app ,I couldn't meet up with the deadline to repay, could you believe that they removed there money wihen a certain amount came into my account without my constent.
Those guys are money shark just be careful,apply for for what you can repay.

God bless us all

They will always get their money back, that is the importance of your bvn, they will have to look through all the accounts in different banks linked to your bvn and auto deduct their money, once any money enters any of the account.

UDOKABESTLUV:

Oga I need more comment please on this post.

Definitely you don't want to pay the money you borrowed.........too bad bro

Remember they have your BVN. They will find you.

lastchild:
unbelievable, so how do these people get back their money frontier people that refused to pay

Most loan companies pay heavily for insurance premiums to cover for bad loans. That is why interest rates are high most times. Most times, bad debts are recovered through insurance companies

Why should you borrow money and not pay back?
Some of you just borrow money and expect someone to just forget about the whole stuff. You guys should stop making things difficult in this country.

UDOKABESTLUV:
Hello, My Fellow Nairalander, What Will happen to the person, if he/she fail to pay Loan he/she borrowed From Loan App Company Because Of One Reason Or The Other.
I Need To Hear From You Guys!

You're criminal minded.

If you don't have the means now, give them a call to restructure the loan.

From all indications, you don't have the intention to pay back. Well, I've got good news for you. Karma is a bitch

Neduzze5:


How much did you borrow from that nonsense Branch that you were unable to pay back sef? Branch that finds it hard to give out better money.

@OP, basically there is what we call Credit Reports which is currently been handled and overseen by Credit Bureaus. It's like what we have in advanced countries.

Where you are unable to repay your loan on time, most loan companies give you a lifeline of one month or less.

After that, your BVN, the amount you owe and other details are sent to the Credit Bureaus who then upload it to your report.

It starts to count against you and you may become unable to access loans both from banks and other loan apps until you repay your debt.

As such, always ensure to pay your loans on time. Take loans from better loan companies that give you longer periods of repayment like Carbon, etc.

it happened to me to. I use my salary account collected 100,000 from access bank and the bank refused to deduct the loan up till now. I went to their office to complain, they said they can't collect the money from me unless they deduct it directly from my salary account. I email the bank and nothing was done. How can I pay them?

Drakkernoir:


Can u imagine charging 8,400 for a loan of 5,000 in 10 days

Totally crazy....

That's daylight robbery

that is what they charge and if you default one day they will treathen and abuse you becuase they have stolen your personal data through GPS, if you have sokoloan app on your phone delete it inmediately

Influential101:
Didn't you agree to their terms and conditions ?

terms and condition of stealing your personal data? where was it written

PremiumTrends:
They don't have that right at all to debit your other bank accounts, CBN didn't even give banks the right to do so. It is still on the pipeline.

CBN has given banks the right to do so. Sometime last year.

.

Nigerians go sha want to bastardize everything

please help me, i have the same problem, sometime last year my friend collect me a loan of 5k which he stated that is a trader moni by pmb buhari, last last i discover is a loan from rapidcash which at that time i don,t have money to repay my loan later i got the 5k to pay the loan but to my suprice they deduct 9k from my friend account, also they deduct 14k from other account, this put me in fear up to now i never pay they loan, but rapidcash stop sending me message, how should i go about it.

simplex2:


Most loan companies pay heavily for insurance premiums to cover for bad loans. That is why interest rates are high most times. Most times, bad debts are recovered through insurance companies

great information

walex2:
SOKOLOAN has negative report already we are working to remove them from Google play store they operate as touts

Please how can they be removes from playstore? I want to champion that process

Alexmecury4:


So how do they get your contacts?

They get it the moment you installed their apps and give them permission to your contacts, call log, calender and SMS. Remember that yes you clicked?

oshiokpu:


You people will just be spewing out ignorance with Confidence..Babe no vex abeg, na nonsense you write. If you don't know, say you don't know.

She didnt spew any rubbish. Cbn has given financial institutions the right to do so.