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Nairaland Forum / Nairaland / General / Business / How Quick Loans Lure Workers, SMEs To Debt Traps (29972 Views)
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Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Nobody: 6:29am On Mar 14, 2021 |
79733139: When you download a loan app it demands access to your phone contacts. If you say no, it won't work 14 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by SKYHIGHfx: 6:30am On Mar 14, 2021 |
Loan is good if your have good business idea |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Nobody: 6:30am On Mar 14, 2021 |
megacity: Because they aren't banks who demand collateral before they can give you loan. 2 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Nobody: 6:31am On Mar 14, 2021 |
SEGLIZ: Sometimes one runs into an unexpected expense Thats why 3 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Kincaldb247: 6:32am On Mar 14, 2021 |
Check my signature if you need a quick loan ![]() 2 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Lexusgs430: 6:35am On Mar 14, 2021 |
Just call them what they are : Loan sharks....... ![]() Easy & convenient money, the moment you default, your financial world would come crumbling.............. ![]() |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Nobody: 6:35am On Mar 14, 2021 |
FatherCHRISTMAS: The interest is high because unlike banks who demand a collateral before giving you a loan, payday loan companies dont have that luxury. If you take a loan from a bank and don't pay, they sell or liquidate your collateral and get their money back. Payday loan companies rely on your word only. Also the app is tailored towards those who get regular salaries really and by extension have means of paying back as when due 2 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Lexusgs430: 6:36am On Mar 14, 2021 |
Godarz: So the trick is, use a phone with irrelevant contacts........... ![]() 8 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by IjeBos(m): 6:37am On Mar 14, 2021 |
5% per month? That's a 60% apr. I guess lending is risky in Nigeria, but those rates are atrocious. Need to get into that business. 5 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Nobody: 6:37am On Mar 14, 2021 |
Lexusgs430: Well they are loan sharks, but they always are upfront about their terms and conditions They always tell you that if you get means to pay then take their loans. If not don't pay |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by gfon(m): 6:38am On Mar 14, 2021 |
My eyes see shege for this matter 13 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Cutehector(m): 6:38am On Mar 14, 2021 |
Gaan preach this to buhari, the chief loan borrower ... |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Nobody: 6:39am On Mar 14, 2021 |
Lexusgs430: Or don't take a loan you can't pay back. 2 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by StandardBuilder(m): 6:41am On Mar 14, 2021 |
This loans help if taken by the right set of people, i.e someone with a functioning business, but some people take loan for party or just to get food. That is where the problem started . 7 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Nobody: 6:41am On Mar 14, 2021 |
Cutehector: True Though Nigeria takes loans because our major earner oil has never been at a price that earns sufficient revenue for our large population Which is why APC should develop ideas on how we can diversify our economy but no.. 4 Likes 1 Share |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by WowSweetGuy(m): 6:41am On Mar 14, 2021 |
Maxymilliano:omo those fools can embarrass for Africa I'm still battling with d criminal message they sent to all my contacts because i defaulted repay back of 2500 because of 2days late 12 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Lexusgs430: 6:42am On Mar 14, 2021 |
Godarz: Just like MMM too said, only invest spare change...... ![]() Desperate people never care about terms and conditions..... 1 Like |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Nobody: 6:44am On Mar 14, 2021 |
Lexusgs430: MMM was a clear fraud though. Desperation or no( and i have been desperate too) one should not take a loan he or she has no means of paying. |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Nobody: 6:44am On Mar 14, 2021 |
gfon: Your experience? 1 Like |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Lexusgs430: 6:44am On Mar 14, 2021 |
Godarz: When hunger wire pesin belle, ability to pay back, is not the most important thing....... ![]() 7 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Ameboperoo(m): 6:45am On Mar 14, 2021 |
79733139:The app will ask for access to your contact, sms, location etc. They would import all these to their end so if you delete the app, they already have it. What annoyed me most is the way their customer's service talk to people. Very very rude. And they send messages to your contact that Mr so so is a criminal bla bla. Imagine, your boss or in-law received such message. I pray I never have reasons to take such loan again The worst of the apps are some fraudulent ones that will ask for your atm details and debit you, but will not give you loan. They will now refer you to other loan apps. That is outright fraud. I have reported some to google. 14 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Nobody: 6:45am On Mar 14, 2021 |
Lexusgs430: I know now, but sometimes e beta just let hunger wire persin till alat comes in. |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Eillyeillz(m): 6:45am On Mar 14, 2021 |
If it so happens that I'm able to pay off the loan I took with fairmoney, I'm done......Yes they are(Fairmoney) are really understanding and patient but no more loans for me, was never one to borrow, until last year happened. Honestly they are no Good (Quick Loan Apps)helps you cultivate an unhealthy borrow habit. 8 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Lexusgs430: 6:46am On Mar 14, 2021 |
Godarz: Nigeria nko...... We are taking loans, we can never pay back...... Down the line, they start looking for loan amnesty......... ![]() 5 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by DonBenny77(m): 6:47am On Mar 14, 2021 |
Sokoloan sha 2 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by thatigboman: 6:47am On Mar 14, 2021 |
FatherCHRISTMAS:are u serìous? How do they get of numbers of your family and colleagues? |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Nobody: 6:47am On Mar 14, 2021 |
Lexusgs430: Naijas issue is that we don't want to be like china and japan Selling goods whose prices we can control. That's the difference between borrowers and lenders |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Lexusgs430: 6:48am On Mar 14, 2021 |
Godarz: This people are not expecting Alat from anywhere....... Abi spirit dey give Alat........ ![]() 1 Like |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by DappaD: 6:48am On Mar 14, 2021 |
The borrower is indeed a slave to the lender ~ inspired proverb. 1 Like |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Nobody: 6:48am On Mar 14, 2021 |
thatigboman: When you download the loan app it asks for access to your phone including contacts If you say no, the app won't work |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Eillyeillz(m): 6:50am On Mar 14, 2021 |
Ameboperoo: Fairmoney is a bit nice with the way their talk to you when you default on payment. But that doesn't mean I'll advice anyone to go borrowing, as they are all traps.....you borrow with a very calculated plan to pay back.....and for some Strange reason you'd be unable to make payment 1 Like |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by thatigboman: 6:51am On Mar 14, 2021 |
Godarz:wow 1 Like |
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