Ameboperoo:

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

please after sending these kind of stupid messages and destroying things for someone. Is the person still suppose to repay? Because this is exactly what I'm battling now with my contacts calling me up and down plus my boss...How can they call me a criminal and destroy my image over 2500naira delayed 2days on a 1week loan. 9credit is d mad loan app

Lexusgs430:



This people are not expecting Alat from anywhere....... Abi spirit dey give Alat........

The loan app is not designed for such people sadly.

(Sokoloan denied me loan because they thought i didn't have a regular salary, the jokers)

They are designed for regular salary earners ( Quickcheck even asks for your employer contact as part of registration. )

IjeBos:
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.

Sir, the least is more than that. They just disguise what is called interest will be low but the administration change will be so high and some remove from the loan they're giving you. If you add this, together with the short duration of the loans, you pay at least double of your loan amount in a month.

thatigboman:
wow

Yes they are that intrusive.

79733139:
How do they get borrowers' phone contacts?

They ask for details including BVN

Back then as a student, i took a 3k loan from the app Carbon by one finance and my phone was stolen the day after.

I didn't get an android phone until a year later.

One day i needed money to pay for school stuff, union bank was messing up big time and was telling me about a loan. Saying that they weere ready to give me.
They later said that I couldn't access the loan because my credit score was poor and had a warning that I was a debtor. I could not for the life of me remember taking a loan from anybody and defaulting. The banker finally helped me out and asked if had used loan from all these apps

The painful thing was that ONE finance didn't have A PHYSICAL ADDRESS. No matter how hard I searched
So I had to reinstall carbon to call thier customer care who later said that there was nothing on my record.


Since then, i vowed never to patronize loan apps no matter how desperate i was.

Any app that doesn't tell you thier parent company's physical address is shady, that is all of them.


Another story was of a friend of mine who likes using these apps, borrowed like 18k, they called him to remind him to pay and his repayment amount was 33k or so, it was ridiculously steep. He told them he won't pay the full amount because of the high interest rate and negotiated a price with them. He paid them the said amount. Only for them to deduct the original repayment amount again on his account. i.e he was debited twice.

The guy that called him about the loan posted him for 3 months. He had to threaten legal action and some other things before he got the money back.

LOAN APPS ARE NOT WORTH IT, HE WHO GOES A BORROWING GOES A SORROWING

IjeBos:
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.

It is because unlike banks they dont demand collateral for their loans.

The high lending rate ia because the business is very very risky. Unlike banks who will sell the collateral to get their loan money back these loan app companies dont have that advantage.

They need to make a profit and still be able to meet obligations like staff salaries, etc.

79733139:
How do they get borrowers' phone contacts?

You must give them access to your contacts during loan processing, my advise is that those who have the mind of not paying back should not take loan from these guys.

There messages aren't too good, it's not a crime to borrow but it's advisable not to borrow for frivolity.

Maxymilliano:


Sokoloan customers, una dey hear ?

I beg all those reading this please stay away from Sokoloan app if you must lend short term loan


Sokoloan is evil, Devil, mischievous, can shorten life span. if you love your peace stay away from Sokoloan

Godarz:


The loan app is not designed for such people sadly.

(Sokoloan denied me loan because they thought i didn't have a regular salary, the jokers)

They are designed for regular salary earners ( Quickcheck even asks for your employer contact as part of registration. )

Give them your employer kpere, fear go catch you to default..........

karzyharsky:
They like to threaten guarantor with this kind of message

Good day, this is in regard of Abu with phone number 0702725263740 who has failed to pay back the loan he took from US, kindly reach and urge him to make payment to avoid us taking LEGAL ACTIONS against him, IF WE DONT GET the PAYMENT BEFORE 5PM TODAY,HIS PICTURE WILL DISPLAY ON ALL SOCIAL MEDIA AS A FRUADSTER AND HE SHOULD GET A GOOD LAWYER THAT CAN DEFEND HIS FRAUDULENT ACT. Finally, be informed that you are one of HIS EMERGENCY CONTACT, we have your information, you can as well tell him to exclude you if you do not know about this loan.

.

Federal Government that is owing contractors
Workers, Teachers that are being owed by the FG nko

Tarnish koor, tarnish nii

Funkeshuga:




I beg all those reading this please stay away from Sokoloan app if you must lend short term loan


Sokoloan is evil, Devil, mischievous, can shorten life span. if you love your peace stay away from Sokoloan

They are simply dancing soko, around their customers.........

valarinz:
This article is a subtle advert for the loan companies

Brilliant!
The typical lazy Nigerian journalist.In the story I was reading to find out experiences of how the loan has really put some Nigerians in trouble as stated in the headline,with real life examples of those that have gone into mental depression,have lost assets and businesses collapsed due to inability to repay,etc.But all they ended up doing is just advertising almost all the quick loan companies with some elementary analysis of loans.
Little wonder there seems not much difference these days between blogs and some Nigerian newspapers.

Funkeshuga:




I beg all those reading this please stay away from Sokoloan app if you must lend short term loan


Sokoloan is evil, Devil, mischievous, can shorten life span. if you love your peace stay away from Sokoloan

.

Stay which away I go chop their loan highly dem go bad mouth me, shey Government no de owe people

quick loan @ quick death

There's nothing like sterling Bank loan.. U can collect 2m without collateral and ur paying around 300k as interest over 1year..

nsiba:
.

Stay which away I go chop their loan highly dem go bad mouth me, shey Government no de owe people

they where sending terrible text to a friend contact all because he defaulted 2days after reaching out to them


like calling him a criminal, and we should report him to police. I've to put a call through, he was so embarrassed


how much is this money he said 16k but they collected 23,947. those evil, I've to send him 15k immediately and beg him to find means for the rest and save himself for the embarrassment

Godarz:


Sometimes one runs into an unexpected expense

Thats why

well what else can I say?
I don't want to be diabolical but permit me to this money is devilish. it's no live saver in its entirety.
you need to see the devastating effect on people. though some do well with it (unarguably 5%, even if up to that). during payment and after it is always devastating.
I have case at hand, a woman who's my wife adopted elder sister, she does sell pepper and was doing well but now hardly does she goods for sale.
very early a certain morning barely a now she rush down to my wife for a loan of three thousand naira, unfortunately she not been to pay back. this how this useless loan turn almost them all.
another case was when I was with a private school, the woman selling grocery the pupils was very good friend of mine, same way I loaned her around ten thousand though she paid up but in bit. I can't tell if finished the repayment, how much do I earn that I could be loans a business woman. the bottom line here is the effect of the loan on her life made pray never to fall victim.
it goes as far as bringing the humiliation in the society, you never knew when the agreement for the loan was being signed but t he entire world would know it's time for the weekly repayments.

karzyharsky:
They like to threaten guarantor with this kind of message

Good day, this is in regard of Abu with phone number 0702725263740 who has failed to pay back the loan he took from US, kindly reach and urge him to make payment to avoid us taking LEGAL ACTIONS against him, IF WE DONT GET the PAYMENT BEFORE 5PM TODAY,HIS PICTURE WILL DISPLAY ON ALL SOCIAL MEDIA AS A FRUADSTER AND HE SHOULD GET A GOOD LAWYER THAT CAN DEFEND HIS FRAUDULENT ACT. Finally, be informed that you are one of HIS EMERGENCY CONTACT, we have your information, you can as well tell him to exclude you if you do not know about this loan.

This is very bad................

bamasite2:
My article on this is coming

please quote me when you are done.

slawormiir:
Damnnn niggarrrr
Isoright ....

Am not a fan of quick loan....I hate borrowing..

I always heed to my grandfather's advice...which states that .....son.....always prepare for the worse and hope for the best....

Borrowing leads to poverty- tea
May we drink all type of tea in this life except pover-TEA

May be you are referring to borrowing for consumption but not borrowing for investment

SEGLIZ:
I keep wondering why people go for this loan, it beats my understanding and imagination!?
from my observation greed is all I see in person going for this quick loan popularly called lapo.

Lapo is a micro finance bank and loans from micro finance banks are not quick loans but short term loans from 6 to 12 months. And you have to be a member/customer for some time first.

Godarz:


When you download a loan app it demands access to your phone contacts.

If you say no, it won't work

Why would anyone give loan to anyone without having their contact.

79733139:
How do they get borrowers' phone contacts?

When installing the app ask for permission to access your contact, most app ask for access for different things ranging from camera, contacts, location, gps etc

But loan shark app after accessing your contact, copy it and saved all your contacts on their database, from there they can send them unsolicited message on your behalf

The way to avoid this is to use a phone that has no contact to register the app, no contact on phone no contact on sim
but this is hard because you can buy new phone new SIM because of loan, you don't even have money that's why you want to borrow in the first place

I borrowed from then I total of 60k , time's got hard and business went bad and I couldn't pay back within the due dates . Na so em call my lines,call all my contacts after a months+ I ended up paying 140+ . I washed my hand commot for anything loan ..my advice to young Kings 'never take a loan,if time get hard and there's no way out. Don't panic. Stay broke.that phase Will surely pass.

Eillyeillz:
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.

Bro.... That last year really happened... Many had no choice ....

authority2006:


May be you are referring to borrowing for consumption but not borrowing for investment

sir it seems you don't know or understand this loan we are debating here? it's not even a soft loan na quick loan, sharp sharp loan, it is generally know as LAPO in my environment, though there different schemes that has the same modus operandi.

Ok

Godarz:


It is because unlike banks they dont demand collateral for their loans.

The high lending rate ia because the business is very very risky. Unlike banks who will sell the collateral to get their loan money back these loan app companies dont have that advantage.

They need to make a profit and still be able to meet obligations like staff salaries, etc.

my friend stop this nonsense talk. I know you are one of them loan agents.

omonla10:
There's nothing like sterling Bank loan.. U can collect 2m without collateral and ur paying around 300k as interest over 1year..

How?? Details??

authority2006:


Lapo is a micro finance bank and loans from micro finance banks are not quick loans but short term loans from 6 to 12 months. And you have to be a member/customer for some time first.

yeah thanks, I knew this was basically for the online and other platforms, I just have to group LAPO because of the same devastating effect it does bring even worse than the one being treated on this thread.