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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 WowSweetGuy(m): 6:51am On Mar 14, 2021 |
Ameboperoo: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 6 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Nobody: 6:51am On Mar 14, 2021 |
Lexusgs430: 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. ) |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Ameboperoo(m): 6:52am On Mar 14, 2021 |
IjeBos: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. 3 Likes 1 Share |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Nobody: 6:52am On Mar 14, 2021 |
thatigboman: Yes they are that intrusive. |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by uchelouis45(m): 6:54am On Mar 14, 2021 |
79733139:They ask for details including BVN 1 Like |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by DrFunmisticGlow: 6:54am On Mar 14, 2021 |
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 10 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Nobody: 6:55am On Mar 14, 2021 |
IjeBos: 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. 1 Like 1 Share |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Obalowe(m): 6:56am On Mar 14, 2021 |
79733139: 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. 1 Like |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Funkeshuga(m): 6:57am On Mar 14, 2021 |
Maxymilliano: 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 9 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Lexusgs430: 6:58am On Mar 14, 2021 |
Godarz: Give them your employer kpere, fear go catch you to default.......... ![]() |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by nsiba: 6:58am On Mar 14, 2021 |
karzyharsky:. Federal Government that is owing contractors Workers, Teachers that are being owed by the FG nko Tarnish koor, tarnish nii 5 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Lexusgs430: 6:59am On Mar 14, 2021 |
Funkeshuga: They are simply dancing soko, around their customers......... ![]() |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by seborrhic: 7:00am On Mar 14, 2021 |
valarinz: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. 10 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by nsiba: 7:00am On Mar 14, 2021 |
Funkeshuga:. Stay which away I go chop their loan highly dem go bad mouth me, shey Government no de owe people |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by wyqay: 7:01am On Mar 14, 2021 |
quick loan @ quick death |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by omonla10(m): 7:01am On Mar 14, 2021 |
There's nothing like sterling Bank loan.. U can collect 2m without collateral and ur paying around 300k as interest over 1year.. 1 Like |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Funkeshuga(m): 7:08am On Mar 14, 2021 |
nsiba: 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 |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by SEGLIZ: 7:09am On Mar 14, 2021 |
Godarz: 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. 1 Like |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by sylve11: 7:23am On Mar 14, 2021 |
karzyharsky: This is very bad................ ![]() ![]() |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by sylve11: 7:23am On Mar 14, 2021 |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by authority2006(m): 7:24am On Mar 14, 2021 |
slawormiir: May be you are referring to borrowing for consumption but not borrowing for investment 4 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by authority2006(m): 7:27am On Mar 14, 2021 |
SEGLIZ: 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. 2 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Nobody: 7:29am On Mar 14, 2021 |
Godarz:Why would anyone give loan to anyone without having their contact. 2 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by oluwaseyi0: 7:30am On Mar 14, 2021 |
79733139: 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 1 Like |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Yippeedaniel(m): 7:30am On Mar 14, 2021 |
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. 17 Likes 1 Share |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by obonujoker(m): 7:32am On Mar 14, 2021 |
Eillyeillz: Bro.... That last year really happened... Many had no choice ![]() |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by SEGLIZ: 7:33am On Mar 14, 2021 |
authority2006: 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. |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by seunlayi(m): 7:34am On Mar 14, 2021 |
Ok |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by sylve11: 7:35am On Mar 14, 2021 |
Godarz: my friend stop this nonsense talk. I know you are one of them loan agents. ![]() ![]() 5 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by obonujoker(m): 7:37am On Mar 14, 2021 |
omonla10: How?? Details?? |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by SEGLIZ: 7:37am On Mar 14, 2021 |
authority2006: 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. 1 Like 1 Share |
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