Stats: 3,189,485 members, 7,937,419 topics. Date: Monday, 02 September 2024 at 02:00 AM |
Nairaland Forum / Nairaland / General / Business / How Quick Loans Lure Workers, SMEs To Debt Traps (29978 Views)
Payhippo Raises $3 Million In Seed Funding To Extend Quick Loans To SMEs / Financial Difficulty/health Problems Isn't A Legal Defence To Debt Owed In Dubai / When Should You Hire A Lawyer For Cases Related To Debt Collection? (2) (3) (4)
(1) (2) (3) (4) (5) (6) (7) (Reply) (Go Down)
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by MrFollowFollow(m): 1:07pm On Mar 14, 2021 |
harjay1986: You're friend is not cunny, he is dishonest. Nigerians deserve the terrible country we have! 2 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by membranus: 1:08pm On Mar 14, 2021 |
FatherCHRISTMAS: How do they have access to all your contacts? |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Everest9(m): 1:19pm On Mar 14, 2021 |
MrFollowFollow: I don't encourage anyone not to pay his or her loan but no matter what people's reputation worth millions and billions. You can't go that far for 2500. 3 Likes 1 Share |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by solonazzy: 1:21pm On Mar 14, 2021 |
slawormiir:loans don't lead to poverty if you invest wisely... The likes of dangote, otedola etc take loans to finance their biz.... Dnt b so myopic... In Nigeria, ppl take loans for d wrong reasons... Some even go ahead to fake a very good biz idea... Only to use loan to sponsor wedding party or buy one luxury.. 1 Like |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by bepositive11: 1:29pm On Mar 14, 2021 |
. |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by WowSweetGuy(m): 1:54pm On Mar 14, 2021 |
Everest9:Thankyou Very much. There should be other ways with all the information They have about the person. I'm a victim and I'm very depressed about this and all my biz contacts |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Nobody: 2:05pm On Mar 14, 2021 |
Everest9: So, if you value your reputation, why don't you then have the means to repay your N2500 loan sorted before taking it in the first place? |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by AerialMapper: 2:13pm On Mar 14, 2021 |
MrFollowFollow: There are better ways of retrieving bad loans than sending text messages to all their contacts and blackmailing them into repayments. For making such a stupid conclusion, it is obvious you’re a slowpoke. 3 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Nobody: 2:20pm On Mar 14, 2021 |
The thunder that would fire that Sokoloan is doing press-ups for now. I never hated quick loans until I tested Sokoloan. I don't hate people but I hate anything/anybody that works with Sokoloan. For anyone who loves his/her sanity, stay away from the Loan Apps. @MrFollowFollow, as you dey follow every quick-loan thread for defense, na so I dey follow you around. Una think say you wise, abi? Una go slip one day & your yansh go expose ![]()
|
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by armadeo(m): 2:40pm On Mar 14, 2021 |
megacity: In thenold days they were called loan sharks. They prey on desperation to hook people into thier snares. I laugh when people complain about thier attitude. The simple fact is they are a ruthless business enterprise and they are all about the profit. If you borrow and agree to terms then payback after all we as individuals have people who we would never borrow to because when it comes time to pay the tales begin. |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Iceiscold: 2:43pm On Mar 14, 2021 |
Truth be told these loan guys have try but from my experience will advise you to stick to carbon..dey have great costumer Care services and give you time even if you default.dey don't add extra money for defaulting Pls avoid okash..bad costumer service agent who threats you. Dey never understand..and you will pay each day for default. Conclusion if possible don't take loan 2 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Everest9(m): 2:51pm On Mar 14, 2021 |
Godarz: I hate people who try to defend this loan companies, people should pay their loan as agreed but don't sound as if they are actually doing them a favour giving people like 4000 to pay back 6500 in 7 days is not a favour, they are the bigger thief's, they are actually doing their business and trapping people into more hardship, the poor should actually run from such loan apps they are criminal too for giving people loan with high interest to pay back in 7 days. If they are fair majority of Nigerians will be fair to them. For example I don't see anything wrong giving someone 5000 to pay 6000 in 30 days but they won't instead 5000 means paying 7500 in 7 days. They should ask Carbon and Branch how they managed to grow this big without sending such useless messages to their customers contact. It's simple, they are not perfect but their interest rate and loan duration are good compared to those thief's that call other thief's and criminals. You will ask didn't them see the loan interest before taking it but that a useless question to ask. Taking advantages of some desperate and poor Nigerians who need urgent help is very bad. The truth is, people have started talking about the urgly treatment and high interest with few days loan term, sooner or later an action will be taking generally to reglet the loan system in Nigeria and if not, things will get out of hand. 3 Likes |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Nobody: 3:07pm On Mar 14, 2021 |
Everest9:. Well, they behave like that because 1.They give loans out without collateral. As a result, if there is a default on their loans, unlike banks, they have no collateral to sell to recover their loan 2.Many Nigerians refuse to pay back, meanwhile, there are others who also need loans from them. Because many Nigerians don't pay back, they run the risk of running out of money to loan Nigerians. 3.The high interest is also a way of warning off people who have no means to pay(at the moment , I am resisting the temptation to borrow money from Branch to add to my money for new laptop because Branch has high interest rates ). If you want to blame someone for the high interest, blame people who don't pay back on time. They make things harder for folks like you If they are fair majority of Nigerians will be fair to them. For example I don't see anything wrong giving someone 5000 to pay 6000 in 30 days but they won't instead 5000 means paying 7500 in 7 days Again the fact that they give loans sans colalteral means...they have to run high interests..(They also have staff to pay, and millions of other people looking for loans). So high interest, or they all go out of business...and then who do we go to for payday loans (Certainly not the big banks).. They should ask Carbon and Branch how they managed to grow this big without sending such useless messages to their customers contact. It's simple, they are not perfect but their interest rate and loan duration are good compared to those thief's that call other thief's and criminals. Yeah, carbon is very good . Branch has high interest rates though. You will ask didn't them see the loan interest before taking it but that a useless question to ask. Taking advantages of some desperate and poor Nigerians who need urgent help is very bad Even then, not paying back loans as and at when due, even when you have the money (ON this site, people share tricks to defraud loan companies well well)...makes it difficult for them to help others.. Plus why take a loan when you can't pay? The loan app people all tell you to have means to pay before they even show you which loans are available. Plus, this is where people can go to their churches, mosques, families, etc...to get some money short term. (I went to my church several times back in the day, even my fellowship self). The truth is, people have started talking about the urgly treatment and high interest with few days loan term, soon or later an action will be taking generally to reglet the loan system in Nigeria and if not things will get out of hand. And the truth is, the loan companies act the way they do because people take loans from them and don't pay back even when they have the means to do so. Plus giving loans out without collateral involves high risk...hence the high interest You can raise hell against the loan companies...but if they go out of business...at the end of the day, there will be no one to give you 5000 for one week if you need it....excpet possibly friends, family, and religious bodies. 1 Like |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Dharmiejoe(m): 3:09pm On Mar 14, 2021 |
Maxymilliano:they are the worst of them all with short loan period and high interest rate. Worst of,their customer service team can be likened to agberos |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Everest9(m): 3:11pm On Mar 14, 2021 |
Godarz: As long as it's about money there might be unforseen circumstances that make someone not to pay at the due time and what you do is to encourage them to pay, some will even offer you a discount just to encourage the person to pay. I don't care about what you people are saying but tagging someone a thief and frauster because he failed to pay a loan of 2500 withing 24 hours or even more is BIG NO such loan providers should be banned. One lady from those loan companies called and was threatening me on how she will shame me even when the loan is not due yet, they drive joy in tanishing people's reputation and image. I stand with the people who said that the loan should no longer be paid once they sent such message to people's contact at least they shouldn't win in both sides 1 Like |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Everest9(m): 3:16pm On Mar 14, 2021 |
Godarz:What you are saying is that they should go ahead and send those messages to recover their money? Anyway, its better to go out of business because we exist when they don't, Say No to such messages please, I am not asking people not to pay their loan but for that message I said NO 1 Like |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Nobody: 3:31pm On Mar 14, 2021 |
Everest9: Remember they include the sending of the message in the T and C as well as the FAQ of any loan app you download (I read both of those documents, which is why I got scared enough not to get into that kind of problem with Branch or Carbon, the two main loan apps I use.). A trick I use is borrow money within 2 weeks to payday. Nothing longer than that. Make sure loan is for a month . Keep away from loans and apps asking you to pay in a week (like Branch, though I built trust with them to now be at a point where I can take a loan and pay back in 2 monthly instalments from them..interest rate though...carbon is much nicer). Have means to pay back the loans. Do that, and it won't have to come to the app threatening your family, freinds and boss, and contacts. Also, you can pay part of the loan before the two days are up if they allow it (Branch is good in that regard...especially if you have built your limit with them). 1 Like |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Oyindaberry(f): 4:04pm On Mar 14, 2021 |
karzyharsky: Na you dem send this msg? Lol |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Oyindaberry(f): 4:20pm On Mar 14, 2021 |
AerialMapper: “If you plan on defaulting?” Was this nice of you to say? They don’t force people with a gun to their heads to register on their apps to take the loans na, people register of their own free will. So what are you saying? |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by AerialMapper: 4:24pm On Mar 14, 2021 |
Oyindaberry: Some people have no means of paying back and because the loans are easy to get without any collateral or background checks, they take the loan. Question time: if you have no means to repay a loan and you still accept one, does that not mean you plan to default? Yes the loan apps do not point a gun at your head to take the loan, they actually make it really easy for you, then they point the gun at your head to repay! That’s entrapment 1 Like |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by MrFollowFollow(m): 4:59pm On Mar 14, 2021 |
SirDelight: There is no way thunder will fire Sokoloan cos they're just trying to secure their business. I'm sure Sokoloan has the lowest portfolio of delinquent loan in the sector because of their hard stance against defaulter The people that thunder needs to fire are the wicked and dishonest people who will borrow and refuse to pay when the loan becomes due ![]() If you want to run a loan business successfully in Nigeria you have to be hard hearted, if not your business will go bankrupt in 6 months max! |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by MrFollowFollow(m): 5:01pm On Mar 14, 2021 |
Oyindaberry: Don't mind him, only a dishonest person will make such a statement 1 Like |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by nsiba: 5:01pm On Mar 14, 2021 |
MrFollowFollow:. "Perceived risk"..... You are a very criminal minded person |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by MrFollowFollow(m): 5:06pm On Mar 14, 2021 |
Dharmiejoe: It is only dishonest loan defaulters that consider them to be bad. If you must know Sokoloan loan recovery agents are the most efficient around. When I set up my own loan company a key criterion for employment will be experience as a Sokoloan recovery agent |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by MrFollowFollow(m): 5:10pm On Mar 14, 2021 |
nsiba: nsiba: Between you and I who is criminally minded? Your comments all along on this matter have exposed you as a thief. Only a thief would encourage a borrower not to repay a loan that was granted to him...You even stated that you would not honour a loan agreement that was not witnessed by a lawyer. Nsiba you are a thief!!! Ole! Barawo! Onye oshi |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by MrFollowFollow(m): 5:15pm On Mar 14, 2021 |
Ameboperoo: I also have some experience with loan administration. When it's time to repay a loan there is no type of lie that you will not hear from Nigerians. Very wicked souls, if you're not careful they will crash your business. |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by nsiba: 5:22pm On Mar 14, 2021 |
MrFollowFollow:. Your father and grand father! I know thieves like you and your criminal family are the ones after stealing public funds will go and set up companies running foul of CBN guidelines. Thunder will scatter your criminal 4kin life |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by Cashify: 5:32pm On Mar 14, 2021 |
Hmmm |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by IjeBos(m): 5:38pm On Mar 14, 2021 |
Godarz: I have a credit card(uncollateralized) in the US that has 10% APR and reasonably high borrowing limit. That's about a .83% monthly interest rate. I just think it's more so the Nigerian economic/credit/legal landscape, but I'm no expert. |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by IjeBos(m): 5:40pm On Mar 14, 2021 |
Rodwave: Wow. We have laws against that type of lending. I'm sure most people can't get out of that type of "loan". |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by MrFollowFollow(m): 5:46pm On Mar 14, 2021 |
nsiba: Thief! It is clearly written all over you that you're a thief. All your comments point to that fact! |
Re: How Quick Loans Lure Workers, SMEs To Debt Traps by MrFollowFollow(m): 5:47pm On Mar 14, 2021 |
nsiba: It is already clear for everyone to see that you're a career criminal! Rogue! |
(1) (2) (3) (4) (5) (6) (7) (Reply)
Ex-konga CEO, Imudia Did Not Commit Suicide — Family / Stanley Uzochukwu Opens Ultramodern Luxury Mega Centre, Unveils New Services / Fleeing Binance Executive, Anjarwalla Found As Nigerian Govt Starts Extradition
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 75 |