harjay1986:


you are right bro, but i have one conny friend that beat them, once he download the app during the registration he will give permission for his contact to be read but when he is ready to take the loan he will deny the permission, by this they will find no contact to copy

You're friend is not cunny, he is dishonest.

Nigerians deserve the terrible country we have!

FatherCHRISTMAS:
Those apps are nothing but loan sharks. The amount of interest they place on loan is too high. They know you can't pay back on time.
Theyy know you can't pay back on time so they call your contacts, girlfriend, exgirlfriend, neighbors, your in-laws ND co-workers. They send out text messages too that will tannish your image

How do they have access to all your contacts?

MrFollowFollow:


A delay of just 1 day affects the revenue of the loan company because you have tied down money that would otherwise be lent to another person to earn revenue interest

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.

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

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..

.

Everest9:


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.

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

Everest9:


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.

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?

MrFollowFollow:


For making this kind of suggestion it's obvious that you're a thief!

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.

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 . You may decide to cry with another moniker,,,, just don't take your life.

megacity:
Interest cost on those loans are too expensive

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.

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

Godarz:


Okay so people can come and take money freely from you

Thanks.

By the way in taking a loan from a loan app you agree to their terms and conditions which is a legal document

And should you go to.court you will lose

And not paying back the loan makes it difficult for the loan app to give loans to other people in need

And they go out of business

[b]And then the poor have to go to banks who demand collateral [/b]and other high faulting stuff before you can get a loan

So if you cant pay a loan back don't take it.

Good morning to you

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.

Everest9:


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

.

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.

Maxymilliano:


Sokoloan customers, una dey hear ?

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

Godarz:


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?

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

Godarz:
.

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




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)..



Yeah, carbon is very good . Branch has high interest rates though.



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).



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.

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

Everest9:
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

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).

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.

Na you dem send this msg? Lol

AerialMapper:
Avoid these Shylock loan apps; they’ll not only entrap you but embarrass you as well!

Never allow them access your contacts. If you must, delete all contacts from your phone especially if you plan on defaulting. They will blast SMS to every phone number in your contacts in the event that you default.

“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?

Oyindaberry:


“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?

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

SirDelight:
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 . You may decide to cry with another moniker,,,, just don't take your life.

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!

Oyindaberry:


“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?

Don't mind him, only a dishonest person will make such a statement

MrFollowFollow:


It is because of dishonest people like you that regular and honest people who need the loans are charged high interest rate due to perceived risk of such exposure by the quick loan company!

.

"Perceived risk"..... You are a very criminal minded person

Dharmiejoe:
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

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

nsiba:
.

"Perceived risk"..... You are a very criminal minded person

nsiba:
.

For dis 9ja as long as me and you didn't put pen to paper and sign in the presence of our lawyers, OYO 4u

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

Ameboperoo:

I have work in the loan department of a Microfinance bank and I know that. But the approach of these apps is very wrong.
I was talking to one of their costumers care representative and he was just shouting that I'm lying, I had to end the call and sent a warning text to him. Why should I lie because of how much? An

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.

MrFollowFollow:




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

.

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

Hmmm

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.

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.

Rodwave:


U are funny. Some are even as high as 15% per month.

Wow. We have laws against that type of lending. I'm sure most people can't get out of that type of "loan".

nsiba:
.

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

Thief!

It is clearly written all over you that you're a thief.

All your comments point to that fact!

nsiba:
.

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

It is already clear for everyone to see that you're a career criminal!

Rogue!