Ever been a 'victim' of illegal loan companies in Nigeria?
What terms were given to you before you borrowed the money and what happened after you defaulted?
Or did you just borrow it and not sure of what will happen when you default? what advice would you give someone with the intention of going to borrow from these companies?
why is the government allowing these companies to operate at all?
Let us hear your story, if any!
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I received a message informing me my colleague was owing them, should not be trusted, etc. When i asked him, he borrowed 22k from them!
ReplyDeleteTREAT HAS URGENT: This is to inform the general public that: y****** o****** Phone: 081******** and is a DECIETFUL PERSON,THIS PERSON has PROVEN to be a RUTHLESS/CHRONIC and UNREMORSEFUL DEBTOR who goes about COLLECTING MONEY from different COMPANY . this person is currently on the run with our companys money(9CREDIT)and has refused to pay nor pick our calls. Be informed that this person has been declared wanted. Pls contact us if you have any information about this person as soon as possible, else the company will proceed to the next action, because this person provided us with all your details and if you are not aware of this loan you can as well call the person to delete your information in the app,, becuase soon the person pictures along side your own pictures will be posted on all social media in the next FEW HOURS .....9CREDIT MEDIA TEAM WARNING.
DeleteBlog fam see me see trouble, at first I thought they were scammer trying to scam me until my cousin told me is one of the online loan app. How come someone use me as guarantor and I did not know and moreover this person the last time I saw her was during our POP (Oct 3rd, 2019).
Me I sha dey wait for them to post my picture on social media...😊😊😊
We are in the same boat o. They have been calling me everyday that someone I barely know collected loan from them and used me as a guarantor. Like how come! I have stopped picking their calls. Let them go and sort themselves out. I wasn't there when they carried out the transaction.
DeleteNo one used you as guarantor, they picked your contact plus other contacts from the person's phone when he or she was applying. They are just threatening you so you can pay for the person. Block them. Did you sign any agreement standing as guarantor for anyone. Imagine their fraudulent ways!
DeleteI almost did early this year, I applied for a loan 30000 to pay back 41000 in three installments. But I stopped at the last stage which was imputing my ATM details. And I am glad I did not continue...
ReplyDeleteMe my own is that I'm owing a lot of apps right now. Only God will help me settle them this month. #saynototeacherwork
ReplyDeleteIt is well o
Chai, may God come true for you. A secondary school I thought in was paying us 15k lol, there are still schools that pay up to 40-60k though.
DeleteThe surest is learning a good trade at early age
Slim shaddy, you are a teacher and can't differentiate between thought and taught! It is well
DeleteSame here.
DeleteI noticed one of d apps just stopped calling n sending msgs, shd I be worried?for 3weeks nw they just stopped
God this God that,was he there when you took loan from them and defaulted? Y'all like using God's name in vain. Face your problem you created and stop calling God.
DeleteMy dear anon 13 :35 . Nobody is above mistake
DeleteMy advice is do not accept their loan offer unless you have the means to pay back unfailing... May God have mercy on us and save us from conditions that ll make us approach loan companies for help
ReplyDeleteI have been a victim, of the L one. I defaulted by a day. Hmmm, I kept getting nasty messages on whatsapp. A particular lady kept calling, hisses and then hangs up. I paid in the evening, sent proof of payment, and deleted the app. The interest rate is craaaazy, but when you're in a fix, sometimes you have no choice.
ReplyDeleteThis one na wahala .
ReplyDeleteMe no dey borrow money from them oooo, I prefer to borrow from friends and families.
The experience I had with a guy was so shameful, I think he borrowed money from one loan firm like that and he failed to pay back the loan..
This one na wetin I see,no be say dem tell me,,he was caught and a tag was placed on him then he was asked to sit down at a market and start beging for money, he thought it was a joke,d guy was sitted like a beggar,it was the mum and friends that contributed that money for him oooo..
So,I tell people not to try such,if not,,wahala go sele...they are not even praying for people to pay up on time due to the extra charges that will be paid when you default
That one is different from online loan app. Those ones have physical offices like LAPO and SEAP
DeleteOoooooooh dear, so dramatic!
DeleteOooh the shame🙆🙆🙆🙆🙆🙆
No wonder it was said that if one goes aborrowing, he goes asorrowing!
Advice to who wants to get the loan?
ReplyDeletePlease dont,the interest rate is high and can choke you..
Depending on the urgency(life or death) it's understandable,but never take any of those loans to START A BUSINESS or pay Rent..
You would be slaving and end up using your whole profit to repay the loan plus interest;then you realise your mistake after time is lost and gradually start sleeping into Anxiety or Depression when the due date for those devilish loan is close..
It might not make sense to you now but if you gradually decide to do it;God bless you and I wish you well..
@MARTINS
*slipping
DeleteSo true, Martins 👌!
DeleteThey are not illegal. It's their activities that are illegal. Eg, copying contacts of the debtor and fabricating lies about them cos of their inability to pay. That is wrong!
ReplyDeleteA loan company must procure a Money Lenders License. There are about 4 stages of which you must comply before you acquire the license plus a requirement of a loan app to be uploaded to Google play or Apple Store is that you must have that license so borrowing from an app is definitely legal.
The problem is once you agree to their terms and conditions you basically agreed for them to invade your privacy so just pay when it's due and save yourself the embarrassment.
BUT if you borrowed from maybe a random code or a third party then there is a strong possibility that they are illegal.
There is a hack to the above but I don't condone borrowing monies knowing fully well you can't pay back even if the loan companies are not licensed to give loans.
Find a way to negotiate on terms/timeline to pay back until you get the money but it's better not to borrow at all esp when the percentage attached is unrealistic.
You are right.
DeleteWhy borrow with the mindset to default?
Na thief the person be??
I collected 40k and paid 52k after 1 month. Fair money
ReplyDeleteThis same Fair Money sent a message to me concerning my friend warning me to beware of her and her family.
DeleteThe messages
Beware! The family of A****** N**** E**** 0708******* are criminals, who on a daily basis dupe people of their hard earn money. and they are currently on the run. please if seen, kindly report to the nearest police station...
This is after she had paid the loan she collected from them.
ATTENTION!!!
Kindly disregard the previous message sent in respect of A******* N***** E*****, 0708*******/0806*******. We apologize for any inconvenience. Thank you.
That interest rate is too much, kilode!
DeleteThis same fair money that their adverts always pop up when I'm playing games and music apps? I thank God for my life, I was tempted to borrow from them last week, my sister dissuaded me, if not na so my heart for dey do gbim gbim gbim by now. These people are terrible. How will you put 12k on 40k in one month. Nawa o
DeleteU see anything loans,I stay far away from them l,I don’t advise anyone to take a loan from these lenders,especially to do business, manage what u have and if u don’t have just be patient until u can save up.i took a loan year 2019 to invest in my business for the Xmas period,I had an agent that helps me with purchasing of items from China he was my regular agent o not a new person I don’t know.i got the loan of 350k to pay 480 back .i sent him the money and till today the man disappeared,no goods,no money that man scammed me.i fell into depression then I almost ran mad.i was to pay back 53k every month for some months to clear the debt,I couldn’t at a point I couldn’t sleep at night.i was regretting taking that loan,that was a very dark period for me.someone told me the man was in Osun state.i went to a police station at Lagos island to see if those police men can help me track him,the money they called ehn even if I got the man and he paid almost everything will go to the police,they said I’ll pay the network provider for them to track the man via phone calls and get his location,then I’ll pay the police officers to follow me to Osun state,transportation and all then bring us all back to Lagos,then I’ll pay each officer following me there.or I go to Osun state get to the station and lay my complain,mobilize the officers that will look for him and arrest him,what was the assurance that I’ll get the money back if he was arrested,I didn’t even have any money anywhere for all these expenses,I couldn’t afford 5k seff.so I had to forget about it.i suffered and closed my business,moved out of my shop cos I couldn’t even pay my rent. I hat to look for money to pay the loan back .since then I run away from loans,if it’s not a grant I don’t want.i will manage my self Abeg.
ReplyDeleteThis is a very sad one.
DeleteSorry for this experience. I was also scammed by a friend for this same importation of goods from china. This was a guy I have known and trusted for years. I couldn't believe it was a scam until after he kept telling me same story for like 4months.
I jejely blocked him and cursed him.
Mine was 20k sha.
Someone borrowed don't know how much and have been receiving their calls for the past six days now. I don't even know how my numbers enter their hands. I don't know anything and they are taking calls to disturb me.
ReplyDeleteIf you can't pay why borrow from them. It is just wickedness. Or the money borrowed get wings that to pay is problem.
I don't subscribe to this
I borrowed from one of them sometime ago to balance my house rent. It was a neighbor who told me about them although I used to see their adverts pop up while browsing but I thought they were scammers.
ReplyDeleteThe conditions are that you will allow them access to your contacts, media, messages, calls, etc, you have to click "allow" before you can even apply for the loan. That is when they copy all your contacts and photos, etc on your Android phone where the app is. After that you will register personal details: your name, email, bvn, bank details, home address, company address, date of birth, etc. Then they will ask for two numbers belonging to your relatives or friends whom they can call in case of emergency. These two contacts are like your guarantor. They will ask for the plenty numbers on your ATM card and the expiry date and the other three numbers, CVV, which they will use to bind your account with a small fee of #50. This will link your bank account to them and they will have access to remove their money from it when your loan is due. They will bring your loan offer and the amount you will repay plus the number of days, you either accept or reject it. Although I hear that some companies will not show you how much you will repay (usually outrageous) before you accept it. My own was 16,000 to pay back 19000 in 14days. Two days to my due date, they sent me an email and text message reminding me, then called me asking me to pay before due date in order to benefit bigger loan amount, had already rallied round and gathered the money, I quickly paid it before due date and deleted the app from my phone. My neighbor showed me the damaging text message they sent to her contacts a day after her loan was due calling her a fraudster who ran away with company money.
It's very bad to borrow and not want to pay back. In as much as few intended to pay back but couldn't, many had no intention of paying back when the request for the loan. It's the same attitude they exhibit when they approach friends, boyfriend/girlfriend, partner and toasters to loan them money only for them to turn everything to quarrel when it's time to pay back.
ReplyDeleteThe interest of the loan app might be much but they didn't force you to apply.
Anything weh you get after default, make you take am like that.
I hate all those attitude of borrowing up and down. You'll see some people owing everywhere, even owing the aboki down the street for small stuff like stick of cigarettes, sweet, condom etc.. but you'll see them eating in expensive restaurant, buying clothes and flossing on IG.. Nonsense behaviour
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DeleteI wanted to type my experience with a deptor under Dante's post. But no space. Maybe I should write it as a chronicle
DeleteIf you are getting this message, you are tagged an accomplice, the police has been informed that XYZ with phone number ******* is on the run with the company money and the police are currently looking for him, anybody with useful information to get him should report to ABC police station.
ReplyDeleteThat was the message i received few months ago, i was confused when i read message until someone explained to me that the person took loan from a loan company, i had to call the guy and he said that he will pay the following day, he also called me to tell me that he had paid and apologized for the message, and i also believe that everyone on his contact received the message.
Just look at the damage they did to someone's name. After payment, will they undo that damage? If I'm the one they did this to, I won't pay it again, never
DeleteYou see that one they call Sokoloan, avoid them like HIV, if you want to live long, dont ever near that app. Your last shred of dignity will be wiped clean if you default by one hour.
ReplyDeleteThose people are crazy.
DeleteThey will start threatening the very day the loan is due.
They'll call you to make payment latest by 10am. Mad people.
If you want to die young, you can borrow from Sokoloan. They sent horrible messages to my contact a day before my due date. I cried Ehn! I did not pay since they've already soiled my name before my loan was due, they should continue.
DeleteIn my office we do thrift collection of 50k and above by 12 people. That was how I started with 75k from salary of 120k. I was the first to collect 600k the remaining to collect by middle of the year. I invested 400k in one business my friend in USA introduce me to. The remaining one I used to pay my daughter school fees and also bought tokunbo ac as where I was living was hell on earth lol considering my baby was home with that harsh condition. Omo na so business started good even the interest I reinvested it for my daughter so that paying her school fees won’t be an issue. Na so May reach story enter the business omo thinking wanted to kill my enemy. My daughter school fees for next term was hanging, thrift money was hanging, and maid salary was hanging then household stuff nko. Didn’t know if I should cry or what cos I didn’t want to cos myself harm as my kids were too little to lose their mum. That was how I ran to one Loan Company for 100k loan to pay close to 130k in three months’ time. How I would be able to pay self I didn’t know but the thought of my daughter not going to school was scaring. The process for the loan self was hectic on top 100k last last they said I qualified for 60k lol. I declined the offer and rem one of colleague who gives out loan for 1o% without stress. I collected the 100k loan sort my daughter fees and some other expense then by the time it was time to pay back I took salary advancement of 120k to pay in 3 installment from my company which I used pay back the 100k loan from my collegue and use the extra for other expense. Then managing level was activated cos I can’t come and kill myself. By the time salary advancement was been deducted I was due to collect the second batch of the thrift so I didn’t feel the strong impact of the deduction from my salary. I hate debt, the fastest way to kill me is owing. Thank God everything is settled now all thanks to promotion from my company with salary review and payment of salary reviews arrears from Jan till date. My kids school fees for sept is settled. Na house rent remain I will just send 6month rent to my landlady if she like let her not collect it I don’t care ni. The last thing I will ever do is to borrow to pay rent or do business. God bless all the single mothers with deadbeat father. The Lord will cont. to strengthen us e no easy. Thrift has really help me a lot, when people keep wondering how I survive all the hurdles them no know say na thrift. I have learnt my lesson to never invest my money on any online business.
ReplyDelete🙌🙌🙌I give it to you, you are a strong woman.
DeleteThank God for you and for your job. Earning a living is very important.
It is well with you. You.will eat the fruits of your labor
DeleteYou summed it up nicely Elegant.
DeleteShe is really strong woman.
Earning a living is very important.
These loan companies are good especially for Nigerians and their bad behaviour!
ReplyDeleteThe public dragging is great
When I hear loan app I run 4.40,God will punish them for me,I had already started loan payment when they started increasing the interest rate,the next day they increased it again,sent messages to all my contacts that I was a thief and was wanted by the police for stealing(note,I had already paid the main loan,remaining the interest,which they kept increasing daily),If I knew the terms and conditions,I gor no borrow from dem oo,I for sofry form bambi allah aka corporate beggar for streets,Kwik money,God go punish una for me.
ReplyDeletethe annoying thing is them calling people before the due date.
ReplyDeleteI am a student, sometimes I get broke and hungry. I've borrowed from br**ch to avoid embarrassment when I ask my peers. the highest amount I have borrowed is 5k. to pay back 8k in a month. i don't want what will cause high blood pressure for me.
ReplyDeleteThat's much ooo, crazy interest
DeleteI think the issue is most people who borrowed from them never intended to pay back and then complain of the interest rate. I wonder if they didn't see the interest rate before borrowing. Me I don't kuku like embarrassment and won't tolerate messages that can make one run into depression being sent to me and I heard that borrowing and not paying back will affect ones credit score with cbn. Whatever it is, there's no point borrowing without paying back.
ReplyDeleteI also hate borrowing. Sleep will elude me when the time to pay draws near and no money. So I live within my means, even if it is to drink garri, I will do it, if I can't afford flat, one room to the rescue.
DeleteThere was a time I had serious health crisis, I needed help.
ReplyDeleteThe lock down was coming, and I knew I couldn't stay without medicals so I took a loan
Because of the nature of 2hat I'm dealing with, I had to take from different places.
I was staring death in the face, and I didn't want to go.
Sales had dwindled down... that was the worst period of my life. I could even make my hair, and barely ate
By the time the loan was due, my investment had crashed. I begged and begged for more time but these people went ahead with their threats. I've paid off most... and by God's grace I'll complete the rest.
I don't think there are people who want to just be in debt, for me, I hate owing.
BUT LIFE HAPPENS, AND THAT B**CH IS RUTHLESS. I'm still battling whatever I was battling, but I can never borrow.
I'll just endure the pain till I have enough to see the doctor.
They have sent me a message saying one of my church members got a loan from them and has refused to pay. That the person is a criminal bla bla bla. In my mind, i say see me see wahala ooo. When una dey do the business transaction i no dey there. Wetin come concern me na?
ReplyDeleteMe ke to borrowe i radar remains where i am than
ReplyDeleteStella, I posted a comment on the pidgin post about borrowing but my comment entered your pot. I wanted to warn BVs but from the comments here most people are already aware. Lawyers please isn't this illegal and can't people sue them for reputational damage? You give people 20k loan, collect 11k as interest and if they default for one day, you start messaging their contact to blacklist them, spread lies about them that they stole company's money and worse still threaten their contacts that were unaware of the transaction that they were used as guarantors so you would post the contact's pictures online along side the defaulters and damage their reputation. Anyone that has been publicly shamed like this shouldn't pay them a kobo, because will they go back to your contacts that you are no longer a criminal after you have settled them? Their are legal means of recovering loans not this nonsense.
ReplyDelete