Baki202 (OP)
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October 03, 2023, 08:59:20 PM |
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Starting from how my Nigeria people they always they in need of emergency funds since problem no they finish, so them they see am has alternative to get quick money them forget say everything for Naija get has he be especially all these easy loans with waiting I wan talk now I hope say we go learn from am I don learn so I wan share the small thing I don learn. People they wey they see the quick loan has alternative like all this palmpay loans them no they reason am say the thing get a lot of problem wey the thing they come with. And these people no go tell you anything until after the loan, then you go come find out problem the thing they come with. challenges faced after the loan 1-invasion of privacy Before them give you the loan them go ask for permission to access your contacts, gallery, calendar and na very dangerous thing for person to get access to your privacy but you know our naija people when money they involved they no they check, and serious danger for privacy exposure. 2-Harassment After the loan and time or duration, them give you pass and you no pay them go start call people for your contact, call all kinds of names say you na scammer or you na thief, this kind thing now they show say the loan no flexible and if time reach for you to pay back the money them no they no go give you extension them go start to harass you. 3-possible termination of future loan for defaulters If you prove stubborn and refuse to pay back their money they go compile list of defaulters send am give CBN and you go find am very difficult to get access to any kind of loan in the future, and with this kind blacklist, the thing fit affect person for future. 4-loan default leads to continuation of interest rate If the person refuses to pay naso the interest go they increase everyday until the day you go clear the loan, so flexibility no they at all for all these kinds of loans. Imagine say you no pay the loan for even two years waiting you imagine say the interest go be at that time.
And finally all these loan apps no go tell you all these things and normally self-people they see am has place to catch cruise or update to chop money, they no go even read the terms and condition before they finalize their application, some people go even make mouth say them no go pay they forget say you no fit get away with this kind of update. I hope say this information they useful for many of us.
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Forever101
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October 03, 2023, 09:34:33 PM |
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My brother, the info legit and e dey over useful, make we no see their frustration ooo, Dem fit make person commit suicide with their wahala. I believe say many person go don get their experience. Imagine say, person tell me to con stand as guarantor for loan, I gonnreason the thing say how much I dey collect wey bank go con dey seize am if the person no fit con meet up. Me I don reason the area and how business go fit move to make profit and pay the interest, Omo I change mind quick quick before I go use hand invite poverty for myself. This loan of a thing suppose they well calculated before person chuck head.
The funniest part be say some even they collect loan for party wey be one day stuff, some dey collect loan for marriage, burial and other ceremony wey go last one or two days. After that one, Dem go con turn to Jackie for work make Dem fit pay, if Dem no dey meet up, Dem go develop high BP for them self while dis problem don kpai many, some still dey find wey to escape.
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Dzwaafu11
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October 03, 2023, 09:43:38 PM |
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Op you really try for bringing this, as our naija people no they mind anywhere wey money go come whether na good or bad make e just enter, which is very bad. And at the same time e no really they help because at the end of the day we go spoil our name and the society we leave go they see us as person. . 3-possible termination of future loan for defaulters If you prove stubborn and refuse to pay back their money they go compile list of defaulters send am give CBN and you go find am very difficult to get access to any kind of loan in the future, and with this kind blacklist, the thing fit affect person for future.
This one they very important as things wey government workers they face now, if you say you go depend on only your salary then I believe say you no go do anything because the money go finish for food, but if you take loan you can see that you fit use the money take build house, but wetin you need and na from there you go see say you benefit from the government. However if you don run this kind shit with your account before then definitely you no go fit take alone from where yoh they work bedat, so e dey very important make we they observe things before taking action.
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RockBell
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October 04, 2023, 06:05:48 AM |
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My brother, the info legit and e dey over useful, make we no see their frustration ooo, Dem fit make person commit suicide with their wahala. I believe say many person go don get their experience. Imagine say, person tell me to con stand as guarantor for loan, I gonnreason the thing say how much I dey collect wey bank go con dey seize am if the person no fit con meet up. Me I don reason the area and how business go fit move to make profit and pay the interest, Omo I change mind quick quick before I go use hand invite poverty for myself. This loan of a thing suppose they well calculated before person chuck head.
The funniest part be say some even they collect loan for party wey be one day stuff, some dey collect loan for marriage, burial and other ceremony wey go last one or two days. After that one, Dem go con turn to Jackie for work make Dem fit pay, if Dem no dey meet up, Dem go develop high BP for them self while dis problem don kpai many, some still dey find wey to escape.
When I first started thinking about this subject, I couldn't stop laughing because there was a specific instance in which palmpay was used in a skit because a lot of people refused to pay, but the creators of that skit should have educated the audience about all of this rather than just making fun of how loan apps hunt for potential borrowers. And, brother, I don't believe that it is wahala you requested a loan and that they have granted it to you. The terms and conditions may be there, but you know how seldom Nigerians read the fine print. Any type of bank loan, whether from a bank or an app, has drawbacks because with bank loans, you must first give security before they would approve your loan, and if you default on the loan, they will seize your property. On top of that, App loans will harass you relentlessly, and as the OP noted, the bulk of loan conditions are rigid in every way.
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Charles-Tim
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October 04, 2023, 07:33:11 AM |
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This is just it, we should avoid loan from Microfinance banks2-Harassment
Some people have no option than to borrow at times, but anyone that is not capable of paying back should not borrow. 3-possible termination of future loan for defaulters
Once the loan defaulter pay his loan, his name will be removed and he will be able to get loan from any of the loaning company again. 4-loan default leads to continuation of interest rate
No. It depends. Or maybe the way it is has changed. If you borrow small amount of money like ₦10000, the amount to pay can increase to ₦13000 in the first month and ₦16000 in the second month. And after that, it is default and it will not longer increase but anyone that wants to borrow should read the terms and conditions. I am talking from experience. But anyone that is a loan defaulter can let us know his experience.
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sokani
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October 04, 2023, 02:39:18 PM |
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I am talking from experience. But anyone that is a loan defaulter can let us know his experience.
Lol... I don't think any person here go gree tell you say him be loan defaulter. Me I neva experience am but e don happen to my friend and I be one of de person wey de loan company send SMS about my friend's loan default. Then, I been no no how dem dey operate and when I reached out to him concerning de message wey I receive, him come tell me say no be me be de first person wey don call about dis issue, say many friend and family members don call am already. I kno no how him later take settle him mata but just as de OP talk dose guys are not playing and them go make such say you chop enough shame.
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Zanab247
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October 04, 2023, 04:35:56 PM |
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This is what any country that is facing poor governance always cause their citizens to experience because they feel the best place to solve the challenges is to go to the bank to demand for a loan without considering the risk involve when you fail to pay with the time and date given to you, it can results to displaying your personal details into the social media for the people related to you to see. Assume there is an industrials all over the country, I don't think that people will think of getting loan from the bank than to look for what to do that will be bringing them money to save some in the bank and put the remaining money into crypto investment, but you can't advise anybody to use loan to invest in cryptocurrency because it will be difficult for such person to have peace of mind with that loan.
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Frankolala
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October 04, 2023, 07:17:01 PM |
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I know pray for anybody to go collect loan from those people even my enemy, because the embarrassment and casting big pass any amount wey you won borrow. The problem that I have with them is that when you are through with paying the loan, they will not call everyone that they reported you to that you have paid. You see the problem with these people, and na them to dey worry you with the loan offer because them get bad intention for mind.
It is better that we avoid these loan apps and take a loan from someone that we know if the situation on ground is critical and there is any other option, to avoid all this mess. If one can stay away from loan, the better for that person, because loan go dey bring you backward and you no go fit plan well with your funds. If you be person wey dey use to loan, na so you go dey live on loan and before you know am all your money na interest, you go use am pay finish. These sucks.
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Nheer
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1-invasion of privacy Before them give you the loan them go ask for permission to access your contacts, gallery, calendar and na very dangerous thing for person to get access to your privacy but you know our naija people when money they involved they no they check, and serious danger for privacy exposure.
All these things na because most people dey ignorant about the dangers wey de follow am and dem just de eager to collect money make dem use am chop. The worst thing sef na for how much you de risk all these things for, for me e no really worth am especially this privacy of a thing but if you look well as you open account with them you don already give them all your details except for some personal details like contacts and access to your mobile and things. Either way e de very risky to share all these things with people. 3-possible termination of future loan for defaulters If you prove stubborn and refuse to pay back their money they go compile list of defaulters send am give CBN and you go find am very difficult to get access to any kind of loan in the future, and with this kind blacklist, the thing fit affect person for future.
Na this one i de fear pass among all because you never know when you will need an urgent loan from the bank so make we no de use this thing play cos e fit really affect person for future. I bin once carry loan with them too but i no wan make dem black list my account say i no de pay back loans so i just pay back as soon as possible amd since then i no wan carry loan with them again. 4-loan default leads to continuation of interest rate If the person refuses to pay naso the interest go they increase everyday until the day you go clear the loan, so flexibility no they at all for all these kinds of loans. Imagine say you no pay the loan for even two years waiting you imagine say the interest go be at that time.
Na bad deal i swear dem de cheat people with this interest rate but alot of people de overlook am just because of free money wey dem wan collect. I know say PalmPay just wan help people wey de use their bank na why de come up with this loan idea but their plan just be say when you need urgent money make you see place borrow den after 14 days at least you suppose don collect salary make u pay back and na him make dem come up with this daily interest rate so that e go ginger people to pay back on time. And finally all these loan apps no go tell you all these things and normally self-people they see am has place to catch cruise or update to chop money, they no go even read the terms and condition before they finalize their application, some people go even make mouth say them no go pay they forget say you no fit get away with this kind of update. I hope say this information they useful for many of us.
For naija terms and conditions no be any serious thing at least na wetin most people de think and na only few people de read am because e de always long and boring to read. I swear alot of people de overlook these things because all they are after na to just see money collect make them use am do wetin dem gt for mind and most of them sef de use catch cruise d way you talk, dem go just wan chop free money dem no go wan pay them back so most of these people wey de go through these things na dem de cause am for themselves sha. For my town boys don use these opay do awuf, dem go just carry loan con run dem go even delete the app sef and when dem start de call them to pay their loan dem ho even de use dem catch cruise de talk to them anyhow maybe na why palm pay people de harrass most of the defauters. Uptill now i still wonder how palmpay gain from giving out loans even when they are aware alot of people default without paying back.
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Samlucky O
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October 04, 2023, 08:14:47 PM |
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Op this matter wey you yan here na true talk. na hardship naim make crayfish bend. Of a truth this people be like devil wey go give you something for right hand collect am for left hand. I put more of the blame for Loan app. How person go give person money without physical guarantor. Or even physical documents. Just like my friend wey go take loan online, him put me as guarantor and me I no dey awear. After some months, Dem come send me a threaten message for WhatsApp. say make I provide that person or else they will also tag me as a criminal and dey will call all my friends and inform them. Or I should report myself to the nearest police station. Emagine me wey no even dey awear of that. Naso I call them come hala them say shey I dey dere when dem do the business? Why Dem dey threaten me? Say if I see any message like that I will sue them. Naso them leave me.
If not for the way people come dey treat them, dey solve alot of problem wey even your papa,mama, uncle/relatives or friends no ft solve. Dey helped me when I needed them. If you want to enjoy them you must always pay there money on time so that it will enable you build more trust in case of next time. But failure to do it, you become hunted.
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DaNNy001
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October 04, 2023, 08:32:46 PM |
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This loan people have really dealt with the personality of many of the guys that actually took loan from them because I can remember an instance where my sister's boyfriend collected money from one of these so called loan services and after failing to pay for just a week these people started calling and threatening him and the funny thing is that they started posting shit things about and they sent one of the messages to my mom saying that the fellow is actually a fraudster and is wanted for scamming not knowing that it's because of a simple 6k loan defaulted.
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Roseline492
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October 04, 2023, 08:47:43 PM |
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Omo I they fear anything loan matter especially from bank, and even if I'm to collect loan from bank microfinance will be the last one I go consider to collect loan because most people I no that has collected loans from them non of them were able to utilize that money it was as if they made some incantations on there money before giving out the loans, and with there policy of having access to your privacy such as your contacts is not ideal.
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rachael9385
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October 04, 2023, 09:00:08 PM |
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This microfinance bank loan matter done do allot of things to people way see them as the only alternative to get money when ever them dey in serious need of am, and e no good at all because these microfinance bank some of them no even get office and some no even get licence from CBN and w show say any details way the person give them no dey safe again, i believe say before those people go give you loans them hi like get some details about the collector (kyc) and some of this people way dey collect loans from them dey fall victim. E no good at all because some of this no dey legit, scammers fit dey use that method to take get our bank details and access to our funds any time and any day.
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Sir_Garry55
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July 17, 2024, 10:31:51 AM |
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Starting from how my Nigeria people they always they in need of emergency funds since problem no they finish, so them they see am has alternative to get quick money them forget say everything for Naija get has he be especially all these easy loans with waiting I wan talk now I hope say we go learn from am I don learn so I wan share the small thing I don learn. People they wey they see the quick loan has alternative like all this palmpay loans them no they reason am say the thing get a lot of problem wey the thing they come with. And these people no go tell you anything until after the loan, then you go come find out problem the thing they come with. challenges faced after the loan 1-invasion of privacy Before them give you the loan them go ask for permission to access your contacts, gallery, calendar and na very dangerous thing for person to get access to your privacy but you know our naija people when money they involved they no they check, and serious danger for privacy exposure. 2-Harassment After the loan and time or duration, them give you pass and you no pay them go start call people for your contact, call all kinds of names say you na scammer or you na thief, this kind thing now they show say the loan no flexible and if time reach for you to pay back the money them no they no go give you extension them go start to harass you. 3-possible termination of future loan for defaulters If you prove stubborn and refuse to pay back their money they go compile list of defaulters send am give CBN and you go find am very difficult to get access to any kind of loan in the future, and with this kind blacklist, the thing fit affect person for future. 4-loan default leads to continuation of interest rate If the person refuses to pay naso the interest go they increase everyday until the day you go clear the loan, so flexibility no they at all for all these kinds of loans. Imagine say you no pay the loan for even two years waiting you imagine say the interest go be at that time.
And finally all these loan apps no go tell you all these things and normally self-people they see am has place to catch cruise or update to chop money, they no go even read the terms and condition before they finalize their application, some people go even make mouth say them no go pay they forget say you no fit get away with this kind of update. I hope say this information they useful for many of us.
It doesn't matter where you collect your loans from, be it microfinance banks or loan apps, if you don't have something doing that generates money it's will definitely cause problems. We can all agree that one downside about borrowing is the interest we are paying, not having a business or a source of income can lead to borrowing of multiple loans from different places and at the end of the day it will keep compounding till it gets out of hand Many have accumulated loans that they can't meet up with because they don't have a source of income Having a source of income is a good backup and also not borrowing more than what you earn is another thing that must be considered
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Juicyhome
Member
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July 17, 2024, 12:19:41 PM |
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Starting from how my Nigeria people they always they in need of emergency funds since problem no they finish, so them they see am has alternative to get quick money them forget say everything for Naija get has he be especially all these easy loans with waiting I wan talk now I hope say we go learn from am I don learn so I wan share the small thing I don learn. People they wey they see the quick loan has alternative like all this palmpay loans them no they reason am say the thing get a lot of problem wey the thing they come with. And these people no go tell you anything until after the loan, then you go come find out problem the thing they come with. challenges faced after the loan 1-invasion of privacy Before them give you the loan them go ask for permission to access your contacts, gallery, calendar and na very dangerous thing for person to get access to your privacy but you know our naija people when money they involved they no they check, and serious danger for privacy exposure. 2-Harassment After the loan and time or duration, them give you pass and you no pay them go start call people for your contact, call all kinds of names say you na scammer or you na thief, this kind thing now they show say the loan no flexible and if time reach for you to pay back the money them no they no go give you extension them go start to harass you. 3-possible termination of future loan for defaulters If you prove stubborn and refuse to pay back their money they go compile list of defaulters send am give CBN and you go find am very difficult to get access to any kind of loan in the future, and with this kind blacklist, the thing fit affect person for future. 4-loan default leads to continuation of interest rate If the person refuses to pay naso the interest go they increase everyday until the day you go clear the loan, so flexibility no they at all for all these kinds of loans. Imagine say you no pay the loan for even two years waiting you imagine say the interest go be at that time.
And finally all these loan apps no go tell you all these things and normally self-people they see am has place to catch cruise or update to chop money, they no go even read the terms and condition before they finalize their application, some people go even make mouth say them no go pay they forget say you no fit get away with this kind of update. I hope say this information they useful for many of us.
It doesn't matter where you collect your loans from, be it microfinance banks or loan apps, if you don't have something doing that generates money it's will definitely cause problems. We can all agree that one downside about borrowing is the interest we are paying, not having a business or a source of income can lead to borrowing of multiple loans from different places and at the end of the day it will keep compounding till it gets out of hand Many have accumulated loans that they can't meet up with because they don't have a source of income Having a source of income is a good backup and also not borrowing more than what you earn is another thing that must be considered OP didn't indicate if it's Loan App loan, he just said micro finance banks, if you're going to bank to borrow money they will actually ask for collateral, which the customer must bring before they will grant you the loan, and if you fail to pay they will seal the collateral till you remit the money. All the indications in OP post are Loan apps requirements, which most of then operate illegally, they don't have CNB backing but they still operate and give out loan to jobless Nigerians,at the end they start to disturb your line with unnecessary text and call, some even go as far to print the defaulter burial post or HIV test result, that's craze, it's show how careless the finance institution in in Nigeria, such app can't work in the western world without government approval. Come to think of it, why are you given out loan to youths when you know there is high rate of unemployment in Nigeria, where would they get money to pay you? Some are owing more than 24 load apps and still counting. Let me tell you this for free, nothing will happen to your future load requirement if you dint pay. But take load if you won't pay back.
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iBaba
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August 12, 2024, 07:01:33 AM |
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And finally all these loan apps no go tell you all these things and normally self-people they see am has place to catch cruise or update to chop money, they no go even read the terms and condition before they finalize their application, some people go even make mouth say them no go pay they forget say you no fit get away with this kind of update. I hope say this information they useful for many of us.
Thank you OP for talking about this aspect where many young people will just take loans for the sake of making jest of the loan companies not necessarily because of the need. Nigeria na country wey so many things they happen and you for also look am from the aspect of the business owners who have suffered in these young people who take loans for fun and not because they need it. I remembered that this harassment thing whatsoever was not there before and was introduced by the loan apps at a time. I remembered periods where people will just take loan without having the plans for repayment and the loan apps end up losing their funds. Then I use to wonder how they make their gains since it was seen as an update in the streets my many youths. The funniest part be say some even they collect loan for party wey be one day stuff, some dey collect loan for marriage, burial and other ceremony wey go last one or two days. After that one, Dem go con turn to Jackie for work make Dem fit pay, if Dem no dey meet up, Dem go develop high BP for them self while dis problem don kpai many, some still dey find wey to escape.
That one even our elders they do am. I remember those days when people they collect anchor borrowers agricultural loan when it was newly launched by the federal government and they end up using it to marry. The purpose at which the loan was collected is different from what it was used for. The baffling part of it is that the loan applicants are aware of their deeds and the moment they found out the loans were actually disbursed, they saw that as another update to collect and squander the money. It was launched around 2015 during the Buhari's administration as an initiative of the Federal Government to support local farmers and produce large quantity of food for the nation's consumption. Over 70,000 farmers were said to have benefitted directly from the programme. Later in 2023, CBN in a report said it has only recovered 52% of the money disbursed and the rest have not been paid by the borrowers. The report also gave an account of a beneficiary that was sued to the court for defaulting to repay his loan after six years of taking the loan when the loan guidelines stipulates that upon harvest, the beneficiaries are required to repay their loan with the farm produce which will be bought by the government with profits. While this defaulter complained about flood as his reasons of failing to meet the guidelines, many of these benefiting farmers ended up adding more wives as a result. It's painful sha. Any type of bank loan, whether from a bank or an app, has drawbacks because with bank loans, you must first give security before they would approve your loan, and if you default on the loan, they will seize your property. On top of that, App loans will harass you relentlessly, and as the OP noted, the bulk of loan conditions are rigid in every way.
Exactly and that's part of the agreement you must have signed with them during your acceptance of their terms and conditions. But do many of these loan takers really care about the aftereffects? In fact many people are even developing their own strategies on how to default the loans without paying. Some are even going to the extent of generating random BVN's to take these loans while using new emails without their contact lists to take these loans. Their formats long sha. I no really support how these loan apps they take harass people especially to the length of calling their phone contacts to falsely accuse the loan takers of scamming or kidnapping and other crazy things but the loan defaulters must also learn to stop taking loans for fun or with the intention of not paying back the loans. I get two occasions wey them Don ever get issues with my friends. In one occasion, which has been long ago sha, them pick one of my friend's passport photograph come they spread am for Whatsapp through DMs accusing that my friend of fraudulent activities by calling him a scammer and warning people not to have anything to do with him. The second occasion wey funny pass na him be one of my friend wey them crop him head con attach am to one random ritualist body photo online. Them come they share my friend face with different contacts on his phone book accusing him of being involved in rituals and warning everyone from dealing with a ritualist. LOL. As funny as that may sound, it's very awkward of them to do so. And I'm pretty sure that's never part of their agreements or guidelines which means they can be sued to court in a more sane environment. Like, that's going to the extreme of defamation of character. You can level allegations on someone of something this tarnishing because they couldn't repay your loans. That's very bad and such things should be stopped.
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