The Nigerian fintech space is growing exponentially, attracting the attention of both foreign and local investors and drawing new entrants into the diverse sub-sectors within the ecosystem. A good number of them have struck gold offering uncollateralized loan facilities to Nigerians albeit at eye-popping interest rates. Of this cohort, it would appear as if some have met and agreed to come down hard on defaulters, resorting to unbelievably desperate measures to recover loan facilities obtained from their apps.
Findings made by Nairametrics show that a number of these loan app operators now send embarrassing short messages service (SMS) and WhatsApp messages to the close contacts of their loan defaulters with the intention of shaming the defaulters, tagging them with terms like ‘criminal,’ ‘fraudster,’ and ‘terrible debtor’ among others.
In some cases, the full names, phone numbers and pictures of the alleged loan defaulters are shared with their contacts like religious leaders, members of churches and mosques, close friends, bosses, colleagues and family members.
Read: NITDA, FCCPC to sanction money lending fintechs for abuse of customers’ data privacy
Victims recount their experiences
A paint manufacturer who introduced himself to Nairametrics as Adewunmi explained that he took a loan of N100,000 from one of the Fintech firms in Nigeria (Sokoloan) to deliver his products to a client. According to him, he defaulted for one week but had called the app’s staff four days before his repayment was due to explain that he would be unable to meet up with the repayment schedule on the said date.
To Adewunmi’s surprise, his Pastor called him three days after he had repaid the loan and requested to see him urgently on a Friday evening.
“He called me into his house asking me questions on why I obtained a loan from a company and refused to pay as at when due. I was blank for some minutes before I told him I had repaid the fintech firm,” Adewunmi narrated.
“That is not true,” the pastor responded. “A member of the church and the Head of Department of the Prayer Champions called me this evening that the bank sent the same message to them calling you a fraudster and a cheat,” he said.
Read: CBN gives banks approval to debit bank accounts of chronic loan defaulters starting August 1
Adewumi recalls being flabbergasted at what his pastor narrated. “I showed him the proof of my payment and the response I got from the firm as an acknowledgement before he believed me. From that day, I made up my mind never to obtain a loan from any fintech firm again,” he stated painfully.
The SMS Sokoloan sent to Adewunmi’s contacts read:
“This is to inform the general public that Mr Adewunmi *** with telephone *** is a chronic debtor and a fraudster. He is on the run after duping a lending money company. You are advised to stay clear from him.”
Stella is another victim of the menace. In her case, she defaulted on a loan facility obtained from another fintech firm in Ibadan for one month in October 2020. According to the former staff of one of the local airlines in the country, she could not pay up because she lost her job a month before repayment was due.
Read: CBN may publish names of agric fund defaulters, risk 5-year jail term for diversion
“I had planned to refund the credit facility but when the unexpected happened, all my plans went south. I reached out to a designated staff of the loan app operator and pleaded for an extension of three months, to which the staff agreed.
“But I was shocked a week later when a friend I have not seen for five years called me, asking questions about my welfare and whether I was affected by the lockdown. I didn’t suspect anything until he told me he got a WhatsApp message from the fintech, alerting him to avoid doing business with me that I am a loan defaulter.
“When he forwarded the message to me, I knew it that I had passed my bounds and decided never to do that again. My friend sent the money to me and I repaid the loan. Obviously, the plan was to embarrass and disgrace me, so I would go to any extent to repay them. But what if I fell into depression and lost my sanity, how would that have made the fintech any better?” she recounted.
Another victim, Adeolu (name changed) recounted his experience to Nairametrics. In his case, he had obtained a loan of less than N30,000 with an interest of nearly 25% for a 15-day period. The repayment was due on a Wednesday and a staff of Kash Kash, the loan firm, called him to notify him that repayment was due.
Read: Interest rates of some loan apps in Nigeria
Adeolu informed the staff that his invoices to clients were being delayed and requested that the fintech firm give him until Friday, which was the last day of the month, to repay. The staff agreed. The very next day, another staff of the firm put a call through to his wife, a lawyer, threatening her that the company was going to involve the police in the matter.
“My wife was embarrassed, especially since I had not told her of the loan. She asked about the amount and the repayment date. When she realised that the loan was overdue by less than 24 hours, she went berserk and gave the staff a dress-down. She also threatened to report their illegal action in contacting her to NITDA.
“The staff immediately became docile and explained that I had asked to be given until Friday to repay the loan. My wife assured her that there would be no further extension to the loan and the company backed off. Apparently, they are afraid of the regulators but they take advantage of the fact that most people are ignorant of the existence of NITDA and even the oversight functions of the CBN in regulating the activities of these fintechs.
“These agencies need to do more to help Nigerians know that they exist and are functional,” Adeolu said.
A Nairametrics analyst also shared his experience when a strange number sent a WhatsApp message to him (with a picture) that one Ms Damilola had defaulted in paying a loan obtained from the app.
The message read thus:
“FINAL WARNING!!! Good day, be informed Ms Damilola with phone number 081303xxxxx Is a defaulter who took LOAN and has vehemently refused to pay. Hence her actions has proven to be SUSPICIOUS. Kindly reach her and compel her to pay up her loan as the company is taking unfriendly & drastic measures including reporting her debt to CREDIT BUREAU as this is an ALLEGEDLY FRAUDULENT ACT. NOTE: You are getting this message because she gave us your number as EMERGENCY CONTACT.”
The shocking news here is that our analyst does not know the lady in question and the name of the fintech was not mentioned either.
According to the sender, the loan defaulter had given out our analyst’s number as an emergency contact person. But one would have expected the fintech to verify the information the loan seeker dropped before taking such steps.
There are countless complaints on the pages of many of these loan apps on the Google PlayStore showing the deep grief caused by those messages.
What NITDA is saying about debt collection strategy
The National Information and Technology Development Agency (NITDA) has described the debt recovery strategy adopted by some of these fintechs as a data-sharing breach.
The agency frowned at such practices and emphasized that no fintech firm is allowed to share its customers’ data without due process.
This was made known in a press release by NITDA’s spokesperson, Hadiza Umah.
To curb the trend, NITDA imposed a sanction of N10 million on an online lending platform, Soko Lending Company Limited (Sokoloan), for data privacy invasion.
According to NITDA, it received a series of complaints against the company, including ‘unauthorized disclosures, failure to protect customers’ personal data, and defamation of character.
How fintechs access customers’ data
NITDA said its investigations showed that Sokoloan grants its customers uncollateralized loans and requires a loanee to download its mobile application on their phone and activate a direct debit in the company’s favour which grants the application access to the loanee’s phone contacts.
“According to the complainants, when he failed to meet up with his repayment obligations due to insufficient credit in his account on the date the direct debit was to take effect, the company unilaterally sent privacy-invading messages to the complainant’s contacts,” NITDA said.
An IT expert, Tolulope Ogundipe, told Nairametrics that some of the fintechs embed trackers that share data with third parties inside their mobile application without providing users information about it or using the appropriate lawful basis.
He said, “Some of them are guilty of unwillingness to cooperate with the Data Protection Authority, contrary to Article 3.1 (1) of Data Protection Implementation Framework; and non-filing of NDPR Audit reports through a licensed Data Protection Compliance Organisation (DPCO), contrary to Article 4.1(7) of the NDPR.
“I expect NITDA to ensure all of them are brought to book, as they will curb others in the industry. The challenge is that most of their victims won’t report their cases to appropriate quarters, as they suffer in silence due to ignorance.”
Bottomline
While NITDA is expected to investigate other erring fintechs and protect innocent Nigerians, it is important to note that the agency can only work on petitions/complaints filed to it by victims.
The loan defaulters that have experienced or are experiencing this illegal form of harassment are expected to report to NITDA for appropriate steps to be taken.
They keep saying they work for Chinese firm that asked them to embarrass their fellow citizen. I have a victim before. I think their should be a small court they can sue their defaulters to and sanction the defaulters to loose something that can replace the money if not paid back so so time, one it will create a value chain and employment and no one who is not capable of repayment will go for their loan again, a crazy interest loan, 30% to 50% weekly interest… they’re funded by criminals and they are criminals as well
knowledge is power I think I know my right now. the same sokolending through the app gocash has harassed me each time I take a loan from them. let’s my loan is expiring today instead of sending reminder they will be sending threatening messages with calls with all manners of unfriendly language. thanks to nairametrics giving me this knowledge.
Better to stop collecting Loans you will not be able to pay.
Some of those companies are suffering because people collect Loan and refuse to pay, if Nigeria system always protect criminals, How do we protect good people. They Loose money year in year out to defaulters
That is not true..they are not loosing any money. Do you know how unreasonable their interest is? Do you know how much they make from Nigerians on daily basis? Even after the due date, do you know the interest on the overdue amount is even higher than the first one? Its nobody’s wish to default but there are times that things won’t go as planned. So don’t blame citizens for patronising them. Afterall, they are not giving us money for free. If they really want to do this business, they should learn from Branch and Fairmoney
God bless you. Branch na baba
Sokoloan, Rock Financials Limited (Add monkey, Aimloan, Anyloan), 9 credit, Nairaplus, Xcredit etc. are all guilty of this dastardly act.
Kudos to NITDA on the 10million naira fine imposed on Sokoloan however, the same Sokoloan is still breaching the privacy law with wanton impunity.
I feel NITDA can do much more to these terrible companies.
The fintech industry in Nigeria needs to be heavily regulated.
And to top it all, some of these companies are owned by Chinese and they encourage all these terrible acts in Nigeria.
Sokoloan did the same thing to me, I almost committed suicide all because I defaulted just fr a week
U forgot to mention the ALMIGHTY LCREDIT these people are children of Lucifer
I swear…
Kudos to Nairametrics for publishing this?Am also a victim. My loan was due on Sunday and one of their staff called me very early on Monday morning which I explained to him I was stranded somewhere and I promised to pay my loan on Tuesday which he agreed and I even thanked him for that. To my surprise, I was just receiving calls from friends, relatives in fact from someone have not seen or talked to for so many years that they received a message from 9ja cash(sokolending company) that am a criminal, fraudsters calling me all sorts of names?? including my pictures. They even sent it today again. Anyone with NITDA contacts in Ado Ekiti should please kindly assist me on it. I need to report them as well because have been embarrassed, some of my customers have lost trust in me??
Nigerians will always be Nigerians. The same so called fintech guys are no different from the everyday hustlers you see in the streets. We are generally mannerless and unruly. Nigerians generally don’t respect confidentiality and it’s very bad. Me, I would never go to borrow from those guys. I value my ego and self-worth.
People don’t go to them while rich but in desperation
Am a victim as well they spoil my relationship with my family. I was been regarded inresponsible son. This people are very wicked.
About 800 contacts from my phone received that embarrassing messages.
800?! I feel for you o!
I’m also a victim of this disrespectful act….. like 300plus my contacts received the message…..right now I’m not thinking of repaying all I’m trying to do do save my face from the shame
That was how i was disgrace also, it happens that i went to NYSC in that process, my phone fell on the parade ground and the screen went off and i was suppose to pay their loan the next day but unfortunately i couldn’t pay because of my bad screen, so after a week my sister brought me a Nokia touch light pending till when i get home. But the most annoying part is that this loan app ( SOKOLOAN) started sending messages to all my contacts and broadcast on WhatsApp, Facebook, Instagram and my friends started calling me to ask what happen. The most painful part is they send it to my father which we are not in good times. I felt embarrassed and promise myself never to lend money from any loan app again.
This is pure madness. One of them sent me a message that a a friend I have known for ages is a fraudster, and I responded by insulting them and told them never to contact me again. What madness,
It total madness, after the whole shame and disgrace. They still expect u to pay. I swear if I was a victim I never return their money. Not after spoiling my name.
The same harassing message was sent to me on two different instances when i reach out to my friends there told me it was just a #5,500 loan and he’s about to balance them just the next day. They and their money are evil manipulation in motion. There should be strick fine to be imposed on them.
This people are something els I can believe my eyes when sokoloan or what ever is there fucking name sent me such a message on my whatzap line that my sister in law is a fraud star and criminal I was furious and helpless because of 20k with interest of 50%, I think government should come the the aids of Nigerias, I always ask them who is more criminal among the lender and the person that default the loan, you give 20k loan and want 45k in return
Please how can someone petition NITDA, because I am a victim of this harassment from sokoloan even after payment their staff continue to harass me, I wanted to take legal action but I think I should just petition NITDA.
Thank you for the information
This same company have created so much embarrassment for lots of people to loose there jobs by sending mysterious messages to co-workers and boss including friends and enermies. They also need to face there panel. I’m happy to have this information about NITDA.
Pls i need the information about NITDA….
By biggest problem with them is the high interest rate they charge,some charge as high as 40% to 50% weekly,very mean…I think the CNB should regulate them on that and find out who their sponsor are because they could funded by those involved in money laundering,,they are banks too so they should be investigated and regulated like normal banks.
I’m currently experiencing this mess right now, I have been working with this company’s for more than six months, this time around I took a loan to bust my business but things went south due to the recent crisis in Jos so I was unable to meet up with the due date and now they go about sending messages to my contact. despite all the pleading to increase time limit.
How do we contact nitda on this act?
Pls were can I report this case am suffering from the same issue pls .this sokoloan has destroyed my personality by calling me all sort of names . Pls I need the address of NITDA
I blame the CBN for dishing out licenses to some useless Chinese firms.
They are not only embarrassing the loanee, they’re also embarrassing the person they called or send WhatsApp to. I’ve been receiving a call from a certain number for some time now telling me of someone whose number is saved on my phone for one reason or the other who I don’t have any relationship with, that he defaulted in repayment of their loan, as such they will get his BVN frozen and that they will get mine frozen too because I am his guarantor. It is highly embarrassing as I have no knowledge of when and how the person took the loan
Some of these oaning companies are terrible, I’ll advice people not to take loans from them, Branch, Carbon, Fairmoney handle their customers with much respect.
The likes of Sokoloan, IMoney, Credit9ja, Icoin, cashloan, Nairaplus, Addmoney, 9credit and some other rude loan companies need to be properly sued for the way they treat their customers and also for.their absurd loan interest rates.
Am still a victim, am owing 3 different apps cause I needed to pay my tuition and my brother’s, even my mom was sick at that time, I took the loan to settle bills, as a student sending herself to sch and still feeding my family when I can, have faced slot and till facing from them, I no longer sleep, always scared my friends will call me to ask, my dad that hasn’t call me for over 5 years called me of recent due to the message, I just pray am able to pay them, cause my salary is to pay rent and settle other bills, this people do not care, they embarrass you as they want
But why would you take loan that you don’t have any plan for paying back?
Thank you very much. I was looking through all d comments and u were d only person that had the courage to ask this pertinent question.
They gave out loans in good faith and paying back is made to become a big issue.
Thumbs up for saying d truth as it is.
I guess you work for one of the loan companies.
Have you ever taken a loan to invest in a business and that business failed,you have a job and salary will come by the end of the month there’s an emergency,you need to attend to urgently,then you take the loan bearing in mind that your salary will come before the due date,but your salary was delayed by few days,weeks or months.
I believe you are one of the few persons who sit in glass houses and throw stones.
Nobody in his or her right sense will take a loan and not want to pay back.
Been in debt is trauma on it’s own,not to talk of not been able to pay as at when due.
Don’t judge others because you feel all is working for you.You might have a job today and be jobless tomorrow,your business might be booming today and crash tomorrow.
The loan companies have done more than enough harm in Nigeria,let’s tell ourselves the truth,if someone defaults,we have Organizations in Nigeria that handle defaults of loan.Why call someone a criminal or fraudster,when a competent court in Nigeria has not judged such a person to be so.
Some people even pay them part the money,yet they go ahead to send those horrible and character assassination messages,it’s only in Nigeria they can try such,they can’t do it abroad.
The interest rates of these companies are 40 to 50%,why?
I pray that God delivers Nigerians from this evil and death called fintech-loan companies.
May God help us.
To all who have been affected,I know how you feel,the shame and embarrassment caused you,your family and friends,some of you have lost your jobs,businesses,even beautiful relationships both in your place of worship,know that there are seaons in one’s life,these seasons come and go,don’t commit suicide,the fintech or loan companies and the messages of lies they have sent out to your loved ones,friends,pastors or spiritual leaders,bosses,colleagues,etc is not worth you taking your life.I assure you God will help you pay them and this season of your life will be over soonest.It is well.
Is Ogun that will kill you.
Every story said on the loan apps here is true. They threaten their clients as if they are criminals i had to tell one, that’s not how to do business and she started shouting at me. I truly believe something has to be done about the loan App they give you stress that is unbelievable.
10 million is small if they want to curb this kind of issue, and nairametrics should be as strict as they are too what non sense. Same message they sent to about my colleague whom weve worked together for long.
The country Nigeria is hard and they make it easy for this loans to be collected yet they dont spell out the implications amd I feel nairametrics shouldn’t just work with only a person who reports the case to them only but all for the interest of Nigerians and for the record these companies are not owned by Chinese because I know a fellow nigerian who owned such company too and because of that kind of business it made him to be arrogant in everywhere possible. Arrogant bossy and all that which is very wrong. The truth is all these lending companies need the customers to get those loans as they are banking on the interest and the people need the loan to solve their urgent need..that should be regarded as business not for the loanee be treated like some garbage
I think sokoloan should be investigated especially. Before they send many young Nigerians on suicide mission, their actions can make one lose insanity and fall into irreversible depression.
I told the sokoloan company that they will be closed down…now its happening. After paying the 10million imposed on them…am sure they will not survive. Mad people
Same goes with Lcredit, okash and many of them, and mostly is there fault because on the due date or before you won’t be able to pay through their app and few days before your due date they will start calling all ur contact n start embarrassing u and defaming ur character and after you have paid they won’t still stop calling or plead for spoiling u to ur friends,family n people that regards u so much….Lcredit need to be fine too……life threatening people ,they can make someone commit suicide with they way embaras someone..I hope the company will go bankruptcy n their mannerless staff too
I’m also a victim of this harassment last week a lady agent of 9credit call my wife telling her that she will disgrace me if I don’t pay my loan after I’ve made part-payment remaining N2,894 to balance before I knew it my sister call me that she receive a message from 9credit and she’s shock later again I star receiving calls from my Oga and other colleagues which is very very bad. Pls the appropriate body monitoring this lenders should advice them on their inappropriate action. Thanks
Good
However i took a loan from truenaira not even upto 10000naira I fell sick for weeks and have not been able to pay up on the due date one of the staff called my sister picked the called after she introduced her self my sister told her that have not been too well and to my surprise the following people on my contacts list started calling that truenaire sent them a message on whatsapp that they should warn me to pay back there loan or else they will breach my image and even get me arrested
I felt embarrassed
Well, Nigerians lack integrity. I am of the opinion that there are terms and conditions available on these apps for customers to read before applying for loan. If a company is nice enough to grant you a loan why not be kind enough to keep to your own side of the bargain to avoid breach of agreement?
True. But not everyone lacks integrity..even after I was embarrassed by soko loan I would have said I won’t pay back the loan cos of the embrassment but I still paid back in full. So what is the remedy to the embarrassment??
Y wait till u are embarrassed?
You are certainly a worker at one of the Sokoloan companies. If not you wouldn’t be saying this rubbish
Do u know the interest they got from this loans they gave out?
Do u know most victims never intend not to pay back?
Do u know sending uncultured messages to a defaulters contacts could tarnish his/her image or reputation for. A long time?
Or U think people jex wake up. Everyday and be like “make I go collect online loan jawre”.
Try reason with the people before making comments nao
Awesome article here. Also, LCREDIT should be checked also…. They have very aggressive customer care representatives, they impose huge late payment fee… Imagine adding #300 person because of late payments.
The best loan apps in Nigeria are BRANCH, CARBON, FAIRMONEY. The rest are useless
Please add LCredit to the list!!
I guess it’s high time we call them out and report them on Google Play store because when they are banned from operating and their apps are restricted from being downloaded, I guess they would be restricted.
How can we contact NITDA for this kind issues. Website phone email WhatsApp etc thanks
Pls kindly use google, write it in full, this could be of help
Everyone is blaming the loan company.
Will you collect loan without payment in due time?
Some people here are not sincere when it comes to repayment of debt.
Such lending apps also need protection from the government too.
They have forgotten that it was borrowed money.
If u don’t intend to pay back when due, y borrow and get embarrassed in d first place?
Sokoloan sent messages to my close contact because of N3000 that I am a fraudster, a criminal and that I was running away with their money. I had earlier informed them of my liability to meet up with the entire repayment, which was N15000. I wish I could pay them back in their own coin
I am a victim of sokoloan harassment, what made the situation worse was that they didn’t even message the contacts I gave them. They went through my phone contacts themselves and sent the message to my Aunt who sent it to my parents before it reached me after I had already contacted the sokoloan staff that I would be 3 days late due to lockdown reasons and the fee was due on a Friday. Sokoloan has made me suspicious of those app permissions we give our apps who knows what other information they have been taking from my phone
It’s becoming unbearable..i have received phone calls and text messages from this loan companies. How would you give out loan to someone without contacting the guarantor or emergency contact they dropped. I received insult from one simply because i asked a question that I believe for defaulters there is extra charges or amount to pay for default which would have been added..what they are seeing in essence is that anyone can apply for loan even with an invalid number..it is also bad for a friend to use ones number without his or her consent as relative, guarantor or emergency contact to apply for loan or any other thing..
This nonsense can only happened in Nigeria where the leaders have sold their citizens to modern slaves masters. Where are the regulatory authorities? Where is CBN? Where is NDIC? Where is consumers rights protection agency? where is SEC? Some of these Fintechs charge as high as 30% flat interest rate for a 6 days loan making almost a 100% interest rate flat for a 30 days loan. What they called one week is actually 6 days not 7 days and the CBN is not seeing that.
How can someone be called a fraudster on the run just because u borrowed money from a Fintech company? When a lender overcharges interest on a loan the lender is doom for a pile of loans that will run into default. Funny enough most of these operators are Chinese and most at times u cannot reach them so they do whatever they like to their customers cos they feel they are untouchable. Sometimes you pay them their loans u send proof and they don’t clear it on their system allowing the loan to accumulate unnecessary interest and customer’s accounts are usually forcefully being debited without the consent of the customer. These Fintech companies also charge interest on loans already recovered by them in order words one takes a loan of 1 month and repay in a week and still charged interest for one month. This nonsense cannot happen in a sane economy where consumers rights are being protected. It’s high time CBN checked the activities of these Fintech companies cos we are not in a jungle.
I think it’s time this information is made know to the general public, because this lone apps are wicked and bad, I am a victim of their evil act
When they send me text msg about my friend. I told my friend to pay the money again.i told her to tell them to tell the people they text to pay up d money . She is no more owing them for the action they take.
The author could have obtained comments from these companies that were mentioned.
I’m still owing TrueNaira, and Lcredit, Business has not been going well for me at all this past 1 month, I explained to them, but they sent messages to my contacts and family calling me a fraudster. I’ve been try to pay little by little yet they keep adding more interest and their calls are frustrating , I don’t know how to rush the payment so I can have peace cause the frustration is making me think of suicide.??? I’m no longer thinking properly and my family members detests me due to the messages they sent.
Please keep me anonymous. And I really need help
Pls bro, dont think of suicide O.
Death Is never is never an options. Or solution to any of our problems.
Ama victims. Too, but I’ll stay alive and pay off when I gerrit. Aint gon kill. My sef neither.
So bro, brace up.
Pls
I need loan to survive in my life please
This people are frustrating y life they’ve called all my contacts telling them I made them my guarantor.
Please I really need help to stop them
guy live them GOD pass them
Please 10million fine is not enough, compare with the emotional damage they have coursed to people, imaging a situation where one requested for loan,they did not disbursed and they started deducting from all the account till date they are yet to disbursed the money,they have one pay stack they are using to do that,in the name of otp.Atl least two of their apps have done that, it shouldn’t be 10 million rather 10billion,this is government judgement, he should awaiting God divine judgment. If things are well with us in this country we don’t need to go to these Chinese people to be borrowing money,a good govenment make provision for her citizens but here in Nigeria our leaders sold us into the hands of Chinese people to be tormenting us,but Our God will surely deliver us.To the loan app owners both the Chinese and so call citizens, they should know one thing that what goes around will surely comes around.
This also happened happened to me I collect a loan of #3000 from 9credit I was only late for two days that’s how the sent message to my cooperative chairman I I lost 250000 becos the told him in the text message that I used his name and number as my guarantor my boss got upset he told me that I want to tanish his reputable name.. since then I have never done such mistakes again guys let’s stop collecting loan from this useless confused and evil people
The experience of my was very terrible, with Gocash, gocash called some of my friends, on my contact list, the most annoying part of it is they went ahead and called my business associate, I mean directors both private n government ministries, for just #38900 only, I paid the money though, but this unwarranted disgrace with never go unpunished, their days of reconning is very close at hand, but this want is called deformation of character, which goes contrary to the acts that guide financial institute loans, our people are they dieing by ignorance.
This is the right time to regulate loan app. They have gone beyond their boundaries. They have not stop sending threatening messages to contacts calling people fraudster person, thieves etc after explained the reasons why such person is defaulted.
Let them stop the interest rate after the expiration of the due date. And the agents shd stop addressing people as fraudulent person or thieves.
They should stop frustrating peoples life. Fine, people have be defaulted, in a gentle manner, they shd find a way of persuading people to repay instead of sending horror messages to people and they will still collect their money back after labeling people.
Thanks
I am still a victim. This isn’t the first time I am taking loans from this loan apps & I have never defaulted but this time
Unexpected things came up
My guardian is currently battling with his life but all my explanations & plea have fallen on deaf ears. I know I am owing & I don’t intend to run away with it but no they are still sending useless messages up and down & you need to see the curses & threat messages they sent to me please NITDA do something about this please
It is really disheartening
Not everyone is a fraudster & we are human beings and anything can happen. No one wishes to be sick or even plan for death. Kindly help biko
Why not download Nirra. We do not harass our clients because we do our due diligent before we grant loans. We do not share your personal information with third party and we do not have access to your contact. Our interest rate is very affordable because we always want individual and businesses to thrive and grow.
this so calledstupid loan apps are rip offs, we that obtained loans know we would pay back, sending degrading messages and calls wont help, they sent messages to all my coNtacts including my inlaws, They have ruined so many relationships and homes justwith these singular act, thanks for the eye opening agency we can report cases like this too
i was a day overdue when aimloan sent blackmailing text to my contacts after explaining to them that i lost someone and just did the burial. Even in my grieve they sent embarrasing text to my contacts..
I am a victim of Sokoloan,GoCash,Okash and many others.. Messages has been sent across to all my contacts including my photo and they also threaten to arrest me… My families and friends all thinks am actually a criminal and a fraudster. Please come to my aid
This is a good review, Fintech lending companies must be checked really.
Thanks to the regulating body for this giant stride.
I was having challenges with my business so o took a loan from one of these lenders.
It was on 30% interest on a 7 day duration. Due to the magnitude of the issue and the relief I hoped would come my way to offset it within that period, I entered into the loan agreement.
Everything fell through and I was in trouble. I ended up borrowing from others to pay till it became a vicious circle when my business died.
I was receiving the libelous messages, getting it sent to family, friends, co-workers…..everyone and anyone unfortunate enough to be on my contact list.
I lost contracts, messages were sent to my office, they even I dictated in that message that I used my bosses number as a guarantor, suffice to say I lost my job. My wife left with my 2 kids, I developed blood pressure issues. Every dime I got I put I to paying off these people yet they kept sending messages to people.
I now have anxiety issues, my life is a wreck, I haven’t seen my beautiful daughters in 4 months as they sent these messages even to my in laws.
I got arrested 3 times by people who assumed I falsely used their info as guarantors to fraudulently access loans.
I’m having the same problem with fast money right now, my loan is over due and I’ve paid part of it already but they still went ahead to defame me, sending messages to my contacts that I’m on the run with company money, the worst part is he even abused my family and called us pathetic so I hope they eat their words and get paid back in their coin
It’s very sad that one week loan term company called 9credit assassinate my privacy, blackmail me, calling me a fraudster and spoilt my image,sent messages to my contacts, benefactors, customers just because my due date was one day due and it doesn’t stop them from adding interest rate. Very unfortunate experience
with their blackmaillin people they are stilling increase the loan,me that i borrowed 12k and wasnt able to pay back u expecting me to pay 18plus,keep it up i wont pay again,let me face the issues u cause to me,addmoney,9jacredit,newcredit,palmcredit and co,uselless companies
I have read tru comments and what i denote was that only those individuals who works for them really support them, a true Nigerian will have empathy and know is not easy. In a normal circumstances or normal societies, defaulters will get more interest not embarrassment. Those fintech companies are thieves too with high interest rate. Well I didn’t get a loan from any of them, but what if I did and you embarrassed me in front of my loved ones. I will never pay back. You can say am mean, it depend on how life is treating you
9 ja cash is scam, i paid off line they refused to clear the loan, the debited the same amount. when i called they lady told me they don’t refund money, that i should talk another loan that one due date they will use the outstanding payment with to clear, on due date they debited me again instead of clearing the loan, the balance of the uncleared loan on the was the reason they started sending my contact message while they are owning and still haven’t cleared the loan. i have reported so many commission yet nothing has been done.
Address： Admiralty Way, Beside Tantalizers, Providence House 105112, Lekki Phase 1, Nigeria i even have to go to this office i could not find anything them on this address
Pls kindly use google, write it in full, this could be of help
Good Day, This is to inform the general public that *********************** is a dubious person, he is a ruthless chronic criminal who goes about defrauding people. he is currently on the run with our companys (N-KASH) money and has refused to pay. Be informed that he has been declared Fraudster. Please contact us if you have any information about him as soon as possible, else the company will proceed to the next action.N-KASH MEDIA TEAM. THIS IS WHAT I GOT FROM NCASH TODAY…VERY DISHEARTENING
This Loan company really do take things too far. I feel to protect the end-users as well, the government should provide an email where people can report those companies that violates the law.
Please direct me on where and how to lodge a complain, I have a complain to make.
Too much laws leads to too much crime is an Amorc anziom.iquote.federal government of Nigeria pass contractdicting memorandum and article of association of EDWARD OBUKOWHO OKOTIE LIMITED RC 452558 like other judgement but deos not execute it.is like those in charge are like ostrich that lay thier eggs but abandoned them it is painful instead of doing the needful Makes false policy promise with out fulfillment.because of selfish and wrong aggressive agenders by those privilege to render the non privilege stranded heaven will judge those consign and set the captives free .so would it be.
Please nairametric, am also a victim of addmoney, how can one channel petition to NITDA?
It total madness, after the whole shame and disgrace. They still expect u to pay. I swear if I was a victim I never return their money. Not after spoiling my name.
Am also a victim. HV not yet repay my loan. Dey are calling me ND texting me dat dey will call my contact ND send dem msg dat am a frauter dat I run away with company money.
Hw will d government stop dis nonsense.
Government pls cum to our aid
L credit don do me shege.nah my twin sis use my info cuz we are identical without my knowledge.nah me nd my contact dem dey disturb.i feel depressed nd embarrased
I was also a. Victim of their act
My case is I have already paid, but they keep sending me this massage