sparkyJ:
I want to call the attention of the government to save us from the embarrassing calls and messages of loan companies.

They always claim the debtor dropped your contact with them which is NOT true but rather they send messages or call all numbers on the contact list of the debtor. I have never taken a loan in my life neither do I care to do so.

I got a message today from a company called CREDIT9JA that somebody took a loan from them, that he dropped my number as an emergency number for them to call. Why dragging innocent people into a deal or transaction they know nothing about?

The most annoying part is that u might end up not knowing the person; reason is because people can get people's contact without their consent.

This is the 3rd time i will encounter this. The first was abt a schoolmate of mine during my undergraduate days, the second was a fellow Corp member during my service in the core North and now is a stranger who have my number. Yet these people suddenly claimed he is my relative. It's so annoying! I called back and gave them a stern warning. See the reply I got.

Sue them and the bad English they wrote

I forr this sort of message last week from NCASH, a friend input my number while filling the form.
Someone I don't know also did same. Neither of them informed me before doing so.

CXLVII:


Which part of the world are you from?

Can’t you just reply without insults. You could have clarified yourself in simple sentences without insulting.

Look at how you responded like a street tout

Are you blind??

Can't you see he was the one who received the insults? Read well before you type abeg

sparkyJ:

I handled similar issue just last week. A staff of mine came showing me similar message, the sms revealed that another of my staff took their facility. The sms referenced several numbers who would get the next batch of message if he fails to pay before noon. I had to call the number to get clarity on how they got the contact, and who authorized the random messages. They told me it was the client who granted them access to all his contact as part of the loan requirement. This was how I invited the staff for explanation. He was surprised, though said he had credited them that they were having issues of acknowledging the payment. He had to show me the bank statement.
Generally, the person you should query is the person that surrendered your contact. Those companies are using that tactics to force their clients to pay.

Wahala

DominusPrime:
So if person borrow money from them all they will do is call and threaten?
Make I go collect loan drop my 2nd number for them.
If they call that number I will ask for another loan.

Lol, it doesn't work like that. Before u can take a loan u will have to give their app access to ur contacts and even whatsapp contacts. So the app will download all ur contacts, so once u default they will start calling and sending messages to all ur contacts. If u have ur boss or important people in ur contact they will call them too.

thesicilian:
It's not the company's fault. The criminal probably dropped your number as a close contact and they are helpless now that he has absconded with their money

Did your eyes and brain travel in different directions when you were reading the post?

einsteine:


Did you say minimal interest rate?

50% interest in 6 days is what they charge. Nothing minimal in such pure usury. They still make lots of money even half default.

Their loans are over 1 million percent interest on a compounded annual basis.

Since you think it's so easy for loan companies to make money please set up a loan company then come back and tell us how much profit you made in 6 months against the bad debts you incurred within the same period

sammysmiles:
The person can't even spell criminals
I thought they are official loan companies
That's how my uncle that promised to send me money,forming big Man.... My Mum called me and said she was sent a message from cashapp, that he(my uncle) is owing them and should try and pay that they are calling him, he's not picking.... I jxt weak... The funniest thing is they said he dropped her number as next of kin... Am very sure he collected a huge loan...

Na wah. This one weak me

sammysmiles:
The person can't even spell criminals
I thought they are official loan companies
That's how my uncle that promised to send me money,forming big Man.... My Mum called me and said she was sent a message from cashapp, that he(my uncle) is owing them and should try and pay that they are calling him, he's not picking.... I jxt weak... The funniest thing is they said he dropped her number as next of kin... Am very sure he collected a huge loan...

That's a scam. Cashapp does not lend loan and you can't owe cashapp unless if a fraud was perpetrated on your uncle's cashapp account. And cashapp will not send a message to a person in Nigeria that a customer in US is owing them. That's the hand work of a scammer. Don't be ignorant.

noeloge82:


No loan company will reply like this ,this is just yahoo boys on the beat

U are joking right. They are even worse than this. They are arrogant, disrespectful, no courtesy at all.

bigcee:

You look like a wife material

Seriously?

Now that's. Almost scary,

Where did you see me?

einsteine:


Did you say minimal interest rate?

50% interest in 6 days is what they charge. Nothing minimal in such pure usury. They still make lots of money even half default.

Their loans are over 1 million percent interest on a compounded annual basis.

The interest rates seem to be high. The reason for that is the unique environment they operate(Nigeria).
Investors place their funds for fixed terms with the loan companies. They expect to be paid when due. But due to the high rate of default amongst Nigerians, the interest rate has to be high to pay the investor, also to cover the cost of those that will default.
In short, the higher the risk, the higher the interest rates. People that wount pay, make the cost of credit high for the rest of us.

Most of these loan companies aren’t officially registered, hence most of their staffs are those Olevel people that really do not have an idea of how banks develop their lending policy to the point the debt, even if all aren’t recovered, atleast 80% is recovered.

Sure if they’re not really official, they can always mimic commercial bank lending policy instead of just dolling out money to every Tom, dick and Harry that comes asking.

All these debtors running away with their money is the repercussion of their foolish and unethical policy of giving out loan.

CXLVII:


Which part of the world are you from?

Can’t you just reply without insults. You could have clarified yourself in simple sentences without insulting.

Look at how you responded like a street tout

If u actually took the time to read the messages u would see it's the loan company that sent both messages, not the op

I had a very embarrassing experience with a company called L-CREDIT with persistent calls warning to inform a certain individual to pay them their loan or else they will block all his bank transactions and that I too is likely to be affected. What I did is that I reported them to NCC who told me it is a privacy violation matter I should contact NITDA and I did so. I also reported the matter to consumer protection department of CBN who advised me to contact the company and if they did not stop I should get back to them. I wrote the company a mail telling them to stop the calls and that I have already reported the matter to NCC, CBN and NITDA. I got a response from them that they are sorry for what they did and from that time I have not received any call from them again.
It is really annoying that they should adopt this tactic of using threatening messages in a matter which I have no knowledge of.

Jeromejnr:


Lol...is it an agent of a company that is calling you a cow?

Lol ... Bros you no see me see trouble

MrFollowFollow:


Since you think it's so easy for loan companies to make money please set up a loan company then come back and tell us how much profit you made in 6 months against the bad debts you incurred within the same period

This is a fallacious argument.

I corrected your wrong information about minimal interest and you retort with a fallacy as argument.

They charge interest rates that are illegal under usury laws anywhere and specifically because of that, they are going to have defaults. It is simple stuff. How are the real fintech loan companies surviving with none of them doing naming and shaming? Why is it the Chinese UNREGISTERED loan apps that are doing naming and shaming?

A lender must do due diligence BEFORE lending.

sparkyJ:
I want to call the attention of the government to save us from the embarrassing calls and messages of loan companies.

They always claim the debtor dropped your contact with them which is NOT true but rather they send messages or call all numbers on the contact list of the debtor. I have never taken a loan in my life neither do I care to do so.

I got a message today from a company called CREDIT9JA that somebody took a loan from them, that he dropped my number as an emergency number for them to call. Why dragging innocent people into a deal or transaction they know nothing about?

The most annoying part is that u might end up not knowing the person; reason is because people can get people's contact without their consent.

This is the 3rd time i will encounter this. The first was abt a schoolmate of mine during my undergraduate days, the second was a fellow Corp member during my service in the core North and now is a stranger who have my number. Yet these people suddenly claimed he is my relative. It's so annoying! I called back and gave them a stern warning. See the reply I got.

no body used ur number the probably got it from the persons contact list and they are trying to blackmail the person for not meeting up their payment

Not really.

These guys have mobile apps. They will ask you to download the app to be able to apply for the loan. When you download and install, they will ask you to give them access to your contacts. Most people don't know what this means, they will just tap okay. Now, they have access to all the numbers you save in your contacts and can do whatever they want with them.

thesicilian:
It's not the company's fault. The criminal probably dropped your number as a close contact and they are helpless now that he has absconded with their money

nedekid:

The interest rates seem to be high. The reason for that is the unique environment they operate(Nigeria).
Investors place their funds for fixed terms with the loan companies. They expect to be paid when due. But due to the high rate of default amongst Nigerians, the interest rate has to be high to pay the investor, also to cover the cost of those that will default.
In short, the higher the risk, the higher the interest rates. People that wount pay, make the cost of credit high for the rest of us.

You are conflating these loan apps with legal lenders such as Carbon (10-30% monthly interest rate) who have legal licenses and deposit taking capacity.


Investors don't place funds with these particular ones. They don't even have licenses with the CBN. These are fly by the night Chinese hustlers bringing in money from China and Hong Kong to lend at huge interest rates. Even if just half of their customers pay up, they will still make profits which is repatriated regularly to China through black market Forex purchases. I won't be surprised if the source of the money is from the Chinese triads.

They gave loans and people defaulted which is wrong bt they need to find better ways to get back these loans.

thesicilian:
It's not the company's fault. The criminal probably dropped your number as a close contact and they are helpless now that he has absconded with their money

Listen Mr. Man, nobody drops your contact. The app accesses your contact lists and that's how they get your number.

I'm going through the same thing too, they've been sending me texts that someone that has my name on his contact list is owing them a huge sum

Segzy22:
Imoney almost got me sacked because they sent message to my Boss calling me a criminal after paying 80% of their money. Oloribuku people

Next time bro just press and hold the application it will show u permission click on it then unpermit all the asses u gave them like that they won't have asses to ur contacts and they will be the ones to be begging for u to pay up

DoggoneDogg:
Upgrade your circle ogbeni.
Avoid interacting with poor people so you won't be getting such again.

I laugh when I see stuff like this one. It has nothing to do with circle.

Maxymilliano:
I have no doubt whatsoever that company is owned by Soko Loan.

I once engaged one of the agents after getting similar message and the uncouth ways they address people is extremely distasteful

Lol

The Loan app management needs to work on their approach and how to hold their debtors accountable. That's just by the way!

But you see Every Nigerian is criminal minded 99.5% of them. Why would someone collect loan and not paying back as at the due date. You are enjoying someone's sweat, you evil soul that doesn't want someone's business to thrive. What prevented you from borrowing money from your neighbor because you're a crook and bad neighbor. Later when things becomes hard for you in life you will be calling your village people not knowing that you're the Satan holding your life.
How on Earth would you collect a loan and goes back forming a Barrister and quoting laws. You are a bad person.

sylve11:


I laugh when I see stuff like this one. It has nothing to do with circle.

It does.

IKBARUTEN11:
I had a similar experience some time ago

I was mad and embarrassed. I wanted to file a suit against them but money no dy

last month someone filed a breach of privacy suit and cashed out, well enough to even cancel his debt. Did you hear?

einsteine:


You are conflating these loan apps with legal lenders such as Carbon (10-30% monthly interest rate) who have legal licenses and deposit taking capacity.


Investors don't place funds with these particular ones. They don't even have licenses with the CBN. These are fly by the night Chinese hustlers bringing in money from China and Hong Kong to lend at huge interest rates. Even if just half of their customers pay up, they will still make profits which is repatriated regularly to China through black market Forex purchases. I won't be surprised if the source of the money is from the Chinese triads.

Yes, I agree with you.
But the bottomline is that folks have an option. Decline or accept their offer.
Anywhere in the world you walk into a loan shark, it is considered a last option because the regular financial services has refused you. Either for bad credit history, high risk etc. You therefore have to pay a huge premium.
If gt or Zenith will give me a soft loan at 5% why will I go take from China an for 50%?
Most banks think it is not worth the effort chasing Nigerians for 20, 50, 100k etc. So they rather not give soft loans.
The alternative is the modern day loan shark, money lender ie loan apps.