NewStats: 3,262,581 , 8,177,578 topics. Date: Monday, 02 June 2025 at 08:38 PM 555b5k

Decryptor:
Pay your debt

This one they can't run away

They made a big mistake.
They forgot to add tinubu to their list.

Kiss your loan goodbye if you display my face in the public.



With such act, we are even

There are some loan apps that will deliberately trap you with loan. While visious circle of interest accumulation entrap you even further. They will give you large amount to pay in 1 to 2 month at 50% interest rate.

Loan apps taught me that it is better to throw away your pride and ask for help than to borrow.

LOAN APPS OR CRIMINALS ? DEMON POSSESSED COMPANIES. SOMETIMES THEY'LL AUTOMATICALLY CREDIT YOUR AND REFUSE TO REVERSE THE TRANSACTION ,JUST SO THAT INTEREST CONTINUES TO ACCUMULATE. NIGERIA IS JUST LAWLESS AND ITS BAD.

Is04970:

6 months or 1 week?

months

danvon:
The damage is done, they have played their trump card.

After publicly disgracing them what else can they do?

If they were a legal loan company they could have easily notified the authorities.

Exactly.
Where is the motivation from the debtors to pay up other than on a Morale bases?

Lol 🤣

Let me reiterate "Never borrow a Nigerian your hard earned money". I rest my case.

Anonymous012:
Our credit system is bad, the companies charge very high interest rate and the people too borrow without clear plan on how to repay these loans. The government need to overhaul the credit system in Nigeria

Chai ! This people later post my picture after enough pleading

ddippset:
I know someone who took a loan of 300k.

He defaulted in payment for close to a year and when he finally had money, he still refused to pay up.

Instead he used the money for other family and personal things.

Some people deserve all the disgrace, let's face it.

if you already disgraced him, why should he pay back?

essentialone1:
If you must take loan, take from only your friends and family .

If you do not have close friends or family who can loan money to you when you really need it, it is your fault.

Nobody is an Island, But some people live their lives, as if they are greater than every other person and better than every other person. Total disgusting snobbish attitudes.

Loan kill them there.

The loan company should track them all, and imprison them. Rubbish nonsense and ingredients people.

Relate well with people especially your family . Keep close with your friends and neighbours. Greet people and respond to greeting when others greet you. Stop feeling unnecessarily too important, only to end up using loan apps.

raving illiterate. You can't imprison someone for owing you money. Highest you can do is harass them. My sister arrested one guy who owed her money, after 2 days police said she should start bringing food for the guy so he doesn't die of starvation since nobody came to look for him. She had the options of either bringing him food daily or letting him go

LoanShark:


Please suggest just one better means to take down loan defaulters after you have tried all your possible best

First off, these app loan defaulters have BVNs, so, that can be used to track any inflow of cash into their other banks, so, as to ensure they pay the loans back.

Second, more importantly, this loan apps business model is NOT sustainable to me because they charge extremely high interest rates on short-term loans (without collaterals) and knowing full well that some Nigerians are notorious for not paying back (credible statistics show that female small business entrepreneurs generally pay back loans on time more than men).

Third, a better business model to adopt for these loan apps owners can be to adopt the non-interest or Islamic banking type of investment where a person who wants a loan can apply through an app, you fund the business and you share the profits. You don't have to call it Islamic banking just simply non-interest loan apps that involve profit sharing. For smaller loan requirements, ONLY give out funds to those who are existing salary earners. I'm a man who believes in sharing disruptive innovative ideas and solutions from time to time.

If the current loan app method continues with these high interest rates, many people will certainly default and the loan app business will collapse!

Last but not least, the Federal Competition & Consumer Protection Commission (FCC) had warned loan apps against harassing borrowers since 2023:

Actions against non-compliant operators.

The FCC will take action against operators that don't comply with regulations, including:
1] Blocking their apps from the Google and Apple stores.

2] Blocking their s through the CBN

3] Taking law enforcement action

Feldie:
raving illiterate. You can't imprison someone for owing you money. Highest you can do is harass them. My sister arrested one guy who owed her money, after 2 days police said she should start bringing food for the guy so he doesn't die of starvation since nobody came to look for him. She had the options of either bringing him food daily or letting him go

In most countries, including Nigeria, and many others, you cannot arrest or imprison someone solely for owing you money. Debt is a civil matter, not a criminal one.

Here's why:

1. Debt is not a crime: Owing money is not a criminal offense. It's a contractual obligation between two parties.
2. Civil courts handle debt cases: If someone owes you money, you can take them to civil court to recover the debt. The court will determine the amount owed and the payment .
3. No imprisonment for debt: In most jurisdictions, you cannot be imprisoned for failing to pay a debt. This is a fundamental principle of modern law, dating back to the abolition of debtors' prisons in the 19th century.

However, there are some exceptions and nuances:

1. Fraud or deception: If someone has committed fraud or deception to avoid paying a debt, they may face criminal charges.
2. Contempt of court: If someone fails to comply with a court order related to a debt, they may be held in contempt of court, which can result in fines or imprisonment.
3. Specific laws and regulations: Nigeria and some other countries and jurisdictions have specific laws or regulations that allow for imprisonment or arrest in certain debt-related cases, such as tax evasion or deliberate non-payment of child .

In summary, you cannot arrest or imprison someone solely for owing you money. If you're dealing with a debt issue, it's best to seek advice from a lawyer or a debt collection professional to explore your options for recovering the debt through civil means.

trium:


Guard your reputation with all you have!

Succinctly stated.

#Rule5of48Laws

Zico5:

Opay no dey give daily interest

Says who. They go give me.

Feldie:
if you already disgraced him, why should he pay back?

Is disgrace money?

If you owe someone and he brings police to come and arrest and disgrace you and your family..

Will you tell the person that you will not pay again?

Can you covert disgrace to money?

You don't want disgrace but you will borrow money and refuse to pay till even 9 months later..

If other borrowers before you did like that will you even see money to borrow in the first place?

For me, if someone borrows money and fails to pay,,
Give him 50 percent equivalent time.

For instance if the loan is for 1 year, give him a grace of 6 months.

If the loan is 6 months, give him extra 3 months.

If they still fail to pay after the extra time grace,
disgrace and arrest then in every way possible.

Konquest:

First off, these app loan defaulters have BVNs, so, that can be used to track any inflow of cash into their other banks, so, as to ensure they pay the loans back.

Second, more importantly, this loan apps business model is NOT sustainable to me because they charge extremely high interest rates on short-term loans (without collaterals) and knowing full well that some Nigerians are notorious for not paying back (credible statistics show that female small business entrepreneurs generally pay back loans on time more than men).

Third, a better business model to adopt for these loan apps owners can be to adopt the non-interest or Islamic banking type of investment where a person who wants a loan can apply through an app, you fund the business and you share the profits. You don't have to call it Islamic banking just simply non-interest loan apps that involve profit sharing. For smaller loan requirements, ONLY give out funds to those who are existing salary earners. I'm a man who believes in sharing disruptive innovative ideas and solutions from time to time.

If the current loan app method continues with these high interest rates, many people will certainly default and the loan app business will collapse!

Last but not least, the Federal Competition & Consumer Protection Commission (FCC) had warned loan apps against harassing borrowers since 2023:

Actions against non-compliant operators.

The FCC will take action against operators that don't comply with regulations, including:
1] Blocking their apps from the Google and Apple stores.

2] Blocking their s through the CBN

3] Taking law enforcement action

What your talking is theory, they don't work in real life.

You can't just apply global debit order on all the bank s of a debtor without a court order.

So let's assume the person owes your company 40K and has refused to pay, the process for using a global debit order is time consuming and it is costly because you need to pay lawyers and court fees before you can get it.

In the end you might end up incurring total expenses of at least 250K just because you want to recover a bad debt of 40K! It makes no economic sense

Treasure17:

Nigerians are terrible at this.

Truth

davies:
The loan app or credit facilitators are dumb to do this cos will this pay the loan.
I personally defaulted palmpay flexi cos those guys are stupid set of c
People. You call people and humiliate them and expect them to pay you,yet you keep increasing the same money that hasn't been paid.
Government need to step into this loan sharks matter cos even the normal conventional bank wont do this shit.

Next time you need to borrow 20K urgently go to a conventional bank let's see if they will lend it to you!

LoanShark:


What your talking is theory, they don't work in real life.

You can't just apply global debit order on all the bank s of a debtor without a court order.

So let's assume the person owes your company 40K and has refused to pay, the process for using a global debit order is time consuming and it is costly because you need to pay lawyers and court fees before you can get it.

In the end you might end up incurring total expenses of at least 250K just because you want to recover a bad debt of 40K! It makes no economic sense

Indeed, the real world summations above on "global debit orders" are fair enough. This is why conversely, I CLEARLY stated in my post for a change in that loan app business model because it's NOT a sustainable business model in times of global hyperinflation due to the high interest rates charged without collaterals. This leads to more people defaulting on loans payments.

A non-interest charging model for small business financing is the best bet with the sharing of profits earned. Besides this, some people are notorious for defaulting on loans repayments (From posts I've read on this Website, some people without sustainable sources of income borrow money from one loan app to repay the debts owed to other loan apps thereby raking in more debts) and you need rock-solid guarantees to mitigate any potential loan defaults down the road.

Most of these loan apps are fraudulent, I had a bad experience with one, I applied for a loan, it was approved, but immediately I was credited, they debited the whole amount and left only 1k, when I reached out, they wouldn't do anything about it, even after I provided all the evidence they requested even my bank statement. When the loan was due they kept calling, even my , I told them I won't pay for something I did not use and they can't harass me into paying, I even did a mail to FCC EFCC but none responded.
They got tired of calling and stopped. 98% of them are fraud and deserve what they got
I was really frustrated that period

southsouthking:
Failed country.
Failed leadership.

What has leadership done with collecting money from a person or company with the intention of paying back and refuses to pay!

ddippset:
Is disgrace money?

If you owe someone and he brings police to come and arrest and disgrace you and your family..

Will you tell the person that you will not pay again?

Can you covert disgrace to money?

You don't want disgrace but you will borrow money and refuse to pay till even 9 months later..

If other borrowers before you did like that will you even see money to borrow in the first place?

look how angry and frustrated you are. First of all, I don't borrow money from anyone, if I screenshot my wallet for you you will know I'm not your mate.
Secondly even if someone borrows money, it doesn't reduce anything from them. Nigeria is owing close to 100 trillion Naira. USA is owing 35 trillion dollars, Dangote is owing billions of dollars, Elon Musk is owing billions of dollars. Just because someone borrowed money doesn't mean you can start posting nonsense about them. If you try that rubbish in developed country, they will sue you for 100m dollars and take from the defamation settlement to pay you your 10k and keep the remaining millions to enjoy their life forever. Just because you are living in a lawless country that's why you are talking like an illiterate animal

southsouthking:
Failed country.
Failed leadership.

The bad character and attitudes of citizens doesn't make the leaders to be bad.

Na tinubu collect the money!

backtalkG:
see their cone heads

Second batch of the listing loading

Zico5:
At times it's very difficult to get funds but loan app should not be an alternative. My issue is flexi that palmpay put in their app. At times u will want to withdraw money from your and u will mistakenly press their flexi. They won't even give u the chance to correct it. They will credit you and demand for interest immediately. Is there anyway one can remove this totally

If you collect loan by mistake, suffry return the money back to them immediately. And inform them. Them dey matd

Am currently leaving in threat from about 6 apps but I have started paying small small sha
Any one wey defame me, call or message my s , hmm there money otilo cus it's not really easy for me now like this, but I have to pay up , NOT PAYING there crazy interest and overdue interest I no dey mad, just looking for the principal with sweat like this, may God help me 🙏