Several loan firms in Nigeria like Sokoloan, NowCash, Lcredit, 9Credit have continued to violate the rules and regulations of the Central Bank of Nigeria when it comes to approval from the apex bank, ICR reports.
Aside from this, they have also perfected the use of crude methods similar to Shylock tactic to enforce loan repayment from their customers.
They also employ different illegal ways against anyone unlucky enough to default on any loan taken from them.
They share information about their debt with friends and family on their phone contacts, declaring him or her a fraudster and who had defrauded the money-lending company.
Here are some heart wrenching experiences shared by Nigerians. In a bid to hide the identity of the victims of these loan apps, we will not be revealing their names. All experiences published here can also be found on the Facebook page of Mobile Loan Apps Debt Victims in Nigeria.
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"I had emergency CS on the 25th October today makes it two weeks and I took loan from this people to settle my bill. After the C's my blood pressure rose up to 240/90.
"The doctors advised my phone taken away for me to get enough sleep. I spent 9days at the hospital only for me to get discharged fast money, Go cash and Ncash have sent messages to my contacts that am a dubious debtor, criminal on a run and their company police is after me.
"My sister chatted with them to let them know my state of health and they replied they care not if I am dead, that they need their money. Imagine such inhuman.
"As am typing now am back to the hospital cause my blood pressure is shooting up to the extent that my aged mother thought I had given up the ghost. I am depressed already and at the edge of losing my sanity."
"I am a victim of mobile app loan. I am a single mom, and I borrowed money to settle some financial challenges, though I do pay back when salary comes but at a time I started borrowing from one app to pay another which has made me to be so much in debt and as we speak, they have started calling my contacts, telling them that am a criminal and a fraudulent person. Some of them called me yesterday and was asking me what transpired. How do I stop them from calling my contacts especially the sokoloan and Ncash."
These people have been sending messages to my contacts and they are saying they will post my pictures saying I'm a frustrated criminal.
Sokoloan called my mom today and told her I have been arrested that I ran away with their company money that she should tell me to confess if not my enemy will die in prison, she was so scared when she called me and I told her it's a lie that hey hacked my Google account and got my information from there. Please how do I deal with them. Involving my mom is what I will never take from them."
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I requested a 30k loan from Lcredit which I was given 23700 to pay 30k for 2 weeks. Then I defaulted in my payment and when the agent called I told him I could pay 10k that day and as well complained about the high interest rate by which he told me the increased interest rate was as a result of of overdue charges.
I then asked if I could pay by installments and he said yes, now the problem is I succeeded in paying 31k instead of 30k as agreed and they kept on increasing my interest rate and they started using their spam number to disturb me and I called their agent to let me know the amount added by which she told me she has handed my file to someone else, that the person will get back to me, in which nobody contacted me thereby increasing the overdue days indirectly. Now, they've started contacting people my contact list defaming my character.
I called the same lady yesterday to even know the actual amount they added she sent me a link to download the app and the link was not opening. I went back to complain to her, she told me to keep trying. I now believe they're intentionally increasing the overdue charges. Someone then suggested I sue them for defamation of character and breach of contract, do you think I have a genuine case here?
"I am also a victim of loans shark I almost killed myself. They kept on sending threat messages that made me almost gave up. I had to be taking money from my mum's acct to pay back because of short terms loans, I never knew dat was the start of my problems.
"And at some point when they loan me money, they will still steal it from my acct and I will still find a way to pay back, but at some point it got out of my control due to their high interest. I became a full time debtor. I will now take loans from different platforms and still not see even a dime to use, just so I can pay up the previous debt.
"Even if someone pays in money to my acct, before I get to notice, the would have removed every dime. To cut the story short, I am not a debtor of different loan platforms and still can't get myself cleared and they keep sending messages to my contacts, insulting my parents and upbringing, it hurts and sometimes I feel like giving up because of the threat messages I receive daily."