NAIRAMETRICS
More Nigerians are now resorting to credit from loan apps to survive as the harsh economic conditions bite harder, Nairametrics has gathered.
In some cases, there are no plans to repay the loans by the borrowers, while those willing to repay find themselves borrowing from one app to pay another. The lenders said this has also led to a dramatic jump in their non-performing loans (NPLs) as most borrowers are not paying back.
The desperation to get cash is pushing many to search for unregistered loan apps that could give them loans and defame them if they fail to pay. The thinking is that after the defamation and harassment, which include sending messages to all their contacts, they can do without repaying the money.
Borrowers’ forum
Across different social media platforms, especially Facebook and WhatsApp, borrowers from loan apps now have groups and forums through which they share experiences from different digital lenders and compare notes on the level of harassment they are likely to witness from each app should they take a loan and decide not to pay back.
For instance, in one of the forums on Facebook, a member posted.
- Which loan app can give a loan without checking records, please? I am owing FairMoney and I need another loan.”
This elicited a lot of responses with members listing loan apps that would lend without checking the borrower’s credit record, including some of the registered lenders. Members also provided the list of unregistered lenders that are willing to give loans once the borrower gives them access to his or her contacts.
In another group, a member seeking advice from the group said:
- “Good afternoon house. Please, does anyone have any idea about Wecredit because I’m owing them and now they are threatening me. One of the workers threatened that what he would do to me I would not like it. So, I’m scared.”
Responses to the post came with a lot of assurances from other members that it was an ‘empty threat’. The poster was also advised to block the loan app.
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