Why FG must regulate online loan operations
According to research, hundred of thousands of Nigerians, have due to the present depressing economic realities in the country, have in a bid to meet their personal and business challenges, resorted to obtaining various forms of loans.
While some of the loan facilities offered are borrowers’ friendly, others are absolutely disastrous thereby compounding the already depressed conditions of their borrowers.
Of recent, online loans have come in the gap with intention to ameliorate the adverse effects of the bad economy on Nigerians.
While this appears so fascinating, catchy and easy to access as almost all the loan Apps do not require collateral before one can access the loan, there are however, issues with them, which often times have added more to the borrower’s woes instead of lessening them.
It has also been observed that most of the online loan operators are in the habit of recruiting and training their agents and sometimes staff on how to be rude, and abusive while communicating with their clients especially when such a client fails to make repayment on due date.
Aside that, many fraudsters have also seized the opportunity and developed fake loan apps to dupe vulnerable Nigerians.
While some of those that are appeared somehow real have inculcated the habits of sending threat and defaming text messages to all the contacts of the defaulting client.
So, whenever you receive a text message from an unknown source claiming that so and so persons, included you, as one of his or her emergency contacts in case he or she runs away after collecting a loan from them, is nothing but a hoax.
Note that there is no serious company that will accept such arrangement, without first and foremost making confirmation from the said person before granting the loan.
Another style adopted by some of these unfriendly online loan operators, is imposing exorbitant interest rate, and despite overdue charges placed on the loan amount after due date, they will still go ahead to label their clients Fraudsters just because such client has defaulted may be a day or two…So Do Well To Know That Most Of The TEXT Messages From Those Online Loan Operators are Fake…
To be continued.
