Loan recovery and borrowers’ unwillingness to pay

Loan recovery and borrowers’ unwillingness to pay

Giving out loans to members of the public without security or guarantee can be quite a very risky venture because the nature of an average Nigerian is to be severely pushed before he pays back whatever he or she owes. On the contrary, the measures employed upon by certain lending apps and loan sharks for their loan recovery is really a headache to contain.

When a loan is given out, totally unsecured, basic information are required from borrowers like contact address, BVN, NIN, emergency contacts, etc. The worrisome way of recovering loan is causing harm than good because it’s laced with threats, disrespect, defamation and what have you. If you give loan to someone who gave his home address, office address, emergency contact, etc and when he fails to pay, and getting to know that such information are not used at all but rather  inhuman methods adopted straightway.

The question now is why would loan apps collect information such as home and office address, phone contacts, etc and not use them at all but result to threat and calling borrowers’ contacts in order to recover the loan, why then did they collect these information?

The loan apps in some cases claim they are backed up by law to use these methods to recover the loan but in actual fact, is this right? The loan apps obviously has to be cautioned by regulatory authorities to be more professional in carrying out their duties and recovering their loans.

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JOIN THE QLA BUSINESS CLUB. SAVE, INVEST, BORROW MONEY WITH EASE.

1. Quick Loan Arena offers a social support initiative for members of its QLA Business Club.. The Club is to help members save and invest and earn monthly interest on their savings. It’s also for members to borrow soft loans at a very low interest rate for short term projects.

2. QLA Business Club will assist members raise pay day loans or soft loans for tenure up to one month.

3. You must be a member of QLA Business Club to be qualified to save, invest, earn interest or collect a loan or participate in the group activities.

4. To become a member of QLA Business Club, you must register with a membership fees of N5,000. After filling out our registration form.

5. QLA Business Club Members are expected to make voluntary weekly or monthly or fixed sum contributions which will earn 2% interest every month.

6. Loan amounts are N5k, N10k, N15K, N20k and N50k for tenure up to 30 days.

7. Members are free to invite other people to become members and shall be eligible to 25% of their registration fees as commission.

8. QLA Business Club loans are subject to a guarantee of 100% coverage of your loan amount partly in form of your savings and partly in form of 1 or 2 guarantors’ contributions who must be members of the club.

9. Loan disbursement commenced Tuesday 29th December, 2021 for members.

10. All members of QLA Business Club are hosted on a special forum where discussions and strategies are held regularly.

You can speak with any of our Loan Consultants for more information! Call or Whatsapp our business telephone (0) 915 382 1578.

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About the Author: Tobiloba Gideon

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