Why Quick loan customers are prone to default – Bank Boss

Why Quick loan customers are prone to default – Bank Boss

The Chief Executive Officer (CEO) of Baobab Micro Finance Bank, Kazeem Olanrewaju says quick loan customers are prone to default than the normal loans.

Olanrewaju says, “In most cases you have some parameters that are set in the system to determine customers that are qualified for thes quick loan, so if a customer is able to understand these parameters and they decide to work through them, they could get the loans when in actual fact they are not qualified.

“So, what you can see is a situation where the people you intended to give this loan may not get it, and those you intend not to get the loan may be the ones that will access it.”

He also raised issues on suspected fraudulent activities by some who take the loans, taking advantage of the digital platforms.

He said, “If the quick loan is not on any of the Credit Bureau Platform, it means it is not reported, and so if it is not reported the general public or the industries are not aware that the loan has been granted. Such a customer can access a loan from multiple sources, which, when you compare to their source of income or their salary, the loan may be beyond the threshold expected and so it means that they are over-indebted.”

Quick Loan Arena is not a loan agency and we do not give out loan to anybody. We are a quick loan review blog that seeks to inform and educate individuals and small  businesses about instant loan opportunities to help them take informed decisions. Book A Call TODAY and speak with any of our Loan Consultants for more information! Call or Whatsapp +234 (0)803 385 7245.

Do remember to give us a feedback about your quick loan experience after the lending process is executed.

READ ALSO! How I Was Lured Into Debt Trap With N2.5m Specta Quick Loan From Sterling Bank

READ ALSO! Zedvance: The Quick Loan Company That Promises N5million Credit In 5 Hours

READ ALSO! GTB Quick Credit: N500,000 – 5 Million Quick Loan Offer With 1.5% Interest

READ ALSO! Living in Canada? Get a quick loan between $300 to $1,500 in 24 hours

READ ALSO! 5 sure ways to spot quick loan scams

READ ALSO! BBNaija Dorathy Launches Lingerie Line, Says Priority Is Making Busty Women Look Good

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Skytrend Loans Series: Getting quick loans from Page Financials

Please follow and like us:

You May Also Like

About the Author: Femi Adeoya


Leave a Reply

Your email address will not be published.