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.

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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (quickloanarena.com), the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.

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