Man recounts horrific ordeal at Chinese-owned fast lending companies in Nigeria

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A young man alleged that some financial technology companies known for giving quick loans are operating unprofessionally.

The companies, he said, were created to help Nigerians easily access loans given the procedures involved in obtaining loans from commercial banks.



The young man, who spoke to SaharaReporters on Friday, said the companies promise to give quick loans but are tying up apparently high interest rates.

He said that despite the high interest rate, clients have little time to repay the loans and after the repayment period has passed, defamatory messages are sent to the lender’s family and friends.

He listed the companies to include: 9Credit, Kashkash, Gocash, Imoney, Lcredit, Xcredits, and Fastmo.

He said: “There are illegal Fintech companies in Nigeria that operate with an evil modus operandi.

“The way they operate is literally evil and unprofessional in all ramifications. Although the loans are easy to obtain, they attach extremely high interest rates of up to 40-60% in a very short period of time to their lending service, which I think is against the policy of the Central Bank. of Nigeria (CBN).



“But despite these loans, Nigerians get loans from them because of the ease, but immediately you download their app to your phone, they scan your contact list, access your photos and people see it as a harmless acceptance. .

“For some reason, if you default, they send defamatory text messages to people on the contact list stating that you are a criminal, which the Economic and Financial Crimes Commission (EFCC) is looking for you regardless of the nature. of the relationship that client has with the person even though those people are his employers, family, friends and enemies.Some people have lost their jobs because of this.

“Sometimes they get their customers ‘bank details, especially the bank verification number and immediately the loan period is over, these companies deduct money from customers’ bank accounts even though the customer has budgeted the money for it. ‘other things. Most of the time they deduct more than the required percentage just because they have access to their BVN and when customers file complaints nothing happens.

“I’m a victim too, they send slanderous messages and their account managers call customers fools. They also go so far as to text other people on the contact list with a false statement that you submitted the person’s number as a surety, which will cause them to call and ask them why you are. have done.

“My bosses called me and told me that if they didn’t know me, I would have lost my job. My mom has high blood pressure, they called her up and told her she gave birth to a fool and everything, I had to find a way to calm her down.

“This is Nigeria and things might not go as planned, so if you promised to pay on a particular day, a day later they will start sending these messages confusing and depressing people. This thing affects a lot of people because people take out loans and end up in such a mess.



“Plus, they deceive customers so much. If we take out a loan and the repayment period is approaching, one day before the repayment date, they will send a text message indicating that if the payment is made before the time, we will be able to access a larger amount like 100,000 N or more but that’s a lie.

“These people send messages until 11:00 pm, 2:00 am when someone is supposed to be sleeping. I have a friend who got a 5,000 naira loan from them and he paid it off. But while he hadn’t made the payment yet, with the N800 remaining, they still sent those slanderous messages.

“I just think it should be published so that Nigerians know about it and don’t take loans from these companies.

“Some companies give loans with a high interest rate of up to 30% and ask you to pay them back within 7 days. If the customer is unable to refund, the defamatory messages begin.

“From the surveys, I found out that these companies are owned by the Chinese and that this money is being repatriated to their country and that it is not good for Nigeria.

“These companies should be investigated because they are causing serious damage to Nigerian homes.

“Even the staff who make these calls are not safe. People may come after them although some of them are hiding their numbers, but some are calling with their other lines, especially if the customer is trying to befriend them.

“The owners of these companies will go back to their countries but the employees will stay here, they are not safe.”


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