Man recounts horrific ordeal at the hands of Chinese-owned fast loan companies in Nigeria

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A young man alleged that some fintech companies known to give quick loans operate unprofessionally.

The companies, he said, were established to help Nigerians easily access loans given the procedures required to obtain loans from commercial banks.



The young man, who spoke to SaharaReporters on Friday, said companies promise quick loans but attach seemingly high interest rates.

He said that despite the high interest rate, customers barely have time to repay the loans and once the repayment period is over, defamatory messages are sent to the family and friends of the lender.

He listed 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.

“Their way of operating is literally diabolical and unprofessional in all its ramifications. Although loans are easy to obtain, they attach to their loan service extremely high interest rates of up to 40% to 60% on a very short period, which I believe is against Central Bank of Nigeria (CBN) policy.



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

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

“Sometimes they get their clients’ bank details especially the bank verification number and as soon as the loan period is over, these companies deduct the money from the clients’ bank account even though the client has budgeted the money for 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 am also a victim, they send defamatory messages and their customer service agents call customers fools. They also go so far as to text other people on the contact list with a false claim according to which you submitted the number of the person as a guarantor, which will prompt the person to call and ask why you did it.

“My bosses called me and said if they didn’t know me I would have lost my job. My mother has high blood pressure, they called her and said she had given 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 then the next day they will start sending these messages causing people confusion and depression. This thing affects a lot of people because people take out loans and end up in such a mess.



“Also, they cheat customers so much. If one takes a loan and the repayment period is near, one day before the repayment date, one will send an SMS that if the payment is made before the time, one can access a higher amount like N100 ,000 or more but that’s a lie.

“These people are texting till 11pm, 2am when someone is supposed to be sleeping. I have a friend who got a loan of 5,000 naira and he paid it back. had not yet made the payment, with N800 remaining, they still sent these defamatory messages.

“I just think it should be done so that Nigerians are aware and do not take loans from these companies.

“Some companies give loans with high interest rate up to 30% and ask you to repay within 7 days. If the customer is unable to repay, the defamatory messages start.

“From investigations, I found out that these companies are owned by Chinese and that money they receive is repatriated to their country and it is not good for Nigeria.

“These companies should be investigated as they cause serious damage to Nigerian homes.

“Even the staff members making these calls are not safe. People may come after them even if some of them hide their numbers but some call with their other lines especially if the customer is trying to befriend them.

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

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