Man Recounts Ugly Ordeal In The Hands Of Chinese-Owned Quick Loan Companies In Nigeria

A young man has alleged that some fintech companies known for giving quick loans operate in an unprofessional manner. 

The companies, he said, were established to help Nigerians access loans easily considering the procedures involved in getting loans at commercial banks.



The young man, who spoke with SaharaReporters on Friday, stated that the companies promise to give quick loans but attach seemingly high interest rates.

He said despite the high-interest rate, the customers are hardly given time to pay back the loans and once the repayment period elapses, libellous messages are sent to the family and friends of the loanee.

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

He said, ”There are unlawful Fintech companies in Nigeria who operate with a devilish modus operandi.

”Their manner of operating is literally devilish and unprofessional in all ramifications. Though the loans are easy to get, they attach extremely high-interest rate to their loan service as high as 40%-60% within a very short period, which I believe is against the Central Bank of Nigeria (CBN) policy.



”But despite these loans, Nigerians obtain loans from them because of the ease but immediately you download their app on your phone, they scan your contact list, access your pictures and people look at it as a harmless acceptance.

“For any reason, if you default, they send out defamatory text messages to people on the contact list that you’re a criminal, that the Economic and Financial Crimes Commission (EFCC) is looking for you without caring about the nature of the relationship that customer has with the person even if those people are one’s employers, family, friends and enemies. Some people have lost their jobs due to this.

“Sometimes they get bank details of their customers, especially the Bank Verification Number and immediately the loan period is over, these companies deduct the money from the bank account of the customers even if the customer has budgeted the money for other things. Most times, they deduct more than the percentage required simply because they have access to one’s BVN and when customers lay complaints, nothing happens.

”I am a victim as well, they send defamatory messages and their customer care officers call customers fools. They also go as far as sending text messages to other people on the contact list with a false claim that you submitted the person’s number as a guarantor which will make the person call and ask why you did that.

”My bosses called me and said if not that they knew me, I would have lost my job. My mother has High Blood Pressure, they called her and said she gave birth to a fool and all, I had to find a way to calm her down. 

”This is Nigeria and things might not go as planned so if you have promised to pay on a particular day, a day after that, they will start sending those messages causing people confusion and depression. This thing is affecting a lot of people because people are taking loans and ending up in such a mess.



”Also, they deceive customers so much. If one takes a loan and the repayment period is near, a day to the repayment date, they will send a text message that if the payment is made before the time, one will be able to access a greater amount like N100, 000 or more but that is a lie.

“These people send messages as late as 11 pm, 2 am when someone is supposed to be sleeping. I have a friend that obtained a loan of N5,000 from them and he paid it back. But when he had yet to complete the payment, with N800 left, they still sent those defamatory messages.

“I just feel this should be out so that Nigerians will be aware and not take loans from these companies.

”Some of the companies give out loans with a high interest rate as high as 30% and request that you pay back within 7 days. If the customer is unable to pay back, the defamatory messages start.

“From investigations, I discovered that these companies are owned by the Chinese and this money they get repatriated to their country and this isn’t good for Nigeria. 

“These companies should be investigated as they are causing serious harm to Nigerian homes.

“Even the staff members who place these calls are not safe. People might come after them though some of them hide their numbers but some call with their other lines, especially if the customer tries to make friends with them.

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

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