Why Loan Sharks Should Be Banned By Government.

[moonchild]

I started hearing about this set of loan sharks early last year and it is just getting uglier by the day, these loan sharks have apps on playstore where they pay people to leave a good review and boost their app rating so that Intending loaners will think they have their interest at heart.

After you download the app, they will scan your phone using malware and copy all of your phone numbers, most of these loans starts at $10 which is equivalent to Nigeria's five thousand, and they'll put a staggering percentage as interest for you and their repayment duration mostly is 2 weeks.

As every kind of loan problems might arise and since nobody is in full control of his life, things might come up that would make you to delay payment for say a days or two.

Hell will break loose when you default on these loan sharks, they'll use the phone numbers they copied from your phone and send it to everyone, telling them you're an army robber and you've abscond with company's money, they'll make it a really big deal and will slander your name.

Even after you payback they wouldn't take back their statement, this has caused pain and a lot of relationships are broken through these nasty behaviors of theirs.

 

[ambergris]

yes bro ur true. these sharks are worst when linked to debit card where u can see a debit secreatly fone

 

[Alexandoy]

In our culture the so called usurers are the main stars when it comes to personal loans. They do not require collateral and their trick is to collect payment everyday. For example the loan is 1,000 then the lender would collect a daily installment of 50 which means the loan is to be paid in 20 days to pay off the principal. The usual interest rate is 20% so the actual payment is 21 days of daily installment. Some loan sharks charge 10% if the borrower is already a long time customer. Anyway, come to think of it that the usurers collect a very high interest rate when you compute the daily installment. The government is doing nothing because there is no way to catch the loan sharks here even if they already know. There is no borrower who would stand witness because they also need to get a loan someday, if not now. In other words, the borrowers are willing victims of the loan sharks. Maybe what the government can do is to provide a soft loan that is similar to the style of the loan sharks but with a minimal interest rate only