The practice of public shaming online debtors and sharing pictures of loan defaulters in Nigeria across social media and with their contacts is an unethical one that began with the digital evolution and advent of fintechs across the nation. We have published several articles against this illegal practice by fake loan apps in Nigeria.
The ability of securing loans within minutes just after a few clicks in digital lending apps, and particularly without collateral made loan apps a darling of many people. What the borrowers did not know, however, was that the hundreds or thousands of contacts (as the case may be) on their mobile phones, was the ultimate collateral.
The numbers stored on their phones and accessed by the loan apps, were the lenders’ insurance against any inability to repay. In essence, their reputation and dignity or whatever was to be left of it was to be used in guaranteeing repayment of loans. And the platforms go as bad as sharing pictures of loan defaulters in Nigeria, exposing their BVN and vital banking details to the public.
Loan Apps That Share Pictures Of Loan Defaulters In Nigeria
We have unveiled the list of loan apps that indulge in the unethical practice of sharing pictures of loan defaulters in Nigeria. Some of them include: 9Credit, LionCash, NKash, ForNaira, CycleCash, Cashrain, Mikoloan, Supercash, Xcredit, iCoin, CashLion, GoCash among many other banned loan platforms..
There are currently at least 30 loan apps in Nigeria that share the pictures of loan defaulters:
- Easi Moni
- Speedy Choice
At the moment, most loan apps in Nigeria have been accused of online harassment in how they treat customers who default in payment, going about calling various people in the defaulter’s phone contact and also going as far as using the defaulter’s picture to post obituaries online or a label of being a wanted criminal. These are typically the traits of fake loan applications.
Some Pictures Of Loan Defaulters In Nigeria Shared By Loan Applications
With all the enforcement and clampdown by Nigeria’s regualtory authorities and policy enforcement by Google Play Store where these offending apps are hosted, the platforms are so daring and continue to publicly disgrace and harass and threaten their customers and share pictures of loan defaulters in Nigeria.
Some of such pictures include:
The government and other regulatory bodies have been called on to put a stop to all these online and realtime harassment by loan apps. The main reason customers of these loan apps have to go through such horror is because they defaulted on payment. So long as you desire to take a loan from these apps, you must never default on payment.
Before taking a loan, structure how you intend to pay back and where the funding will come from. This has to be critically considered otherwise the ugly will come visiting. If you know you cannot meet up with payment, refrain from taking the loan, no matter the temptation. If you desire not to experience such a traumatic disaster, the job is simple and left in your hands. You have been warned.