Ola Jolaoso, a Lagos-based student, told how some credit companies sent him numerous threats regarding loans he took out in March.
Jolaoso took out loans from a number of quick loan apps on his phone between March and April. When he defaulted on his repayment obligations, some threatened to ruin him.
“I took out loans on different apps. The initial loan I took out was 20,000 naira at the end of March. But I couldn’t pay the initial loan I took out,” Jolaoso told IFJ.
“So they pressured me and kept calling me to pay. When I begged them to be patient and they didn’t listen, I went to take another loan from another app. I saw 91 days as the repayment term. So I took this type of loan on two different apps.
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Jolaoso said he took out more loans to pay off those he had previously taken out. For example, he took N15,000 from Bell Loan. Unfortunately, the Academic Staff Union of Universities (ASUU) went on strike and he stayed home without receiving any allowances. He begged the loan application officers and asked for an extension, but got no positive response.
Alex Okoro, a Bell Loan agent, continued to send threats to Jolaoso even as he asked him to review his payment structure.
Other loan officers working for Zuma Cash and Cash Loan also sent threats to Jolaoso.
“Wear your wahala away from my DM jooo. Deadbeat,” one of the agents told Jolaoso.
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When FIJ asked Okoro on the phone why Bell Loan had threatened a debtor, he replied that the company simply expected the lenders to pay on time.
“Can I ask you a question? When they took out a loan – maybe they took it for a business – didn’t they see a profit on everything they invested the money in? money? So why can’t they pay back? Okoro asked.
He said Bell Loan had no extension agreements for defaulting lenders.
“No no. We are not expanding here,” he said.
The Cash Loan agent who insulted Jolaoso did not return phone calls from FIJ. They also had not responded to text messages sent to them at press time.