Again and again, Nigerians are being sucked of their hard earned money from dubious groups in the name of financial institutions granting loans to people.
A month long investigations by Daily Mail OnLine into the activities of these dubious groups have revealed that not only do they gather all bank information of loan applicants, they instantly deduct certain amount of money left in the apapplicants’ bank accounts.
For instance, a loan app called Sokoloan like almost all loan apps requires no physical presence of applicants but once an applicants fill their online forms, N80 is instantly deducted from the applicants’ accounts.
After that deduction, the applicant’s request is declined and he is told his application is unsuccessful.
Daily Mail OnLine applied to verify the claims of some Nigerians who have had the experienced and N80 was instantly deducted and the application was then declined.
Attempts to contact the group proved abortive as online chat with them was not responded to.
The groups operating the loan app usually ask for bank account details including bank verification number, BVN, a telephone number linked to the BVN, residential address, office address if the loan being sought is for business.
The applicant is then told to wait for the determination of the right amount he’s qualified for based on his monthly earning.
Once that’s generated, then a 10% interest is placed on it.
Another loan group that charges outrageous fee before informing the applicants of their qualifications is eLoan.
Once the form is filled online, eLoan request the applicant to pay into the group’s account the sum of of N5000 before they are informed their loan application is successful but it is never given.
Also Clarret Credits allows you to fill their form and request you pay N500 non refundable fee before you are given the loan but the loan is never given.
Comment sections of these dubious loan groups on social media show various degree of abuses, complaints and prayers for God to deal with them for duping applicants of their hard earned money.
Not quite long ago, MMM, a crypto currency block chain went under ground with many Nigerians losing millions.
Then emerged a group called Loom which did not last up to a month.
Again, many Nigerians lost millions for participating in Loom that was all over social media.
According to a financial expert, Tayo Oluyemi, the regulators are to blame.
“There’s a Central Bank of Nigeria in Nigeria. They do nothing other than hiding money for politicians.
“What’s expected of CBN is to quickly rise to the occasion, sensitise the people first then make quick arrest or in the case of these fictitious groups, take their apps down.
“They bait applicants with small amount of loan and in the end get some money in the name of fee from them. Imagine the thousands of people they collect N500 from weekly and see how much they make.
“The CBN can trace these faceless groups through their bank accounts but they will never do.”
He advised Nigerians “to seek for appropriate and approved institutions that offer loans. I know the conditions to be met before the loans are granted are difficult but it is better to fufli tough conditions where loans would be granted than being ripped off the little one has.”
An economist, Tochukwu James said these are crypto currency groups emerging in different forms.
“Some are genuine, I have seen genuine ones among them but they are few. Majority of those are fake and don’t have the money or licence or approval from the regulator, the CBN.
“They are capitalising on the hardship in the land. Imagine giving somebody a loan of N2000. Imagine giving somebody you have not met, who could provide fake residential address to you.
“Somebody said he’s unemployed or self-employed and you are granting him loan of N14,000 to pay back in 20 days, who does that?
“What would the person use the money to do? In Nigeria of today, what business would somebody use N14,000 to do and get interest before paying back both the principal and interest?
“Nigeria is now self regulating itself in many ways and it’s dangerous. The masses have been abandoned as it looks. People are being creamed off their littler hard earned money.”
He advised Nigerians not to provide details or patronize these groups as many of them are ‘Yahoo Yahoo’, internet fraudsters in different or more refined ways of operation to scam unsuspecting members of the public.
Many attempts to speak with the CBN spokesman,
Isaac Okorafor proved abortive as he didn’t pick his calls. He also didn’t reply to text messages sent to his line.