MUST READ: How to deal with loan sharks

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MUST READ: How to deal with loan sharks



 It's important to note the following


1. YOUR BVN CAN INDEED BE BLACKLISTED. Yes, A registered lender can blacklist your BVN and what this means is that you will not be able to access loans from other registered lender or even the bank.

How do they blacklist your BVN? if you have refused to pay back a loan after a period of time, they simply enter your BVN number on the dafaulter's list of the credit bureau register. When you make this payment, the lender will report your repayment to the credit bureau within 8days after repayment, however it can take a year for your credit history to become clean again. Note that these loan sharks do not have access to the credit bureau and cannot report you 


2. No loan shark can put a lien on your account. you must have received that sort of message about them planning to put a lien on your account. no they cannot. they would need a court order to do that and ofcus they cannot get a court order because they are an illegal entity 


3. These loan sharks feed on your fear. Your shame is their collateral. They assume and believe that they can get back their money by putting fear into your and shaming you to your contacts, however this tact no longer work. so if you are currently being defamed or you are expecting, I just need you to know that it will pass, nothing will change, people will forget and move on.


4. I will always say this, don't bottle it up. speak up to someone you trust. don't lose your mind. these people can make u run mad or even have suicidal thoughts. find someone you trust and talk to them. if you want to cryz feel free, I promise after you have done that, you'll feel better 


5. Don't pay loans with every money you get. na mumu dey do like that. If you earn 40k, dedicated 35k to yourself, the remaining 5k should be for loan repayment. 


6. Stop the habit of taking loans. it usually turn one into a pauper. 


7. Don't put your funds in these digital micro finance banks. e g fairmoney, branch etc ,.. use the traditional banks or you can use PiggyVest or cowrywise.


Credit: @odeyemi alexander ikunun

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