Have you noticed the increase in the number of calls you get, with the voice on the other side asking you to tell a person you do not know to repay a loan?
That is a pointer to the fact that the number of persons taking loans without repaying is on the increase.
Are you part of those taking a loan without repaying?
Also, are you aware that all our actions and inactions have repercussions, that can, in some cases, affect our future?
Is it normal from every point of view to pay good with bad or right with wrong?
Do you think it is normal and appropriate for an individual to obtain loan from the different schemes available and not pay back.
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Well, if you are a loan defaulter, you really need to be prepared to face the music, as sooner or later the negative repercussion of your action will catch up with you.
Money Lenders Association are now focusing their attention on individuals who continued to acquire loans from licensed money lenders’ platforms, but have refused to repay the acquired loans.
Negative Repercussions
The Secretary of the association, Lynda Ikre, explained that they have a well compiled data of loan customers, particularly that of defaulters, which is with credit bureaus licensed by the Central Bank of Nigeria.
The association said: “As a result, failure to repay loans obtained will attract a negative repercussions on borrowers’ credit reports/history and this could subsequently adversely affect any chance of obtaining loan facilities from other financial institutions and credit providers in future.
“Borrowers who have genuine reasons for default such as loss of job or peculiarity of their circumstances, are advised to contact their respective lenders immediately, to discuss repayment arrangements to avoid adverse information on their credit reports, that could deny them access to future credit facilities”.
The Money Lenders Association is an association of registered money lenders, and members abide by the professional code of conduct of the association, a statement by the association stated.
