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April 21, 2024

Licensed money lenders warn loan defaulters against practice

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By Rukayat Moisemhe

Money Lenders Association has warned individuals to desist from obtaining loans from licensed money lending platforms and deliberately refuse to liquidate such loans.

Mr Gbemi Adelekan, President, Money Lenders Association, read the Riot Act to online loan defaulters in an interview with the News Agency of Nigeria (NAN) on Friday in Lagos.

Adelekan reminded such defaulters to be aware that their data were domiciled in the databases of credit bureaus licensed by the Central Bank of Nigeria (CBN).

According to him, failure to repay such loans will attract negative repercussions on borrowers’ credit history.

Adelekan said that the development can affect their chances of obtaining loan facilities from other financial institutions and credit providers in future.

He, however, stated that borrowers with genuine reasons for default such as job loss or other peculiar circumstances were advised to contact their respective lenders immediately, to discuss new repayment arrangements.

He advised would be borrowers to only patronise licensed and registered money lenders to guide against becoming a victim of fraudulent practices.

“This is to avoid adverse information on their credit reports, that could deny them access to future credit facilities.

“The attention of Money Lenders Association has been drawn to some individuals who have continued to acquire loans but have deliberately refused repayment of the said loans.

“We wish to inform the general public that data of loan customers, most especially defaulters, are domiciled in the databases of credit bureaus, so defaulting would have its adverse effects on the credit history of such individual.

“The Money Lenders Association is an association of registered money lenders, and members abide by the professional code of conduct of the association.

“Members of the public are hereby advised to only patronise licensed money lenders for their short-term loan needs and for further information, kindly check www.MoneyLenders.ng,” he said. (NAN)(www.nannews.ng)

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Edited by Yinusa Ishola/Chinyere Joel-Nwokeoma

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