To default on a loan in Nigeria means repayment isn’t made for a certain period.
When a loan defaults, it is sent to a debt collection agency whose job is to contact the borrower and receive the unpaid funds.
The consequences of defaulting on a loan of any type in Nigeria are severe and should be avoided at all costs.
If you miss a loan repayment, the best thing to do is to contact the company or app that manages your loan.
Often, loan apps and companies will work with debtors to create a payment plan that works for both parties.
Otherwise, allowing a loan to default in Nigeria can, in the worst cases, lead to jail term, court charges, and seizure of assets.
If the loan you borrowed online is not paid in time in Nigeria, you may get your name, BVN, photo, profile, phone number published to the national newspapers, and shared to your contact to shame and blackmail you to make repayment.
This is after you have been warned and requested to repay your loan.
Note that loan apps in Nigeria cannot block your BVN if you cannot repay your loan.
However, they can publish your BVN and your other details to the public and to your contact, which they have downloaded on their database and declare that you pay back your outstanding loan.
17 Loan Defaulters in Nigeria
Here are the present online loan defaulters in Nigeria:
- Capital Oil and Gas Industries Limited
- NICON Investments Limited
- Wale Babalakin
- Josepdam and Sons
- Tinapa Business Resort
- Savings in the Home Trust
- Geometric Power Limited
- Roygate Properties Limited
- Shell Development Petroleum Company
- Platinum Capital
- Flotsome Investment Limited
- Lonestar Drilling
- Petrologistics Limited
- Lorna Global Resources
- Hosanna Properties Limited
- Afrijet Airlines Limited
- Petroleum Brokers Limited
Because defaulting on a loan can have long-term ramifications, it’s best to do whatever you can to avoid it.
So, if you’re worried about missing an upcoming payment, talk with your lender to come up with a changed payment plan.
I wish you success.