Nigerian fintech companies shame, threaten customers for late payment of loans

YETUNDE Adewole lost her phone in June. She got a replacement weeks later, including a new SIM card and everything went back to normal.

She didn’t give a thought to the missing phone or the SIM card until rumours started flying around in July.

Yetunde owed money. An online loan fintech company was sending WhatsApp and text messages to everyone in Yetunde’s inner circle that she was a debtor and fraudster.

Her close friends, former schoolmates, and work colleagues received these messages, three or four times daily.

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NITDA imposes N10 million fine on Soko Loan for data privacy

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FG shortlists 10,000 youths for investment loans

The Federal Ministry of Sports and Youths Development on Wednesday said 10,000 out of the three million youths who applied for the Nigeria Youth Investment Fund have been shortlisted.

The Youth Development arm of the ministry said this in a statement it issued in Abuja on Wednesday.

The statement titled ‘Nigeria Youth Investment Fund: 10,000 youths shortlisted, await training and disbursement’ added that the selected youths would be entitled to loans between N250,000 and N3m.

It said, “The Ministry of Youth and Sports Development stated that out of the ongoing screening of over three million applicants

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Budget: Finance, power projects get lion’s shares of N1.16tn loans

The Ministry of Finance, Budget and National Planning will get the lion’s share, in terms of projects costs, of the N1.16tn multilateral and bilateral loans that the Federal Government is planning to get to part fund the 2022 Budget.

The Minister of Finance, Budget and National Planning, Zaynab Ahmed, had on Friday said from the N16.39tn budget that the President, Major General Muhammadu Buhari (retd.), presented to the National Assembly on Thursday, N10.13tn was projected to be generated as revenue and N6.26tn which is 3.39 per cent of Gross Domestic Product as deficit would be financed

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Diri gets Bayelsa Assembly’s nod to renegotiate loans

The Bayelsa State House of Assembly has again approved a request by Governor Douye Diri to renegotiate and restructure existing loans the state government had collected from commercial banks.

The 24-member House gave the approval during plenary at the Assembly Complex in Yenagoa presided over by the Speaker, Abraham Ingobere, upon resumption from recess on Tuesday.

The House also approved Diri’s request on the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper in line with Section 14 of the state’s Fiscal Responsibility Law, 2009, as amended.

Diri, who conveyed his request through a letter read by the Clerk

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China plans to break up Ant’s Alipay and force creation of separate loans app – FT

Sept 12 (Reuters) – Beijing wants to break up Alipay, the hugely popular payments app owned by Jack Ma’s Ant Group, and create a separate app for the company’s highly profitable loans business, the Financial Times reported on Sunday.

The plan will also see Ant turn over the user data that underpins its lending decisions to a new credit scoring joint-venture, which will be partly state-owned, the newspaper reported, citing two people familiar with the process.

State-backed firms are set to take a sizeable stake in Ant’s credit-scoring joint venture for the first time, three people told Reuters last week.

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Solar Loans 101: How to Get Low Interest Rates

Many homeowners can benefit from
installing solar panels, harnessing the sun’s energy to help reduce or even eliminate their dependence on traditional utilities. Although solar panels can be expensive, solar loans make residential systems more accessible to homeowners.

Indeed, if you live in an area that gets consistent year-round exposure to the sun, solar panels can be an effective way to lower your home’s energy costs while minimizing your environmental footprint. The biggest obstacle to solar adoption is the initial
cost of solar panels.

All in, solar panel installation costs typically range from $10,000 to $35,000. In this article, we’ll

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Small Business Can Get up to $2 Million in Pandemic Disaster Loans

  • The SBA raised the cap on Economic Injury Disaster Loans (EIDL) to $2 million. 
  • Businesses may use funds to cover business expenses such as payroll and rent.
  • The SBA will begin approving loans greater than $500,000 on October 8.

The Small Business Administration has raised the cap on COVID-19 related loans from $500,000 to $2 million, to help small businesses recover from the COVID-19 pandemic. 

Business owners may use the funds the Economic Injury Disaster Loans (EIDL) towards operating expenses over 24 months such as payroll, rent, buying equipment and materials, or paying off debt. Funds

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Interest rates on 5-year, fixed-rate personal loans have fallen. Is a personal loan right for you?

MarketWatch has highlighted these products and services because we think readers will find them useful. We may earn a commission if you buy products through our links, but our recommendations are independent of any compensation that we may receive.

The average interest rate on a 5-year, fixed rate personal loan fell from 16.51% the week of Aug. 30 to 15.3% the week of Sept. 6, according to the latest rates data from Credible. However, the average rate on a 3-year-fixed rate personal loan rose slightly from 11.72%, to 11.97%.  That said, the rate you’ll personally get on a personal loan

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For Military Families, V.A. Loans Are a Lifeline, but With a Catch

The O’Farrells paid $290,000 for their current home, more than $40,000 above the original listing price. Mr. O’Farrell believes he overpaid, but had no other choice.

“A lot of veterans are being left out of the process, because they can’t compete,” said Deonte Cole, a retired Marine Corps veteran who now works as a broker in Tampa, Fla. “We’ve got a surplus of ready and willing veterans who aren’t able to find homes right now. Sellers are trying to get the best offers they can and they don’t see the V.A. loan as competitive.”

There is a growing civilian-military divide

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Facebook, Xiaomi eye $1 trillion mkt as they plan digital loans | Banks News

Several big tech firms are now focusing on digital payments in India as online transactions surged during the pandemic.

India’s digital loan market is becoming a battleground for companies from Facebook Inc. to Xiaomi Corp., seeking a foothold in what’s set to be a $1 trillion industry.

Facebook this month said India would be the first country where it rolls out its small business loan program offering loans via a partner to firms that advertise on its platform. The loans will range from 500,000 rupees ($6,720) to 5 million rupees with interest rates of 17%-20%, potentially without collateral.

The social

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