Dreyton36:
Chai this sokoloan ehn if them call u for money and u nor get mind ur own don finish

Lemme drop a story of how sokoloan almost ruined my friend and I

Last yr a close friend took a loan from sokoloan , he always pays back before due date , that's how he was given larger amounts , imagine collecting 50k to pay 56k in just two weeks just imagine

A time came he couldn't meet up , I noticed my friend has lost weight and he had no job at that time , he couldn't open up to me until they started threatening him with soldiers , luckily I had some funds with me so I cleared it up for him

As time goes I needed funds urgently for something , I have a good account history , they had my bvn in fact all my account info that's how the operate
I made a call directly to their company line and we had a long conversation with one of their staff while they were accessing my account, the finally agreed to lend me 250k
Truth be told I was waiting for the worst , and I was to pay back in the weeks and the total money I'm to pay is 285k E sbock u abi , in two weeks o

I paid the money in just 8 days , I had cash in my other account but I intentionally wanted to show them shege
The offered me 300k to pay back 335k I another two weeks
I paid back in just 6days , they were amazed

One day I got a call from one of their staff saying they have a gift for me that I should drop my address, I told them I've already dropped my address in the beginning, (wrong address) the brought me a mosquito net and two pen and three note books , I tell them say mosquito they my house ?

I asked someone to receive the gift on my behalf on that wrong address

I later requested for 500k , I always call them directly , they gave me without hesitation omo I show them shege

They started threatening me with all manner of threats that the know of , they threatened me that they'll take my pictures to the shrine and get me mad , I laughed loud on the phone
It came to a time they were trying to play calm with me knowing all their threats aren't working , till date 1 kobo Dem nor collect

I know someone will say why would I do that
But why would they be sending different sms to your contacts labelling you a criminal over little money with their large interest , they're the real criminals

It's been over 9 months they've not called me , nor texted me and me sef nor even dey Africa not to talk of naija , I've changed my bank infos long time ago

If you must take a loan , be prepared for the worse and the worse they can do is to try to ruin ur image that's all
So before u get any load ensure you delete all ur phones contacts and write them on a book , never you save a contact on ur phone that will bring u a disgrace before them go send your crush say you steal company money

I don't get. Yeah we know they are unprofessional in their loan collation but if you take a loan, you should try and pay. What's the pride in cheating them?

Claudiusdeux:
The fun thing about this thread is ....Nigerians are their own worst enemies.

On this thread there are people who are willing and have stated point blank that they have taken loans, and have refused to pay back these loans.

And after we are asking how we ended up with Buhari. Like Buhari, like Nigerians.

If all these payday loan companies go under because people are refusing to pay up their loans, then who is going to help people in need? Maybe the good old loan shark and his gang of thugs. (Yes, pay your debts, or we will come to your house and beat you up).

Exactly sir. The loan companies are people's investments like your business is your investment. Why try and ruin them?

SavageMaster:


The part of threatening to put his contacts details on media is rubbish. Which media? They're stupid if they try that. Is it his contacts that bought phone on credit?

You can imagine.

This is a CBN-backed operation o. Yet see how careless and razz they're going about their business without caution.

Omihanifa:
One guy told me Soko loan went and sent a message to his ex- girlfriend only for that one to even load them with additional information about him

He said the babe gave them his house and office address only for Soko loan to call him the next day and they were telling him that if he doesn't pay up his debt they will come to his house and office

Mad oh!

Toktee:
You need proper education.

And you're enlightened? Mind your language mister.

drsibz66:




They said there loans are 24 to 36% with a term of 30 to 180days thats what is written on their page on play store but they otherwise when you finally download the app. What do you call that .... fair play right? Its outright fraud... issues of loan should be transparent. 16k to pay 27k in 8days ... does that reflect those terms above. That amounts to more than 70% interest .

Well, if you see that they are offering you a loan you can't pay back in 8 days, don't take that loan.

Here is my history with Branch. When I started with Branch, they were offering me 5K , pay back in a week high interest rate
I took a lesser loan from them...

Today, I have built up my relationship with them to the point that I now qualify for higher loans.

As for why they charge high interest rates? The simple fact is they are running a high risk business...the high interest rate is incentive to pay back the loan for you.....since they have no collateral to get from you before they approve the loan

In the first place is the money yours? No, not yours. Good. You took money on loan with the agreement to pay back on a date, now, because you took them for santa claus you're trying to skip date. From the very bottom of your heart, tell me who do you think started the trouble? Of course you. Then they with their own madness escalated it for you.
Loan is not by force. If you know you can't beat the deadline don't take it. Even me will never take a loan. I rather go to my enemy to borrow money than loan organizations.
Lastly, if you take loan next time and you see that you will not be able to beat deadline call them before the date and tell them of the situation and wait for what they'll tell you. This is better than you letting them call you. Now, let by gone be by gone. If any of your contact ask you what happened don't cove rit up tell them the truth and leave them to make out whatever they want to make of it.

Bros, I am a very big defaulter of those loan companies. I experienced the same text messages sent to my phone contacts including my in-laws. But I brushed them aside, I wasn't bothered about their dirty tricks. For me, inasmuch you've sent a text messages to my contacts, I concluded in my mind that, it's a trade by barter. Meaning I wont pay them again & I haven't paid as I typed.

Palmerbarry:
Dear Sokoloan, I will be in my best behaviour while posting this.

I applied for a loan a month back which I didn't repay in time. I got a call from an extremely rude official 5 days after I received the loan. She informed me that payment is due and I should do that immediately. I tried to be friendly but she wasn't. I asked if I could pay part but she arrogantly declined.
The next day I got a call from her again with insults this time. I told her she's not professional with her work and that made her worse. She threatened to disgrace me in the worst way ever (via SMS). My phone got stolen that night. A day after she sent the most devastating message ever to all my contacts. How she got access to them still surprises me. In her message, she said I'm a wanted criminal on the run with company funds. I got tons of messages on Facebook and missed calls and messages on my other line - my former employers, course mates, lecturers, neighbors, family, besties, other influential people. I was really mad! I had over 300 contacts for Christ sake. I called her immediately to send a convincing message to my contacts. She was adamant and continued with her insult, I fired back not minding her age. I threatened to take the case to court, but I was financially down at that moment. My sister called her immediately she got one of her text and they ended up insulting eachother. I called her some days after, she was a bit calm, and I asked if she would resend another SMS and make everything transparent to my contacts. She said once the payment is complete we'd discuss that. When the payment was deducted automatically from my account, I called the number, but the new user doesn't seem to know me. She requested for my login number I gave her but she said she can't access my account. Up till now. I think I've been too calm with them and I am taking it up now.

The worse part of it is I lost most of my contacts which means I may not be able to clarify myself. This is the worst thing ever to happen to someone.




I've mailed them concerning the issue and I'm yet to get feedback.

Pics below:

Robinto01:
Bros, I am a very big defaulter of those loan companies. I experienced the same text messages sent to my phone contacts including my in-laws. But I brushed them aside, I wasn't bothered about their dirty tricks. For me, inasmuch you've sent a text messages to my contacts, I concluded in my mind that, it's a trade by barter. Meaning I wont pay them again & I haven't paid as I typed.

So, I guess someone can take a loan of N120000 from you and then calmly refuse to pay.

Am sure you would forgive the loan, and move on, even if you need that money.

After all, you took loan you had no intention of paying.And you expect the loan companies to forgive you. Sop forgive those who have taken loans from you.

You Nigerians. I'm sure you will abuse me, but the fact that you are refusing to pay back the loans makes it difficult for loan companies to loan money to people in need, and also makes it financially difficult for them

To the point that they start sacking staff, and they go under.

Pay your loan. Please.

jamesbridget13:
Forget about court or whatever. First you are at fault not to have repaid as at when agreed.

Secondly you don't expect them to accept that u will pay part or that u are working on paying later, this is business n if everyone that received loan from them behaved that way then d business will collapse.


Thirdly as for contacting ur contacts, it is because of breech of contract which is what they will say in court n they will also say that you accepted the terms and conditions when ur loan was applied for or approved.


You will not win in court my brother.
I know what they have done is deep but next time digest TERMS and CONDITIONS properly before rushing to accepts


In conclusion, u signed up for this. It's painful but take heart

You are one of their staff! That is why Soko Loan does not have a physical office because they know what will happen to them! They will be arrested and jailed and their fraudulent company shut down once and for all! That's the truth and they know it.

Secondly, Sokoloan sending text message to your contacts alleging that you are a criminal in itself is a criminal offense. It is criminal to defame. A loan defaulter is no a criminal. Even in the court is it is a civil case. But it become criminal when Sokoloan chooses to defame you!

If your Company Sokoloan is bold let them post their office address!

Criminals parading as a loan Company!

macrodata:
I don't want to speak about my experience with Sokoloan. But she insulted me & I called her Supervisors name, her boss name & threatened to fire her without pay. The idiot calmed down.

Unknown to her, my neighbor supplies food to one of their office staff & knows them by name.

They're very USELESS people in that Sokoloan!

Imagine threatening to send SMS to my contacts? WTF?

Please can you send me their name and number. Possibly their office address! Somebody is going to jail.

They are the worse loan company. I don't pray my enemy collect loan from them, Staff Relations is Zero. SAY NO TO SOKO LOAN!!!!!!!!!!!!

Neddstark:


I don't get. Yeah we know they are unprofessional in their loan collation but if you take a loan, you should try and pay. What's the pride in cheating them?

Are you talking to me?

Mine was worst two different message was sent to all my contacts, the last one made me cry and I vowed never in my life to take anyloan again
It's state (this is to inform the general public that so so so which is my name and my phone no is acting fraudulent and should not be trusted with any financial bla bla

Dreyton36:


Are you talking to me?

No vex. Enjoy.

AchalugoNwa:
I laugh at you

UnBanEbenezer what do we do to this unfortunate soul?

should we report him to gbegile boys for some contract?

Seun, lalasticlala, mynd44 watch these vermins:

UrbanEbenezer, Imhotep, AchalugoNwa. Just watch the contents of their posts and the frequency.

Avoid fintech loans from fraudulent companies like the plague

kollins2345:
Mine was worst two different message was sent to all my contacts, the last one made me cry and I vowed never in my life to take anyloan again
It's state (this is to inform the general public that so so so which is my name and my phone no is acting fraudulent and should not be trusted with any financial bla bla

Out of curiosity, how did they get your contact?

Neddstark:


No vex. Enjoy.

Better

5thAngel:

And you're enlightened? Mind your language mister.

What can you do?
You guys are criminal and fraudsters.

Omihanifa:
One guy told me Soko loan went and sent a message to his ex- girlfriend only for that one to even load them with additional information about him

He said the babe gave them his house and office address only for Soko loan to call him the next day and they were telling him that if he doesn't pay up his debt they will come to his house and office

Witchcraft ooooo!

STOP JUSTIFYING NONSENSE!!!!
YES SOMEONE DEFAULTED IN REPAYING LOANS, IT HAPPENS EVEN WITH COMMERCIAL BANKS.
THAT DOES NOT GIVE RIGHT FOR THESE LOAN COMPANIES TO DEFARM THEIR CUSTOMERS IMAGE OR CHARACTER. WHAT IS THE PURPOSE NEXT OF KIN SECTION THE PERSON MUST HAVE FILLED.?
THEY ARE LUCKY ITD NOT ME COS ILL TAKE THEM TO COURT...BASTARDS
if you dig deep self you will find out that their interest rate contravene CBN regulations.

Redpanter:

I won't blame them entirely. If you know how we Nigerians behave you'd understand. Many don't have the intention of paying back the loan they borrowed. If they are too gentle they'll go bankrupt, na madness we dey like....

There's one other loan company like that(forgot the name), they'll only threaten to message your contacts but they won't. A guy here on Nairaland was saying they are disturbing him too much with calls, so for that he's not going to pay back and he knows they won't message his contacts.

If you are not certain of paying back the loan at the stipulated time don't borrow. No be by force... If you know what these loan companies don see for Nigerians hand you won't blame them, just like a "wounded lion", It's do or die to them now, they don't care how it affects you, they want their money back by fire by force

ityP:



A friend used me as 2nd guarantor for LAPO loan. I'm very sure she won't pay them back. As the 2nd guarantor, should I be worried? I didn't give any bank details sha, and I'm ready to hand over my friend to the loan company when she defaults. I dey wait response abeg

You standing as a second guarantor means you undertake to pay if their is any Default, u didn't read the agreement you signed?

ijames:
STOP JUSTIFYING NONSENSE!!!!
YES SOMEONE DEFAULTED IN REPAYING LOANS, IT HAPPENS EVEN WITH COMMERCIAL BANKS.
THAT DOES NOT GIVE RIGHT FOR THESE LOAN COMPANIES TO DEFARM THEIR CUSTOMERS IMAGE OR CHARACTER. WHAT IS THE PURPOSE NEXT OF KIN SECTION THE PERSON MUST HAVE FILLED.?
THEY ARE LUCKY ITD NOT ME COS ILL TAKE THEM TO COURT...BASTARDS
if you dig deep self you will find out that their interest rate contravene CBN regulations.

Nice one, sir. I'm yet to get a reply from them. I guess they don't know how prepared I am for this.

Donjazzy12:
Please can you send me their name and number. Possibly their office address! Somebody is going to jail.

I've stopped using their service since 2019. I thank God for a better job, still I feel sorry for others who have needs but no helper.

ijames:
STOP JUSTIFYING NONSENSE!!!!

Hmm, so if I ttook a loan of 10k from you, I am free not to pay you back.
Good to know

YES SOMEONE DEFAULTED IN REPAYING LOANS, IT HAPPENS EVEN WITH COMMERCIAL BANKS.

Commercial banks , if their loan is not paid back, can either
1.Sell the collateral that was used to take the loan to get back their money
2.Sell the debt to AMCON, who then goes after the debtor...and get their money back

THAT DOES NOT GIVE RIGHT FOR THESE LOAN COMPANIES TO DEFARM THEIR CUSTOMERS IMAGE OR CHARACTER. WHAT IS THE PURPOSE NEXT OF KIN SECTION THE PERSON MUST HAVE FILLED.?

Well
1.Many of the payday loan companies warn you beforehand that if you default on your loan they will call your contacts. It is part of the terms and conditions of the loan you take.
2.They do this because, unlike commercial banks, they offer loans without collateral....so calling the debtor's contacts is the only way to get back their money

THEY ARE LUCKY ITD NOT ME COS ILL TAKE THEM TO COURT...BASTARDS

And you will lose..because as I said, the warning that they would call your contacts is in the terms and condtions of the loan, which you agreed to in taking the loan, or in using their app. Go to court...they will just simply point to tthe T and C, and proof of your agreement. Case dismissed. You lose.

Judges hate to rule against contracts.

if you dig deep self you will find out that their interest rate contravene CBN regulations.

Nope. Plus the interest rates are high BECAUSE....they operate in a sector of the industry with a high rate of default. Either they charge a high interest, or they go out of business, and at the end of the day, who will lend you N5000 when you need it. Certainly not the banks.

Toktee:
What can you do?
You guys are criminal and fraudsters.

I just laugh at your ignorance. If the op did not default, all this unnecessary exchange of words won't happen. So we are criminals by demanding what belongs to us?

OBVIOUSLY YOU DONT UNDERSTAND MY VIEW POINT. HOWEVER THIS COULD BE BECAUSE YOU'RE WORKING WITH THEM OR FOR THEM.
MORESO YOU CLEARLY KNOW NOTHING ABOUT CBN LOAN INTEREST REGULATIONS.
AGAIN, THAT I AM YOUR DEBTOR DOSENT GIVE YOU THE RIGHT TO CALL ME A CRIMINAL...ITS LIKE CHINA CALLING NIGERIA CRIMINAL BECAUSE IT COULDNT PAY ITS LOAN..
MY ADVICE TO YOU AND YOUR COMPANY
IF YOURE NOT READY FOR BUSINESS THEN QUIT.

"that it's in the TnC that they will call all my contacts branding me a criminal? "

Claudiusdeux:


Hmm, so if I ttook a loan of 10k from you, I am free not to pay you back.
Good to know



Commercial banks , if their loan is not paid back, can either
1.Sell the collateral that was used to take the loan to get back their money
2.Sell the debt to AMCON, who then goes after the debtor...and get their money back


Well
1.Many of the payday loan companies warn you beforehand that if you default on your loan they will call your contacts. It is part of the terms and conditions of the loan you take.
2.They do this because, unlike commercial banks, they offer loans without collateral....so calling the debtor's contacts is the only way to get back their money


And you will lose..because as I said, the warning that they would call your contacts is in the terms and condtions of the loan, which you agreed to in taking the loan, or in using their app. Go to court...they will just simply point to tthe T and C, and proof of your agreement. Case dismissed. You lose.

Judges hate to rule against contracts.


Nope. Plus the interest rates are high BECAUSE....they operate in a sector of the industry with a high rate of default. Either they charge a high interest, or they go out of business, and at the end of the day, who will lend you N5000 when you need it. Certainly not the banks.

ijames:
OBVIOUSLY YOU DONT UNDERSTAND MY VIEW POINT. HOWEVER THIS COULD BE BECAUSE YOU'RE WORKING WITH THEM OR FOR THEM

.

Not only do I not work for any one of them , I don't work in the financial sector at all.

Plus, your issue is, you want to take a loan without assuring yourself that you have the means to pay back.

Finally, would you like me to take a loan from you, and never pay you back?

MORESO YOU CLEARLY KNOW NOTHING ABOUT CBN LOAN INTEREST REGULATIONS

Care to educate us...
.

AGAIN, THAT I AM YOUR DEBTOR DOSENT GIVE YOU THE RIGHT TO CALL ME A CRIMINAL...ITS LIKE CHINA CALLING NIGERIA CRIMINAL BECAUSE IT COULDNT PAY ITS LOAN..

So you would be glad if people who did not pay you your loans you gave them ran off without paying.

MY ADVICE TO YOU AND YOUR COMPANY
IF YOURE NOT READY FOR BUSINESS THEN QUIT.

"that it's in the TnC that they will call all my contacts branding me a criminal? "

And my advice to you is that when you agree to take a loan, you agreed to the T and C....including paying the loan as and at when due

Therefore PAY YOUR LOANS AS AND AT WHEN DUE....so that the companies have money to pay other people loans.

Do't excuse bad things. If you cant afford to take a loan. DON'T TAKE IT.

[/quote]

Palmerbarry:
Dear Sokoloan, I will be in my best behaviour while posting this.

I applied for a loan a month back which I didn't repay in time. I got a call from an extremely rude official 5 days after I received the loan. She informed me that payment is due and I should do that immediately. I tried to be friendly but she wasn't. I asked if I could pay part but she arrogantly declined.
The next day I got a call from her again with insults this time. I told her she's not professional with her work and that made her worse. She threatened to disgrace me in the worst way ever (via SMS). My phone got stolen that night. A day after she sent the most devastating message ever to all my contacts. How she got access to them still surprises me. In her message, she said I'm a wanted criminal on the run with company funds. I got tons of messages on Facebook and missed calls and messages on my other line - my former employers, course mates, lecturers, neighbors, family, besties, other influential people. I was really mad! I had over 300 contacts for Christ sake. I called her immediately to send a convincing message to my contacts. She was adamant and continued with her insult, I fired back not minding her age. I threatened to take the case to court, but I was financially down at that moment. My sister called her immediately she got one of her text and they ended up insulting eachother. I called her some days after, she was a bit calm, and I asked if she would resend another SMS and make everything transparent to my contacts. She said once the payment is complete we'd discuss that. When the payment was deducted automatically from my account, I called the number, but the new user doesn't seem to know me. She requested for my login number I gave her but she said she can't access my account. Up till now. I think I've been too calm with them and I am taking it up now.

The worse part of it is I lost most of my contacts which means I may not be able to clarify myself. This is the worst thing ever to happen to someone.




I've mailed them concerning the issue and I'm yet to get feedback.

Pics below:

Why not borrow from your bank? Zenith internet banking platform has option for that kind of loan and you chose your tenure and pay with peace of mind..


I have not used it but I saw it while doing transfer with their internet banking platform and eneterd 100k to see what happens.,the next page needed just y token otp and pin and I would receive it.. I canceled because I dint need it

Nodogragra4me:



Why not borrow from your bank? Zenith internet banking platform has option for that kind of loan and you chose your tenure and pay with peace of mind..


I have not used it but I saw it while doing transfer with their internet banking platform and eneterd 100k to see what happens.,the next page needed just y token otp and pin and I would receive it.. I canceled because I dint need it

Wow! thanks for the info, I don't have a Zenith account and I'm not sure if I'd be needing loan anytime soon.
But it's million times better than Sokoloan, even if their interest is 90%

nedekid:

What happened? What was the reason they frustrated you.

I didn't pay on time, and that lady branded me a criminal, called me all sort of names, threatened my life, I became depressed, I borrowed to pay on time cos they gave me deadline, and it was horrible, can't go further, but I cursed her after all