blaise26abj:


“Let it go “ is the reason there is so much injustice in this country . Doing that nonsense over 5k is totally unnecessary. My question to you is this . How do you get peoples phone contacts ? Did they give you willingly or your company harvests it illegally ?

The loan company has access to your contacts immediately you filled their form online.

CBN does not and will never licence any online loan app

Debodimeji01:


These guys are the most useless loan institution in this country. They will never know peace in their life. Both the directors and staff. For their female staff... those ones are already cursed. Those ones have special mansions in Hell. And I have promised to find whoever's is backing them up at CBN and why they haven't been sanctioned even after series of negative reviews and report on Google Play Store. Demonic fintech company.

walex2:
. I think I posted it here some months ago that sokoloan is a scam company, with the experience some people shared on this forum they will borrow you 5k with 2.5k interest in7 days . they employed secondary school dropouts as recovery agents and placed them on commission. Once you download their app all your contacts are scan automatically and you must on your Gprs and location

But they didn't put gun on their head to borrow

5thAngel:

I'm sorry to hear about your bad experience. I work at Some Loan and it is their policy to send those messages to a loan defaulter's contact.
They employ a lot of people and just like banks or other institutions that gives a target, there are bound to be employees who tend to be very harsh on customers in a bid to get them pay up their loan.
It's unlikely you'll get your demand for messages to be sent to your contacts to notify them that your debt has been paid, I'll advise you let it go, no matter how painful it is.

Once again, I'm sorry about your experience and for others who have experienced this.

This thing happened to my neighbor...they messaged all his contacts on top 3k loan....how do they access the contacts of their obligors ?

EhisChelsea1:


...and that 15k loan is now almost 50k...

Almost 35k interest on 15k loan.... And dem go still dey stress person

baba u try o 50k u blow untop 15k anyways my own na 22000k+ i pay ontop 12k loan on okash

Most of all these loan vendors are very exploitative. Imagine charging borrowers upto 28% interest rate per month.

I love my Access Bank, they give Loan via their apps to account holders at 4.5% per month.

Even during the lockdown they were steadily giving loans unlike some banks that suspended theirs and only gave Loans to salary earners, especially gov workers.

During this Christmas Access Bank has given me over 200k Loan.

Even when you default, they give 7 days Grace before the reminder sms start coming and it is never threatening.

God bless Access Bank.

Toktee:
Who be those one, which hole did you crawl out from?

So he lost his right as a citizen of this country just because he defaulted?

You call him a criminal on the run when in reality you know is not true and expect him to keep quite?


Check your body temperature pls.

so because you don't agree with my point of view means that u shld insult me? Becareful!


If u claim he has rights, his creditors also has rights. Be supporting evil. Instead of u to advice him properly so next time he would behave better u are here insulting me.

My friend sue for libel and defamation of character asap. Go to Human rights commission. Na today dem dey default loan repayment? I understand that the society is volatile especially at giving micro loans but going to the extent of putting up libel and defamation of character to recover funds is a no no.

AchalugoNwa:
na only me fit them

late last 2 years I took 30k loan from them
I intended paying on time ooo infact I was about to pay them that day in the evening.
but these ediots started their normal way of rubbish insult.
this one na man ooo
next thing is that they started sending useless messages to my contacts
that was when I vowed never to give them shi shi
They call call tire
one of them used her personal number to call me and be begging me to pay even if na half.
i asked her about my image they've dented?
she said nothing
then I told her frankly that I will never pay a dime to them
that my image is priceless.
Meanwhile I've messaged all my contacts to disregard any messages about me that my phone was hacked and a serial blackmailer on the loose.
Hehehehehe they believed me.

Meanwhile the useless sokoloan was still begging and I kuku blocked their numbers and blacklist them
till today I no pay them shi shi

op you're not supposed to pay that money I swear

won't the money be automatically deducted from your account?

When you download apps, make sure you disable the access CONTACTs permission in the setting if you don't want the app to access it like they did to you and disgrace you

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:

You are too calm indeed. When one insulted me like that, I didn't pay her for up to 8 months. I asked her to get me arrested and see the other side of me. I intentionally held her money for the insult.

You'll jail someone because he borrowed money and for some reasons he couldn't pay back as at when due. Well done Mr jailer. I. I wonder what you'll do to the actual criminals �

inioluwaDaniels:
Y u self go borrow money n no gree pay back until it was automatically deducted from ur account.Nigerians doesn't value d word integrity at all.Oga na ur cross carry am alone abeg cos if u bring dis kind matter come my court na to jail u ontop self

Omihanifa:
Heard the company is owned by some Chinese people

Aaaah



Chinese are ruthless in business.


The workers must be taking shit everyday

Most of the loan apps are owned by one Chinese company with sokoloan as the main parent company


What they do is create several cloan sites so that former customers who have vowed never to have any thing with them will think they are accessing a different app.


But there is something more sinister about this Chinese owned apps .

How they got liscence from CBN and why CBN doesn't seem to care on their extremely outrageous interests shows either complete lack of regulation on their part or that these loan sharks have both CBN and bank part ownership.

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

Nigeria is so bad that we are used to not getting justice.

Imagine what you just wrote.

jamesbridget13:
so because you don't agree with my point of view means that u shld insult me? Becareful!


If u claim he has rights, his creditors also has rights. Be supporting evil. Instead of u to advice him properly so next time he would behave better u are here insulting me.

Did you know that there is something called the police, the court?

Who is she to declare an individual wanted?

Who give a loan company such authority?
Did you know that character assassination and deformation of character is a serious offense?

The only right the loan company has over him is to report him police, the court or the body in charge of debt defaulters of which I know there is, and not by calling him criminal.

loswhite:
The problem of this country is lack of basic Education of how certain things work... How can you destroy your credit rating because of 30k? Too many dumb citizens in this country

I doubt if they even update that credit thing . Cause for people that pay they hardly see any improvement on interest charges .

Well, I can't blame them, that's one of the tactics in recovering a loan.

Acidosis:
Let's be clear. The only reason y'all hate loan apps is because you took a loan you know you can't/won't pay back.

C'mon, man. Fingers aren't equal. Some take these loans to bail or cushion the effect of whatever it is they are going through, not because they do not intend to pay back. The desperation behind getting a temporal financial relief is what pushes many towards loan sharks, not minding the consequences.

After agreeing to the terms and conditions of the loan, you all come back crying online to castigate the same loan app that choose to help you in your desperate hour.

Not sure this is their problem. You can't build a good business relationship if you defame or libel defaulters every minute. I got this same SMS concerning a respected religious family man recently. I believe he needed the relief but they aired him in the worst way possible.

Imagine condemning sokoloan for debiting your account without notice Are you people ma.d? Did you read the terms and conditions of the loan during your application?

It's called a lien and I believe liens are normal in every part of the world. If you borrow from a financial institution, you will most likely have a lien placed on your account. It is not a big deal and truth be told, the comments so far are not complaining of liens but how they are humiliated in the worst ways possible.

[s]

You used your hand to submit your contact, yet come back crying and asking why sokoloan called your contacts. Some of you are just m.ad.

[/s]

Btw, 99% of Nigerians are not credit worthy. You all are the same people that fail to pay back interest-free loans given to you by friends, neighbors and relatives.

This one dey. It is a human thing and not necessarily a Nigerian thing. People naturally have problems paying back when they are comfortable afterward. However, it still does not warrant the libel. I hope loan sharks will use the CBR more rather than this archaic, embarrassing approach in collections.

EhisChelsea1:


Guy forget Sokoloan, they are the worst money lending company in Nigeria. They give you loan at almost 55% interest in 14days... Which business dem expect you to do to make such profit in 14 days?

I took a loan of 15k from them in January... 2weeks later, dey called and I told dem to wait til month ending wen salary comes... D lady wan start dey insult me na i end d call. Na so dem start dey call me morning and evening and i tell dem say month ending.... 26th to be precise...and na so dem dey add money join every day o (dem say penalty charges for late payment)


About 4 days later, i got that text wen dem send ur contact so from them and den, d same lady called saying dem wan send d message to all my contacts say i be criminal and run with their funds.....

I sincerely thanked the lady and urged her to send the msg immediately but also told her, once that msg is sent, AM NOT REFUNDING AGAIN. the company should get their funds from my contact and dat I will deactivate my ATM immediately we end the call which means they can't access my account anymore........ (Their mumu company know say na my salary account I use and I activate auto-debit which means once money enter, dem fit auto-remove am even before me notice the alert yet greed and impatience not allow dem rest)

Na this month make am 12 months now... I still dey wait for them to send d msg...... ( I go pay them by next tomoro sha cos I nor fit carry debt enter new year)

I see you handled them well. Unfortunately I couldn't because the pressure was getting too much from family. Such message makes you look like a fugitive.

Toktee:
Did you know that there is something called the police, the court?

Who is she to declare an individual wanted?

Who give a loan company such authority?
Did you know that character assassination and deformation of character is a serious offense?

The only right the loan company has over him is to report him police, the court or the body in charge of debt defaulters of which I know there is, and not by calling him criminal.

when they gave him T$C to accept, y did he not decline? Defamation of character is an offense but breech of contract is not an offense. I hear u, let him go to court na and update us as d matter progresses

Sanchez01:

It is why they are called LOAN SHARKS. I think how they go about embarrassing people, for me, is the problem. Every Nigerian has a credit rating that can be checked or investigated, from mobile usage to bank 'weight' but these guys won't. To draw in customers, they would rather just give out loans to anyone and then move to start harassing them. Those guys who do are their collection guys and they probably realized threats work better.

Patronizing loan sharks is a disaster.

You have said it all.

Blood dey ur eyes ooo

EhisChelsea1:


Guy forget Sokoloan, they are the worst money lending company in Nigeria. They give you loan at almost 55% interest in 14days... Which business dem expect you to do to make such profit in 14 days?

I took a loan of 15k from them in January... 2weeks later, dey called and I told dem to wait til month ending wen salary comes... D lady wan start dey insult me na i end d call. Na so dem start dey call me morning and evening and i tell dem say month ending.... 26th to be precise...and na so dem dey add money join every day o (dem say penalty charges for late payment)


About 4 days later, i got that text wen dem send ur contact so from them and den, d same lady called saying dem wan send d message to all my contacts say i be criminal and run with their funds.....

I sincerely thanked the lady and urged her to send the msg immediately but also told her, once that msg is sent, AM NOT REFUNDING AGAIN. the company should get their funds from my contact and dat I will deactivate my ATM immediately we end the call which means they can't access my account anymore........ (Their mumu company know say na my salary account I use and I activate auto-debit which means once money enter, dem fit auto-remove am even before me notice the alert yet greed and impatience not allow dem rest)

Na this month make am 12 months now... I still dey wait for them to send d msg...... ( I go pay them by next tomoro sha cos I nor fit carry debt enter new year)

jamesbridget13:
so because you don't agree with my point of view means that u shld insult me? Becareful!


If u claim he has rights, his creditors also has rights. Be supporting evil. Instead of u to advice him properly so next time he would behave better u are here insulting me.

You are the one supporting evil here.

You opinion is bullshit, no sane person should agree to it.

Even FG has debts.

Karleb:


You are the one supporting evil here.

You opinion is bullshit, no sane person should agree to it.

Even FG has debts.

ok oga. Let it be as it is biko. You people shld leave me alone biko.

Juliearth:






What I dont understand is how these loan sharks can append a profit index of 60 percent for a 14 day loan. Isnt the duration way too short considering the profit index? This country is truly a mess

Well, that's because they give out loans without collateral

When you take a loan from a bank...the bank asks for a collateral...which can be anything from your assets. If you fail to pay back the loan, the bank sells the asset, and recoups the money loaned to you.

eg...I take a loan from first bank for 5million naira, and as collateral, I use a property which costs 10 million naira. If I don't pay the loan as when scheduled, First Bank sells the collateral, and recoups their money.

Loan apps like Sokoloan, Palmcredit, Carbon Quickcheck and Branch don't demand collateral before they give you a loan, largely because their business model focuses on the type of loans that banks like First Bank won't touch..small payday loans. (They even make the no collateral part of their advertising pitch)..so when you take a loan from them, the loan conditions are usually tough and high...since they are operating at a risk by not taking collateral. As a result...they resort to tactics as detailed by OP to get their money back...because if they don't, they would be out of business within minutes...since they have no collateral to sell should a customer default on his or her loan.

That's why when taking a loan from them, they advise you to have the means to pay (AND in some instances, they would even turn you down if you do have the means.)

Another one is Tecno Easybuy.

Sending random messages to people on Whatsapp because it's not paid.

To think that it is a CBN approved programme worries me. The wordings of this documentation is even appalling for a secondary school leaver.

I don't know the person in question or anyone at all by that first name or surname. And even if I did, I don't know how I became a guarantor without my notice.

Imagine messaging random people to threaten them with lawsuits and defamation.

Let's take a stand guys. This cannot be allowed to stand. Loans have been around since time immemorial but this one is taking a really careless dimension.

op sorry ooo....buh you funny sha.. you dey ask how them take get access to your contact..you didnt remember you granted access to it when you downloaded their app n clicked yes when they asked you for permission

@OP.. sorry for the experience but do not blame them...what a typical Nigerian understand when it comes to money matter and dispute is fire and blood...!!

All of us know wetin dey...!!

5thAngel:

I'm sorry to hear about your bad experience. I work at Some Loan and it is their policy to send those messages to a loan defaulter's contact.
They employ a lot of people and just like banks or other institutions that gives a target, there are bound to be employees who tend to be very harsh on customers in a bid to get them pay up their loan.
It's unlikely you'll get your demand for messages to be sent to your contacts to notify them that your debt has been paid, I'll advise you let it go, no matter how painful it is.

Once again, I'm sorry about your experience and for others who have experienced this.

how do they get the contacts of customers