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

You have said it all.

Most Nigerians be looking for free money. If you don't handle them with iron hand, you won't get your funds back.

They wreck you and move on to the next person and they start wondering why the business failed.

seniormallam:
See the way I was shaking reading comments, I have 10k to clear with them in 3 days, and I don't even have 2k right now,
Baba God, so na disgrace I go take end this year again after all I've been through already......chai

what a way to end the year for you

NewLogicalMind:


Other loan apps don't behave this way, guess what, some of them are folding up due to consistent default by borrowers

Nigerians are terrible people as far as loans are concerned

Soko Loans strategy is effective and I applaud them!

By the time everyone avoids them they will still go out of business, anything can delay repayment even if you have genuine plan of paying back, anything can happen to delay payments, they should at least give you some grace

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

people that borrowed, did they force them to? They told them the conditions, so the company is not at fault

I still don't understand why people will borrow money and find it hard to pay back, I have never seen who borrowed money and promised to pay back at a stipulated time and does that, if you ask for your money they will say you are asking the wrong way if you take it up all they will say is you are wicked, am not saying they (Sokoloan) are right or wrong. But regardless a deal is a deal, if you promised to pay at a particular time make sure you pay otherwise stop faulting the owner for asking in whichever way he/she chooses to ask, if it were an advanced loan with a bank or a big film that requires a collateral, you won't tell them you will pay half and pay the rest later. They won't even listen to you before taking over your property.

l got their loan which I couldn't pay back in due date due to circumstances beyond my control. They sent the message to some of my contacts. when they called again for their loan I told them to go and meet the people they send the message to for their money. I refused to pay any money again because they have already spoiled my image so they should forget the money also. My advice, tell them to go and meet your contacts for the money.

People that patronize this kololoan have mind o. They did exact same for one of my colleagues at work and another person like that because i received the exact text messages on two different occasions. When you are applying for this loan you need to be very careful of the type of information you agree for these set of hooligans to have access to. Like your contacts and BNV, these people sounds like Oshodi gangs and not professional, they can access your bank account if they can and wipe it off. These are the types of organisations that compiled all their customers contacts and sell them for another set of criminals who uses the contacts to perpetrate evils. The name "Soko" derived from Yoruba which means insane... So be careful of them

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:

Bro Sokoloan is a very useless organization. The kind of disgrace they gave my brother because of 5k loan eh, those people have no patient or joy, no courtesy at all. Spread it, tell people not to take loan with Sokoloan

jaxxy:


That’s the risk they signed up for. It doesn’t give them any right to be hooligans or ruin people’s reputations just like that. There are many steps and ways to ensure they pay b4 u act like a rabid dog on ur clients and customers.

Then your reputation is also the risk you take when u patronize them and dont pay back...deal with it

tope56:
l got their loan which I couldn't pay back in due date due to circumstances beyond my control. They sent the message to some of my contacts. when they called again for their loan I told them to go and meet the people they send the message to for their money. I refused to pay any money again because they have already spoiled my image so they should forget the money also. My advice, tell them to go and meet your contacts for the money.

You cannot come back from prison and still pay debt, once they sent the messages to my contacts the loan is settled.
The shame is more than the 10k I can repay the 10k someday but they can never repair my reputation

5thAngel:

What about the employees who work everyday except Sunday, even on public holidays except Christmas and New year. If you don't pay up your loan, the capital and the interest will be deducted from one's salary.
And it quite erroneous for people to think we don't give days of grace after the due date, but once it is unnecessarily too long without you paying up, we just have to take that route to let your contacts know the kind of person you are.

We have many bad debts that we have to pay off of our own pockets, so before taking any loan, be sure you can pay to avoid embarrassment(s).

From the Op's write up, I only commesirated with him cuz of the rude way he was treated by a colleague.
Sometimes these customers talk to us rudely also.

Pay up to avoid embarrassment, period.

Had it been the route you guys take in trying to retrieve your money is right, no one will complain, you give grace period and it has come and gone, what about legal route?
D you know that by defaming ones character is braking a law?
Have you ever seen banks employing such unethical and illegal means to compare customers to pay their debt?


SOKO(NUPE LANGUAGE).



#AVOIDSOKOLOAN.

Ezemarcel:
They should be a general online protest against sokoloan....

Exactly, we can take it to twitter

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.

You sound like you work with a fintech company..... Nice advice sha but its not that easy to brush off the damage to your reputation!! They will get what's coming to them...

GreatPro33:
The next protest will be against Soko Loan. Inform your bosses to be calming down o

This was the message they send to all my contacts including my in laws... Since den i no pay their money cos thats d worst dey can do... They no message me again since den anyway... Sometimes when they call me nd i here Soko i disconnect d calls... Just for 5k....

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.

y'all need a proper training, on "Excellent Customer care".

Toktee:
Let what go?

Look some of this loan companies are worst than Buhari government, how can you damage someone reputation just because he failed to pay his loan on time?

we tolerate too much in this country.


It is not the same lending 9credit, quick cash, palm pay etc are doing?


I took loan from 9credit though it was just 2500 while in school, because of lectures here and there and exams at the corner, I forgot to pay back..
Two days to due date I was reminded of the pay day,I still forgot... two weeks later I received an SMS from 9 credit thanking me for paying my loan.

what they did was, they silently deducted their money from my account, I just smile.


What about quick cash, same thing they will even give you time and tell you if you are not ready to pay they can extend payday for you.




The best loan companies in Nigeria are QUICK CASH, 9CREDIT, AND PALM PAY ETC...

Please remove 9credit, they are the same with Soko loan

dontai:
bro kindly sue them, to pay for what they have cause you.
N:B. kindly create a thread on this, you will see a lawyer on this forum who will take it up for free.

.... How I wish I know how to create a thread I would have done that a long time ago.... I only know how to comment and quote. I don't know much about using naira land other than reading and comments

CBN has failed in its responsibility and functions to checkmate the excesses of this loans company most especially sokoloan.

Sokoloan is the worst out of them all.

Followed by cashlion.

kaylo31:

Then your reputation is also the risk you take when u patronize them and dont pay back...deal with it

Yes sure bt there are steps to take b4 u act like a rabid dog on ur customers. That’s my major point. I don’t use them bt I’ve heard alot and it’s unprofessional and embarrassing.

seanwilliam:
bro. I remember early last year when I was doing salary work .. i lent someone my FIRST AND FULL salary ( I was really touched by the person’s story and I deeply pity the person ).. I no take 1 naira out of the salary for myself .. the person promised to repay the following month, u wouldn’t believe meself had to borrow money to survive believing that the person go return my money o.. naso story upon story .. e reach stage the person begin fight me say I too like money pass humanity.. I one cry untop my 31days suffer was .. bro na after 6 month family of the person paid me up.. that thing pain me so much that I swear not to borrow my own mother money I can’t let go.. anytime I remember how the person made me suffer on top my money , I Dey always feel that I was stupid ..


I’m a beast now

I borrowed this my guy money. If you heard the guy story and promise to pay eh, you will give him at once. When time to collect my money, the guy was telling me even Buhari dey owe make I no give am hypertension for my change. So, I dont blame Sokoloan at all. Nigerians are wicked when it comes to paying back their debt.

TainyLite:
This was the message they send to all my contacts including my in laws... Since den i no pay their money cos thats d worst dey can do... They no message me again since den anyway... Sometimes when they call me nd i here Soko i disconnect d calls... Just for 5k....

Oboy, they go this far to recover their money?? This message is so embarrassing

waliezi:
. I got same Experience n it cost me demotion till date as my boss vehemently refused to understand. Last last, I delected the app n which I could play my hands on any body called sokoloan. mine was 14k to pay 20k in 7 days. My salary delayed for 2days, the sokoloan caller was very rude, I couldn't hold my temper n she sent a message to all my contacts. I think u gave them access to ur phone informations once u installed their app.

What an experience.
I remember I granted them access to my contacts.
Their interest is also on the high side - 50% in 5 days. Wait who does that, 5k to pay 7,500 in 5 days? well I accepted and I had no qualms then.

jaxxy:


Yes sure bt there are steps to take b4 u act like a rabid dog on ur customers. That’s my major point. I don’t use them bt I’ve heard alot and it’s unprofessional and embarrassing.

Sokoloan was never like this in the beginning. But Nigerians made them start acting like mad people.

Perfectsouth:
Oga, let it go...
Got same stolen company fund on my phone some days ago..
This lady is calm, what she told me is she needed the money urgently and she applied for their loan..
When I got the mesaage, I thought she absconded with almost 30million company fund..
When I called her, she was weeping prosefuly and knowing her, she can take her life. Alas, na just 10k debt o..
I wasn't really buoyant but I sent it to her to pay up.
These loan company's new tactics can make some faint hearted commit suicide..

may God never let me be in a position to borrow but if you spoil my name like that, I'm never paying you back. People pay back immediately after that rubbish that's why they're doing it. I will never pay them back until they confess to all the people they lied to

loswhite:
I mean 10000 different ppl taking a loan and each of them coming online to say just small 5k that I loaned

You were quick to jump into the conversation.
The angle I'm looking at it from is obviously different from yours. Taking a loan of 5k when you can get almost double that from working in a construction site for instance is baffling.

Peppermintflav:

It's safe. If u want to be extra sure opt for new ATM card, and render the one they have useless.

My Atm has expired since march.

Weather you like it or not loan giving is a risky business especially when it doesnt involve collateral . How ever for online loans your bvn and contacts are the collateral . Hence then can access your account, contacts. However once you make use of these collateral esp contacting contacts to defame character or person , then the loan is settled.. Thats why there are insurance for these loan companies in cases of bad loan...ie... inability to pay , death or terminal ailment.

Anybody who takes a loan should and must pay back but some of this loan companies arent helping issues. The sooner they realise a debtor has a right the better. No judge will jail you for owing.


How about those that tell put a particular percentage interest on their app but actually give you the loan at a higher term and shorter duration. If you look at the terms of many loan apps on play store the interest rate rate is usually very low. And they all claim 30days and above but after submitting your details and applying you start seeing 8days repayment witg almost 50% interest. This is fraud

And once you send msges to damage your debtors reputation and character. Then the laon is settle. You cannot beat your debtor and expect him to still pay.

ArticleBeast:

Sokoloan was never like this in the beginning. But Nigerians made them start acting like mad people.

Perhaps bt they shud follow proper steps. I know there are terrible, difficult and even fraudulent borrowers bt u don’t generalize every borrower who failed to pay b4 the due date that way.

Even banks classify the customers and borrowers by interacting and knowing them and use various standards for different customers as the case maybe. This particular guys case wasn’t handled well at all and over 5k bt I understand they give a lot of small loans so it’s amounts to a lot bt they are collecting high interest rates also. Follow the professional steps b4 u anyhow.

kelbranty:
Quick one.

So if a person submits an application allowing access to his/her contacts and bank account, does that give right to sending stupid messages to the contacts or debiting the persons account twice and not refunding? Or even impersonating the NPF and some Broadcasting Channels like TVC all in the name of trying to recover a loan.

By stupid message I mean calling someone a criminal on the run, a fraudster...

the person you call a criminal or a fraudster also submitted his/her house address. Do any of the recovery agents visit the house to confirm that the person is actually fraudulent or on the run before sending such messages?
It's only ok if they'll send a message to the contacts stating clearly that you got a loan and have refused to pay back. Nothing more. Anything more than that that's false gives the debtor edge over them.

BTW it's only a matter of time before the attention of NPF and all broadcasting channels is drawn to how this loan collectors are impersonating them, then you'll know that the loan companies do not actually support their method of loan recovery like you do.

Recover your loan by any means but do it right and legal.

Well, we are not sure what is written on the list of terms and agreement.

seanwilliam:

Cc se.un, m.ynd44 domin.ique


This moniker needs to be banned with her ip.. this is wickedness .. this is why some people find it hard to help.. haba.. why didn’t you pay and ask your contacts to disregard any message afterward? Did u know that the money will be deducted from someone’s salary .. you’re very wicked human being.. nonsense

AchalugoNwa this guy don report you.
Let's call gbegile boys for him