jackslow:
you're getting it all wrong, the government has set procedures for loan recovery the companies must follow those procedures they can't just take laws into their hand and get away with it, I'm telling you they can't do this outside Africa.

Secondly the borrower did not give those contacts to them in any document unless in few cases where they request the bower to give fill in one or two contacts.

We need a law abiding society both the companies and the borrowers must obey the law

The borrower actually filled a form to take the loan, in that application on the loan app, the borrower agreed to all soko loan terms and conditions and also gave them authorisation to access all contacts and other vital information on his phone, thereby giving out his privacy and giving out peoples contacts without their consent...

Oyerinde16:


You answered yourself there, you don't have the right to give it out, once you do, dont blame soko when u default...

They took it without the consent of their customers,(data breech & hence the 10m fine). No where in their terms and conditions was it stated that they are going to download contacts. If you find it in their terms and conditions, post a screenshot here

danniyal:

They took it without the consent of their customers,(data breech & hence the 10m fine). No where in their terms and conditions was it stated that they are going to download contacts. If you find it in their terms and conditions, post a screenshot here

Your problem is when downloading apps and filling forms, you don't read terms and conditions, you just keep punching accept, accept and accept, once its installed and you get what you want that's all not minding to read what you are accepting... I don't have time for people who argue blindly, when people were authorizing soko loan to access their contacts they did not know...

Temitopex:


I beg to doubt if you are in your right senses. Because if you are, you wouldn't tell me to be inconsiderate and irresponsible when I didn't mention in any part that I took a loan, I only analyzed a scenario, so kindly educate yourself more if you didn't learn properly in school. Another person used you as a case study, you shifted it as well, simply because you know damn well the gravity of how pointless you are. I never insulted you in any part but you called for it.

I am literate, and I'm also a thug when need be for people like you.

YOU, in my write up is rhetoric and not necessarily meaning you as a person, maybe I should have used THEY or THEM... B calming down...

Jacobx007:

Guy go and look for a job, how can a jobless fellow like you waste two days commenting on a thread like this? Don't be unfortunate in your life or is Sokoloan your father's company??

U left the story and resorted to insult, well I don't need a job, I can also engage in meaningful debate for 1yr in as much as I'm trying to learn or enlighten people, I will not seat and watch defaulters kill a company that help them in times of need... I helped u, you default, yet you don't want disgrace...

Jacobx007:

Are you the one that wrote the terms and conditions?? Or are you plainly stupid?? I went through the terms and conditions and no where did they say they will implicate your whole family when you default.
Post that part here or keep quiet

Really, I will take out time to get the part where the borrower authorised the loan company.

pek:
Every time you write, your senselessness becomes more obvious. I won't like to know someone like you.

I don't want to ever know default sympathizers like you as well, you fly and flock together and can wreck any loan company your type descend on, your type will accept all the terms and conditions, collect the loan and then default and still say trash, very ungrateful set of people...

Oyerinde16:


Your problem is when downloading apps and filling forms, you don't read terms and conditions, you just keep punching accept, accept and accept, once its installed and you get what you want that's all not minding to read what you are accepting... I don't have time for people who argue blindly, when people were authorizing soko loan to access their contacts they did not know...

If you cannot post screenshot, don't quote me again pls

danniyal:

They took it without the consent of their customers,(data breech & hence the 10m fine). No where in their terms and conditions was it stated that they are going to download contacts. If you find it in their terms and conditions, post a screenshot here

This should be the last response to all those who do not read terms and conditions before accepting, I took out time go get this information... If you can't comprehend o beg you not to mention me again...

I want you to read the terms n condition for using soko loan. Read it all and not just the bolded.

Privacy Policy
By clicking Sign Up, I consent to Soko Lending Company Limited obtaining information from relevant third parties as may be necessary, on my employment details, salary payment, loans and other related data, to make a decision on my loan application. I also consent to the loan amounts being deducted from my salary at source before credit to my account and any outstanding loans being recovered automatically from any other accounts linked to me in the case of default.sokoloan is a product of Soko Lending Company.

This privacy policy regulates how personal information you provide can be used by Soko Lending Company Limited (“Soko”), its subsidiaries, affiliates, officers, employees or agents.

If you do not agree to this Policy or any part thereof, please do not use or access our Soko or any part thereof.

Use the information we collect

We collect the information needed by our services and use

1. MOBILE DEVICE INFORMATION

collect from your device includes IMEI number, unique ID, that is, operating system information, SDK version and mobile network information (including operator name, SIM card serial number and SIM card slot), your personal data information, List of installed applications, Wi-Fi list, currently connected WIFI name, available storage space of the device, total storage space of the device. We collect information about your device to provide automatic updates and additional security so that your account cannot be used on other people's devices. In addition, this information provides us with valuable feedback about your identity as the device holder and your device behavior, so that we can improve our services and provide you with an enhanced customized user experience. The key information collected from the device is further detailed below

2. USERPERSONAL INFORMATION

When you use our Soko, we will collect and store the information you provide from time to time. Our main goal in doing this is to enable us to provide services and features that meet your needs, and customize our Soko to make your experience safer and easier, and to improve the services we provide. More importantly, we will collect personal information from you that we believe is necessary to achieve the above-mentioned purposes. Generally speaking, you can browse websites or applications without telling us who you are or revealing any personal information about you. However, to create an account on a website or application, you must provide us with certain basic information required for customized services. The information we collect from you includes:

YOUR NAME,ADDRESS,CONTACT INFORMATION, EMAIL, POSTAL CODE, FAMILY DETAILSWORK BACKGROUND/DETAILS, AMOUNT OF INCOME, WHATSAPP ID, FACEBOOK NAME, BVN NUMBER ETC.

In some cases, we will indicate required and non-required fields. You can always choose not to use a particular service or feature on Soko, so as not to provide your personal information. When you open an account with us, we will also collect other identifiable information from you. Although you do not need to be the above registered member to browse some parts of our Soko, some activities (such as third-party (The lender obtains the loan) requires registration, and you need to provide the above details. Soko should clearly display the personal information it collects from you, and you can choose not to provide such personal information.

3. CONTACT INFORMATION

When using this product and in the loan application process, we need the borrower to provide this information as a reference for the borrower's risk control assessment. Therefore, when you submit a loan application on Soko, we need to collect your contact information, including the number, account type, name, and the last modified phone number of the contact information, such as the relationship and structure address and upload your contact information to the background. Risk analysis so that we can find reliable reference materials to assess your risk profile and determine your loan eligibility. In addition, in order to make your application process more convenient, when filling in the recommender at Soko, we need to access the address book to obtain contact information, including name and mobile phone number, so that we can automatically fill in the application process from the mobile phone address book contact information. This is all the necessary information for the loan application process and assessment of loan eligibility.

4.LOCATION

We collect and monitor information about the location of your device in order to provide services for your loan application. This also helps us find and verify addresses, which helps make better credit risk decisions and speed up the “know your customer” (KYC) process.

5.INSTALLED APPLICATIONS.

We collect data about the installed applications of users, including the application name, package name, installation time, update time, version name and version code of each installed application on your device to evaluate your credit status.

6. STORAGE INFORMATION

We need storage information permission to enable the application so that you can upload photos and/or documents during the loan application process to complete the application form. Therefore, in order to evaluate your credit more accurately, we also need to obtain relevant information about the stored photo, including the extension of the photo name, the photographer, the reminder of the photo height unit, the change of the photo height unit, etc. Photo width unit, longitude, latitude, shooting time, time when the photo was first taken, the model of the phone where the photo was taken, etc.

7.OTHER NON-PERSONAL INFORMATION

We will automatically track certain information about you based on your behavior on our Soko. We use this information to conduct internal research on user demographics, interests and behaviors to better understand, protect and serve our users and improve our services. This information is compiled and analyzed on a summary basis. We also collect your Internet Protocol (IP) address and the URL you use to connect your computer to the Internet, etc. This information may include the URL you just came from the URL you visit next, your computer browser information and your IP address .

Soko may obtain, use and retain your personal information for any or all of the following purposes:

Processing applications for our products and services, effecting payments and completing instructions or requests;
Providing products and services;
Assessing suitability for products and services;
Credit assessment, including conducting credit checks and setting credit limits;
Operational purposes;
Statistical analysis, conducting market research and surveys with the aim of improving our products and services;
For marketing purposes and promotional events;
For the prevention, detection, investigation and prosecution of crime in any jurisdiction (including, without limitation, money laundering, terrorism, fraud and other financial crime);
Identity verification, government sanctions screening and due diligence checks;
For debt recovery purposes;
To comply with: the laws of the Federal Republic of Nigeria, regulations, judgments or court orders, any directive of a public authority/regulator/law enforcement agency; internal policies and reporting requirements;
To seek professional advice, in connection with any processes, claims or proceedings instituted by or against Sokoas a consequence of any product or service provided to you.
Soko undertakes to preserve the confidentiality of all information you provide to Soko. We hereby undertake that any personal information you provide or obtained by us shall be subject to the highest standards of privacy, security and confidentiality and such information will not be disclosed to any third party other than as required by applicable laws, rules and regulations.

This privacy policy may be updated from time to time and shall be reviewed regularly.

danniyal:

If you cannot post screenshot, don't quote me again pls

Soko may obtain, use and retain your personal information for any or all of the following purposes:

Processing applications for our products and services, effecting payments and completing instructions or requests;
Providing products and services;
Assessing suitability for products and services;
Credit assessment, including conducting credit checks and setting credit limits;
Operational purposes;
Statistical analysis, conducting market research and surveys with the aim of improving our products and services;
For marketing purposes and promotional events;
For the prevention, detection, investigation and prosecution of crime in any jurisdiction (including, without limitation, money laundering, terrorism, fraud and other financial crime);
Identity verification, government sanctions screening and due diligence checks;
For debt recovery purposes;
To comply with: the laws of the Federal

danniyal:

If you cannot post screenshot, don't quote me again pls

When you don't read terms and conditions, you will always blame it on your village people, I'm very sure you will not read this screenshots comprehensively, or you will just turn blind eye and decide to keep arguing blindly... If you don't see the keep your contact number for debt recovery purposes, then I give up, when you give them authorisation to your life data, allowing them monitor your movement, activities and all sorts or things because you need urgent 2k this is what happens...

Oyerinde16:



Soko may obtain, use and retain your [b]personal information [/b]for any or all of the following purposes:

Processing applications for our products and services, effecting payments and completing instructions or requests;
Providing products and services;
Assessing suitability for products and services;
Credit assessment, including conducting credit checks and setting credit limits;
Operational purposes;
Statistical analysis, conducting market research and surveys with the aim of improving our products and services;
For marketing purposes and promotional events;
For the prevention, detection, investigation and prosecution of crime in any jurisdiction (including, without limitation, money laundering, terrorism, fraud and other financial crime);
Identity verification, government sanctions screening and due diligence checks;
For debt recovery purposes;
To comply with: the laws of the Federal

Contacts stored on my phone are not my personal information. They belong to a third party. Personal information is limited to phone number, bvn, place of work, guarantors numbers, residential address, bank details etc

danniyal:

Contacts stored on my phone are not my personal information. They belong to a third party. Personal information is limited to phone number, bvn, place of work, guarantors numbers, residential address, bank details etc

So you read the small part I copied and still typed rubbish...

http://www.sokoloan.com/#/privacy

Go to the site read it and stop arguing blindly.

Oyerinde16:


When you don't read terms and conditions, you will always blame it on your village people, I'm very sure you will not read this screenshots comprehensively, or you will just turn blind eye and decide to keep arguing blindly... If you don't see the keep your contact number for debt recovery purposes, then I give up, when you give them authorisation to your life data, allowing them monitor your movement, activities and all sorts or things because you need urgent 2k this is what happens...

all those their terms N conditions this not give them any right to disturb a 3rd who is not even aware that they were giving out loan to another person, that is why they're going to pay 10m.

Believe me if you can, with time there will be more awareness those loan sharks may not even be allowed to operate in the country

Oyerinde16:


I don't want to ever know default sympathizers like you as well, you fly and flock together and can wreck any loan company your type descend on, your type will accept all the terms and conditions, collect the loan and then default and still say trash, very ungrateful set of people...

Go and pay the ten million naira fine. More will soon come. Soon you will be out of job.

jackslow:
all those their terms N conditions this not give them any right to disturb a 3rd who is not even aware that they were giving out loan to another person, that is why they're going to pay 10m.

Believe me if you can, with time there will be more awareness those loan sharks may not even be allowed to operate in the country

Really, even after they stated categorically they will use your contact for debt recovery purposes...

I now see nothing and I mean nothing can make you see beyond your comprehensive capacity...

Oyerinde16:


So you read the small part I copied and still typed rubbish...

http://www.sokoloan.com/#/privacy

Go to the site read it and stop arguing blindly.

You are the one typing rubbish. Read the last sentence of what you posted. The laws of sokoloan is not superior to the laws of the land. Stop whining and go pay the fine. More are coming.

Oyerinde16:


Really, even after they stated categorically they will use your contact for debt recovery purposes...

I now see nothing and I mean nothing can make you see beyond your comprehensive capacity...

this is a cbn circular concerning depth collection. I don't know if sokoloan is guiding cbn or cbn is guiding sokoloan

Oyerinde16:


Really, even after they stated categorically they will use your contact for debt recovery purposes...

I now see nothing and I mean nothing can make you see beyond your comprehensive capacity...

you did not get me right, your terms and conditions are invalid provided they go against the constitution or Cbn directives, there is a superior authority guiding your operations don't you know.

Now all your terms and conditions must be inline with the the guide lines given to you, unless you're operating in legally

jackslow:
this is a cbn circular concerning depth collection. I don't know if sokoloan is guiding cbn or cbn is guiding sokoloan

Kindly drop the link to this piece so we can read and learn, we can also know if its related to fintech companies

The 10million naira fine didn't stop this people from embarrassing texts o. I will deny I took any loan till the texts subsides. I can't kill myself o. Abi wetin man go do. Very unreasonable lots. After paying part of the loan... I still get calls from people that they got a text. Walai any other text to my contacts. Shishi I won't pay.

jackslow:
this is a cbn circular concerning depth collection. I don't know if sokoloan is guiding cbn or cbn is guiding sokoloan

*debt*

jackslow:
this is a cbn circular concerning depth collection. I don't know if sokoloan is guiding cbn or cbn is guiding sokoloan

While I was try to search for your pix I found this... From the CBN


Where are these guys... I need them back on this thrend...

jackslow. pek. danniyal.  Jacobx007. Temitopex. Septuagenarian. ozoneboy.

smokeyupu:


Guy no try them or their sister companies. They'll give you loan to collect 25-40% interest in a week. Early morning on dday they'll start sending defamatory messages plus threatening phone calls to your contacts.

No apologies!! Even after you've paid up...

It's better you don't even let them send apology message to your contacts. Because from what I heard, the messages can be as worse as the defamatory message. It's usually something like " Mr smokeyupu with phone number ******** has paid off his debt and is no longer owing our company" thank you.

jackslow:
this is a cbn circular concerning depth collection. I don't know if sokoloan is guiding cbn or cbn is guiding sokoloan

Let's get one thing clear.

That CBN circular you posted relates to loans from commercial banks that have collateral...Loans from online loan companies are largely uncollateralised therefore this circular is not applicable because there is no collateral asset to foreclose!

Aliyu007:

It's better you don't even let them send apology message to your contacts. Because from what I heard, the messages can be as worse as the defamatory message. It's usually something like " Mr smokeyupu with phone number ******** has paid off his debt and is no longer owing our company" thank you.

The damage has been done already even if they send the second message.
Take for instance a guy that said his father in-law got the text and cancelled his wedding to her daughter cos of the text from these companies, in such case the message can't do anything the father In-law might not believe the new message and might think he's trying to clear his name cos of the marriage.
Another example of the guy that was sacked from work cos his employer got the text message and sacked him for financial incompetency and many more how many of these cases we have seen. Some don't have nairaland account to share.
The most painful is the woman that committed suicide in Ibadan, it's painful that some heartless people still came here and all they could say under that thread of the woman that committed suicide was that "why she no pay her loan" that's inhumane

We will be alright las las

danniyal:

What most people don't know is that it is actually not a legal offence not to pay loan sharks.If you have borrowed money from a loan shark, you are under no legal obligation to repay the debt.

Your school fees was wasted!

If what you said is true then it also means that if a person buys something on credit then he/she is under no obligation to pay the debt!

MrFollowFollow:


Your school fees was wasted!

If what you said is true then it also means that if a person buys something on credit then he/she is under no obligation to pay the debt!

Go and do something meaningful with your life abeg

danniyal:

Go and do something meaningful with your life abeg

I'm already doing something meaningful with my life.

You on the the other hand are still confused on whether to become a full blown armed robber or a Yahoo boy however what is certain is that you're a thief!

.