DAVIDMOE:
According to this report. Over 100k users gave them a bad review. Meaning that they may have taken a loan from them.
The lowest interest this sokoloan charge is ₦3,000
So, if you do the maths, you will fined out that they made ₦300,000,000 from just 100k users borrowing ₦5k from them

This people make too much money to just shut down because of ₦10million fine.

U Sabi business. Anybody opening a loan company in Nigeria should expect minus. Buh the plus should over the minuses.

These BASTARDS

Only a debtor will be happy about this report

DoggoneDogg:

Government wey be onigbese go help creditor tackle onigbese like am

you be werey

murphyibiam15:
That's the only way they could recover their money from 95% criminally minded Nigerians who take loans with initial intent not to pay or default.

Criminal Nigerians

Stop typing rubbish!

Those people are criminals! Why start sending such messages to people who know nothing about the loan Did they consult anyone before giving out those loans Why tag debtors fraudsters just for defaulting on repayment by even just a day
Besides, there are laws guiding loan issuance by financial institutions in Nigeria and those are what commercial banks follow in giving out loans. The loan shark people know they're illegal and that is why they resort to blackmail in recovering loans.

thesicilian:
They're are closing up shop because of just 10m fine?

They might have opened other Loan apps just lik(e what palm credit
is doing opening other apps

DoggoneDogg:
Nairaland chronic debtors will be happy to hear this wonderful news



Read na. You nor go die baba

You need the advice more

murphyibiam15:

Yes I have received their unsolicited messages twice. The joke is on the debtor who refused to pay and abscond

Oh you think its a joke right?

Will it still be a joke when despite the fact that the loan has been cleared, that message is still sent out?

murphyibiam15:
That's the only way they could recover their money from 95% criminally minded Nigerians who take loans with initial intent not to pay or default.

Criminal Nigerians

Nothing illegal is is legal

Errr.....thats not how business finance works.

DAVIDMOE:
According to this report. Over 100k users gave them a bad review. Meaning that they may have taken a loan from them.
The lowest interest this sokoloan charge is ₦3,000
So, if you do the maths, you will fined out that they made ₦300,000,000 from just 100k users borrowing ₦5k from them

This people make too much money to just shut down because of ₦10million fine.

Useless broke company

Bye to rubbish

EMIOMOADEOYE:


Oh you think its a joke right?

Will it still be a joke when despite the fact that the loan has been cleared, that message is still sent out?

'the joke' as I used here is idiomatic though.

thesicilian:

But how then does the government expect the loan apps to get their money back? Will NITDA collaborate with the commercial banks to allow automatic withdrawals from all BVN linked accounts of defaulters in the event that a customer clearly doesn't want to pay?

Lol,. Money dey the account naim them go borrow......there are better ways to get their money. It first starts from doing proper borrowing when you access a debtors risk like other banks are doing..not given people money with the intent of blackmailing them to pay unimaginable interest in one week.

Sokoloan had about eight different apps. Just one company has over 10 apps for credit facility.

bukitt:
You should invest in this!

Relocation sale! You can own this plot of land (600sqm) with genuine and verifiable documents for a good price.

Call me for pictures and videos or you can also check my profile post for more pictures.

A plot of land with german floor of 4 units of 3 bedroom flats in Royal Garden City Estate at mowe/ofada for sale.

It is along new Lagos-Abeokuta expressway with massive development and a newly tarred road.

NEIGHBORHOOD:
Nestle Plc
International Breweries
Olam Oil
Gold Refinery

Documents:
Estate C Of O
Letter of Allocation
Deed of Contract
Deed of Assignment
Survey Plan
Easy Change Of Ownership

The land is well situated and not rocky. It is rather very plane and not water lodged.

Other estates nearby are:
Arch View Estate
Queens Garden Estate
Queens Park Estate
Royal Park Estate
Treasure Island Estate

There are already occupants in these estates.

8 million naira
Negotiable.


For inquiry/inspection:
Al
Tel: 0 NINE 0 6610 0469

Na onigbese people full dis place o!

Forgodsgrace:
if you know any viable business someone can invest at least 3m and make a daily profit of 30k,contact me .

akintundeforgodgrace 18 @ g mail . Com

You want to turnover your capital 3x in 1 year?
Try Imagine Global Solutions Limited, na your type dem dey find

thesicilian:
They're are closing up shop because of just 10m fine?

No!!

They are closing up because,
1. Their interest rate is well above the stipulated 6%-15% rate with a tenor of one month to 3months as issued by CBN

2. They have no physical office in nigeria and as such probably have not properly filed tax records...

3. Illegal access to contacts!

If they investigate further and discover number 1 and 2 and it enters official record! That 10million can easily become 10billion!!

Better pay 10million and RUN BEFORE BUHARI REMEMBER THEM, who knows, Riba's boxers and singlet maybe up for auction!!!

Even Diezani Allison shock when she see her bra for Ebay!!!!

MrFollowFollow:


If a debtor has a loan that is long overdue and he willfully becomes incommunicado he has no basis to talk about rights!

You have not experienced this people ways of doing business.
What on earth would make you see a loan that is less than 24hours overdue a bad one to the extent of blackmailing the person involved.
I am talking from my experience, those people are not doing the right thing. Blackmailing people for not paying a loan on time would not make you recover the money .
My loan was due on the 25th and they have been calling and sending text to me since the early hours of that day. They told me to pay up before 2pm which I told the lady to relax that I am working on getting the loan paid. They called again some minutes to 2 pm which I missed because of my busy schedule in the office. I then paid the money at about 2: 23 pm. It wasn't up to 10 minutes I paid that a friend called me that someone reported me to him that I was owing them some money and that I have not been responding to them ever since. I was so mad at them for divulging my financial dealings with a third party that wasn't aware of the deal.
Because of that, I decided not to pay the other loan from the same company that was overdue the same day demanding an explanation from them for their act over the one I just paid. I sent one of the customer care officer a text about my experience hoping he would just apologize and let it slide, the next thing I heard was insults and curses from him.
What I got the next day was a shocker. They sent messages to virtually all my contracts that I am a Thief and that i ran away with a company's money.
How on earth could they label me a thief for a loan I defaulted for less than 24 hours? Because of what they did, I decided not to pay that money until they apologised to me and retract those malicious message they used in blackmailing me.

Apart from the humongous damages this criminals have done to people, Banks whose logo Sokoloan used to run adverts should also sue them for all they have got.

Often time, Sokoloan would use banks like Gtbank, First bank etc to deceive people on Facebook to take their diabolic loan.

They have several apps. They should not be spared.

30% loan for 10 days, cooked up libelous sms, threats etc, .... Mtchew Soko rubbish!

The real reason they re shutting down is not the N10million Naira fine. But the fact that they lost means they ll be open to series of law suits from their customers which may run into billions of Naira , hence the close up shop before litigation flood their offices.

murphyibiam15:
That's the only way they could recover their money from 95% criminally minded Nigerians who take loans with initial intent not to pay or default.

Criminal Nigerians

They should close up at least now, there won't be any app to get free money as most Nigerians think.

If you need loan, you call your bank. Everybody will rest.

lastchild:
After they sent messages to my contact on how I'm a criminal defrauding loan companies. i called them and swore with my life never to pay that debt, and so shall it be

The same thing I did to them. How on earth would you expect a sane person to pay you what he owes after such blackmail. Those people are mad.

DAVIDMOE:
According to this report. Over 100k users gave them a bad review. Meaning that they may have taken a loan from them.
The lowest interest this sokoloan charge is ₦3,000
So, if you do the maths, you will fined out that they made ₦300,000,000 from just 100k users borrowing ₦5k from them

This people make too much money to just shut down because of ₦10million fine.

And did they force anybody to take loans? Abeg free them jare.

faithfull18:

They should close up at least now, there's won't be any app to get free money as most Nigerians think.

If you need loan, you call your bank. Everybody will rest.

Lol, abi oo. Everything is almost abused in this part of the country

The company have lost huge amount of money due to there poor/harsh customer relations, the way they embarrasse customers make some to harden there hearts and swear never to pay the money,
After all, all they need to do is just change there ATM card and pin case close.

I've just been laughing at people's comments here both against and support comments but I say everyone is right in their perspective understanding



someone even said LAPO sing song for their loan defaulters in their offices and house to disgrace them? if you sing for me in my house I will joyfully dance to it to show how you foolish you're, even if you carry me go station except if ive the money and I don't want to pay then I can be wicked but I won't kill myself on depression on money that can't even pay for kidney transplant



if you like send messages to my contact list, na when I get I go return am back, I won't commit suicide



I'm talking the mind of people whom these useless loan apps have sent to their untimely death through blackmailing of texts

I've borrowed money from sokoloan before, but the day I was unable to pay on due date which was due to some online transaction from my bank, sokoloan went ahead sending messages to contacts on my phone that am a criminal, this and that. I paid their money and vowed that nothing will ever make me borrow money from any loan app again. after some weeks they sent message to me that I should come and borrow money that they've not seen me use their app, app wey I don delete.My advice to Nigerians, don't borrow if u can't pay back within the st*pid short period they do give. God will bless us

funshint:
They caused their downfall. How can you be given money to people at very high interest with very low maturity. It's just a matter of time before people will start defaulting.

How can they give a 7 day loan with interest as high as 30-40 percent. There is hungar in the land and man gats wack. This is why the authorities need to come in and make sure no company out there is exploiting Nigerians.

Wiifesnatcher:
I've just been laughing at people's comments here both against and support comments but I say everyone is right in their perspective understanding



someone even said LAPO sing song for their loan defaulters in their offices and house to disgrace them? if you sing for me in my house I will joyfully dance to it to show how you foolish you're, even if you carry me go station except if ive the money and I don't want to pay then I can be wicked but I won't kill myself on depression on money that can't even pay for kidney transplant



if you like send messages to my contact list, na when I get I go return am back, I won't commit suicide



I'm talking the mind of people whom these useless loan apps have sent to their untimely death through blackmailing of texts

I know someone who almost commit suicide because of all the blackmail from this same sokoloan, the family had to rescue the situation and paid back and were raining curses on the company, na the curse of people dey work against them. my advise again to Nigerians, no collect loan u can't pay or don't even collect loan at all.

vikyno:

You have not experienced this people ways of doing business.
What on earth would make you see a loan that is less than 24hours overdue a bad one to the extent of blackmailing the person involved.
I am talking from my experience, those people are not doing the right thing. Blackmailing people for not paying a loan on time would not make you recover the money .
My loan was due on the 25th and they have been calling and sending text to me since the early hours of that day. They told me to pay up before 2pm which I told the lady to relax that I am working on getting the loan paid. They called again some minutes to 2 pm which I missed because of my busy schedule in the office. I then paid the money at about 2: 23 pm. It wasn't up to 10 minutes I paid that a friend called me that someone reported me to him that I was owing them some money and that I have not been responding to them ever since. I was so mad at them for divulging my financial dealings with a third party that wasn't aware of the deal.
Because of that, I decided not to pay the other loan from the same company that was overdue the same day demanding an explanation from them for their act over the one I just paid. I sent one of the customer care officer a text about my experience hoping he would just apologize and let it slide, the next thing I heard was insults and curses from him.
What I got the next day was a shocker. They sent messages to virtually all my contracts that I am a Thief and that i ran away with a company's money.
How on earth could they label me a thief for a loan I defaulted for less than 24 hours? Because of what they did, I decided not to pay that money until they apologised to me and retract those malicious message they used in blackmailing me.

Can you imagine? some people are still supporting this evil. It shall never be well with these Chinese people below and one Mr Kehinde Ijilade

One of the worst lending company in Nigeria, make them shut down. Poor customer service.

Took a loan from them sometimes last year in the morning around 8am due to an emergency, when I didn't see alert till 9:47am I called them several times to cancel the loan request all their numbers no go, so I resulted to mail them that I didnt need the loan anymore. 6:58pm their alert came in sine 8am that I requested for the emergency loan.

Bastards still insist on me paying the loan even when I sent them evidence of calling them since and the mail. Stupid Company

I immediately mailed them to clear my data off their platform that I'm done using them. Dem no hear word