₦airaland Forum

FEMIBRANCH:
The new demons now after sokoloan is CYCLE CASH and I won't even advice my enemy to request a loan from them. So sometime three weeks back I requested a loan from them and I paid back fully twice and on the third payment of 14k with an outrageous interest rate I could not meet up because I had not received my salary for the month and when the loan was due they called and started threatening me that they will disgrace me and I pleaded with the guy that I had not received my salary and he should give me some time that month will soon end and I will pay but the idiot ended the call and the next thing I knew I started receiving messages from my contacts that I stole money from a company and the worst of it was that they sent the messages to my boss at work of which landed me in a deep mess at work and a day later the idiot called me that if he doesn't receive the money before the day runs out I will surely see his next step of action and I tried talking to him again but this insisted I must pay the money that day of which I could not come up with only for him to send another message to my contacts that I was dead and he even included my father's number in the message that people should send my father condolence message because I was dead and the same message got to my boss again and I got fired the day before yesterday because my boss said I am ruining my reputation and that of his company and he couldn't work with me anymore. This is the number of the cycle cash idiot who keeps sending bad messages to people's contact and made me loose my job:07042084984 and his name is JOHN. Please stay away from this demonic loan apps or else they will ruin you to the extent of commiting suicide.

Brawlscartel:
How legit is this

ChizzyBuna:
Sokoloan contacted my contacts that I'm a fraudster that ran away with company funds.
But to my surprise, I already made part payment.

They sent that message to all my contact including one guy that I helped in the past during lockdown. I haven't spoken to this contact since lockdown.

He called me and said what's going on
I explained what happened
He said he lost my contact and was looking for how to contact me and thank me for what I did for him.
I was still angry and he told me not to be worried that infact he will send me 370k and I should clear whatever that issue was.
Omo!!!!!!!!! I shock.
This guy i help him when he was homeless during lockdown.
The guy don blow now i didn't believe him until I received the alert.
Till now it feels like I'm dreaming.
So I decided not pay Sokoloan for the humiliation they caused me.
I even screenshot my bank balance and told them I'm not paying a dime for destroying my image.
Thank you Sokoloan, your embarrassment was a blessing in disguise.
I have withdrawn the money from bank

Make I no hear say Dem auto debit.

ToastingAllowan:
Every financial institution is registered with CBC

TarOrfeeek:
Your credit rating is being damaged severely.

And this may affect your ability to borrow 'when you really need it'

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!

Kaeboy:
Na long leg dem dey use get approval now. Very annoying.

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

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...

Oyerinde16:
You answered yourself there, you don't have the right to give it out, once you do, dont blame soko when u default...

jackslow:
thank you 4 this Information, let me go N collect 50k

VforVendetta:
Never in my years have I seen or heard such nonsense as saying that a borrower is under no legal obligation to repay a loan!!!

You sir shall die in poverty for willfully encouraging people to commit theft!

If you want to be a thief then be a thief but do not recruit others to join you in your journey of perfidy!

Your employers shall refuse to pay your wages and claim they are under no obligation to do so.

If you ever set up a business, your clients or customers shall enjoy services from you then turn around and refuse to pay by claiming they are under no legal obligation to do so.

You and poverty shall be like siamese twins for the rest of your miserable life!!!

bangalee1:

Speaking about image tarnishing and violation of human Rights some of their agents will come here and defend them all in the name of "You got loan and don't want to pay". Most of the story lines I read online are not only those that got loans, some just tried to register and in the process the card got linked to the site and boom they started getting debit alerts. In some cases customers genuinely willing to pay up these loans can't make transfer due to the lapses on the side of these loan sharks intentionally or not but making the customer loan default then charges starts adding up. For you to want to hurry up and pay your loan they surely know you are scared of they calling or texting your contacts so they will use that against you and claim you never wanted to pay the loan.
As for some of the apps that are good and have listening ears, they give customers different options of payment like ussd, transfer , apps and paystack with this you will know whosever defaults really doesn't want to pay or has another reason not that the customer has the money mad your company modes of payment is a flop.
It's really terrible we have found ourselves here and these people are using the economy situation of the country to milk innocent Nigerians. Banks like Zenith Bank who offer ussd loans with duration of a month will never call even your next of kin when you default, they willl auto debit you and if they can't after another month they will call you on phone (to know if you are aware the loan is due). Most of these loan sharks have fake ads that looks too good to be true, Terms and conditions are not always stating the extents they will go when customers default.
My Advice for those of you working with these companies, Lots of people are frustrated due to the damages caused by your employers you should pray for a better Job not to defend your employers illegitimate means of making money.
Guys if you have other means of getting money for emergency needs try and get else where and don't see these loan sharks as an option. You can sell your gadgets or seek for help from someone you can trust.
It's a pity the country is where it is today. People are suffering, depressed and fed up. I know of guys ready to "eat" them raw when they get hold of any of these loan sharks employees so you better keep low profile instead of coming on nairaland to defend your bosses as if the pay is worth your life. I pray for a better Nigeria

MrFollowFollow:
Yes I have made business trips to Spain and Germany before

MrFollowFollow:
You can do your research to get that information yourself, I won't be the one to disclose it to you much less on a public forum

MrFollowFollow:
In Europe when people borrow they pay on due date, they don't wait for you to start chasing them around before they make payment

In Europe if you borrow and refuse to pay back it goes on your record and your will never get credit from any other company.

In Europe if you borrow and refuse to pay back it will adversely affect your chances of getting a job

In Europe if your borrow and refuse to pay back your insurance premium will be higher that that of people who have good credit score.

In Europe if you borrow and refuse to pay back no landlord wil want to rent an apartment to you

MrFollowFollow:
What exactly is your grouse with the company?

Is it because it's owned by the Chinese?

I hope you're aware that some loan companies are owned by Nigerians

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

Oyerinde16:
I understand you perfectly, the one who messed the family name up completely is your brother, he entered agreement without consent of family and friends, yet gave out their numbers, he went on to default again... Putting you all in this mess.

1. It is wrong to put peoples number in deals they aren't aware/consent to. It is assumed by the loam company that you fully understand the implications of gibing out this contacts before agreeing to it. Once your brother agrees, this indemnifies the loan company.

You can't pat your brother who took out loan spent it carelessly and failed honor his contractual agreement by defaulting and go ahead to crucify the loan company... You are supposed to warn your brother seriously never to try such nonsense again...

It means if your brother use your house and cars to take a loan without your consent because he has the documents, you will not blame him, instead you will ask the loan company if why they took over your property cos you were not there when when your brother mortgaged your property... Your brother should take full responsibility and apologise to you guys all. .

Oyerinde16:
I understand you perfectly, the one who messed the family name up completely is your brother, he entered agreement without consent of family and friends, yet gave out their numbers, he went on to default again... Putting you all in this mess.

1. It is wrong to put peoples number in deals they aren't aware/consent to. It is assumed by the loam company that you fully understand the implications of gibing out this contacts before agreeing to it. Once your brother agrees, this indemnifies the loan company.

You can't pat your brother who took out loan spent it carelessly and failed honor his contractual agreement by defaulting and go ahead to crucify the loan company... You are supposed to warn your brother seriously never to try such nonsense again...

It means if your brother use your house and cars to take a loan without your consent because he has the documents, you will not blame him, instead you will ask the loan company if why they took over your property cos you were not there when when your brother mortgaged your property... Your brother should take full responsibility and apologise to you guys all. .

Oyerinde16:
A defaulter is a criminal, I maintain my stand, defaulters in civilised climes pay heavy fines and sometimes go to jail, You do not enter agreement you aren't capable of fulfilling, And in the event you may default, you communicate ahead to either restructure of find other means of avoiding embarrassment, most of those embarrassed are this who failed to reach out to the company on time and even ignored reminders sent to them and still did not pay until time elapsed... Stop defending stupidity cos it favors u...

Oyerinde16:
My brother I don't know soko from anywhere, but I'm pretty sure if they take up the case they will win, I see a case of bullying here...


You cannot collect my loan, refuse to pay, and still slam me fine because I'm using every means available to recover my money... Typical case of Nigerians.... They will cry crocodile tears accepting any terms even using Ogun to swear, once they collect the money and squander it, that's all, they lock up.... If you try to recover your money, they slam you fine, beat you up and even use connections to lock you up... We will never grow with this mentality...


I'm very surprised people can come to the defence of a defaulter...

Oyerinde16:
Even if it's 100% interest in 2 days, as much as them no force you and you read the terms and agreed to it... My brother they helped your life at your time of need... So do well to honor what you agreed, don't agree, collect the money, spend it and come back with they contacted my contacts...