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Nairaland Forum / Nairaland / General / Business / Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion (38112 Views)
Data Protection Bureau Fines Soko Loans ₦50 Million For Data Breach / Soko Loan Has Finally Defamed Me (pictures) / Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine (2) (3) (4)
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Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by danniyal(m): 2:54pm On Aug 19, 2021 |
starstaz:You call a loan of 7days at 46% interest help? 9 Likes 2 Shares |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by ibietela2(m): 2:54pm On Aug 19, 2021 |
post=104957570: Your darling daddy + Covid19 = DISASTER, so how do you want people to meet up? 3 Likes 1 Share |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by Oyerinde16(m): 2:55pm On Aug 19, 2021 |
danniyal: 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... |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by Sparkd(m): 2:59pm On Aug 19, 2021 |
They are wicked...only branch is the best |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by danniyal(m): 2:59pm On Aug 19, 2021 |
Oyerinde16:Well you and your Chinese masters are going to pay 10million and end up in jail 10 Likes 1 Share |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by true2god: 3:06pm On Aug 19, 2021 |
Oyerinde16:I don’t really understand your argument here. There is what we call ‘risk appetite’ in business. The higher the risk appetite, the higher the expected return in investment and the higher the loss in investment as well (should something go wrong). That being said, running a Loan-giving business is a very lucrative but risky business with a very high-risk appetite. They should be aware that many people will default and should have found a more appropriate and legal way of recovering their money. Using a gangster and ‘Agbero’ approach actually validated the fact that most of these companies into soft-loan are themselves criminals. It is a criminal offense to blackmail someone who defaulted in loan repayment. You guys are only benefiting from people’s ignorance and high rate of poverty in the land. If all your customers, including the people you send blackmailing SMS messages to, collectively sue you guys for privacy invasion and blackmail, you will forget about their debt and japa. 7 Likes |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by Oyerinde16(m): 3:07pm On Aug 19, 2021 |
danniyal: 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... |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by xpool(m): 3:08pm On Aug 19, 2021 |
Joysticks: Not really. We have a problem of understanding CONSTITUTIONALITY. Irrespective of the your argument that such illegality is in the terms and conditions, it is totally illegal. Besides, they embarrass not only the customers that took the loan, but also threatening their Innocent contacts, telling them that their names were used as sureties- which is deception. They dont even tell your contacts that you borrowed money, they tell them that you are a fugitive who stole and ran away with company's money. And they will continue to charge you for overdue and interest plus the gross violation of your cyber privacy. Sometimes you repay their loans and they will still go behind withdraw directly from your account without refunding you. 9CREDIT IS NOTORIOUS FOR THIS ILLEGALITY. 9CREDIT STEALS PEOPLE'S MONEY. 9CREDIT INVADES PEOPLE'S PRIVACY 9CREDIT SHOULD BE BANNED. 6 Likes |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by Nobody: 3:09pm On Aug 19, 2021 |
true2god: So let us let the companies then go out of business due to the people that refuse to pay under any circumstance |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by kelbranty(m): 3:09pm On Aug 19, 2021 |
Oyerinde16: "Investigation revealed that complainant’s contacts who were neither parties to the loan transaction nor consented to the processing of their data have confirmed the receipt of such messages." “The agency made strident efforts to get Soko Loan to change the unethical practice but to no avail. I'm not sure you read that part (bolded) of the post. If you did, you wouldn't have quoted me with this answer of yours. 7 Likes 2 Shares |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by xpool(m): 3:10pm On Aug 19, 2021 |
thatsleepboy1: |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by Nobody: 3:11pm On Aug 19, 2021 |
AuroraB: I am not running down anyone. I am.just stating hard facts. If you cannot afford a loan don't take it. If you don't like the companies don't patronize them It is that simple. If you need a loan your friends and the religious organisations are there for you 1 Like |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by xpool(m): 3:11pm On Aug 19, 2021 |
Atikulated:Exactly |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by Nobody: 3:14pm On Aug 19, 2021 |
drsibz66: A loan that came with terms and condtion s that have to be fulfilled and must be read before even agreeing to take the loan If you did not read the terms and conditions then sorry.If you read them then you have no excuse. If you gave me a loan and I refused to pay you back on the agreed time and I still refused to pay you back up to two weeks after won't you make noise and complain and report me? Good afternoon |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by Nobody: 3:16pm On Aug 19, 2021 |
adelaja70: Would they have defamed him if he had take the simple precaution of making sure he had the means to pay back the loan as at when due when he was taking the loan in the first place? Would you allow me if I took a loan of one million naira from you and refused to pay back on the due date? Would you? |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by true2god: 3:17pm On Aug 19, 2021 |
Oyerinde16:Stop acting like a criminal; nobody is here defending any defaulter. What people are speaking against is your unethical style of loan recovery whereby you tarnish the images of your customers and clog people’s, people who are not aware of your business transaction, phone with blackmailing SMS. You have to stop this approach. I have received some SMS from anonymous people claiming that someone I never even met received a loan and refused to pay back. Initially my thinking was that it was from ‘yahoo’ guys until last week I learnt that it was a loan recovery strategy. If you cannot effectively run a loan-giving business you quit. This is lawlessness! 9 Likes 2 Shares |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by Oyerinde16(m): 3:17pm On Aug 19, 2021 |
true2god: My brother stop all this your long talk of low risk and high risk, it is a simple case of borrow and pay, once borrow and no pay enter its anoda mata... Its not blackmail when you have given/consented your contacts to them... You can't eat your cake and have it. Did they steal your contacts, who gave them authorisation to your phone book, of you did not default would we be here, you defaulted, messed up, accept responsibility and move, stop trying to make the app look like they just want to witch hunt u for no just reason, you are the one to first trow a spanner in their wheel of operation by dis balancing their books, you made them deduct someone's salary, you made someone lose his job, your actions have caused the app serious embarrassment, Pay your loan or call them to destruction it ahead of time... Stop being economical with the truth, most app companies will restructure a loan if you call them ahead, they often send SMS after several attempts have failed 1 Like |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by UDUJ(m): 3:19pm On Aug 19, 2021 |
Ishilove: Lol 1 Like |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by somehow: 3:20pm On Aug 19, 2021 |
danniyal: Some charge up to 42% for 7 days and already calling their customers 2 days before due date. I knew this from experiment and research done so far. The madness is too much. If I have my way, I'd make policy banning any loan app from charging above 10 % and tenure must be at least 30 days. You also must not call any of the customer's contact. You have no business with the contacts, if you have no means of protecting your interest without going the illegal route, close shop and find something else to do. 2 Likes 2 Shares |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by xpool(m): 3:22pm On Aug 19, 2021 |
Simeonjoe1:What you do is illegal. If you dont know how to get your money back through due processes, then close shop. The contacts that you tell that someone used them as sureties and that your customer is a fugitive who stole stole companies money and ran away; such gross deception is what you call due process. By the time the contacts drag you into legal battles for threat and invasion of privacy you will know that Nigeria has laws. Dont worry, this will open more ways for avalanche of cases against you. YOUR END IS NEAR 5 Likes 2 Shares |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by Nobody: 3:22pm On Aug 19, 2021 |
@Gbengasesan - thumbs up only the literate will understand what just happened. You all have rights to your privates (not sexual organs ooh) |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by Nobody: 3:23pm On Aug 19, 2021 |
xpool: Nigerians have very stupid and dumb ways of illegally using someone's contacts 2 Likes 1 Share |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by danniyal(m): 3:24pm On Aug 19, 2021 |
Oyerinde16:I am equally surprised as to how you are supporting evil Chinese people who are exploiting and killing your fellow countrymen 6 Likes |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by Oyerinde16(m): 3:25pm On Aug 19, 2021 |
true2god: Anytime you receive such a message, just know someone with your contact unilaterally gave it out without your consent, you should be weary of such people. All loan companies have strategies of loan recovery you should familiarize yourself with before taking, you don't go ahead and sign all papers, give authorisation, enter vital details, collect money, squander it, then comeback and default and expect them to go into the bush to dig the money... Your details with them is their only means... Even banks will chase out you family who weren't aware of the loan out of the house and recover the house if you default, they will collect you business sack any of your child that is there and do anything they want... As much as you consent to their terms, pls take full responsibility abeg. |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by UDUJ(m): 3:26pm On Aug 19, 2021 |
alarm4: Bros I take it you have borrowed from all these loan apps you listed in your post as well? |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by Nobody: 3:26pm On Aug 19, 2021 |
Never knew I would end up defending sokoloan a bit. Though like I said i hate them. Won't offer me a loan of 5k when I really needed it some 4 years ago plus their app is very very iffy Interesting discussions I have here. In my opinion Nigerians are suffering and the loan apps should have mercy on us small. Give us 3 days grace or something Having said that. I know Nigerians. Many Nigerians don't pay back on time. The boss of Paylater commented he no make profit too much For me, while I am aware that times are hard, I advocate that people should pay their loans on time. Because if the loan app companies go out of business we would be in serious trobule. Banksfor the most part don't attend to the 5k loan market. Finally Paylater now Carbon is the best. 3 Likes |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by Aarenasbaba(m): 3:29pm On Aug 19, 2021 |
Naso then start to mssg me cos of one of my friend....that one borrow just 5k to pay 6k |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by Oyerinde16(m): 3:29pm On Aug 19, 2021 |
danniyal: Don't misquote me, I'm not supporting chiko or janko, what I know is if you take a loan and do the right thing by paying back and they still embarrass u, I will support u, but if you take a loan and default don't expect me to support you even if they arrest you and your entire family... 1 Like |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by einsteine(m): 3:31pm On Aug 19, 2021 |
It is a silly method of recovering a loan. Why would anybody pay the loan after being defamed? In any case, their high interest (40-60% per week) means even if 25% of their customers don't pay back, they are still making a lot of profit. 10 million naira is too small a fine. 4 Likes 1 Share |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by authority2006(m): 3:31pm On Aug 19, 2021 |
Joysticks: You're claiming what you don't have proof of. There's nothing like defamation in their terms and conditions 1 Like |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by xpool(m): 3:33pm On Aug 19, 2021 |
Beancounter94:Stop spreading falsehood. Our banks are giving quick loans and salary over drafts to salary accounts and well documented and flowing non salary accounts at very negligible interests rate ASAP. GTB, ACCESS BANK, FIRSTBANK etc give such quick loans without stress. Stop justifying illegality, if a customer fails to pay, there laid down legal procedure to follow. You dont want to follow due process, you only want to cut corners. You were going scot free because many nigerians dont know their rights and are court shy. But dont worry, this will open doors for more. You all should be banned 8 Likes 1 Share |
Re: Soko Loan Fined ₦10 Million By NITDA For Privacy Invasion by einsteine(m): 3:36pm On Aug 19, 2021 |
Oyerinde16: You are being silly. It is the job of the creditor to do credit analysis and only onboard debtors that are likely to pay back. Also, these loan companies charge high late fees and high interest, to the extent that even if half of their customers default, they would still make profit. Infact, they benefit from defaults because they charge high fees and threaten embarrassment in order to force customers to pay. Finally (and this is the point you have totally missed in your point to defend the shylocks), they are being fined for invading on the privacy of the people they message, not the privacy of the debtor. The people the embarrassing and deceitful messages are sent to are not parties to the loan and should not be getting communications from Soko Loan. 5 Likes |
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