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

Sokoloan Mouth piece! How many time have the billionaires who owe billions to banks been blackmailed and called criminals to contacts on their phones! Debt owing is not a criminal offence but a very civil offence. Blackmail, slander and image tarnishing is criminal. Be guided.

joyandfaith:


There are different way of loan recovery. There is even cbn standing order on loan recovery. Most firms have not subscribed to it, though. They just prefer crude methods of recovering loans because some Nigerians are docile to fight for their right. There are loan defaulters worldwide. There is even provision for bad debt.

Any loan not callateralised should be written off within one year; that's the risk of lending and should be taken into consideration before lending out.

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.

Imagine tenor of 7 days with interest of 60%, default rate would be very high.

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

they are not closing down because of 10million. they are closing business because their only business strategy {blackmail} has been declared illegal by the court

[Will you be willing to invest in photography business?]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[/quote]

SpeakOutNaija:
[b][/b]

Victims should seek to be joined in the suit and they will cash out big from the fine.

N10m fine is no small money, it should be shared among the victims cos they were the causalities and not the agency. Some victims I personally know are still coping with depression as a result of the humiliations

Why themselves go collect loan wey dem no go fit pay? All this life of trying to impress or oppress someone sef

femiasaolu2014:
Instead of sending invasive messages to the contact list of loan defaulters, they should have adopted the offline loan recovery method of LAPO Microfinance Bank.

Those guys will publicly shame you, they can go as far as bringing a local band and start playing and singing songs of your refusal to repay them outside of your house or office etc.

They are so aggressive in their methods that they have a very low NPL portfolio, it works for them and they haven't yet drawn the ire of regulators.

Not every time app, app, technology. Sometimes go hardcore, as some Nigerians are stubborn goats.

Lool those lapo people are something else and they do get their funds.

they have a very high customer base, all those market women use them, they even have Lapo meeting sef, once your repayment time is coming close, its the meeting people that will be on the persons neck as they do sign as guarantor for each other. One of my church members house is used as the location of their meetings. They have a strong system that works for them.

I have never seen a high level of fear as a debtor like this lapo people, these women always try to resolve the matter before the Lapo staff get involved and its always very brutal when you default.

The embarrassment is always terrible, but of course that's always the last resort.

Point is Nigerians generally don't like paying back.

thesicilian:

I'm surprised that as simple as my statement was, it still went right over your head. What part of that comment gave you the impression that I didn't read the article?!

The fact that you didn't understand that the Agency , government pipo wey knack dem 10 Mili fine na wan also run the closing Mata for Der head

[quote author=DoggoneDogg post=107168334]Nairaland chronic debtors will be happy to hear this wonderful news

Forget about being a debtor, anyone can owe debt at certain stage of life.
The issue is that this guys are criminals, they extort people in the name of issuing loans.
After collecting their loan they will block you from paying back for a long time so that the interest can accumulate, and they will also block all avenue to contact them.
They are not business people but fraudsters

Wow never used them or any company in Nigeria but I’ve seen countless threads about them. For me it’s better to pawn that loan but if you must please have a strategy to pay back let’s say if you want 50k ask for 100 and use the extra to pay down the rate until you get the balance.

richmondefosa:


They have a flawed business model.
Most Nigerians on their part do not like repaying debt. Selfish and wicked lots.

See many of them on this thread jubilating sokoloan is shutting down but they fail to realize that business closure such as this will result to loss of jobs and ultimately, loss of revenue for the government because a closed business will not pay tax. At the end, we need to ask ourselves salient questions.

Who is on the losing side?

We need to do better as a people.

A larger % Nigerians are criminally-minded. That's why we are always being ruled by theives.

Na wa o.

Ho can a loan company be that poor that they cannot even survive a 10 Million Naira settlement?

They should just close immediately to avoid causing more financial harm to their customers.

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

Email address not found

Nigerians are chronic debtors. They have destroyed this business with their attitude.

Why take a loan when you have no means of making it back.

Make dem go close lapo na. Those one's go burst your house carry even your pot of stew.

I like lapo not b small. Dem fit Nigerians debtors.

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

You are right on this. Many Nigerians based in Lagos. Na them.

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

They are closing shop as a result of so many criminal acts used by them in recovery of debts. Invasion of privacy which is trespass, blackmail, criminal intimidation, threat to life,breach of Contract and a host of other breaches of the Banking and other financial institution laws and ethics.

rhames:


They are closing shop as a result of so many criminal acts used by them in recovery of debts. Invasion of privacy which is trespass, blackmail, criminal intimidation, threat to life,breach of Contract and a host of other breaches of the Banking and other financial institution laws and ethics.

. Lemmi go collect loan before them close shop

thesicilian:

They are actually "considering" criminal charges, which may not even hold up in court considering the fact that every action the loan app is taking has been authorised by the customer, but I get your point.

I feel pity for these loan companies though, they're trying to do business in a very hostile environment (from both the government and customers). Government should make it easy for them to get their monies back without them having to harass the customers.

It might stick, considering the fact that they were sending unsolicited messages and calling third parties who were not party to the contract they had with the borrower. Expecially when the recipients did not expressly share their phone numbers with them. Some of the messages were downright threatening.

I don't really feel sorry for them. Aside the fact that their loans are predatory, if you are going to lend money out in this kind of economy, you must have a solid plan to recoup most of your money. Nigerians generally have bad rep when it comes to debt.

If they had a way to work with cbn to access bank accounts of borrowers to directly deduct payments, or something like that, it would have been a good start.

Dunsinsol:
[Will you be willing to invest in photography business?]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

N30k turnover or profit?

That is good for them,imagine me woke up one morning to see useless text message that one Mr idowu Tinubu used me as guarantor to obtain loan which he defaulted that they are coming for me.

Lol...it’s proper for someone to borrow money and pay back, naija is hard now! All these loan companies, there charges is always much, imagine u borrowing 5k to pay back 8k within a space of one week, if and if u fail to pay back within the time, they started increasing it, after some times they will send messages to your contact. At first, I borrowed money because I needed it sharp and I will pay back, you will now give me an interest that’s even almost the amount I borrowed...I think govt is suppose to see to all these and make a regulation.

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?

Actually yes....that's why the BVN system was put in place and the CBN enacted a law allowing withdrawal from accounts linked to defaulters. theres suppossed to be a waiting period between point of default and retrival...but as sharp business men they could not wait and prefer to blackmail and threaten people.

Their MD suppose to be jailed because of plaspehemy . if you have read their threat message you will know that they are stupid. Am not saying they should not collect their money back but there must be a better way. Sending message to co ntact and describe the loan defaulter as a criminal is worrisome.

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?

that bill dey senate ,I am not sure they have pass it to be law.

Fcwilly:
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.

You don't even need to change your card. Just go to you app, deactivate website transfer but leave mobile app and pos. Simple

Cyoung4real:



Steal and tarnish people's image Alaye why person go borrow money and refuse to pay it back? Nawa for us in Naija,ooo. Them no force you to come borrow money but after borrowing, una go come hear they open mumu thread because they are finding a way to get their money back.

No matter how you put it, the company give people money because they (borrowers) don't have. Nigerians and Africans in general have the attitude of defaulting, and that's because the economy situation.
They are business. No body forced them into lending people money. So, going into people's privacy is against the law and they should be held liable for defaming people. simple.

Yes am among the people that kept them like this.I took a loan of 8k defaulted for a day. They called I showed them my octafx login problem I had. Begged to give me by the next day so I can resolve my login issues. The next thing is messages from my contacts.
I sworn never to pay back again.
I organized about 8 guys,backed up thier phones. Flashed the phone.
Buy contacts (numbers) load it into the phone. Got a new app. Took a loan,used another phone to do the selfie then got another loan.
All the 8 people did same.
The rest is story.
Have a nice day

Born2conquer:

How many of the 100k users paid back the debt??

It's just an assumption, since over 130k people gave them bad reviews.

EMIOMOADEOYE:


Do microfinance banks not give loans? Do banks not give loans? How many of them have you heard that went out of business because of loan defaulters.

Smh…
I don’t have the right words to address this.

Omoluabi16:
Check every complaint here, it starts by 'just because I could not meet their deadline' blablabla. These people will bring their soko loan shenanigans to real life situations and still have some sort of entitlement. Or Tenants staying on for years and refusing to pay rent? People should learn not to borrow but ride through the storm.

See the mentality of the one above. In his head, NPLs cannot ruin a financial institution. Yet someone was asking why credit cards are not being issued to Nigerians.

adonainana:
I blame the company to start with

You came to the poverty capital of the whole entire world

Not to build a luxury hotel so rich politicians can be coming to spend money for you ooo

But to come and borrow money to citizens of a country which have the poorest of people living in it

Like how does that even make any sense

A poor man has no credit rating, even in more devoloped climates where there are credit scores you still trend with extreme care


Now the people you borrowed your hard earned money want to take you to court for you wanting your money back by force lol and intruding thier privacy

Reminds me of one foreign company like that that wanted to come to Nigeria to start a bicycle riding scheme and the reply to them was you come to Nigeria with capital you leave after 1 year with sense

After hospitality and haulage and logistics and the normal fuel subsidy importation or machinery importation / importing used cars into Nigeria to come and sell as new ones to Nigerians, there is no other business any foreign company can do in Nigeria and not cry out and regret

Been there done it so this is from experience

Imagine coming to Nigeria to borrow Nigerians money and expecting it back and most of this people have bank accounts, why didn’t you ask why Nigerian banks can’t easily lend to them before they came to download your app

What you should have asked instead of ranting is WHY ALWAYS SOKO LOAN?

Chai

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?

BVN is their to use