captainking:
I don't work with any of these fintech loan companies.. But I can tell you one thing..

Nigerians don't like to pay loans.. This almost killed ren money.. And a lot of other finance firms hence their strong stance on zero tolerance for default..

No 1 rule of loans.. Do not take loans you ain't sure you can pay back.. Trust me. No loan company will listen to your excuse even if the person is sick or has serious challenges..cos obviously.. Nigerians love to give excuses as why not to pay back a loan.

No 2...only take a loan if you have concrete and realistic plan of how to pay back. I used to take loans years ago from palm credit.. And I only take the loan 2 weeks or a week to salary day when I might have exhausted my funds.. Knowing that.. The duration I take the loan tally's with when salary will be paid.. And I never defaulted cos I disciplined myself never to owe anyone or anybody.. And anytime I am paid salary.. The first thing I do is settle any debts... Then I manage whatever thats left..

The truth is this... Nigerians will always give reasons not to pay back and as some of us in core finance sector kNows... When you have a defaulting client..most clients only pay when you apply serious pressure on them and they only pay to those that disturb them most...

It's all the truth..

Hence the saying.. Don't borrow money you can't let go.. Cos.. Most Nigerians don't even pay back money borrowed from friends and family.. Let alone loan Companies.

Acidosis:
Let's be clear. The only reason y'all hate loan apps is because you took a loan you know you can't/won't pay back.

After agreeing to the terms and conditions of the loan, you all come back crying online to castigate the same loan app that choose to help you in your desperate hour.

Imagine condemning sokoloan for debiting your account without notice Are you people ma.d? Did you read the terms and conditions of the loan during your application?

You used your hand to submit your contact, yet come back crying and asking why sokoloan called your contacts. Some of you are just m.ad.

Btw, 99% of Nigerians are not credit worthy. You all are the same people that fail to pay back interest-free loans given to you by friends, neighbors and relatives.

fineguy11:
This thing happened to my neighbor...they messaged all his contacts on top 3k loan....how do they access the contacts of their obligors ?

HitlerGaddafi:
Too many bad reviews about soko loan.

What you people actually don't understand is, if a customer refuses to pay back a soko loan, the money will be deducted from the salary of the staff that disbursed the loan. That's why they are so mean and ruthless. Sometimes they will even threaten you with police . The will embarass you by texting all your contacts including your exs and enemies.

jamesbridget13:
when they gave him T$C to accept, y did he not decline? Defamation of character is an offense but breech of contract is not an offense. I hear u, let him go to court na and update us as d matter progresses

loswhite:
Multiply 5k with just 10000 persons then you will understand that it is not just 5k....We really need to change our mentality

Acidosis:
Let's be clear. The only reason y'all hate loan apps is because you took a loan you know you can't/won't pay back.

After agreeing to the terms and conditions of the loan, you all come back crying online to castigate the same loan app that choose to help you in your desperate hour.

Imagine condemning sokoloan for debiting your account without notice Are you people ma.d? Did you read the terms and conditions of the loan during your application?

You used your hand to submit your contact, yet come back crying and asking why sokoloan called your contacts. Some of you are just m.ad.

Btw, 99% of Nigerians are not credit worthy. You all are the same people that fail to pay back interest-free loans given to you by friends, neighbors and relatives.

Omihanifa:
Honestly something needs to be done about all these loan sharks how can a company go as far as lying against someone that they ran away with company funds


The highest they should have done was to call the guarantors and not calling the whole contacts on the phone

Palmerbarry:
Dear Sokoloan, I will be in my best behaviour while posting this.

I applied for a loan a month back which I didn't repay in time. I got a call from an extremely rude official 5 days after I received the loan. She informed me that payment is due and I should do that immediately. I tried to be friendly but she wasn't. I asked if I could pay part but she arrogantly declined.
The next day I got a call from her again with insults this time. I told her she's not professional with her work and that made her worse. She threatened to disgrace me in the worst way ever (via SMS). My phone got stolen that night. A day after she sent the most devastating message ever to all my contacts. How she got access to them still surprises me. In her message, she said I'm a wanted criminal on the run with company funds. I got tons of messages on Facebook and missed calls and messages on my other line - my former employers, course mates, lecturers, neighbors, family, besties, other influential people. I was really mad! I had over 300 contacts for Christ sake. I called her immediately to send a convincing message to my contacts. She was adamant and continued with her insult, I fired back not minding her age. I threatened to take the case to court, but I was financially down at that moment. My sister called her immediately she got one of her text and they ended up insulting eachother. I called her some days after, she was a bit calm, and I asked if she would resend another SMS and make everything transparent to my contacts. She said once the payment is complete we'd discuss that. When the payment was deducted automatically from my account, I called the number, but the new user doesn't seem to know me. She requested for my login number I gave her but she said she can't access my account. Up till now. I think I've been too calm with them and I am taking it up now.

The worse part of it is I lost most of my contacts which means I may not be able to clarify myself. This is the worst thing ever to happen to someone.




I've mailed them concerning the issue and I'm yet to get feedback.

Pics below:

chiemmanuel:
how do they get the contacts of customers

tubolancer:
And after saying this, you want me to buy from you, to hell.

DesChyko:


When the app is installed, it asks for a number of permissions, one of which is access to your contacts.

That's how they get the contacts.

CHARLOE:

Get a lawyer n sue them! Doesn't cost much, i've sued a bank b4, they started begging. Just a matter of getting a lawyer to write them, but ensure u have solid proof of payment n d text messages. I've used fintechs like branch n kwikcash b4 n defaulted, they never called, but increased my interest.

Debodimeji01:


Is this one mad ni? Abi he lack sense that's not common? Abi, what are we saying and what is this one typing here? Seems you're one of those cursed Sokoloan staff... better stay in your lane and mind your business.

Atk1nson:




For all the noise being made here, they still.have a 4.9 rating on playstore

Le2money:
Which registering on the app, u will see a notification asking u, access to location, access to camera, access to CONTACTS and all that, when u accept all, this is when they were able to have access to all contacts

5thAngel:

I'm sorry to hear about your bad experience. I work at Some Loan and it is their policy to send those messages to a loan defaulter's contact.
They employ a lot of people and just like banks or other institutions that gives a target, there are bound to be employees who tend to be very harsh on customers in a bid to get them pay up their loan.
It's unlikely you'll get your demand for messages to be sent to your contacts to notify them that your debt has been paid, I'll advise you let it go, no matter how painful it is.

Once again, I'm sorry about your experience and for others who have experienced this.

loswhite:
Nobody cares about your intent, Plus you are very wrong...Alot of Nigerians borrow without intentions to payback. 2K maybe small to you but Multiply it by just 10000 person then you will have a better understanding...

HitlerGaddafi:
In addition I can't blame them, these fintech loan companies suffer alot in the hands of Nigerians. Most people borrow from them with no intention of paying back. They may seem nasty but Nigerians will never coporate without being handled with iron hand.

chiemmanuel:
what if you decline the permission