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.

no na, they thought just the same way Jesus died and forgave our sins, the company will forget their loans... Like they didn't know about the terms and conditions of the loan... Nigerians trying to whip out sympathy in everything

ityP:



A friend used me as 2nd guarantor for LAPO loan. I'm very sure she won't pay them back. As the 2nd guarantor, should I be worried? I didn't give any bank details sha, and I'm ready to hand over my friend to the loan company when she defaults. I dey wait response abeg

U see! Why doesn't she want to pay up? By the time she ends up like the OP she will the first to point fingers.

I just pity who dey borrow Nigerians money.

You guys taking loans and boasting you will not pay are just doing yourselves in the long run. We now have what we call credit beaureus and all loans you take from any bank and fintech is logged there. If you have a non performing loan it goes on your record permanently.

Because of 5k you now jeopardize your future access to finances? That's stupidity in my opinion.

seanwilliam:



If 60% of borrowers fail to pay as at when due the company might fold up .. put yourself in their shoes

There is the option of auto debit since customers are expected to fill their ATM details.

XCredit mad pass sokoloan....dem go even add you get HIV for their message.

I have stopped borrowing from all these stupid 419ers.

No government to check them

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

How did they get ur contacts from ur fone?

Nigerians are very terrible set of people when it comes to money issues.

Most people borrow/ buy on credit with the intention of not paying back and when u go high handed on them they are even ready to kill u on you ontop your money again.

I don't blame these companies at all. You Nigerians are the reason Nigeria will never move forward. We never be developed in the nation with this generation of thieves and dishonest people.

Loans are not free money even if is 1k, when you borrow you signed an agreement to pay back but no u don't want to.

U borrow loan u no payback and u are not pointing fingers at yourself.

I don't want to speak about my experience with Sokoloan. But she insulted me & I called her Supervisors name, her boss name & threatened to fire her without pay. The idiot calmed down.

Unknown to her, my neighbor supplies food to one of their office staff & knows them by name.

They're very USELESS people in that Sokoloan!

Imagine threatening to send SMS to my contacts? WTF?

Ijaya123:


My question is how did they get access to all the guy’s contact?

When you download a loan app, in the proccess of downloading, access is asked from the app to allow them access your phone contacts.

Saying yes, allows them to. (Saying no means that they probably won't approve a loan for you)

macrodata:
I don't want to speak about my experience with Sokoloan. But she insulted me & I called her Supervisors name, her boss name & threatened to fire her without pay. The idiot calmed down.

Unknown to her, my neighbor supplies food to one of their office staff & knows them by name.

They're very USELESS people in that Sokoloan!

Imagine threatening to send SMS to my contacts? WTF?

So what stopped you from paying your loan?

You want the company to go under because people are not paying their loans?

Would you like it if people did not pay back the loans they took from you, or if people did not pay for your service?

It is because you don't know what they have gone through with Nigerians not paying up, that's why you are talking like this.

(Before you start...Sokoloan denied me a loan. Twice. So, I'm not their fan)

andyanders:
How did they get ur contacts from ur fone?

When you download a loan app, it asks for acccess to your contacts....and if you click yes, access is granted. (Clicking no brings up a message saying they won't approve your loan if you refuse.)

Stellly02:
I no dey stress myself if I wan borrow.. I just use *329 and select the option of when next money comes into my account for them to debit.. Since I know there's no steady source of income, I no fit choose end of the month.. O wrong

But those sokoloan staffs no dey try..soiling one's reputation because of 5k loan..

Well, the thing is, if you read the terms and conditions of the loan app...they warn you in bold letters that if you don't pay up, after some time, they will start sending messages to your contacts.

It is enough to scare some people.

Peppermintflav:

One sided view point.
Imagine taking a loan from Soko up to 5 times without defaulting.
The 6th time you default by one day maybe due to delay in salary, and that very day someone calls you up and starts calling you names, stupid man, shameless man. Not minding your previous clean records... Now tell me how would u feel?
Other loan apps don't behave that way.

Branch once sent me a message two days after for a default on their loan. I explained salary was delayed, they said they understood, but insisted I pay something. So I dropped half, and then paid up in full 2 days later when my salary came in

As for why they are so rude and persistent...when people all over Nigeria are defaulting on their loans to them, plus many of these loans are without collateral..so many of these companies cannot liquidate the collateral to recoup their loans....hence the rudeness.

ityP:



A friend used me as 2nd guarantor for LAPO loan. I'm very sure she won't pay them back. As the 2nd guarantor, should I be worried? I didn't give any bank details sha, and I'm ready to hand over my friend to the loan company when she defaults. I dey wait response abeg

you would be made to pay the loan

I am still on the matter oooo,
they even sent such a killing text to my pastor, infact pastor called me to a meeting with some elders asking me what happened, I asked him have you too receive the text? They were surprised I am awared. they asked how much is the money I told them 8500 they were surprised too

The lady called me and I was not with my phone latter she sent one evil text requesting me to pay back that day, I replied I will not be able to because I am not feeling that I will pay the following week, the next thing I received was "you are very foolish" What an insult.

Something need to be done
I have told them their company will fold up this they have done. Let's wait and see

Soko loan agents on this thread like Ecomog troop. Truth be told Sokoloan staff are terrible even without defaulting payment as at when due

Housing:
Soko loan agents on this thread like Ecomog troup. Truth be told Sokoloan staff are terrible even without defaulting payment as at when due

Those fool working for sokoloan will think they are doing their job. I pity them. their insult is too much.

Claudiusdeux:


So what stopped you from paying your loan?

[s]You want the company to go under because people are not paying their loans?

Would you like it if people did not pay back the loans they took from you, or if people did not pay for your service?

It is because you don't know what they have gone through with Nigerians not paying up, that's why you are talking like this.

(Before you start...Sokoloan denied me a loan. Twice. So, I'm not their fan)[/s]

She was asking for pay 1 day before the approved payment date. We started arguing about date and next thing I heard was, if you don't pay in 30 mins, I'll text all your contacts that you're a thief who abscond with company funds.

I'd advise you to take a loan and see how this company operates before you start arguing.

Claudiusdeux:


Branch once sent me a message two days after for a default on their loan. I explained salary was delayed, they said they understood, but insisted I pay something. So I dropped half, and then paid up in full 2 days later when my salary came in

As for why they are so rude and persistent...when people all over Nigeria are defaulting on their loans to them, plus many of these loans are without collateral..so many of these companies cannot liquidate the collateral to recoup their loans....hence the rudeness.

It's like you don't understand sokoloan, try Dem once you will see how they misbehave like Nigeria government

macrodata:
She was asking for pay 1 day before the approved payment date. We started arguing about date and next thing I heard was, if you don't pay in 30 mins, I'll text all your contacts that you're a thief who abscond with company funds.

I'd advise you to take a loan and see how this company operates before you start arguing.

Actually, I gave up on Sokoloan after they refused me a loan. Twice...as I said in my previous post.

I also am a customer with Carbon, and before I took a loan from them for the first time, I read their T and C. The 'we will text your contacts if you don't pay on time' bit scared me.

As a result, I try to pay my loans at least 2-3 days to the due date. (Carbon has rewarded me with some 'benefits'..not free money mind!...but benefits..because of being a good customer)

I no get time to be abused by someone or called a thief because I no pay N5000 loan back on time.

Kabiyesi12:


It's like you don't understand sokoloan, try Dem once you will see how they misbehave like Nigeria government

I have. They denied me a loan. Twice. Despite having means to pay...plus their app was somehow at that time.

So, Sokoloan is not my cup of tea. Carbon, Branch, Palmcredit, even Quickcheck are much better. (Carbon is the best of the lot)

correctguy2010:


You are sure she won't pay them back, yet you allowed her to use you as a guarantor. Why bring unnecessary problems for yourself... Mtchewww

Lol. Them no fit collect shishi from me sha. Las las, I go talk say na under duress she use me as guarantor

Genea:
you would be made to pay the loan

Na who get money dey pay o. My bank details no dey with them, so they aren't getting shishi. I can direct them to her sha, if they really need their money. Shi Shi from my pocket, dem no go see

iamloyalty:


U see! Why doesn't she want to pay up? By the time she ends up like the OP she will the first to point fingers.

I just pity who dey borrow Nigerians money.

Na her wahala. As long as no money would leave my pocket, e no concern me

Whobedatte:

Hope you didn't release your house address , if not they will come with band ( trumpet and drum set as early as 5 am to shout on you to provide the debtor or pay as guarantor oo.

It was under duress

AchalugoNwa:
na only me fit them

late last 2 years I took 30k loan from them
I intended paying on time ooo infact I was about to pay them that day in the evening.
but these ediots started their normal way of rubbish insult.
this one na man ooo
next thing is that they started sending useless messages to my contacts
that was when I vowed never to give them shi shi
They call call tire
one of them used her personal number to call me and be begging me to pay even if na half.
i asked her about my image they've dented?
she said nothing
then I told her frankly that I will never pay a dime to them
that my image is priceless.
Meanwhile I've messaged all my contacts to disregard any messages about me that my phone was hacked and a serial blackmailer on the loose.
Hehehehehe they believed me.

Meanwhile the useless sokoloan was still begging and I kuku blocked their numbers and blacklist them
till today I no pay them shi shi

op you're not supposed to pay that money I swear

nice one bro.. I did exactly the same thing early this year. I was about to pay after defaulting for just one day, then they begin to threaten me which I despise alot. I deliberately didn't pay. Luckily for me,my card expired that same week. After sending messages to my contacts and saw that I refuse to comply, they started begging me to at least pay whatever I can and that there is a discount. I told them they should have taught about that before ruining my image..

seanwilliam:
you give them access to your contacts and information when you are about to collect it.. and stop saying ‘just 5k’ , if 1000 people fail to pay up 5k u know how much it is

There should be a process of retrieval that won’t involve sending broadcast to a defaulter’s contacts . 5k in 1000 places is good business for you but 5k embarrassment might cause someone else irreparable damage that an set them back years .

My point is that there should be a better way to go after defaulters . The business has to think and adapt or this will spell doom for your business in the long run

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.

As a public servant or salary earner, what if one is not being paid on time due to strike or salary delay , at times some people don't receive payments due to some other reasons for months, and you ain't able to meet up with repayments and they start their useless harassment, how will you feel ?? The truth is that sokoloan are the most useless fintech operators ,they employ people without certificates, and they lack strategy and customer relations..one day they will be a scapegoat of having to pay someone heavily by a law suit and they will fold up patapata..

Omihanifa:



By installing the app

That is a breach of privacy. Someone need to take them to court for defamation of character.

Claudiusdeux:


When you download a loan app, in the proccess of downloading, access is asked from the app to allow them access your phone contacts.

Saying yes, allows them to. (Saying no means that they probably won't approve a loan for you)

That is invasion of privacy. Someone need to take them to court for defamation of character.

jagorinho:

easy to collect but hard to repay

One big Stout for you.

Ijaya123:


That is invasion of privacy. Someone need to take them to court for defamation of character.

`

1.Maybe, but they do ask....if you want your privacy to be invaded, and saying yes , means you agreed...which is why such a court case will lose.

2.Well, if you want to avoid your character being defamed, pay your loans on time, plus the guys will point to their terms and conditions of the loan which warned you that they would contact your contacts if you did not pay...

Court case would fail. The problem is contract law. If you agreed to it, you understand it, so complaints afterward aren't valid.