BREAKING NEWS!

BEWARE OF SOKOLOAN...

PREDATORY LENDING IS REAL!!!

This happened to my sister of recent. She applied for a domestic loan on Sokoloan online platform to the tune of 14k. She was billed N6, 433 in interest (i. e an outrageous 45%interest for a 10 day loan. This meant that she was to pay back N20, 433 ten days from the time she secured the loan.

Fast forward to 10 days time. She was unable to meet up with the loan repayment, and thus demanded for more time when contacted. 3 weeks after that, on the 15th of feb, she got a report that the following message was being circulated to all her phone contacts, including key business clients. The report read thus:

"Attention! The Name: Naomi So and So with phone number XXXXXXXXXX is acting fraudulent, Has defaulted in her repayment of loan to a chinese lending company (Sokoloan) by collecting a loan and refusing to pay back. The public is advised to take caution of her, until she pays back the company money.

NOTEWORTHY is the fact that the actual amount owed or even the exorbitant interest added was conveniently ommited from this highly defamatory message, giving the impression that She may have defrauded the company of a huge amount of money.. (if that isn't predatory, what is it then?

To make matters worse, when the customer care was called by the upset young lady to demand why her character should be so defamed after just three weeks of default, she was rewarded with more insults and threats and called unmentionable names.

This from a Chinese firm?

In a related report @nairaland, a similar incident just occured involving this same sokoloan. A woman who had lent 8k to pay back 15k in 14 days time was meted this same horrible treatment few days after she defaulted that ended in the victim taking her own life as a result of the ensuring embarassment. Now if this isnt predatory and evil, what is??

Now my point is this...

A country that cannot protect its citizens from exploitation from foreigners and evil loan extablishments, is this fair?

Where are the regulatory bodies that are supposed to be guiding the exploitative activities of these shylocks whose major aim remains to capitalize on the vulnerability of our poor economy and defraud Nigerians by the millions?

#This is unacceptable!

#Sokoloan is a fraud that must be shut down

#Naomi is now threatening to sue for grevious defamation of character.

#Naomi has been timely with her repayments on previous loan transactions. Why defame her now on a little default?

I stand with Naomi on this!

Its time to be the change we seek.

Below are the hotlines of the fradulent sokoloan: 08148799371.
01 - 4536792

Lets all register our displeasure by sending them a message. Remember, all for one, one for all.

PLS RESHARE. WE CAN MAKE THIS GO VIRAL. GOD BLESS YOU.

Then don't apply for loan. Simple. Most of these people even microfinance people are Shylocks. Yes I was there till area manager level and I put it to you if 1% interest is given they will still have gain. But no. Embarrassment upon embarrassment .No be una fault. Na economy cause am.

I no sure say sokoloan dey Ibadan. Dem suppose Don jazz them. Credit officers for microfinance banks dey hear am from dem. May God help us

I blame that thing in Aso Rock

I am game on this. Those guys are bastards and I have said it several times,they should be banned. The interest rate is high (about 40% for just 10 days) and they will start calling you on the day you are to make repayment. The people that will call you act like agbero and they will threaten you join your family. That foolish app has access to your phone contacts and calendar and they will disturb your life online and offline. The worst is the message they will send to all your contact telling them that your are fraudulent and that they will arrest you. The loan may not even be more than 10k as you have said. I swear,if God gives me power, I will burn down the Sokoloan company. That Chinese company is a no no. You can report the app on playstore and start giving them low rating. Stay away from Sokoloan

onochurch:
BREAKING NEWS!

BEWARE OF SOKOLOAN...

PREDATORY LENDING IS REAL!!!

This happened to my sister of recent. She applied for a domestic loan on Sokoloan online platform to the tune of 14k. She was billed N6, 433 in interest (i. e an outrageous 45%interest for a 10 day loan. This meant that she was to pay back N20, 433 ten days from the time she secured the loan.

Fast forward to 10 days time. She was unable to meet up with the loan repayment, and thus demanded for more time when contacted. 3 weeks after that, on the 15th of feb, she got a report that the following message was being circulated to all her phone contacts, including key business clients. The report read thus:

"Attention! The Name: Naomi So and So with phone number XXXXXXXXXX is acting fraudulent, Has defaulted in her repayment of loan to a chinese lending company (Sokoloan) by collecting a loan and refusing to pay back. The public is advised to take caution of her, until she pays back the company money.

NOTEWORTHY is the fact that the actual amount owed or even the exorbitant interest added was conveniently ommited from this highly defamatory message, giving the impression that She may have defrauded the company of a huge amount of money.. (if that isn't predatory, what is it then?

To make matters worse, when the customer care was called by the upset young lady to demand why her character should be so defamed after just three weeks of default, she was rewarded with more insults and threats and called unmentionable names.

This from a Chinese firm?

In a related report @nairaland, a similar incident just occured involving this same sokoloan. A woman who had lent 8k to pay back 15k in 14 days time was meted this same horrible treatment few days after she defaulted that ended in the victim taking her own life as a result of the ensuring embarassment. Now if this isnt predatory and evil, what is??

Now my point is this...

A country that cannot protect its citizens from exploitation from foreigners and evil loan extablishments, is this fair?

Where are the regulatory bodies that are supposed to be guiding the exploitative activities of these shylocks whose major aim remains to capitalize on the vulnerability of our poor economy and defraud Nigerians by the millions?

#This is unacceptable!

#Sokoloan is a fraud that must be shut down

#Naomi is now threatening to sue for grevious defamation of character.

#Naomi has been timely with her repayments on previous loan transactions. Why defame her now on a little default?

I stand with Naomi on this!

Its time to be the change we seek.

Below are the hotlines of the fradulent sokoloan: 08148799371.
01 - 4536792

Lets all register our displeasure by sending them a message. Remember, all for one, one for all.

PLS RESHARE. WE CAN MAKE THIS GO VIRAL. GOD BLESS YOU.

Nonsense!

1. Didn't your sister read the terms of service before applying for the loan? I'm very sure it was clearly stated there the penalty for loan defaulting and she must have agreed to it before the loan was given.

2. You keep mentioning sokoloan is fraud whereas your sister (or you ) Is the fraud here who borrowed money and has failed to return it.

Did u read the post at all before calling her the fraud, that she had done previously and never defaulted, just this once is maring her name already after 3 weeks, I bet you are one of their workers, if you are a true nigerian and not brainwashed you should know this is wickedness and it must stop, no one not even your enemy should go through what she is going through with a slandered reputation, now tell me after contacting her clients and calling her a fraud, how do they expect she gets their money? That's totally nonsense, asides that the terms and conditions never stated that ones name will go public on deformation if loan isn't paid on time, a life had already been lost just january because of same kind of intimidation and embarrassment, is this one nigeria or kill nigerians..... Are u not a nigerian. May no one ever go through such.

onochurch:
Did u read the post at all before calling her the fraud, that she had done previously and never defaulted, just this once is maring her name already after 3 weeks, I bet you are one of their workers, if you are a true nigerian and not brainwashed you should know this is wickedness and it must stop, no one not even your enemy should go through what she is going through with a slandered reputation, now tell me after contacting her clients and calling her a fraud, how do they expect she gets their money? That's totally nonsense, asides that the terms and conditions never stated that ones name will go public on deformation if loan isn't paid on time, a life had already been lost just january because of same kind of intimidation and embarrassment, is this one nigeria or kill nigerians..... Are u not a nigerian. May no one ever go through such.

Your argument is baseless.

The loan company has its terms and conditions which in most cases, are not favourable with their clients. But the fact that one's goes to borrow money from them, this person is duty bound to abide by their terms and condition even though he/she had repaid previous loans successfully with no issues. That the client defaulted by three weeks is not good for the loan company.

You have no case here. Pay what you owe.

olaboy33:




Nonsense!

1. Didn't your sister read the terms of service before applying for the loan? I'm very sure it was clearly stated there the penalty for loan defaulting and she must have agreed to it before the loan was given.

2. Your keep mentioning sokoloan is fraud whereas your sister (or you ) Is the fraud here who borrowed money and has failed to return it.

I concur with you.

onochurch:
Did u read the post at all before calling her the fraud, that she had done previously and never defaulted, just this once is maring her name already after 3 weeks, I bet you are one of their workers, if you are a true nigerian and not brainwashed you should know this is wickedness and it must stop, no one not even your enemy should go through what she is going through with a slandered reputation, now tell me after contacting her clients and calling her a fraud, how do they expect she gets their money? That's totally nonsense, asides that the terms and conditions never stated that ones name will go public on deformation if loan isn't paid on time, a life had already been lost just january because of same kind of intimidation and embarrassment, is this one nigeria or kill nigerians..... Are u not a nigerian. May no one ever go through such.

Aunty go and pay the money you are owing mbok.


The support you are looking for here, you will not see. Gaskiya.

VONN joins other Nigerians to condemn the diabolic corporate culture of Sokoloan. Our decision to do this stemmed from the cruel and barbaric way Naomi, one of their customers was treated recently. This is vicious and tends to confirm the news making the round that a woman committed suicide due to the gruesome act of SOKOLOAN. VONN sees this as dishonourable and totally a divergence from the modern day loans scheme approaches.

onochurch:
VONN joins other Nigerians to condemn the diabolic corporate culture of Sokoloan. Our decision to do this stemmed from the cruel and barbaric way Naomi, one of their customers was treated recently. This is vicious and tends to confirm the news making the round that a woman committed suicide due to the gruesome act of SOKOLOAN. VONN sees this as dishonourable and totally a divergence from the modern day loans scheme approaches.

I suspect you are the Naomi in the story.

Kindly clarify what the modern day loan scheme entails.

olaboy33:




Nonsense!

1. Didn't your sister read the terms of service before applying for the loan? I'm very sure it was clearly stated there the penalty for loan defaulting and she must have agreed to it before the loan was given.

2. You keep mentioning sokoloan is fraud whereas your sister (or you ) Is the fraud here who borrowed money and has failed to return it.

��Whoever wrote the above is a disgrace to nationhood. Someone has taken the pains to point out the menace of predatory lending which is bad for our country, and you are hear supporting the useless chinko org and talking trash. I am very sure u work for this chinko company and It is now clear that u are and will forever remain a slave to the left over crumbs they mercifully dole out to u. Hw much are u paid anyway to go against ur own pple? 30k? 40? Pathetic bigot. The victim did nt refuse to pay the loan. She only asked for more time. Let he who hasnt ever lacked or borrowed before be the first to cast the stone, bloody hypocrites! Sokoloan is a fraud, and this war is just starting. It will not end until tje activities of this unscrupulous chinko org is checked and nipped in the bud. So Mr.chinko ambassador, kip advocating for what is not. Rubbish!

I'm sure if she had constantly contacted them politely,regarding the defaults, and constantly reminding them of her commitment to repay, it wouldn't have gotten to the extent that it has. Besides, the terms were spelt out, nobody forces anyone to accept the interest rate being offered.

There are reasons for defaults, but ability to manage the situation, sincerely and constantly pleading with the persons contacting her would have not led to this.

She must have been rude and terrible when being called severally.

Note: I'm a credit manager, I don't work with sokoloan, but I know how the system works.

Also,if you need a payday loan, earn at least 100k, I'm your best plug. Interest is 7% monthly

One thing you must know as a Nigerian, living in Nigeria,is that nobody gives a f**k about you,when you see a company come up with anything that will benefit you or the public,have it at the back of your mind that they not doing it for you, rather they want to take from the little you have.
It's hard for me to get scammed because I know no matter what you selling or bringing to the table,no matter how ridiculous the price,I know all you want is to make money and want to use me for it.

SOKO LENDING COMPANY LIMITED
http://www.sokoloan.com

Not a registered entity: https://.gov.ng/ComSearch/index.php
Term of agreement: http://www.sokoloan.com/#/privacy

"_{Soko undertakes to preserve the confidentiality of all information you provide to Soko. We hereby undertake that any personal information you provide or obtained by us shall be subject to the highest standards of privacy, security and confidentiality and such information will not be disclosed to any third party other than as required by applicable laws, rules and regulations.}"

Paid Reviews: https://play.google.com/store/apps/details?id=com.nigeria.soko&hl=en
Mostly paid reviews on play store of which majority are foreigners and some even have dollars in their comments. A RMS practice to hide "genuine" negatives reviews/comments

Payment Gateway Paystack is used by this company.

Does paystack allow a company to operate under a name not registered. I believe Paystack needs to clarify/explain this.

Blackhat SEO keyword stuffing
Simply right-click on the website and view page source to find keywords of almost every financial institution in Nigeria stuffed in there.

Sokoloan is a motor park company with touts as staff.

olaboy33:




Nonsense!

1. Didn't your sister read the terms of service before applying for the loan? I'm very sure it was clearly stated there the penalty for loan defaulting and she must have agreed to it before the loan was given.

2. You keep mentioning sokoloan is fraud whereas your sister (or you ) Is the fraud here who borrowed money and has failed to return it.

You're one of the few Mumu citizen we have in this country. Sokoloan is a SCAM.

A colleague of mine asked me to give him some amount of money to payup his loan with sokoloan. He sent this message to me as an evidence of what people on her contact has been getting from Sokoloan. This is just so unfair bringing people's privacy to public

Please guys I'm urgently looking for a small loan of 15k to complete payment for some goods. I've tried most of the loan apps but I have an issue with my bvn number that apparently requires me to bring an affidavit and police report to rectify. Then I've also tried sites like renmoney but you need a salary account to be eligible. Please help me out. I'm willing to provide every form of identity I have (including social media accounts) and also interest upon payback (at the end of the month). Anyone willing to assist me, please this is my number 08054271376

I collected a loan it was not due and they started calling me to remind me. I blankly told the man not to call me again as my date is not due. Due date I saw an alert on my phone for an attempted withdrawal. I called the ibo guy straight up and told him they are criminals and I am not paying anything. They have been sending same messages to my contact who call me, and I tell them those fools are bunch of criminals.

Who has sokoloan sent message of arrest to and did they arrest the person....

Its actually against playstore policy for loan apps to charge as high as 50percent. You can report the app on playstore that they charge high interest rate.
If the reported cases are much, playstore would take down the app.

uboma:



I concur with you.

See useless and senseless staff of the stupid company. Because of the N40K salary you're earning, you're coming here to say trash. I shake my head for your destiny.

Ask yourself, is this how I will continue my life?

Oléribu. na dem

gmacnoms:
I'm sure if she had constantly contacted them politely,regarding the defaults, and constantly reminding them of her commitment to repay, it wouldn't have gotten to the extent that it has. Besides, the terms were spelt out, nobody forces anyone to accept the interest rate being offered.

There are reasons for defaults, but ability to manage the situation, sincerely and constantly pleading with the persons contacting her would have not led to this.

She must have been rude and terrible when being called severally.

Note: I'm a credit manager, I don't work with sokoloan, but I know how the system works.

Also,if you need a payday loan, earn at least 100k, I'm your best plug. Interest is 7% monthly

Shey is just to send that kind of message to my contacts, no wahala na, them go hear am.... make i go borrow, my contacts them self know say i broke.

MrMan78:
A colleague of mine asked me to give him some amount of money to payup his loan with sokoloan. He sent this message to me as an evidence of what people on her contact has been getting from Sokoloan. This is just so unfair bringing people's privacy to public

I am sure that this colleague of yours did not bother to read the terms and conditions.

MrMan78:


See useless and senseless staff of the stupid company. Because of the N40K salary you're earning, you're coming here to say trash. I shake my head for your destiny.

Ask yourself, is this how I will continue my life?

Your trademark is to insult others who say the truth.

Your trademark is to remain a chinko slave for the rest of your life. Muntula

uboma:



Your trademark is to insult others who say the truth.

Kaassh:
Shey is just to send that kind of message to my contacts, no wahala na, them go hear am.... make i go borrow, my contacts them self know say i broke.

I'll apply for loan with them, remove the important contacts on my list before allowing the app to read my contact. Then, booom! I won't pay back, I still use the money to drink Goldberg. Shebi they are stupid ni.

Abrahamoghenovu:



��Whoever wrote the above is a disgrace to nationhood. Someone has taken the pains to point out the menace of predatory lending which is bad for our country, and you are hear supporting the useless chinko org and talking trash. I am very sure u work for this chinko company and It is now clear that u are and will forever remain a slave to the left over crumbs they mercifully dole out to u. Hw much are u paid anyway to go against ur own pple? 30k? 40? Pathetic bigot. The victim did nt refuse to pay the loan. She only asked for more time. Let he who hasnt ever lacked or borrowed before be the first to cast the stone, bloody hypocrites! Sokoloan is a fraud, and this war is just starting. It will not end until tje activities of this unscrupulous chinko org is checked and nipped in the bud. So Mr.chinko ambassador, kip advocating for what is not. Rubbish!

you are very correct