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.

It is better make they free us

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?

this will work.

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.

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.

I remember my experience in the hand.of.palmcredit and Paylater
SMH.

DoggoneDogg:
Nairaland chronic debtors will be happy to hear this wonderful news



Read na. You nor go die baba

Hahahhahahaha

Bastards

The fact that people support these loan sharks shows how damaged a lot of Nigerians are.

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

Depression kill the so-called victims. How can you borrow money with no intention to pay back and still play the victim? That's being callous.

DAVIDMOE:
They should have a better way to get their money instead of that messages they send. defaming their users is very rude.
When it comes to withdrawing from their defaulters linked account. They do that. however, they resort to defamation when they can't find money in the linked account.

Suggest the better way they should take when someone borrows money from them with no intention to pay back.

DAVIDMOE:
According to this report. Over 100k users gave them a bad review. Meaning that they may have taken a loan from them.
The lowest interest this sokoloan charge is ₦3,000
So, if you do the maths, you will fined out that they made ₦300,000,000 from just 100k users borrowing ₦5k from them

This people make too much money to just shut down because of ₦10million fine.

Lending N5,000 to 100,000 people is N500 million o. Are you saying that the company is that big?

All these loan sharks aren't your friends. Keep off!

i swear this country no be am at all, if a loan startup could close down because of 10million, then don't be surprise they can kill you if you owe them 10k. I blame the country, every body is just striving including the loan companies, no support from government . Most of the loan company also collected loan from banks to give you loan , so you can imagine why the rates are high. This country is at the end road already

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

They are not even encouraging pple for loan repayment since the interest is much,how do u expect loan repayment on time, even Nigeria self dy on debt but not too much interest so the loan will be easy for repayment

Nigerians and their act of borrowing owning a huge dept. Like government like citizens

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?!

Maybe you read and didn't understand. Read again and try to understand.

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.

You do not authorize action on behalf of a third party. The people that SokoLoan sends malicious messages to did not authorize them to. There is an existing NITDA (NDPR) regulation against unauthorized access, and use of people's personal data. Let alone sending malicious messages to them.

Karleb:
The fact that people support these loan sharks shows how damaged a lot of Nigerians are.

Do you own a business? Are you a landlord??

Will you allow your customers to take goods on credit and not pay?

Will you allow your tenants to live without paying the rents when due?

Alleluia!

This people embarrass me no be small.

My prayer is finally answered

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?

It is left for the loan sharks to figure that out.

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

And that would give you a total profit of #10.95m in a year

You can start a kidnapping business. With #3m, you can get a car & gun for your operations.

DoggoneDogg:
Nairaland chronic debtors will be happy to hear this wonderful news



Read na. You nor go die baba

cow...am sure u r one of der customer service agent dat send ppl useless mesages...i hate u

Born2conquer:

Do you own a business? Are you a landlord??

Will you allow your customers to take goods on credit and not pay?

Will you allow your tenants to live without paying the rents when due?

I repeat, a lot of you are damaged. You don't only endure hardship, you now enjoy it.

They should get out of our space. Foolish people. I'm happy those ride people that work for them will be jobless

DoggoneDogg:
By Olalekan Fakoyejo


Source: Ripples Nigeria

That's very good, their loan interest is too high, they should look into other loan platforms too

Very good! Loan sharks have to be regulated and you cannot resort to blackmail and embarrassing text messages to their phone contacts.

airsaylongcome:


Now let's talk the default rate. As high as 90%

they know the risk involved in this. It's a 50/50 chance. Other fintech like branch know how to get there money back without intruding into your privacy and one thing about Nigerians is they like been rub of their ego. If you are using agidi and blackmailing to want to recover debt people like me won't pay back cos you already sent threatening and defamation message to my contact which in return they won't send another message to clear your name off the lies they said when you repay back

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.

they definitely didn't see it through. Gave out let say 30k to repay 36000 in 7 days with time people will start defaulting and that will be the end

Ok

In normal sense in a good organize con3 if you collect loan you have a score card where in it your house rent your every data is locked down ur transaction are watched but here your loan company will blackmail you if you fail to pay up

DoggoneDogg:
Nairaland chronic debtors will be happy to hear this wonderful news



Read na. You nor go die baba

Nigerian shouldn’t run down private loan companies that bail them out by lending them money In distressing or emergency times.

That being said there has to be a professional balance and better ways rather than acting like thugs to get ur loans back in this hard and toxic economy.

danniyal:
These are the Idiots/fraudsters responsible for this nonsense

on
If I meet this guy, I can't trust myself of what I can do to him