After they sent messages to my contact on how I'm a criminal defrauding loan companies. i called them and swore with my life never to pay that debt, and so shall it be

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?!

He is a staff of sokoloan,they are not different from quick money syndrome

duro4chang:
Is it by going to other people's privacy they can get their loan back? They do not have good plan at all. Just this october they called me that somebody was owing and that I am a guarantor. I do not know who took loan from them.

they have called me over 100x using their voice bot to talk to a person I don't know from anywhr to remove me as guarantor. Wetin concern me and dem? That's complete hogwash.

How can I reach National Information Technology Development Agency (NITDA) sanctioned the firm for privacy invasion.

Some 1 should help me with there details and address

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?

Let them get license from the CBN and they will be able to do this. These Chinese run loan apps are mostly unlicensed. The few licensed ones get a state money lender's license. They won't want to get licensed because they break usury laws. How do you charge 50% interest per week and then 75% interest per week for defaults? It is a business model that can only be sustained with illegal ways of recovery like physical and social intimidation etc

franciskaine:
they have called me over 100x using their voice bot to talk to a person I don't know from anywhr to remove me as guarantor. Wetin concern me and dem? That's complete hogwash.

No mind them.

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

Might be because their business model that makes people repay their loan through harassment may no longer be exercised.

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?

The court is still there the last time I check.

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 have no idea what you are talking about.

So criminality is justification for criminality. I don't think you have ever being a victim. If you have you would be saying this.

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.

Am not surprise at the fine gien to them

Their way of doing business is very crude and unprofessional.

1. The time given to pay is so short .. That customers must default

2. They don't do proper KYC. ( know your customer) before giving out loans

3. The unsolicited SMS they sent to friends of customers without consent

4. The breach of privacy rule... How can you call up contacts on their phone they don't give you, not just that the embarrassing ad unprintable names you call your customers for simply default.
...agree some customers are deceptive doesn't mean you generalize everyone

Are you saying the customers already authorized them to message all their contacts and tag them criminals in case they default.
I don't think government can even help them because of their high interest I'm not sure credit bureaus even recognise them

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.

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.

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

CBN .

Apply for P.O.S machines , and have agents working for you , you will change the 3 million naira into 20 naira notes , 50 naira , 100 naira and 200 , your agents will be going to night clubs and parties to sell the money to those who wanna spray, especially Yahoo boys .
Where I am now , if you wanna change 1000 naira , they give you 800 naira , 200 naira their profit , while in Ughelli , 2000 naira change is 3k , imagine your agents selling your 3 million naira at a rate of 800 naira for 1 k , trust me that's a gain of 600 k , by the time you deduct the salaries of your agents , you will still be left a huge profit .
Mind you , your chances of making losses is almost unlikely and your goods ( the naira notes) wouldn't spoil or lose value anytime , And the more you invest Capital , the more your profits because Nigerians must activate in Owambe and yahoo guys must water the club with showers of currency.
Do this and thank me later.

All those supporting them here are the foolish customer service agents that send derogatory messages to people's contacts. They are primary school dropouts

They should leave Palmcredit alone

DoggoneDogg:


Government wey be onigbese go help creditor tackle onigbese like am

Lol...

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.

How were the actions authorized?

Is there a signed document that specifically authorize sending messages to contacts?

Did they obtain permission from the recipients of those messages before harassing them with it?

This is one of the reason why people think they can just do anything and get away with it. An in app acceptance doe not hold up in court.

I'm not sure you have obtained a loan from these bastards before.

If you have then you will understand.

How do you explain paying back a loan in full before the deadline only to receive a series of calls and text messages from your close associates asking questions about you refusing to pay a loan back. I mean its so serious people don't believe its a mix up until you actually show proof.

Or how do you explain after discussing with an agent about the possibility of you missing a deadline and asking for extension, they still go right ahead to blast those stupid messages.

You need to read the text messages they send. It is a blatant accusation of fraud. They say it like it has been investigated and established.

It doesn't even matter that you have paid up your loans.

Ofcourse, one can understand the peculiarities of doing business in Nigeria. But when EVERYBODY has the same complaint, then it definitely cannot be because of the peculiarities. Something is off with them

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.

duro4chang:
So to disturb and go into the privacy of people who do not owe them is right? They are the real criminals. Ten million is even small.

That is what they did to me. They stole 13k from my account just like that. I don't owe them. I only saw alert, after contacting Paystack, they told me it's Sokolending. I've contacted Credit Bureau, the case is with them

Sokoloan knew only through data breach and blackmail can they quickly make profit

adeoba2008:
I remember my experience in the hand.of.palmcredit and Paylater
SMH.

You borrow money?

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

i will tell the truth that is not the best, and only way to get debt from people, this is a welcomed development.. Enough of the threat and blackmail

Kingju:

That is what they did to me. They stole 13k from my account just like that. I don't owe them. I only saw alert, after contacting Paystack, they told me it's Sokolending. I've contacted Credit Bureau, the case is with them

They are criminals.

EMIOMOADEOYE:


You have no idea what you are talking about.

So criminality is justification for criminality. I don't think you have ever being a victim. If you have you would be saying this.

Yes I have received their unsolicited messages twice. The joke is on the debtor who refused to pay and abscond

SimplyFacts:


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.

They should do a very thorough job, Sokoloan operates more than one loan App and with diverse operations names for lending.

So, if Sokoloan shuts down, they will still fall back to the close to 3 lending companies and App they have.

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.

I doubt 10000 would have paid back from the 100000 so where did you get your figure of N300,000,000

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

As in just reading through the comment section and seeing people supporting their terrible strategy at recovering loans is just too unfortunate. SMH

DoggoneDogg:


The part where you assumed they are shutting down "because of just N10m fine".

If you read, you'd see the part where criminal charges have been filed against their directors for invading users privacy - this is the reason for the shut down. Not the fine.

And where in the write up did they write that it was the charges filed against their directors that is making them close shop ?

Georgejeez:

CBN .

Apply for P.O.S machines , and have agents working for you , you will change the 3 million naira into 20 naira notes , 50 naira , 100 naira and 200 , your agents will be going to night clubs and parties to sell the money to those who wanna spray, especially Yahoo boys .
Where I am now , if you wanna change 1000 naira , they give you 800 naira , 200 naira their profit , while in Ughelli , 2000 naira change is 3k , imagine your agents selling your 3 million naira at a rate of 800 naira for 1 k , trust me that's a gain of 600 k , by the time you deduct the salaries of your agents , you will still be left a huge profit .
Mind you , your chances of making losses is almost unlikely and your goods ( the naira notes) wouldn't spoil or lose value anytime , And the more you invest Capital , the more your profits because Nigerians must activate in Owambe and yahoo guys must water the club with showers of currency.
Do this and thank me later.

@ ForGodsgrace

Once a person gives you a business analysis and tells you that the level of risk is almost zero just know that he/she has never actually done that business before!

If you ever decide to do this business look for a person who has practical experience in it to give you advise and not an armchair business man

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

Na that depression go kill them.. Why take a loan and refuse to pay when it's time. Nonsense!

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

You want to get your capital back in 100days …oboy you Dey vex ooo…the only business you can achieve your aim is bitcoins trading…that’s my business

Too baddddd