PastorFire:

Let me give you their whataspp number Write the petition and send it to them 08168401851

unyimecc:


Lcredit will be next

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.

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.

DoggoneDogg:
By Olalekan Fakoyejo


Source: Ripples Nigeria

DAVIDMOE:
it may not be because of the fine, but they know there won't be any opportunity for them to steal and tarnish people's image again.

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

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?

richmondefosa:


They have a flawed business model.
Most Nigerians on their part do not like repaying debt. Selfish and wicked lots.

See many of them on this thread jubilating sokoloan is shutting down but they fail to realize that business closure such as this will result to loss of jobs and ultimately, loss of revenue for the government because a closed business will not pay tax. At the end, we need to ask ourselves salient questions.

Who is on the losing side?

We need to do better as a people.

danniyal:

Is it by force to give out loans? Is lending the only business in Nigeria?. How can you give out loans to people you don't know and without collateral then you begin to disturb people who don't know anything about the transaction in the first place. Is that not madness? Can a Nigerian try this nonsense in China?

toujurs:
Walaihi, you just said my mind, most Nigerians are criminals, how can a right thinking individual take a loan without thinking of how to pay. That's wickedness. Am very sure they must have borrowed from their family members without paying back, that's why they resulted to borrowing from the app because non of their family members were willing to render help to a bad debtor

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.

einsteine:



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

femiasaolu2014:
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.
And I believe lapo don't do that just 48 hours after loan expiration cos that will be stupid
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.

femiasaolu2014:
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.

Isobug:
They should leave Palmcredit alone

EMIOMOADEOYE:


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.

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

Ikea81:


Lol,. Money dey the account naim them go borrow......there are better ways to get their money. It first starts from doing proper borrowing when you access a debtors risk like other banks are doing..not given people money with the intent of blackmailing them to pay unimaginable interest in one week.

Ikea81:


Lol,. Money dey the account naim them go borrow......there are better ways to get their money. It first starts from doing proper borrowing when you access a debtors risk like other banks are doing..not given people money with the intent of blackmailing them to pay unimaginable interest in one week.

PoTTV:
Them borrow means say them pay��‍♂️

vikyno:


The same thing I did to them. How on earth would you expect a sane person to pay you what he owes after such blackmail. Those people are mad.

adonainana:


Tbh everyone knows why they wouldnt 100 percent want to operate under the framework of the law, and it will be hard for any company to make money off offering personal loans in this present Nigeria.

Even Nigeria 50 years ago, i doubt there is any private equity company that has made a fortune from lending or equity funds.

Me i dont know why they didnt just lend thier money to Banks, or Nigerian companies on the NSE, or simply just go and buy all the houses in Lekki and be reselling

Like due diligence book side dey, due diligence street dey.

How can you bring 1 million dollars into Nigeria and you start giving it out as unsecured loans, so many many businessses you can do that you will make double in no time.

Why waste your time lending to people and start harrassing them to collect it back

ANDREW91:

Lcredit na werey...
Their own go worst along with Gotocash.
Gotocash will not show u how much dey will disburse into ur account. The next thing u will see as the credit asking u to pay almost 100% of the mornin u borrow under 7days.
God go punish them

yom2:
and who even told u they are not making any money?

adonainana:


You can’t offer a loan to a hungry broke man in thier multitudes and expect to make money

Even your capital you won’t see back more less the interest

Most Nigerians are hungry and are barely just surviving
Do you know how many youths in Nigeria are yahoo boys in Nigeria right now just to survive

lkillbrokehoes:
If you don't use iron hands on Nigerians, they will take you for granted.

that's why I don't blame those aggressive loan companies, why take what you can't pay back in the first place?

it's obvious Nigerians take pride in running people's business down.

yom2:
bros no mattar what they are making a kill. That's why u see more loan apps opening shop.. Its before now unserved segment of d economy. The unrepentant debtors will naturally weed themselves out leaving more effective and profitable subscribers. Don't forget its technology backed protocol. They come handy when u consider d stress of obtaining a loan in a regular Nigerian bank

yom2:
tell me why would any reasonable person wount want to repay his her debt? The thing is occasionally they could be handicaped and fall late for 3 or 4 days which also attract penalty fees but that's not enough reason for u to be sending message s that somebody is on d run and is a thief. They are only getting away with this cos d majority are poor hustling Nigerians.