Beware Of Sokoloan, 9jacash, Get Cash: Avoid These Loan Apps Like a Plague

Filed in Loan | By NGSchoolz Staff | Last Modified: 6 days ago

Beware Of Sokoloan, 9jacash, Get Cash, Fast Money, 9credit, GoCash: Avoid These Loan Apps Like a Plague! Never Collect Loan From These Apps, Don’t Even Try It Because You Will Regret It.

Beware Of Sokoloan, 9jacash, Get Cash, Fast Money, 9credit, GoCash

The sad thing about collecting loans is that it creates set backs. Our needs have to be met on a daily basis and money plays a crucial role in that regard. What happens when the money is available but goes out to creditors? It’s one out of two things: make do with what you have or get more loans. If one chooses the latter, there’s a possibility that it’ll be an endless cycle.

Some of these organization make enticing offers such as giving one the opportunity to collect loans without collateral within a very short time — as short as 3 minutes.

While this may sound like a brilliant idea on the surface, it is not as dazzling as it seems. What are the terms and conditions? What is the interest rate? What happens if one doesn’t pay at the set time? These are issues that need to be critically considered.

See Also: Top Bad Loan Apps and Lenders in Nigeria To Avoid

The economic crisis in the country has left a lot of Nigerians frustrated, hopeless and helpless. As a result, many microfinance and money lending firms have emerged to take advantage of the situation. While some of them offer genuine financial assistance with considerable interest rates and repayment methods, others are just like preys that milk their ‘victims’ dry. One of such is Soko Loan (a subsidiary of Soko Lending Company Limited), a money lending company that has been scamming hundreds of Nigerians to make a fortune for itself. Simply put; Soko Loan literally gives you a cap and callously beheads you afterwards.

Firstly, exclusive investigation by reveals that Soko Loan offers the worst loan package to customers, compared to its contemporaries. The company would not only give you a maximum of 10 days to repay its loan, after which an arbitrary daily interest of about N700 will be added for late repayment.

For a loan of N5,000 for instance, which is to be paid back within 10 days, Soko Loan charges N2,102 as interest (for just 10 days), meaning that the customer will repay the sum of N7,102. And from the 11th day, additional daily interest of about N700 is added to the fee until the customer pays back. Other online money lending firms offer far better and reasonable package.

And as if that is not enough, Soko Loan will still go ahead to threaten defaulters with anti-graft agencies, and also send stinker messages to the phone contacts of the defaulter. The mobile App of Soko Loan allows company access to the borrower’s phone contacts.

“For a loan of N14,000, I ended up being debited of N21,546 by Soko Loan, after they had tried everything to drag my integrity in the mud by sending bulk text messages to all my phone contacts that I have been declared wanted by an anti-graft agency. Other money lending firms are more reasonable with their approach,” a customer who vowed never to patronize Soko Loan again recalls. further gathered that many times, Soko Loan makes dubious direct deductions from customers’ bank accounts, having being in possession of the client’s debit card details. “Sometimes, they will also call you on phone and threaten you to pay directly into a particular bank account, after which they will claim it was a ‘ghost worker’ that made the call. Honestly, the Central Bank of Nigeria (CBN) and other relevant agencies need to urgently investigate the activities of Soko Loan and curb them from scamming more people,” another victim of the money lending firm told our Correspondent.

How To Report Sokoloan App On Play Store

Report the app to Google, get 10 other people to do that
Go to the app store search SokoLoan. When it opens look at the 3 dots at top right corner. Click report as inappropriate.
Google will knock them off the app store

My advice to everyone who is reading this to try as much as possible to make do with what you have but if you can’t, lending from an individual is by far better than lending from these companies. As one of the reviews read, “if you love your peace, avoid this app”. Save yourself, save your reputation. Avoid Sokoloan, 9ja Cash, Fast Money, Get Cash, GoCash and the likes! Avoid them like a plague! Do not let desperation lead you into a trap.

Have you used Sokoloan or 9ja Cash? What Share your thoughts!

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READ THIS:  Top Bad Loan Apps and Lenders in Nigeria To Avoid

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