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

Filed in Loan by on 11 months ago 34 Comments

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 Ngschoolz.net 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.

Ngschoolz.net 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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Comments (34)

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  1. wis says:

    Am facing d trauma right now n it was d next day they started sending messages to my contacts. D Issue has gone pass what am saying. D worst thing is that their repayment page does not even go n hv chatted with their online customer care to send me their account details but no reply till now. This is d seventh day of d overdue.

    • Try and pay up then uninstall the app before it ruin your life, they will tarnish your image.

      • Wizzyy says:

        I borrow loan of 8k from Gocash but they didn’t credited my bank account and I haven’t use the loan
        The 8k loan is still showing in the Gocash app
        Pls how am I going to do it before the due date
        Will they reverse their loan back or the loan they borrowed me will expire or they will have to collect anoder money from me
        Pls reply back am really confuse

        • Chukwudi John Johnson says:

          Get their customer care line and report the matter

    • Dennis says:

      I use 9jacash and has never had problems with them. All I do is apply for extension where I don’t readily have the money to pay back on the due or call an agent I have related with before. I think having someone in the inside helps mitigate all these problem listed of the broadcast. Their account details is: (9jacash)1023408536-UBA. Account names is: Soko Lending Company Limited Richloan Collections. If I may add, why not call or text the number texting your contacts?

  2. Anonymous says:

    You’re right with what you said. Many have been caught in the web even me. But are there better loan apps for people to use in case of some uncertainties?

  3. Booque says:

    This is what I am currently experiencing, My life is in a mess at the moment, I am owing Lcredit, fastmoney, TrueNaira and Xcredit. I am into real estate marketing and things have not been all rosy lately, they have already tarnished my reputation with their calls and messages to my contacts tagging me a criminal on the run. All I think about now is suicide, the only reason I am still alive is because of my five months old baby. I am thinking of calling them out on instagram live video, I don’t know if it’s a good idea because the loans have accumulated to over 350k and they have destroyed my relationship with my clients and prospects even my landlord.

    • Don’t even think of committing s*icide, it’s never solve any problem. Think about your life, all because of NGN350,000??

    • Hotbrown says:

      Pls do not even try such, just let people on contact know that it’s only a loan u took not stealing,they did same to me my own case was I borrowed 30k to pay back 35k in 7 days,on the agreed date network was bad to pay through their app so decided to pay 20k through the account they sent to me but after paying this denied ever seen the money,it was on a weekend so I couldn’t go to bank to get statement of account, within Saturday n Sunday this people had already sent my picture to the on contact saying I’m a criminal on the run the authorities are lookin for me,they sent it to the company manager and H.R am working,my company summoned me and explain that was how they disregard their stupid messages.so the following week I went to d bank to get statement of account and truly the money had dropped in their account..sokolaon is a criminal organization itself ,so why thinking of commiting suicide.remove such thought from ur mind

      • Florence Bamidele says:

        Pls is there a way to eradicate these people,as I am nw very restless, I’m to pay sokoloan,gocash,fast money nd 9ja cash,9ja cash has posted my picture to all my contacts especially my mummy,pls is there anything one can do to curb these people, things are becoming worse oooo,

    • Dennis says:

      You are owing four apps and hasn’t paid and still complaining! First, you violated, putting their business at risk. These are not government agencies or palliative issuing organizations. If you are not sure of your source of repayment, don’t take these loans. You can’t abuse the process and expect them to fold their arms, praying and hoping for things to be rosy before you pay! Regular financial institution do same. If you don’t pay, they liquidate your assets. I don’t think you have much of a case against them because your contacts, to them, is your collateral.

      • Loco disco arch says:

        Her contact to them is not the collateral, all these is happening because Nigeria is just like an animal kingdom. Default in loan is not criminal according to Nigerian constitution if sokoloan want to get his money back there are many legal ways than to descend so low to be perpetrating illegality in Nigeria, what they can not do in there own country. You will blackmail a defaults as a criminal and send it to all his\her contact that is purely illegal.

  4. Ruth eze says:

    This people are devilish…they use voodoo to hold theur customers so as to make things hard for them.. I have been a victim of their wicked act..(soko loan)they went ahead and sent messages to all my contact thinking they will tarnish my reputation but God pass them…i was able to resolve my issues and i am still on it…please this people should be reported…

  5. Mami says:

    I can relate, I’m owing Go cash and my mind isn’t at rest. The day I pay all these loans, I am uninstalling the apps and never to look at them again.

    • Kelly says:

      If one has downloaded these apps,applied for a loan and they say successful but you should authorize bank account to enable them put money into your account but still haven’t authorised account to receive money from them and no longer interested in getting a loan from them..,How do I cancel and delete all my details and bvn and informations before logging out Completely?

    • Wizzyy says:

      How do you make use of gocash loan money bcs I can’t use the money I borrow
      I don’t know why

  6. Ikenna says:

    Sokoloan is the worst plague that has ever happened to me. I hate the day I ever downloaded their fraudulent app. They kept sending messages to all my contacts calling me a criminal on the run. I have made up my mind to deal dangerously with them. I have already involved some lawyers. They will pay through their nose.

    • Rose says:

      Very stupid bunch and then you enquire for their physical address they start beating around the bush. Please how do you serve them papers. I’m very interested.

      • Benssul says:

        If you don’t have their physical address, you should gather all the phone numbers they use in contacting you and your contacts and present for tracking

      • Zubby says:

        Search through Facebook address are there.. these guys should be brought to book,they actually encouraging suicide…

  7. Ben says:

    Am owing migo, fast money, Gocash,Lcreadit and 9credit.they have tarnished my reputation to the whole world the worst is that when i wanted to pay their apps where not working then I requested for an account details they didn’t reply and they keep on adding charge of 73000 i don’t even know what to do again things have become so hard for me

  8. Iyabo says:

    I just make a repayment now via there office account number but they have not do anything about it and I have been debited..what do I do..how do I speak with there staff

  9. Gregory says:

    This people are scammers they scam innocent Nigeriansjist because they are in need of urgent loan or cash..I will advise we all to go to Google Play store and report the app as inappropriate and withing 2/3days they will be off the app store..let do this for other loan app too.they are the real yahoo yahoo plus because they use diabolic means not to be able to pay back

  10. Jane Mba says:

    This guys are scammers they give so much high loan to pay back within 7days..please disregard getting a loan from them..report them to consumers protection and also report them to Google…they must be prosecuted..

  11. nnvmdi says:

    If you are addicted with always going back to collect this loan..change your android phone to an iPhone and run away from anything android. Do this and know peace. It worked for me. Cheers

  12. Alex says:

    In my case, just 1 day overdue and they’ve started sending their messages to my contacts telling them that I am a criminal on the run with a company’s money. What I did first was to send a broadcast message to all my contacts on WhatsApp and explained to them that it was a Fintech organization, and that I borrowed the money from them and was yet to balance up.

    That helped a lot to give my contacts a better explanation to the real situation.

    Those guys are real devil’s and their customer care people sound so unreasonable and uneducated for my liking.

    • Amara says:

      Hey, pls how do I do the same?

  13. Kafayat says:

    Pls am not borrow money from sokolending and they av debit my account 2 times what should I do

  14. Olatunbosun says:

    Sokoloan is a worst app ever and a dubious act…I pray not to have anything doing with them no more after sending my pictures to all my contacts I nearly lost my job cus of 17k

  15. Chukwudi John Johnson says:

    Fastmoney was the one who send my phone and pictures to my contacts. Calling me a dubious and criminal who ran away with their company money. I am just try to recover from the shock. Even their app cant be found on Google because i am sure many people have reported them. They are heartless, character assassination is their second name. Just 2 days over due my name went viral all over my contact.

    • Amara says:

      Hey, did you delete cache and storage and they still defame you?

  16. Afolagboye adebs says:

    Plz kindly run for 9ja cash,they are evil only a 2 days defaulting,my photo went viral on my contact telling my contact that Im a criminal on the run.i have call the number they are using but they refuse to pick my call and calls from my contact.thry are not on goggle store any more.plz people should be aware of mobile loan app own by sokoloan

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