If you are considering borrowing from Soko Loan, then you must read this article to the end to understand how this loan shark company works. Yes, Soko Loan is a loan shark! The company is currently not registered in Nigeria as a legitimate lender, in fact, the Soko Loan app was removed by Google from the Play Store in March 2022 following the request of the FCCPC for violating customers’ privacy. Hence to take a loan from this company, you must be ready to get harassed and face defamation if you fail to pay on the due date.
When Was Soko Loan Founded?
Soko Loan Nigeria was founded in 2018 by Soko Lending Company Limited with the aim of providing quick funds to Nigerians who may not have access to traditional financial institutions. The company operates a mobile-based lending platform that allows individuals to apply for and receive short-term loans ranging from ₦5,000 to ₦100,000.
In its early years of operation, Soko Loan Nigeria gained popularity among Nigerians due to its quick and easy loan application process, as well as its relatively low-interest rates compared to other lending platforms. However, lately, the company has faced criticism for its debt collection practices, which some borrowers have claimed involve harassment and intimidation.
Soko Loan Sanctions and Ban
In March 2022, Soko Loan Nigeria’s mobile app was removed from the Google Play Store at the request of the Federal Competition and Consumer Protection Commission (FCCPC) due to privacy violations and was banned from operations. This came after the loan company has been fined the sum of 10 million naira earlier in 2021 by NITDA for sending a series of defamation messages to the loan defaulter’s contact.
As of 2023, the company’s registration status is unclear, and it is currently missing from the list of approved lenders that was recently released by the FCCPC.
Sokoloan Customer Care & WhatsApp Number
For those who may need to contact Sokoloan directly for one issue or the other, you can reach their customer care through the following numbers:
Phone:0706 224 3452
How to Borrow Money From Sokoloan?
Borrowing from Sokoloan is not advisable as loan sharks are known to charge fraudulent interest rates that can go as high as 50% or more. Also, they employ illegal and aggressive tactics to collect payments such as threats or violence, harassment, defamation, etc., and in this regard, Sokoloan is among the biggest offenders. So if you must borrow, it is much safer to borrow from reputable and licensed companies that are known to be regulated by the Nigerian government.
However, if you insist on taking a loan from Sokoloan, all you need do is navigate away from this page, search for the Sokoloan app on the Google or Bing search engine, download it, sign up, and apply. Then wait to see if your application will be approved. If approved, your funds will be deposited into your provided bank account.
Remember that upon launching the Sokoloan app, you will be required to grant the app various permission on your device such as contact, sms, calendar, location, etc. But before you do that, read below on how they can use the permissions you granted to harass you.
The actions of loan sharks have left a trail of destruction in Nigeria, causing more harm than good. The consequences of being unable to repay the loans taken from these predatory agents can be devastating. Many people, unable to bear the constant harassment, shame, and threats, are left feeling hopeless and trapped. For some, the burden becomes too much to bear, and they see no other option but to end their own lives. It’s a heart-wrenching reality that no one should ever have to face, yet it continues to happen, leaving families shattered and communities grieving.
Below are a few of the shame and disgraces Nigerians have had to face at the hands of Soko Loan:
Those are just a snippet of what Soko Loan can do, their harmful impact as well as some other loan sharks cannot be ignored, and we must take action to put an end to this vicious cycle of exploitation and despair.
Is Soko Loan Legit? Final Verdict
Soko loan is a fake loan app that has been banned by the federal government of Nigeria and had their app removed from the Google Play store for violating customers’ privacy.
Their modus operandi involves giving out loans with a high-interest rate of about 50% or more even on their short 7 days plan, and then using intimidation and abusive tactics to collect back their payments when a customer defaults.
If you want to know whether to take a loan from this loan shark, our advice is “don’t”. However, if you insist on it, make sure you have a mapped-out plan of how you are going pay back their money before the due date or you risk facing insults and defamation.
Have you taken a loan from Soko Loan in the past? Did you default? How were you treated? Let us know in the comments.