Expert Review
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Fastmoney (Sokoloan Version)
Let's discuss Fastmoney, a loan service affiliated with the Sokoloan company. Firstly, it's essential to highlight their aggressive debt collection tactics. Instead of merely notifying you about your debt, they go as far as sending defamatory messages to all your contacts via SMS.
Moreover, Fastmoney is notorious for bombarding your WhatsApp contacts with derogatory messages, starting from just one day after your repayment deadline. Their repayment plans typically range from 6 to 14 days, making it challenging for borrowers to meet their obligations.
Adding to the burden is their exorbitant overdue interest rates, which can soar as high as 5% to 7% per day, plunging borrowers deeper into debt. It's crucial not to succumb to their tactics by repaying them once they tarnish your reputation, as this only serves to fuel their profits.
Given their status as unlicensed loan apps, Fastmoney and similar services lack legal authority. Their primary weapon is defamation. Additionally, attempting to borrow from other loan apps to repay them only exacerbates your financial predicament, as you may inadvertently end up borrowing from them again, perpetuating a vicious cycle of debt.
To shield yourself from their relentless harassment, consider installing Truecaller on your mobile device to identify and block their calls. Furthermore, blocking them on WhatsApp and reporting their activities directly on both WhatsApp and Google Play Store can serve as effective countermeasures.
Step by step guide to break free from loan apps
What you should know
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Any loan sharks that defame are never linked to the credit bureau in anyway and all they say to you are lies.
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Loan shark money cannot help solve anybody matter to better 40% - 70% in 7 days, they are simply misery compounders!! Do away with them.
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Loan Apps major aim is to make outrageous profit from people and render people bankrupt. Dont be a victim
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