| Interest Rate | 35% |
| Duration | From 13 days |
| Access Level | Public |
| Company Name | Soko loan |
| Phone 1 | +234 703 065 2112, +234 906 462 6381 |
| Phone 2 | |
| Website or Store | https://uga.afr-nigeria.ufileos.com/Sokoloan.apk |
| Address | |
| Category | Dangerous Loan |
| Company Email | |
| Views | 395 |
SokoLoan is a microfinance institution in Nigeria focused on providing financial opportunities for low-income individuals and small business owners. The platform aims to offer short-term loans to those who need quick access to cash for unexpected expenses or emergencies.
What SokoLoan Offers:
- Fast and Easy Loan Applications: With a fully online lending platform, SokoLoan allows users to apply for loans 24/7, with applications processed in minutes. Whether you’re a small business owner, student, or someone with fixed assets in need of consumer loans, the platform promises quick solutions.
- No Collateral Needed: SokoLoan does not require borrowers to put up collateral, making it easier for individuals without significant assets to access funds.
Loan Terms and Advice:
- Short-Term Loans Only: As a responsible lender, SokoLoan recommends its loans be used for short-term emergencies. They caution users to avoid taking loans unless absolutely necessary and suggest seeking financial advice if in serious difficulty.
Warning on High Interest Rates and Defamation Risks: While SokoLoan promises convenient financial support, it’s crucial to understand the risks. The platform is notorious for its high-interest rates and harsh consequences if a borrower defaults. In cases of non-payment, SokoLoan may defame your character by notifying your contacts and damaging your reputation.
For these reasons, it’s strongly advised not to download this app unless you're fully aware of the high risks involved. Consider alternative financial solutions that provide more reasonable interest rates and ethical lending practices to protect your personal reputation and financial health.
Expert Counsel
When dealing with Sokoloan, the most notorious of all dangerous loan apps, it's crucial to understand the intricacies of repayment. Here's what you need to know:
Unregistered: Sokoloan operates without proper registration as a loan app. This means they operate outside legal guidelines and regulations Though they are a registered company in Nigeria, they have many apps that are not traced to the company.
Derogatory Messages: Sokoloan is notorious for sending disrespectful or offensive messages to your contacts. This behavior can be harmful and embarrassing. Once they resort to such tactics, it's clear they've collected their money and any further payment may not undo the damage. If they demand payment, be prepared to challenge them legally.
Defamation: Sokoloan is infamous for tarnishing borrowers' reputations, even before their due date arrives. Their actions can have lasting consequences, making repayment futile.
Install TrueCaller: Protect yourself from Sokoloan's harassing calls by installing TrueCaller, an app that identifies and blocks spam calls.
Block Auto Debit: Prevent Sokoloan from automatically debiting your bank account by blocking your bank card. Visit your bank to request a replacement card.
Block on WhatsApp: Block Sokoloan's contact on WhatsApp to stop receiving messages. Additionally, report their behavior on WhatsApp to alert the platform.
Report to App Stores: If Sokoloan has multiple apps on platforms like Google Play Store, report them to the respective app stores. This helps warn others about their behavior and may lead to the removal of their apps.
Taking these steps is crucial to safeguard yourself from further harassment or harm by Sokoloan.
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