Sokoloan Review – Should you go ahead with your loan application? Read this first
December 4, 2020
Sokoloan review – Financial inclusion has taken a giant leap in the recent Nigeria’s economy.
The ease at which loans are being accessed these days by far outpaced the experience of yester years, are there significant improvement, apparently yes.
It’s somewhat easier to access a loan from the comfort of your home, without undergoing a herculean task of paper work.
That said, you probably may be in need of urgent loan to finance whatsoever project, that too can be taken care of in a single bootstrap.
It has always been a routine advantage for financengr.com readers to be acquainted with certain trends about brands they tend to do business with.
That too is still on high spirit, you have the advantage to know more about brands before ever parting with your fortune into their folds whatsoever.
For the record, we do not write reviews to bring down a business or influence its patronage, we rather dish a typical soul of the brand to our readers, to further decide if they should go ahead or back out.
In the light of these, whatever you choose to do afterwards is strictly your own decision and we so cannot be accountable for your actions and inactions.
The Central Bank of Nigeria from every indication seems to be achieving its goals of financial inclusion, a number of brands have taken to the market to provide loans to the Nigerian populace.
Today we’ll be doing a Sokoloan review, one of such brands popularly known in town.
Sokoloan is an online lending platform, which does a business of providing short-term loan to Nigerians.
The essence is to help Nigerians cover unexpected expenses which attracts urgent cash needs.
Sokoloan like any other online loan in Nigeria does not require collateral from its borrowers.
Sequel to this, the platform claims it tends to provide loans to low income entrepreneurs, grass root employees of SMEs, women, students and small scale farmers.
- Sokoloan works on a Mobile APP application that lets you access loan anytime
- It’s loan approval has a turn-around-time of 5 minutes as they claimed
- Your success is rewarded with N100
- 24-hoour security
- Secured data and reliable.
How it works
According to the platform, you could get started in few simple steps.
Step 1 – Download and install the APP in your android phone
Step 2 – Sign up on the platform
Step 3 – Fill in the application form with necessary details as required
Step 4 – Apply for your loan
Step 5 – Your loan application will be reviewed, once successful your preferred account will be credited. If by any means your application is not successful, you will be informed accordingly.
Sokoloan is located at number 9, Acme Road, Agidingbi, Ikeja Lagos.
How to apply?
Having download the APP, sing up and complete the application form. Determine how much you want to borrow, your loan offer will be made available.
Having submitted your loan application, you will be communicated on your loan decision.
According to the platform, sokoloan is strictly paperless and does not require collateral. All you need to kick start is your android phone, data connection, valid ID card and bank details as seen.
How long does it take to process the loan?
According to them, the process can be completed at no time. Once you complete the application and accept the loan made available, your information is reviewed and a loan decision will be reached.
If approved, funds will be received within minutes.
Sokoloan customer care number
How do I repay the loan?
On your due date, your payment will conveniently be deducted from the account linked to the debit card made available during your loan registration.
Can I make an early repayment?
Yes you can, if you choose to effect your repayment before the due date, kindly use the “Make repayment button on “the my loans page on the app”
What happens if I can’t make repayment on due date?
There are fees associated with late payments, also note that defaulting loans are being reported to the credit bureau, this will affect your ability to source loan in the future.
Repayment dates are not rescheduled, this is why it’s important to be reasonable and source loan you can pay back within the repayment period.
Sokoloan interest rate
For the record, interest and service fees ranges from 4.5%-34% with an equivalent monthly interest of 3%-29% and APR of 29%-365%.
As you are aware, the major aim of writing Sokoloan review is to help you make informed decision on whether to go ahead and process loan with sokoloan or look elsewhere.
That said, let’s look at major events.
What users are saying about Sokoloan
BEWARE OF SOKOLOAN…– Onochurch
PREDATORY LENDING IS REAL!!!
This happened to my sister of recent. She applied for a domestic loan on Sokoloan online platform to the tune of 14k. She was billed N6, 433 in interest (i. e an outrageous 45%interest for a 10 day loan. This meant that she was to pay back N20, 433 ten days from the time she secured the loan.
Fast forward to 10 days time. She was unable to meet up with the loan repayment, and thus demanded for more time when contacted.
3 weeks after that, on the 15th of feb, she got a report that the following message was being circulated to all her phone contacts, including key business clients. The report read thus:
“Attention! The Name: Naomi So and So with phone number XXXXXXXXXX is acting fraudulent, has defaulted in her repayment of loan to a chinese lending company (Sokoloan) by collecting a loan and refusing to pay back. The public is advised to take caution of her, until she pays back the company money.
NOTEWORTHY is the fact that the actual amount owed or even the exorbitant interest added was conveniently ommited from this highly defamatory message, giving the impression that She may had defrauded the company of a huge amount of money.. (if that isn’t predatory, what is it then?
To make matters worse, when the customer care was called by the upset young lady to demand why her character should be so defamed after just three weeks of default, she was rewarded with more insults and threats and called unmentionable names.
This from a Chinese firm?
In a related report @nairaland, a similar incident just occured involving this same sokoloan. A woman who had lent 8k to pay back 15k in 14 days time was meted this same horrible treatment few days after she defaulted that ended in the victim taking her own life as a result of the ensuring embarassment. Now if this isnt predatory and evil, what is??
Now my point is this…
A country that cannot protect its citizens from exploitation from foreigners and evil loan extablishments, is this fair?
Where are the regulatory bodies that are supposed to be guiding the exploitative activities of these shylocks whose major aim remains to capitalize on the vulnerability of our poor economy and defraud Nigerians by the millions?
#This is unacceptable!
#Sokoloan is a fraud that must be shut down
#Naomi is now threatening to sue for grevious defamation of character.
#Naomi has been timely with her repayments on previous loan transactions. Why defame her now on a little default?
I stand with Naomi on this!
Its time to be the change we seek.
Below are the hotlines of the fradulent sokoloan: 08148799371.
01 – 4536792
Lets all register our displeasure by sending them a message. Remember, all for one, one for all.
PLS RESHARE. WE CAN MAKE THIS GO VIRAL. GOD BLESS YOU– By Onochurch
I am game on this. Those guys are bastards and I have said it several times,they should be banned.
The interest rate is high (about 40% for just 10 days) and they will start calling you on the day you are to make repayment.
The people that will call you act like agbero and they will threaten you join your family. That foolish app has access to your phone contacts and calendar and they will disturb your life online and offline.
The worst is the message they will send to all your contact telling them that your are fraudulent and that they will arrest you. The loan may not even be more than 10k as you have said.
I swear,if God gives me power, I will burn down the Sokoloan company. That Chinese company is a no no. You can report the app on playstore and start giving them low rating. Stay away from Sokoloan– By Mascot87
The user comments you just read on Sokoloan review is strictly the view of the users as found on Nigerian most popular forum Nairaland.
Judging from their comments, Sokoloan seems to have outrageous rate, additionally, their loan recovery method seems not to be too sound or ideal with common ethical standard.
Recall, it’s binding on you to find out the rate and fees attached before ever deciding to collect the loan in the first place.
Rightly know that the loan recovery process may not suit your personality should you by any means fail to pay on your due date.
This is the much you need to know about Sokoloan review, what others have said should not get you deterred if you think you can do business with them.
However, user experience plays a very crucial role in your decision, it’s up to you go ahead with the loan process or look elsewhere if deemed it.
Raphael Orji is a freelance writer, professional blogger and a content marketing consultant. I work with small businesses, startups and entrepreneurs in building their brand image with high quality blogging and content marketing strategy.
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