How Chinese Sokoloan Lending Company Rips Nigerians Off With Shylock Loan

MICHAEL AKINOLA

Probably many Nigerians may not have realised that they signed their death warrant when an online Chinese credit financial company, known as Sokoloan Lending, offered to give loans to the public.

P.M.EXPRESS reports that the company, whose office is located at Acme Road, Agidingbi area of Ikeja, Lagos, was said to have frustrated debtors who borrowed money and were unable to refund the loan at the agreed period as they would be blackmailed on the social media as fraudsters.

Some of the debtors, who could not manage the blackmail, ended up committing suicide over the shame as was the case of a woman who took her life over such incident in Ibadan in Oyo State.

The frustrated woman as reported in the social media in Agbowo area of Ibadan, Oyo State, was found with a note after committing suicide because of the N8,000 loan, which she received from Sokoloan and could not pay back. In the note, the loan was to be due in two weeks with a very huge interest of N7,000. So in total, she was supposed to pay N15,000 back in 14 days for a loan of N8,000.
She reportedly begged the Customer Care team of Sokoloan to give her till the month end, being a salary earner, as her loan was due since 15th of January. But they treated her badly and harassed her severally through the phone. Then four days later they started calling and sending messages to her contacts through the data she had submitted before she obtained the loan. They had called 49 of her contacts before she eventually took her life.

The deceased was unlucky unlike another lady in Lagos, identified as Naomi, who survived the shock after she realised that Sokoloan Lending company had circulated her name on social media as a suspected criminal warning her contacts not to have any dealings with her because she took a loan from them and had not pay it three weeks after the repayment period elapsed.

Naomi narrated that she had borrowed money from the company on several occasions and repaid the debt before the recent one; she borrowed N14,000 to pay 45 percent interest making total of about N20,400.

She said when the date for payment elapsed; she notified the company through the Customer Care Department and asked them to extend the time. She said the next thing was several calls from her contacts asking her why she turned into a criminal and they then forwarded the messages Sokoloan had sent to them warning them not to have any dealings with her.

“Since the incident, my health has deteriorated because of the trauma and yet the company was still calling me for repayment of the debt after destroying my image in the social media” she narrated.

It was not only Naomi and the deceased that had suffered similar trauma orchestrated by Sokoloan Lending company; it was gathered that many who have suffered such mental torture have not recovered in different locations across Nigeria.

P.M.EXPRESS findings revealed that those who borrow money from the company usually found it difficult to repay it owing to the high percentage attached to the loan which was usually between 45 to 50 percent interest.

It was gathered that the company, though located in Nigeria, does not have regard for the Central Bank of Nigeria regulations on interest, which was said to be within the range of 9 and 10 percent.

When P.M.EXRESS contacted the company and stated the reason for contacting them, the Customer Care staff switched off the phone.