Sokoloan, 9ja Cash: Avoid these apps like a plague

Sokoloan, 9ja Cash: Avoid these apps like a plague

Sokoloan, 9ja Cash: Avoid these apps like a plague.

Due to the level of hardship around the world, many people opt for loans in order to survive. While some are resilient and would rather make do with what they have, others prefer to get loans, sort out their needs and pay back later.

However, the sad thing about collecting loans is that it creates set backs. Our needs have to be met on a daily basis and money plays a crucial role in that regard. What happens when the money is available but goes out to creditors? It’s one out of two things: make do with what you have or get more loans. If one chooses the latter, there’s a possibility that it’ll be an endless cycle.

Sadly, some organizations are taking advantage of the desperation of people to not only defraud them by charging unrealistic interest rates but to also defame them in cases where they do not pay up at the set time.

Some of these organization make enticing offers such as giving one the opportunity to collect loans without collateral within a very short time — as short as 3 minutes.

While this may sound like a brilliant idea on the surface, it is not as dazzling as it seems. What are the terms and conditions? What is the interest rate? What happens if one doesn’t pay at the set time? These are issues that need to be critically considered.

Now concerning Sokoloan and 9ja cash which are lending companies in Nigeria (one is a subsidiary of the other), it seems that their terms and conditions aren’t truthful.

According to what they say on their app as regards interest rates, “loans range from ₦5,000 to ₦100,000 with terms from 91 – 180 days. Interest and service fee ranges from 4.5% – 34% with an equivalent monthly interest of 3% – 29% and APR of 29% – 365%.”

Here’s how they break it down:

“If you choose a 6-month loan and borrow N 1,000, Sokoloan charges an interest rate of 4.4% per month. And the interest rate is 26.4%, we would charge you  N263 as interest of 6-month repayment period.  Total amount of repayment is N1,263.”

sokoloan interest rates
Sokoloan interest rates

However, this isn’t the case as they charge over 50% interest rate for a very short period– as short as 10 days! Can you imagine?! The sad part is that no one knows till they’ve fallen victim. Yet, their terms and conditions read “91-180 days”.

I wouldn’t have known about it till it befell a close friend of mine who out of desperation collected a loan of N14,000 and was expected to refund N22,000 in 3 weeks. 3 weeks not months! Meanwhile, they state that the interest on N1,000 for 6 months is N263. Shouldn’t the interest rate on N14,000 for 6 months be N3,682? How then is the interest over 50% for a period of 2 weeks? If this isn’t fraud, I don’t know what is.

Unfortunately for my friend, the money he was expecting didn’t come in on the due date and he was being dragged by the lending company. They made endless phone calls and threats to him and proceeded to send the following messages to his contacts:

“This is to inform the general public that (name)(phone number) is a chronic debtor on the run with company money. Consequently, it is advised to stay away from him until he is arrested.”

“Suspected criminal by name(xxxx) with phone number (xxxx) carted away with company’s money and the police are out searching. Please notify us if found, or contact any of the family members please.”

Just look at the slander all because of a small loan! What would have happened if he collected millions? We can only imagine.

For this reason, I decided do a research to find out what others had to say. Three things stood out: complaints about high interest rates, threats and unreachable customer service. I also discovered that there is no fixed interest rate. It seems they charge whatever they feel like. For instance, someone said he was charged a little over 3,000 on a loan of 10,000 for 2 weeks. My friend was charged 8,000 on a loan of 14,000 for 3 weeks. Below are screenshots of some reviews:

sokoloan review
sokoloan review
sokoloan review

Now, we can clearly see that this is contrary to what they claim. You’re probably wondering why anyone would still collect loans after reading these reviews — trust me I was thinking same. But after taking a second look, it made a little sense.

First, the app has a 4.6 out of 5 rating— not many people would care to or have the patience to read the reviews simply because they make judgements based on rating. I mean, if it’s so terrible it shouldn’t have a high rating ( so they think). Secondly, the positive reviews are so captivating that one would easily fall into the trap especially when desperate. Obviously, they are written by those you have had no issues repaying as at when due.

But like we all know, one won’t truly understand pain till they fall victim. Life can happen at anytime and ruin plans — I do not think any of these people collected loans with the aim of not paying back. Why then should they be treated like criminals or even worse?

I read somewhere that a lady committed suicide because of the harassment, embarrassment and insults she received simply because she couldn’t pay her debt. It is said she collected N8,000 to pay back N15,000 in 14 days. That’s almost 100% interest in 2 weeks! This is not acceptable and shouldn’t be tolerated.

My advice to everyone who is reading this to try as much as possible to make do with what you have but if you can’t, lending from an individual is by far better than lending from these companies. As one of the reviews read, “if you love your peace, avoid this app”. Save yourself, save your reputation. Avoid Sokoloan, 9ja Cash and the likes! Avoid them like a plague! Do not let desperation lead you into a trap.

Have you used Sokoloan or 9ja Cash? What Share your thoughts!

Previous post: The Derrick Jaxn Saga and the Lessons to Learn

Previous review: Bandlab: What You Need To Know



 488 total views,  2 views today

Viano Dee

Non-niche blogger. Poet. Songwriter. A hardcore romantic. Her write-ups could take any form: poetry, articles, and even songs in ways that'll inspire you, resonate with you, or tell a story while keeping you both informed and entertained.

5 2 votes
Article Rating
Notify of
Newest Most Voted
Inline Feedbacks
View all comments

Excellent and truthful article. These loan apps that plague social media with seemingly harmless ads are nothing loan sharks. They take advantage of people who are in need and defame their character. I’m glad you are exposing their deceit, Nigerians are going through so much already, no need for people like them to rub salt on people’s wounds. I hope people will steer clear of them. Thanks Vee.


so much apps bloomed this pandemic season and being precaution to them is really really important. Make sure to check its legitimacy when starting


If these facts are truthful, then these companies are really charging too much? I can’t imagine paying 50% interest rate in 10 days. Thanks for this honest review and for raising awareness on these apps.


Thanks for sharing this so folks are aware and not fall into the trap . It’s unfortunate how people are taken advantage of in times of their desperation. Better to be well informed and proceed with caution with any new apps.


Oh dear, it’s incredible that there are still so many organisations who are offering loans at questionable rates. You are right, it’s important to check the fine print before taking out a loan or just do without it and save instead.


It is awful that they are allowed to do these things. There should be laws to prevent these types of things from happening.

Bethan Taylor-Swaine

Short term, high cost lending is so risky. In a past life I worked in consumer finance and the number of people we spoke to who had got themselves into a real mess through these types of apps was heartbreaking. The route of the problem though is poor financial education, people are often desperate and don’t know what they’re getting into, which is tragic.


great post, I see that you researched it well. I will never use such an app


Fantastic that you’ve built your platform here so you have a voice that can help others. Thank You.


I try to stay way way way away from loans or anything that tries to trick me into giving away my peace, my future, or my good energy.


It is always good to know about the experiences of others about such thing. Better be careful than sorry.

Di Hickman

So many ways for people to fall for deceitful loan sharks, but now apps? Dang, there needs to be some regulation going on cos 50% interest is insane!


Such a sad thing that many fall victim is the need for immediate money. Really must think before borrowing in one of these loan sharks.

Reply to  ann

Too bad to know someone has been victimized by this. Their terms are just insane. 🙁

Ivan M. Jose

There are indeed many unscrupulous individuals that take advantage of the needs of other people. Glad that you wrote this to warn other people about this app.


Thank you for the warning! There are also similar apps like this in the Philippines and still the same we are advised to avoid them as much as we could. 


It is important to check all details of loans before taking them out. The interest rates can be crazy.


[…] Previous review: Sokoloan, 9ja Cash: Avoid these apps like a plague […]


[…] Previous reviews: Sokoloan, 9ja cash: Avoid These Apps Like A Plague […]

Would love your thoughts, please comment.x