List of fake loan apps in Nigeria

Fake loan apps are on the rise in Nigeria, and it’s important to be aware of them so you don’t fall victim. These apps often promise easy money with no strings attached, but they’re usually just scams. They may collect your personal information, charge you hidden fees, or even give you a loan that you can’t afford to repay.

In this blog post, we’ll list some of the most common fake loan apps in Nigeria in 2023. We’ll also give you some tips on how to spot a fake loan app and avoid falling victim to a scam.

So if you’re thinking about using a loan app, be sure to read this blog post first. It could save you a lot of trouble and money.

What is a fake loan app?

List of fake loan apps in Nigeria

A fake loan app is a mobile app that claims to offer loans to users, but instead steals their personal and financial information. These apps are often advertised on social media and other online platforms.

How do fake loan apps work?

Once you download and install a fake loan app, you will be asked to provide a number of personal and financial details, such as your name, address, phone number, bank account number, and social security number.

Also read: Best mobile loan apps in Nigeria

The app will then claim to approve your loan and ask you to pay a processing fee or other upfront payment. Once you pay the fee, the app will disappear and you will never see your loan money.

List of illegal loan apps delisted by FG

  • Swiftkash App
    2. Hen Credit Loan App
    3. Cash Door App
    4. Joy Cash-Loan Up To 1,000,000 App
    5. Eaglecash App
    6. Luckyloan Personal Loan App
    7. Getloan App
    8. Easeloan Apps
    9. Naira Naija
    10. Cashlawn App
    11. Easynaira App
    12. Crediting App
    13. Yoyi App
    14. Nut Loan App
    14. Cashpal App
    15. Nairaeasy Gist Loan App
    16. Camelloan App
    17. Nairaloan App
    18. Moneytreefinance Made Easy App
    19. Cashme App
    20. Secucash App
    21. Creditbox App
    22. Cashmama App
    23. Crimson Credit App
    24. Galaxy Credit App
    25. Ease Cash App
    26. Xcredit
  • 27. Imoney
    28. Naira Naija
    29. Imoneyplus-Instant
    30. Nairanaija-Instant
    31. Nownowmoney
    32. Naija Cash
    33. Eagle Cash
    34. Firstnell App
    35. Flypay
    36. Spark Credit
    37. Luckyloan Personal Loan App

How to identify fake loan apps in Nigeria

pexels photo 4386431

Here are a few tips to help you identify fake loan apps in Nigeria:

1. Check the app’s registration status. All legitimate loan apps in Nigeria must be registered with the Securities and Exchange Commission (SEC). You can check the SEC’s website to see if an app is registered.

Must Read  Best mobile loan apps in Nigeria

2. Look for red flags in the app’s terms and conditions. Fake loan apps often have predatory terms and conditions, such as high interest rates, hidden fees, and short repayment periods. Be sure to read the terms and conditions carefully before you apply for a loan.

3. Beware of apps that ask for too much personal information. Fake loan apps often ask for more personal information than is necessary, such as your bank account number, BVN, and contact list. Be careful about giving out your personal information to any app.

4. Read online reviews. Before you download a loan app, take some time to read online reviews. This can help you get a sense of whether the app is legitimate and what other users’ experiences have been.

5. Only download apps from trusted sources. Avoid downloading loan apps from third-party websites or app stores. Instead, only download apps from the official Google Play Store or Apple App Store.

10 ways to identify fake loan apps in Nigeria

Nigeria has one of the highest internet penetration rates in Africa, and this has led to the rise of online loan apps. While many of these apps are legitimate, there are also a number of fake loan apps that are designed to scam people.

Here are 10 ways to identify fake loan apps in Nigeria:

1. Unrealistic interest rates

If an app offers you a loan with an interest rate that seems too good to be true, it probably is. Legitimate loan apps typically charge interest rates of around 10-20% per annum, but fake loan apps may charge interest rates of 50% or more.

2. No physical address or contact information

Legitimate loan apps will typically have a physical address and contact information listed on their website or app. If an app does not have this information, or if the information is incomplete or incorrect, it is a red flag.

3. No credit check required

Most legitimate loan apps will require you to undergo a credit check before approving your loan. This is because they need to assess your ability to repay the loan. If an app does not require a credit check, it is likely a fake loan app.

4. Upfront fees

Legitimate loan apps will not charge you any upfront fees. If an app asks you to pay a fee before approving your loan, it is a scam.

5. Hidden terms and conditions

Fake loan apps often have hidden terms and conditions that can trap you in a cycle of debt. Before you agree to any loan, be sure to read and understand all of the terms and conditions carefully.

6. Pressure to sign the loan agreement quickly

Fake loan apps will often try to pressure you to sign the loan agreement quickly without giving you enough time to read and understand it. This is a red flag.

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7. Poor reviews

If you find a lot of negative reviews about an app online, it is a good sign that the app is fake.

8. Lack of transparency

Fake loan apps are often very secretive about their operations. They may not disclose their interest rates, terms and conditions, or contact information. This is a sign that you should avoid the app.

9. Unlicensed

All legitimate loan apps must be licensed by the Central Bank of Nigeria. If an app is not licensed, it is operating illegally and you should avoid it.

10. They do not have a customer support team

Legitimate loan apps will have a customer support team that is available to answer your questions and help you with any problems you may have. If a loan app does not have a customer support team, it is a red flag.

Top List of Fake Loan Apps in Nigeria

  1. 9Credit
  2. •  9ja Cash
  3. •  BorrowNow
  4. •  Cash Mall
  5. •  Cash Wallet
  6. •  CashLion
  7. •  Ease Cash
  8. •  FastMoney
  9. •  ForNaira
  10. •  GGMoney
  11. •  GoCash
  12. •  GotCashger
  13. •  GotoCash
  14. •  KashKash
  15. •  LCredit
  16. •  LendCash
  17. •  NairaPlus
  18. NCash
  19. •  Palmcash
  20. •  Sokoloan
  21. •  ChaCha
  22. •  Easy Moni
  23. •  EasyCredit
  24. •  Here4U
  25. •  Maxi Credit
  26. •  SoftPay
  27. •  Speedy Choice

How to Spot Fake Loan Applications in Nigeria

Nigeria is a country with a large and growing population, and with that comes a high demand for loans. Unfortunately, there are also a number of fake loan applications operating in Nigeria, which can scam people out of their money.

Here are some tips on how to spot fake loan applications in Nigeria:

  1. Be wary of unsolicited loan offers. If you receive a loan offer out of the blue, it’s probably a scam. Legitimate lenders will not contact you unsolicited.
  2. Do your research on the lender. Before you apply for a loan, make sure to research the lender carefully. Check their website and social media pages to see if they are legitimate. You can also read online reviews of the lender to see what other borrowers have experienced.
  3. Be careful of hidden fees. Some fake loan applications will charge hidden fees, such as upfront processing fees or late payment fees. Legitimate lenders will disclose all fees upfront before you apply for a loan.
  4. Be wary of short repayment terms. Fake loan applications often have short repayment terms, which can make it difficult for borrowers to repay the loan. Legitimate lenders will typically offer longer repayment terms so that borrowers can have more time to repay the loan.
  5. Never give out your personal information to an unverified lender. If a lender asks you for your personal information, such as your bank account number or social security number, before you have been approved for a loan, it’s probably a scam. Legitimate lenders will only ask for your personal information once you have been approved for a loan.

What to do if you have been scammed by a fake loan app

If you have been scammed by a fake loan app, there are a few things you can do:

  • Report the scam to the authorities. You can report the scam to the police or to the Nigerian Financial Intelligence Unit (NFIU).
  • Monitor your credit report. Fake loan apps may open new credit accounts in your name without your permission. Monitor your credit report regularly to check for any unauthorized accounts.
  • Change your passwords. Fake loan apps may steal your personal and financial information. Change your passwords for all of your online accounts, including your bank accounts and social media accounts.
Must Read  How to Check Your NIRSAL Loan Status with Your BVN

How to Avoid Being Scammed by Fake Loan Apps

There are a few things you can do to avoid being scammed by fake loan apps:

  • Only download loan apps from official app stores, such as the Google Play Store or the Apple App Store.
  • Be wary of loan apps that promise high loan amounts with low interest rates and no collateral requirements.
  • Read the terms and conditions of a loan app carefully before you agree to it.
  • Never give a loan app access to your bank account or other personal information.

If you have already been scammed by a fake loan app, you can report it to the Nigerian Securities and Exchange Commission (SEC) or the Economic and Financial Crimes Commission (EFCC).

Conclusion

So, that’s the list of fake loan apps in Nigeria for 2023. Please be careful when downloading any loan app, and make sure to do your research before you apply. If you’re unsure about a particular app, it’s always best to err on the side of caution and avoid it.

Here are a few tips to help you avoid fake loan apps:

  • Only download apps from official app stores. Fake loan apps are often hosted on third-party websites, so it’s important to only download apps from official app stores like the Google Play Store or the Apple App Store.
  • Read the app’s reviews before you download it. Fake loan apps often have negative reviews, so it’s a good idea to read the reviews before you download the app. If the app has a lot of negative reviews, it’s best to avoid it.
  • Be wary of apps that require you to pay upfront fees. Fake loan apps often require you to pay upfront fees before you can get a loan. These fees are usually non-refundable, and you’ll likely never get your money back.
  • Be wary of apps that ask for access to your personal information. Fake loan apps often ask for access to your personal information, such as your bank account information or your social security number. You should never give out your personal information to a loan app unless you’re sure that the app is legitimate.

If you think you’ve been scammed by a fake loan app, you should report it to the authorities and to the app store where you downloaded the app. You should also change your passwords and monitor your bank accounts for any unauthorized activity.

I hope this blog post has been helpful. If you have any questions, please feel free to leave a comment below.

Richard okechukwu Chinedu

FinTech enthusiast with a passion for making financial technology accessible and understandable. I break down complex concepts into actionable insights to empower readers to navigate the ever-evolving world of FinTech.

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