LCredit is one of the many lending apps in Nigeria that claims to be giving out quick loans to customers but recent happenings and developments have revealed their true identity to be a loan shark terrorising borrowers.
Actually the way fake loan apps in Nigeria send shame and defamatory messages to their customers and their contact lists is becoming alarming, worrisome and calls for urgent attention from government financial authorities and consumer protection agencies such as the (Central Bank of Nigeria (CBN) and Federal Competition and Consumer Protection Commission (FCCPC) respectively.
If you have been a steady borrower or regular patron of instant loan business in Nigeria for some while now, it would have been obvious to you that once upon a time there was a lending app called LCredit on the Google Play Store known for its notorious and fraudulent activities in sending defamatory messages to people’s contacts barely days after taking a loan.
If you are a new customer and just started patronizing loan apps and have been seeing this application listed on blogs as a fake app, you may be asking: What happened to LCredit loan app? Why was it shut down? Why was it taken down and banned from operating in Nigeria?
LCredit loan app was taken down from Google Play Store by Play Protect, an Android security system that scans apps hosted on Play Store for malware and other malicious virus and fraudulent apps and protects users from privacy infringement and invasion. LCredit is in the regular indecent habit of violating the policy rules of Google Play and breaching its customers’ data privacy by exposing them to the public and threatening them and their contact list.
What Company Owns LCredit?
LCredit lending platform is owned by Cashigo International Limited and managed by some Chinese allies who portray the attitude of defaming Nigerians barely days after their loan tenure without providing additional extension or grace period. These Chinese owners are mostly loan sharks which charges very high interest and harass Nigerian customers.
Is LCredit Loan App Genuine or is it a fake loan application?
No, LCredit loan app is not genuine or legit lending platform for any reason. LCredit is a fake loan app and one of the worst money borrowing platforms that ever existed in Nigeria. The app sends defamatory messages to contacts once you take a loan with them. LCredit would start sending threatening messages to your contacts, friends, and families and exposing your photos and banking details on social media, asking you to pay back your loan even before the expiration date.
LCredit App Download
LCredit loan app can no longer be downloaded from Google Play Store as the platform infringed on users’ privacy and violated Google policy on customers’ data security with their continuous defamatory and shame messages which has resulted in its permanent ban from the Play Store.
LCredit Loan Defaulters
There are a lot of LCredit loan defaulters no doubt. Despite the fact that the loan company is in the habit of threatening and defaming users’ privacies, they were still some defaulters who blatantly refused to repay their loans within and during the expiration of their loan tenure. For any reason you are taking a loan, you should be willing to pay back and not become a loan defaulter and be denied further opportunities for a loan the next time an emergency happens.
LCredit WhatsApp Number
LCredit always uses about two different WhatsApp and Telephone numbers to defame and threaten its customers. The numbers are 01 227 1640 and 0708 004 8717. However, Cashigo International Limited, the owner of the platform’s official LAN Line is 01 631 0555.
What Happened to LCredit loan App? Why Was It Banned?
LCredit loan app was taken down from Google Play Store by Play Protect, an Android security system that scans apps hosted on Play Store for malware and other malicious virus and fraudulent apps and protects users from privacy infringement and invasion. LCredit is fond of violating the policy rules of Google and breaching its customers’ data privacy by exposing them to the public and threatening them.
Google had caught LCredit app trying to spy on phone contacts, recordings, photos, banking details and other sensitive contents on the devices of its customers. This is against Google Privacy Policy and the infringing app was immediately removed from Play Store.
LCredit: Scam loan app without physical address or website
LCredit, an online loan app in Nigeria that has now being banned by google play store has no physical office address, neither does it has a website or social media pages. They claim you can borrow money online with their loan app in minutes with a flexible repayment plan and favorable interest rate. However all the claims are false and fraudulent.
Obinna Michael on October 21 expressed his disappointment with LCredit loan app. He says, “Money that has been paid with proof of transaction slips, LCredits loan app keep sending messages of defaults to contacts. If their systems are faulty they should fix it properly before coming into the business!”
Many of these loan apps do not have any physical office address, do not have a website, some don’t even have any online presence yet they found their way somehow into Google Play Store and get into scamming poor Nigerians of their hard earned money. Google should bring down and clampdown on more of these loan apps once they are discovered to be violating its set down policies.
LCredit: How loan apps are spying your banking, sms and contact details
Recently LCredit, Rapid Transfer and some yet to be identified quick loan apps were removed by Google from its Play Store for violating its operational policies.
Our investigation reveals that LCredit was banned by Google because the loan app was discovered by Play Protect, the security system on Play Store that scans apps hosted on its network, as involving in malicious and fraudulent activities.
It is noteworthy to say that the proliferation of fake loan apps is fast endangering and threatening the financial and digital evolution which has in greater terms facilitated financial inclusiveness of many Nigerians who have hitherto been inaccessible to the traditional banking system, and except regulatory authorities check their operations, more crisis may be ahead.
Google discovered that LCredit app was trying to spy on phone contacts, recordings, Photos and other private content on the android devices of its users, contracy to Google laid down privacy policy.
Play Protect by Google had warned users back then: “This app (LCredit App) tries to spy on your personal data such as sms messages, photos, audio recording or call history.” It went further to warn users to immediately uninstall the blacklisted LCredit app from their phone, and that if they fail to do so, and open the app, they do so at their risk.
LCredit Use To Threaten Our Lives Over Unpaid Loans — Borrowers Groan to VERY SERIAL
Some former customers and borrowers of LCredit loan platform told VERY SERIAL that the online loan platform is fond of threatening their lives over due and unpaid loans they collected from the app.
The customers were responding to an earlier article we published titled LCredit Still Threatening, Blackmailing Customers, Contacts After Google Play Ban where we accused the quick loan platform of continuing to threaten and blackmail its customers even after it was banned by Google Play Store.
Find below threatening complaints against LCredit by their customers:
Customer 1, Lara Cries Out Against LCredit, Says Loan App After HerLife
I could not sleep or do anything again .plz help a soul ooo I don’t know what to do again am scared oooo all my contacts is very important to me plz help me
Customer 3, Anonymus Says LCredit Wants Him To Commit Suicide
Good evening please LCredit have want me to commit suicide I’m owing them 60,000 and I told them to allow me to be paying small but they said no I must pay it all at once and they have started calling most of my contacts telling them i am a frudster that I’m owing them and that if i did not pay they will come and arrest me .
Customer 4, Sensie Says LCredit Has Been Threatening His Life
Customer 5, Praise Says LCredit Posted His Contact Details On Social Media
They posted my name and phone number on my friend’s whatsapp status and one of their recovery agents promised to deal with me. Almost all my contacts have received a message on whatsapp saying I’m on the run with company’s money and that I’m wanted.
How LCredit Was Finally Booted Out Of Google Play Store Over Serial Policy Violations
Multiple violating loan app in Nigeria, LCredit has been finally shown the way out of Google Play Store after our damning report on the serial abuses, loan application and tenure violation and abuse of customer data privacy and other several infringements recorded against the lending platform.
LCredits Is One Of The Worst Loan Apps In Nigeria To Ever To Exist – Customers’ Testimony
LCredit is the of worst lending platforms to ever exist in Nigeria judging from the way and manner it has been conducting its activities, nothing could be more unethical and uncouth in the serial abuses and invasion of privacy that LCredit has subjected its various customers to.
VERY SERIAL had exclusively reported earlier that the internet giant, Google removed Rapid Naira and LCredit loan apps from its Play Store after found to be serially violating its policies on loan application, approval and loan tenure, terms and conditions, and privacy polices guiding finance apps hosted on its network.
This medium has been on the forefront reporting against scam apps such as LCredits, Rapid Naira ForNaira and some others on Google Play Store predating on poor Nigerians and violating Google Policies on lending apps.
According to one of the policy statements of Google for loan apps hosted on its Play Store: “We only allow personal loan apps with full repayment required in greater than or equal to 60 days from the date the loan is issued… apps that fail to do so will be removed without further notice.”
Another Google Policy states that: “Any app that offer personal loans with an Annual Percentage Rate (APR) of 36% or higher are no longer expected to be available on the Play Store. To keep their apps in the Play Store, lenders must adjust their products and business models to meet Google’s requirements.”
However many of the lending apps, including LCredit and many other loan apps in Nigeria give loan ranging from 7 days to 30 days at very exhorbitant interest rate and APR higher than that specified by Google. The network should enforce its policies and show these violating apps the way out.
What Happened To LCredit Lending App? Why Was It Banned From Google Play Store?
LCredit was removed from Google Play Store by Play Protect, an Android security system that scans apps hosted on Google for malware and other malicious virus and fraudulent apps and protects users from privacy infringement and invasion. LCredit is a serial loan app offender that is in the habit of accessing borrowers’ data, exposing them to the public and blackmailing them.
Google had warned users from using LCredit app because it was trying to spy on phone contacts, recordings, photos, banking details and other sensitive contents on their devices. This is against Google Privacy Policy.
QUICK LOAN ARENA had exclusively reported in Novermber that Google has restored and readmitted the rogue app, LCredit into its Play Store exactly one month after the initial ban. The internet giant has removed LCredit and Rapid Naira from the Store on the 21st of October, for data breach and violation of customers’ data privacy.
We quickly reported the life threatening story made by LCredit against some customers and also made a formal report to Google Inc through their Nigerian representative asking for the internet giant to take action against the scam loan app and remove it from its play store.
Fortunately this time around, Google responded to our story and the threats by LCredit against Nigerians and booted the scam loan app from its playstore. With this ban, Nigerians can finally have some good rest and patronize only reputable loan apps in Nigeria for loans.
Please LCredit is after my life. There’s this lady from there threatening me. I can drop her number. I borrowed 17k and was told am to repay #25,580. She’s still disturbing me as we speak.
It’s not even like I won’t pay them, but they should try and understand people and give us more time. But they won’t listen and they keep adding late fee to it. Kindly help me out coz I don’t have no money right now. I’m helpless. 09015033842 this is her number.
Customer 2, Olajumoke Says LCredit After Her Life