There are many fake loan apps evolving everyday. However we have carefully reviewed the activities of the loan apps and come up with a list of fake loan apps in Nigeria that have either been banned and delisted by government, removed from Google Play Store for policy violation and have been declared illegal by Federal Competition Consumer Protection Commission (FCCPC)for harassing Nigerians or illegally giving out loans for 7 days.
What is a fake loan app?
A fake loan app is a financial lending application that offers quick loans at extremely high interest rates, uses unethical loan recovery methods when customer defaults, including sending threatening and defamatory messages to them and generally known to operate outside the ambits of the law. These notorious apps are also referred to as illegal lending apps.
In this article, the most malicious lending applications deceiving borrowers come to focus as I will be reviewing the list of fake loan apps in Nigeria. While some or most of them have been banned from Google Play Store, a few are still operating silenting and still molesting and harassing borrowers. Please only patronize credible loan apps whose operations have gained widespread reputation whenever you need emergency loan.
What is the full list of fake loan apps in Nigeria in 2023?
An investigation, last December, revealed how these lending companies offer short-term loans to help subscribers meet urgent needs, but resort to unprofessional measures of harassment, cyberbullying, and breach of data privacy of their customers who may have defaulted in loan repayment.
The list of fake loan apps in Nigeria are LCredit, Sokoloan, Rapid Naira, Cash Club, EasyMoni, CreditHall, AimLoan, Kashpal, 9Credit, 9ja Cash, PalmCredit, BorrowNow, Cash Mall, Cash Wallet, CashLion, Ease Cash, FastMoney, ForNaira, GGMoney, GoCash, GotCashger, GotoCash, KashKash, LendCash, NairaPlus, NCash. Borrowers and consumers should beware of these scam and infamous lending apps.
- Cash Mall
- Cash Wallet
- Palm Cash
- Ease Cash
- EasyMoni App
- Rapid Naira App
- EaseMoni App
- AngelLoan App
- Speedy Choice App
- EasyCredit App
- OKash App
- CycleCash App
- CashRain App
- iCoin App
- Mikoloan App
- SuperCash App
- XCredit App
- LionCash App
- Ajeloan App
- CreditHall App
- GetCash App
- iCredit App
- PalmCredit App
- Aimloan App
- CashFarm App
- Oxloan App
- Lucky Loan App
- Ucredit App
- NowCash App
- Star Loan App
- Kashpal App
- Monicredit App
- Creditup App
- Zuma Cash App
Many customers have been scammed and defrauded, and their bank accounts illegally debited by the fraudulent acts amd violations of these digital lenders. Google has also banned many of them from its Play Store and most countries blacklisted their operations. We advise borrowers to desist from patronizing them.
How Do You Identify Fake Loan Apps And Why Should You Should Avoid Them?
The following signs and signals are close indications if a loan app or lending company will pass as a fake loan app and why it should be taken down by Google Play Store and delisted by Federal Government if still operating:
1. Banned by financial and regulatory authorities
All loan apps and lending financial institutions must be listed in the Central Bank of Nigeria’s (CBN) registration or the National Information Technology Development Agency’s (NITDA) register of monitored businesses. Credit is governed by a stringent legal framework; even loans between friends are regulated. This avoids exploitation and facilitates the identification of fraud attempts.
For a loan app to be authorised to give credit, approval is required. Before pursuing a loan request, it is essential, particularly if you are unfamiliar with the brand, to verify that the company is included in the Nigerian registry of authorised and legit lending agents.
2. Unethical Loan Recovery Methods and practices
Fake loan apps have become a major problem in Nigeria owing to their aggressive and unethical loan recovery methods. Their modus operandi is to provide a loan in exchange for access to personal information and data on the phone, such as the contact list as well as credit and financial standing of individuals.
Once the loan is granted, often for a fraction of what was initially requested, mostly within 7 days, representatives of the fake loan app demand payment of the money with criminal interest rates via text messages and phone calls, which quickly escalates into an operation of harassment and threats against the borrower and his or her family.
3. Unsecured Website
To identify a fake loan app is not difficult in Nigeria, simply visit their official website and ensure that the URL is safe. If the web address begins with “HTTPS”, it is a secure website (not necessarily a reliable one). However, if the URL has simply “HTTP” without the final “s,” it is likely a fake loan app since legal organisations must comply with security rules to encrypt user data. In addition, the URL must have a padlock, which indicates that the website has the SSL certificate that certifies it is a secure website.
4. Loan App absent or removed from Google Play Store
One key indicator of identifying a fake loan app is to find out if it is hosted at all on Google Play Store or if it was hosted and has been removed for policy violation. Most times Google blacklists and bans any loan app discovered to be fake from its Play Store. Play Protect, the security system on Google Play Store is always on the lookout scanning apps hosted on its network, and detecting if any such application is involving in malicious and fraudulent activities. Once such is detected, such app is removed from the platform.
5. Request to pay Processing, Upfront or Administrative fees
Fake quick loan apps often demand customers to pay an upfront, processing or administrative fees. Most times this is illegal and a swindling tactic to rob unsuspecting customers of their hard earned cash.
6. Cost of funds/Interest Rate Ridiculously Low
One of the first signal to detecting a fake loan app is when an application starts advertising a cost of funds or interest rate that is ridiculously low as a tending to 0% with lengthy and extremelt generous repayment terms. This red herring is potent enough to addle your sense of direction. So when an online lender is attracting you with too good to be true loan offers, watch it, it may be trying to scam you of your hard earned funds. Don’t fall for the loan shark!
7. No Website, Physical Office or Social Media pages
When you check online and you cannot trace any social media page, website or physical office to a loan app, it is most likely to be a fake loan application. Most legitimate online apps have robust websites and social media pages at the minimum. And some have physical office address. This could also be a signal to a phony lender that is hiding its identity in ord er to scam unsuspecting borrowers. Fake loan apps have no social media platforms, no contact telephone numbers, no valid customer service support or email to contact them with.
8. Requests for banking and financial details, passwords
Some fake loan apps are notorious for asking for your banking and financial details or sensitive password. Some others request for permission to access your data so they can mine your databse and embarass you when you fail to pay back your loan. Watch it, do not disclose any banking detail to a loan app, it may be a pawn to access your bank account and empty your savings.
9. Constant harassment and threats on customers
Most fake loan apps are in the habit of constantly aharassing their customers for loan repayment even when the loan isn’t due. They send threat and defamatory messages to your contact list to blackmail you. These lending applications constantly pressurizes customers to collect loans and then forces them to repay even before repayment due date.
10. Gives Loan on a tenure of 7 Days
Fake loan apps are notorious for giving out loan to customers for 7 days tenure instead of minimum of 60 days as stipulated by law and especially by Google Play Store. And the lending applications start torturing you with calls even before the loan expires. Please watch it if a loan offer is giving tenure of 7 days alone, it most likely is a fraudulent app.
11. Invade Customers’ Privacy
Fake loan apps are in the habit of invading customers’ data privacy and sending defamatory and threatening messages to them and their contact list. Fake loan apps in Nigeria access and compromise contacts’ numbers and photos stored in their mobile phone and use them as a form of threat and harassment in case of customer default. And then they turn back to constitute themselves into online harassment against the customers and borrowers.
Most Infamous List of Loan Apps Banned in Nigeria
After carefuly investigating and reviewing the fraudulent activities of the above fake loan applications in Nigeria in the last year, we have come up with a review of the most scandalous banned loan apps list in Nigeria.
The most infamous list of loan apps banned in Nigeria are LCredit, Sokoloan, 9Credit, PalmCredit, EasyMoni, Ease Cash, Rapid Naira, EaseMoni, BorrowNow and Cash Club. among. We strongly advise borrowers and consumers to avoid them like a plague.
LCredit Loan Application is one of the most fraudulent lender ever to exist on the list of fake loan apps banned in Nigeria. We had earlier reported how LCredit, Rapid Transfer and some others were banned from Google Play Store for violating its loan app policies.
LCredit has been flagged and removed because the app was discovered by Play Protect, the security system on Google that scans apps hosted on its network, as involving in malicious and fraudulent activities.
Sokoloan, one of the most scandalous lending app on the list of fake loan apps in Nigeria has long been banned and shut out from Google Play Store.
The app having contravened several policies of Google Play Store including giving loans to borrowers for 7 days as against the minimum of 60 days set out by the network.
In August 2021, National Information Technology Development Agency (NITDA) imposed a sanction of N10 million on Sokoloan, which is managed by Soko Lending Company Limited (Soko Loans), for data privacy invasion.
9Credit loan app is known for its unethical and untowards lending practices. Its sins which has earned it a position on the list of banned loan apps in Nigeria, are many.
The fake loan app charges customers dubiously high interest rate and also practice 7 days loan app harassment, giving out loans for only 7 days instead of a minimum of 60 days as stipulated in Google policy. Also 9Credit is fond of defaming and threatning its customers and their contact list.
PalmCredit is a quick loan digital app that claims you can borrow between N2,000 to N300,000 instantly without collateral or documentations once you get your profile information complete and accurate. The application which says your disbursement can be executed within a business day has been established as involving in 7 day loan app harassment.
Have you ever thought of being blacklisted by a loan app in Nigeria? Have you been thinking about the threats and shame tactics being employed by lending platforms to retrieve loan payments? Have you ever been thinking that your BVN may be blacklisted if you are owing a digital lender and be deprived further instant loan access?
These are all sharp practices PalmCredit customers have accused the loan application of and cost it a top position on the list of fake loan apps in Nigeria.
EasyMoni was formerly a quick and urgent lending platform that lends money to consumers. However our investigations exposed why the platform should be banned and added to the list of fake loan apps in Nigeria
Imagine a lending app used by thousands of customers and loan seekers not having a website or even a physical office or any trace of social media page online? This is exactly the case with EasyMoni app. Many more policy violations of EasyMoni committed earned it to be counted among the list of fake loan apps in Nigeria.
6. Ease Cash
Ease Cash is the new name for the rogue digital lending app, EasyMoni which we have added to our list of banned loan apps in Nigeria several months back. EasyMoni was banned by Google Play Store for policy violations and fleecing innocent Nigerian borrowers with its scandalous activities.
7. Rapid Naira
Rapid Naira profess to be a quick loan application and was formerly hosted on Google Playstore with the dubious claim of offering reliable instant lending to Nigerians. The app was launched in August 16, 2021 by Sun Constellation.
Rapid Naira had well over five thousand (5,000) downloads on Google Play Store before it joined the list of loan apps banned in Nigeria and removed from Google Play Store. The infamous application was quickly added to the list of fake loan apps in Nigeria to alert customers of its violations.
The app has no quick loan to offer anyone, and it has never given any loan whatsoever before. It is just an application that is designed to steal money from innocent users and undiscerning borrowers and at the end of the day give them nothing.
EaseMoni and many other similar applications on the list of banned loan apps in Nigeria are involved in unethical lending practices and daily sending harassing and blackmailing messages to their customers to force loan repayment.
BorrowNow Loan application used to be a quick loan app in Nigeria hosted on Google Play Store giving instant funding to customers. However because of its fondness for harassment and invasion of data privacy of their customers, it has lost favour and added to the list of fake loan apps in Nigeria.
BorrowNow Loan App along with being a 7 day loan app harassment platform, it is fond of sending blackmailing and threatening messages to their contacts whenever there is an alleged loan repayment default. Some of the underhand dealings of BorrowNow is reviewed here in details.
10. Cash Club
Cash Club is the last on our list of fake loan apps in Nigeria. The purpose of any quick loan platform, is to give unsecure, small and instant online loan to an individual without documentation.
CashClub loan app claims to be a reliable app that lends money to people. To get a loan, it says, you need to install the app, register on it by providing the necessary requirements then you apply for a loan ranging from 3000 naira and above.
However the reverse is the case as CashClub application, in reality has no single quick loan to offer, no matter how small to give to anyone. What it does is deceive users that it has loans to give and ask them to pay an initial deposit before loans can be disbursed to them.
What are Illegal Loan Apps in Nigeria?
Illegal list of fake loan app in Nigeria are fond of sending blackmails, defamatory messages and threats to customers, their families and their contacts’ list after invading their contact list and phone privacies.
Some of the biggest illegal loan apps whose operations have been banned include LCredit, 9Credit, LionCash, NCash, ForNaira, CycleCash, Cashrain, Mikoloan and Supercash, GoCash and Rapid Naira among others. Many of them have equally been removed from Google Play Store. However a few of them are still covertly operating and attempting to scam borrowers with their fraudulent offers.
Can fake loan apps post your pictures?
What are the ways to detect fake Loan Apps in Nigeria?
The interest rate for an average commercial bank loan in Nigeria is 24 percent per annum. However, fake loan apps’ interest rates are between 75 percent and 400 percent. The following are a few red flags you should watch out for to identify a fake loan app.
- Small loan amount
- Crazily High-interest rate
- Fake office address
- The loan company is unregistered
- Short loan Repayment time
- The loan company pressures you to act immediately
- Fake or insecure Lender’s website
- Card verification fee
How do I remove my details from fake loan apps?
To remove your details from a fake loan app, do the following:
Step 1: Log in to the Loan App. You must log in to the Loan App to begin the removal process.
Step 2: Access the Configuration Section of the Loan App
Step 3: Uninstall the app
Step 4: Revitalize your device
How do fake loan apps operate in Nigeria?
Most illegitimate and unregistered loan apps in Nigeria give loan to consumers for 7 days tenor and operate strict and unethical loan recovery methids. This is unacceptable lending practice as necessary guidelines from Google Policy stipulate that tenor should not be less than 60 days minimum and local laws emphasizes ethical loan processes.
What are the blacklisted loan apps in Nigeria?
Some of the most scandalous loan apps in Nigeria include LCredit, Sokoloan, Rapid Naira, CashClub, BorrowNow, Speedy Choice and ForNaira.
Which is the most trusted loan app in Nigeria?
Branch is one of the most reliable loan app in Nigeria with a loan offer up to N500,000 and with over 10 million customers at the beginning of 2023. Branch application which is known for fast and emergency loans with monthly interest rates between 2.5% to 20% and repayment tenure up to 60 days, do not charge late fees or rollover fees, nor put restrictions on how you spend your money.
What are the most infamous fake loan apps in Nigeria in 2023?
Some of the most notorious ones include ChaCha, Easy Moni, EasyCredit, GoCash, Here4U, Kashkash, Maxi Credit, Okash, SoftPay, Sokoloan, and Speedy Choice.
What are the most notorious apps that access your contacts in Nigeria?
Some of the fake and malicious loan apps and companies that strive to either access your contact list, invade your privacy and steal your vital personal information include Cash Mall, CashLion, FastMoney, LendCash, BorrowNow, LCredit, Cash Wallet, 9Credit, Sokoloan, KashKash and EasyMoni, among others listed above. Don’t get defrauded or scammed by these loan sharks masquerading as reputable digital lenders.
These notorious apps often promise unrealistic loan offers, seek unnecessary personal data, use aggressive debt collection methods, and operate outside regulatory oversight.
What are the signs of an authentic loan app?
Genuine loan apps operate under regulatory oversight, provide transparent loan terms, follow strict data privacy and protection laws, and offer realistic loan amounts.
What are the fake loan app list in India in 2023?
Some of the fake loan app list in India include Agile Loan app, Aladdin Lamp, Easy Credit Loan App, Angel Loan, Apna Paisa, EasyCash Loan, Apple cash, Easy Rp, Ariaeko Lone, Elephant Cash.
How do I know if a loan app is legit?
Reputable loan applications give access to instant cash deposited direct to your bank account within few minutes without collateral or documentation and with flexible repayments and typically without any down payment or processing charges. Additionally legit apps do not harass customers nor use unethical loan recovery methods.
Why are fake loan apps prevalent in Nigeria?
The list of fake loan apps in Nigeria is growing everyday especially due to the increase in mobile technology which has led to high demand for quick loans in Nigeria.
What is the list of Loan Apps Banned in Nigeria in 2023?
The following illegal loan apps have either had their operations shut down in Nigeria or outrightly had their apps and platforms banned and removed from both Google Play Store and Apple Store. Below is the affected list of loan apps banned in Nigeria:
- GoCash Loan App Banned
- OKash Loan App Banned
- EasyCredit Loan App Banned
- Kashkash Loan App Banned
- Speedy Choice Loan App Banned
- EasyMoni Loan App Banned
- Sokoloan Loan App Banned
- LCredit Loan App Banned
- 9ja Cash Loan App Banned
- Gotocash Loan App Banned
- ForNaira Loan App Banned
- Ease Cash Loan App Banned
- Cash Wallet Loan App Banned
- BorrowNow Loan App Banned
This article reviews a list of fake loan apps in Nigeria whose operations have been banned, and most of them have been removed by Google Play Store. Of course the list is endlessly progressing and we are monitoring the development and their activities. As a customer, you do not have to be scammed, threatened or defamed anymore by this list of fake loan companies that I have presented. Simply avoid patronizing them.