VERY SERIAL, review website for loan apps and digital banks in Nigeria and globally brings you the list of top 20 loan apps that call your contacts especially if you are in Nigeria.
Many borrowers have been speaking against the way and manner these fake and illegal loan apps in Nigeria blackmail their customers and talk rudely to them like they don’t matter. Some go as far as referring to their customers and borrowers as ‘crazy’, ‘stupid’ and all manner of derogatory statements.
How To Recognize Loan Apps That Call Your Contacts In Nigeria
One of the characteristics of illegal loan apps that call your contacts in Nigeria include the sending of blackmails, defamatory messages and threats to their customers, their family members and their contacts’ list and thereby invading their data privacy.
Most of these lending apps’ staffs lack manners, they talk to customers anyhow, call their contact list and refer to them as criminals. They send threatening and derogatory messages to them.
Top 20 Loan Apps That Call Your Contacts In Nigeria
A few of the most notorious loan apps that call your contacts in Nigeria include Cash Mall, CashLion, FastMoney, LendCash, BorrowNow, LCredit, NairaPlus, 9jaCash, Cash Wallet, GGMoney, Sokoloan, ForNaira, Rapid Naira and 9Credit among others. Borrowers and customers are warned not to patronize any of these listed applications and must be avoided at all cost like a plague.
Some of these illegal applications have been banned by the Federal Government and a few have been banned by Google and Apple Play Store. However unfortunately many of them are still operating covertly, scamming and defrauding hapless and poor Nigerians in the name of quick instant lending loans. Be warned, don’t fall for any of the following scandalous, fraudulent lending platforms that abuse customers data and are fond of calling their contacts and their families.
The following is a list of top 20 loan apps that call your contacts in Nigeria:
- Cash Mall
- CashLion
- FastMoney
- LendCash
- LCredit
- 9jaCash
- Cash Wallet
- GGMoney
- 9Credit
- Sokoloan
- Palm Cash
- Ease Cash
- NCash
- GoToCash
- GoCash
- KashKash
- EasyMoni App
- Rapid Naira App
- EaseMoni App
- OKash App
10 Critical Ways To identify Loan Apps That Call Your Contacts In Nigeria
- Accessing the contact’s number and picture stored in mobile phone.
- Misuse of contact numbers and pictures saved in mobile.
- Invading customers’ data privacy and sending defamatory and threatening messages to them and their contact list
- Very high interest and penalties.
- Deduction of processing and/or security deposit before loan processing
- Interest deducted before providing the loan.
- Constant harassment and threats on customers
- Online Harassment.
- Harsh and unethical means of recovery.
- Use of rude and derogatory statement by loan app staff on customers
7 Warning Signs Common With Loan Apps That Call Your Contacts In Nigeria
- No verification of previous repayment history
- Gives out loan to customers for 7 days tenure instead of minimum of 60 days by law
- Creation of sense of urgency and pressurizes into acting immediately
- Hidden or undisclosed charges/ fee amounts.
- Unsecured websites and in some cases no website at all
- No physical address disclosed by lender.
- Most times, they have no social media platforms, no contact telephone numbers, non valid customer service support
5 Safety Measures To Protect Yourself Against Loan Apps That Call Your Contacts In Nigeria
- Check for lenders contact information like phone number, email address and physical address.
- Verify the online reviews by customers given for the lender.
- Check the professional reviews on trust worthy lenders.
- Make sure the loan app has been properly licensed by the Central Bank of Nigeria (CBN)
- Review the app permissions regularly and give access permissions ONLY tor the purpose of the loan applied for.
Top 20 Illegal Loan Apps Operating In Nigeria
Some of the top illegal loan apps operating covertly in Nigeria include LCredit, 9Credit, LionCash, NCash, ForNaira, CycleCash, Cashrain, Mikoloan and Supercash, GoCash and Rapid Naira among others. Many of them have been banned by the Government and removed from Google Play Store.
However unfortunately some of them are still operating as at the time of writing this report, scamming and defrauding hapless and poor Nigerians in the name of quick instant lending loans. Be warned, dont fall victim.
Full list of top 20 illegal loan apps in Nigeria is detailed below. Avoid them at all cost, like a plague.
- LCredit
- 9credit
- LionCash
- Nkash
- ForNaira
- CycleCash
- Cashrain
- Supercash
- ICoin
- PalmCredit
- CashLion
- Okash
- EasyCredit
- Easi Moni
- KashKash
- Speedy Choice
- BorrowNow
- FastMoney
- Sokoloan
- AngelLoan
Top 20 Loan Apps Banned In Nigeria
Some of the fraudulent loan apps that have been banned in Nigeria for terrorrising and harassing borrowers and sending threat messages to their contact list include: GoCash, OKash, EasyCredit, Kashkash, Speedy Choice, EasyMoni, Sokoloan and LCredit among others.
These notorious online lending platforms have constituted themselves into a menace, violating the data privacy of their customers and consistently sending shame and defamatory messages to their contact lists. We advise users not to patronize any of them but to only borrow quick loan from the services of trusted and reputable online loan companies.
These apps have either had their operations shut down in Nigeria or outrightly had their apps banned and removed from both Google Play Store and Apple Store.
Below is the list of the affected 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
- LCredit Loan App Banned
- Ajeloan Loan App Banned
- Rapid Naira Loan App Banned
- For Naira Loan App Banned
- Cash Lion Loan App Banned
- FastMoney Loan App Banned
Top 20 Loan Apps In Nigeria Best For Fast Approval in 2023
Are you looking for the best loan apps in Nigeria to get a quick loan to settle business or personal issues? When you need an instant loan, you would need the top 20 loan apps that you can compare for options. These instant loan apps in Nigeria can provide you with an instant loan in minutes directly to your bank account with your smartphone.
The top 20 loan apps in Nigeria that can guarantee instant online loan in minutes, loan with monthly payments, and low interest include: Branch loan app, Carbon Loan App, FairMoney Loan App, Aella Loan App, Umba Loan App, QuickCheck loan App, Alat by Wema and Lendigo loan app among others. These trusted and reputable loan platforms require no documentation, collateral or ATM Card binding, but have fast loan approvals and cash disbursement.
1. Branch Loan App — Best Overall
With over 10 million users on Google Play Store, Branch lending platform is the overall best top 20 loan apps in Nigeria and best for low interest, fast and emergency loans in 2023. Branch’s 2.5% to 20% monthly interest is the most competitive obtainable in the quick loan industry. The loan app’s APR of 18% to 260% is considerably lower than that of Fairmoney, Carbon, Palmcredit, and other rivals in the mobile loan sector.
The money lending app makes it easy for borrowers to get quick loan of up to ₦500,000, to transfer money for free, and enjoy investment yields of 20% per annum. You can simply apply through the Branch app and get approved in under 24 hours.
2. Carbon Loan App — Best for Building Credit Score
Carbon formerly known as Paylater, is the second ranking top 20 best loan app in Nigeria in 2023 and the best for customers willing to build positive credit. It has gathered over 1 million downloads on Google Play Store since it was unveiled. With Carbon, you can borrow up to N1 million (One Million Naira) without collateral, guarantors, or paperwork.
3. FairMoney Loan App — Best for Highest Loan Tenure
FairMoney digital platform is another trusted and legit platform on our top 20 best loan apps in Nigeria in 2023 coming with the exceptional quality of granting higher loan tenure than many other similar lending applications.
Loan amounts range between ₦1,500 to ₦1,000,000 with repayment periods tenure ranging from 61 days to 18 months at monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%).
4. Aella Loan App — Best for Easy Loan Processing
Aella allows you to access non-collateralized loans up to N1,000,000 to cushion the shock when you are in need of emergency cash. The lending platform offers loans at low-interest rates and demands no late fees. It allows borrowers to build their creditworthiness via prompt loan repayment in order to qualify for larger loan amounts and reductions.
5. Umba — Best for Low Interest
Umba is one of the best top 20 loan apps in Nigeria. It is unique from other lending platforms because it doesn’t charge late fees, rollover charges and origination fees. The lender prides itself as the leading digital bank in Africa that allows users to apply, drawdown and repay loans directly from their smartphone or desktop computer.
6. Renmoney — Best for Microfinance Bank Loan
Renmoney is another legit and reliable top 20 best loan apps in Nigeria. It operates one of the best small scale microfinance bank across the country. You can get a quick loan on the Renmoney app in just a few steps ranging from ₦6,000 to ₦6,000,000 and repay in 3 to 24 months.
7. QuickCheck Loan App — Best for Customer Data Privacy
QuickCheck is the 7th rated legit and reputable loan platform among the top 20 loan apps in Nigeria. It is particularly a custonmer’s delight because of its high respect for customer data privacy and protection. The app uses machine learning to predict borrower’s behaviour and instantly evaluate and approves loan applications.
8. Alat by Wema — Best for Salary Earners
Alat by Wema is one of the leading top 20 loan apps in Nigeria and best platform for salary earners looking for quick cash loans without paperwork. documentation or collateral. Loans are available to all Alat customers via Alat App or the website. You can borrow as much as N2,000,000 (Two million naira) without collateral on the Alat platform.
9. Lendigo Loan App — Best for Small Business Loans
Lendigo digital platform prides itself as Nigeria’s No 1 SME loan provider and one of the top 20 loan apps in Nigeria for small businesses. The platform offers Nigerian small and medium scale businesses (SMEs) easy, fast and flexible access to working capital according to their business requirements and suited to their finance needs.
10. Quick Credit — Best for Good Customer Service
Quick Credit is yet another ranking platform among the top 20 lending platforms in Nigeria giving customers fast and emergency loans. The platform which is best for good customer service strives to provide borrowers and mobile users with convenient lending and quick loan services.
11. Access More — Best for Payday Loans
The Access More App is owned by Access Bank Plc and it’s a banking app that gives payday loans to its customers among other things. Only limitation is that the services are only available to account holders of the bank, therefore you need to open an account to benefit.
12. Specta — Best for Non Salaried Individuals
Specta is an online lending platform that gives loans in Nigeria up to 5 Million in one transaction all within 5 minutes! No collateral, no paperwork and no visit to any office required. With Specta, a popular digital lender and one of the top 20 loan apps in Nigeria, you can take care of urgent personal and business needs anywhere, anytime and get instant cash.
13. Lidya — Best for Highest Business Loan
Lidya is a USA holding financial institution though operating its arm in Nigeria while providing instant small business loans without collateral across the country. Lidya grants instant credit between N50,000 to N30m to small businesses in 24 hours or less.
14. SukFin — Best for Indirect Lenders
SukFin, yet another fast top 20 loan app for small businesses in Nigeria, employs the use of tech and expertise to give access to a number of funding products across Nigeria. It’s easy to apply and as long as you provide them with requested information — funds can be in your account quickly and instantly.
15. Money in Minutes — Best for Fast Loan Processing
Money in Minutes is yet another reliable and legit loan platform among the top 20 best loan apps in Nigeria. It has a robust and wide range of products to help you access affordable finance for various needs personal and professional needs and purposes.
16. Migo Loan App — Best for Quick Lending Decision
Migo (formerly kwikmoney) is a cloud-based lending platform and one of the best top 20 lending apps for quick and instant loan in Nigeria. Migo loan amounts range from N10,000 to over N500,000 but limited to N50,000 for a new customer. You do not need any collateral, guarantor or documentation to request a Migo loan.
17. Coolbucks — Best for Unsecured Monthly Instalment Loans
Coolbucks is a very trusted and reputable platform among the top 20 best instant loan apps In Nigeria for 2023. The online lender is best for unsecured monthly instalment loans without collateral.
Coolbucks disburses cash within 5 minutes to 30 minutes of completing your application and provides you with loan amount up to N5,000,000 within minutes and offers small ticket loans in the range of N15,000 to low income customers .
18. GTWorld Quick Credit — Best for Account Holders
With GTWorld, you have a mobile and banking loan app for instant cash that is designed to cater for your banking and money needs. However to enjoy its services, you first have to open an account with the bank.
The platform is a reliable top 20 loan app in Nigeria and best for bank account holders seeking emergency cash within minutes.
19. Page Financials — Best for Financial Inclusiveness
Page Financials provides instant cash once your loan is approved, it also provides investment and other financial services through its various channels including internet and mobile app platforms. Its outstanding products and services are created to suit the financial requirements of its diverse clientele.
20. MoneyPal (Zedvance) — Best for Rapid Disbursement
MoneyPal, a lending platform owned and managed by Zedvance Limited is reputed for quick and rapid disbursement. The company claims an eligible individual or small business can get up to N5million quick loan in 5 hours. Customers can enjoy loan tenors up to 24 months at Annual Percentage Rate (APR) of 34.8% – 365%.
How To Stop Online Loan Harassment In Nigeria
Loan shark and online loan harassment is the act whereby a loan app, digital platform or lending organization offers credit loans at extremely high interest rates, has extremely strict and unethical loan recovery methods, and additionally enjoys using threatening, shaming and defamatory messages to its borrowers and customers, including their phone contact list and family members and generally operates outside the ambit of the law.
Many of the loan apps advertising their wares as urgent lending platforms without the need of collateral, documentation or physical presence in their office to get a loan, have gotten many borrowers trapped, being unaware that they were dealing with “potential loan sharks and online loan harassment in Nigeria”, many of whom would later come out to expose their true pictures.
The best way to stop online loan harassment and prevent loan sharks from accessing your contacts is not to download any lending app to your phone. If you already downloaded any loan application, do not borrow money from them thereby not giving them access to your contact list.
To deny and disable loan apps permission and stop online loan platforms from harassing you with their shame messages, do the following:
- Step 1: Go to Settings on your phone.
- Step 2: Open Apps under settings.
- Step 3: Click on Permissions.
- Step 4: Select Contacts under permissions.
- Step 5: Choose the loan app to disable and remove permissions.
How To Report Online Loan Harassment In Nigeria
People taking digital loans should not be afraid of such lending apps, after they have taken loans from them and are being harassed and threatened, they should take further actions.
The best way to report online loan harassment in Nigeria is to report it to the Google Playstore, (Google Play Protect) while the second option is to report such app to an online media platform so the harassment could be publicized and gain awareness and perhaps the government get to see it and take immediate actions. The third way is to report the incident and detail any negative encounter to the consumer right agency led by the FCCPC by sending an mail to lenderstaskforce@fccpc.gov.ng.
How Online Loan Shark Harassment In Nigeria Started
The regime of loan shark harassment in Nigeria came into force due to the proliferation of urgent quick cash loan apps and instant, fast approval lending platforms as a means of raising emergency funds which became occasioned by the dismal economic downturn in the country, joblessness and resulting poverty have changed the entire borrowing dynamics.
Faceless loan sharks hosted on Google Play Store and some on App Store, some of them owned by phony foreign Chinese shylocks have flooded the digital space and swindling poor and innocent Nigerians of their hard earned cash in form of loan credit.
Online loan shark harassment have become so common and are preying on Nigerians, leading some to commit suicide. Their modus operandi, according to a Punch Report is to give seemingly cheap credit to impoverished citizens, ostensibly under less-than-stringent, tempting conditions, some of which defy the basic canons of lending.
In reality, both the pricing of the loans that lack full disclosure and the lax terms and conditions are all subterfuges to hoodwink unsuspecting beneficiaries to take the bait. In the end, the victims realise too late, the full extent of their burden when repayment starts.
There is the imperative of interrogating how the country descended to this mess. Bluntly, it is hardship. The unpleasant trend of citizens abjectly borrowing for basic consumption from unscrupulous loan firms, who mete out degrading treatment to them when they default, comes from privation among the populace.
Although some of the affected persons are victims of their own greed, the bitter reality is that it is increasingly becoming difficult for many Nigerians to survive due to the battered economy. Businesses are collapsing and industries are shutting down due to the harsh economic climate. Some 21.76 million persons were unemployed by late 2021, according to the National Bureau of Statistics.
Can I go to jail for not paying online loans in Nigeria
Yes, you can be arrested for not paying online loan once the payment is overdue for breach of contract for the loan. Even though loan defaulting is a civil matter and not a criminal offence, so ordinarily you may not go to jail, but if the court finds that you’re intentionally refusing to pay, you may be jailed for breach of loan contract or agreement. Most financial institutions won’t give you a loan without a sealed and signed agreement. There are certain criteria you must meet before a bank can give you a loan to ensure prompt and timely repayment.
What happens if you don’t pay back online loans?
Conclusion
Investigations have shown that consumers do not go through privacy policy when installing or using a loan app.
Nigerians care less about the privacy policy on Google Play Store, Apps Store or WhatsApp.
The privacy policy on the Google Play stipulates that apps that offer financial services on its platform should disclose to users what it intends to use their personal information for. If found that the loan apps violates your privacy you can report the app for inappropriate misconduct with substantial evidence for take down of the Application.
Typical features that accompany most of the top 20 best lending apps include quick registration process, quick verification, no collateral, documentation or guarantee required. However you may have to put up with their higher interest rates and lower tenure usually within 1 to 12 months. Please do note that we discourage customers from patronizing loan sharks, and fake loan apps many of them characterised with 7 days loan tenure which accompanies 7 days loan harassment, very high interest rates and illegal processing fees payment.
