CASHWISE C.E.OList of Fake Loan Apps in Nigeria: So, you’re interested in taking an online loan in Nigeria, right? But hold on a second—there’s something you need to be aware of.
Not all loan apps out there are your friends; some are just wolves in sheep’s clothing. Yes, I’m talking about fake loan apps that act like they’re the real deal.
Many folks have gotten caught in the web of these shady apps, and trust me, it’s an experience you don’t want to go through.
These apps can mess up your financial life, like taking money from your bank account without permission or bombarding you with calls even before your repayment date is up.
But don’t worry, we’ve got your back! Here at Cashwiseng, we’ve put in the work to give you a complete list of these bad actors so you can steer clear when you’re considering an online loan.
And guess what? We’re not stopping there. We’ll also show you how to spot these fakes all by yourself, right from your phone.
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So let’s dive in and get you all the information you need!
List of Fake Loan Apps in Nigeria 2023
In 2023, the Federal Government of Nigeria decided enough was enough and took action against some of these shady loan apps.
They put their foot down and officially banned a bunch of them. So, if you’re thinking about securing an online loan, you definitely want to steer clear of these blacklisted apps.
- CashRain
- GoCash
- Oxloan
- NairaPlus
- Ucredit
- Kashkash
- Monicredit
- EasyCredit
- Chacha
- Ajeloan
- Speedy Choice
- ForNaira
- Firstnell
- BorrowNow
- LCredit
- iCredit
- CashLion
- EasyMoni
- 9Credit
- Rapid Naira
- GGMoney
- LendCash
- Sokoloan
- Softpay
- NowCash
- Ease Cash
- Nownowmoney
- AngelLoan
- Fastmoney
- Spark Credit
- Xcredit
And remember, this list could grow, so always keep an eye out for updates.
What are Fake Loan App?
Beware of these so-called loan apps that claim to offer quick cash when you’re in a tight spot.
The truth is, they’re just after your personal and financial information, which they use to harm you.
These are the apps that have gotten the red card from Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC).
What kind of information are they after, you ask?
Well, they’re usually interested in stuff like your ATM card numbers, the front and back pictures of the card, your bank account number, and even your BVN and transaction PIN.
Some are so bad, they even have malware that can mess up your phone and snatch more of your personal details.
The damage they do is serious.
They can clean out your bank account without you even knowing, sell your personal information, or infect your device with viruses to get even more sensitive details.
So, yeah, you’ll want to steer clear of these apps.
After listing the fake loan apps in Nigeria, let’s move on to how to spot a fake loan in Nigeria.
How to Spot Fake Loan Apps in Nigeria
No Website or Unsecured Website
Legit loan apps usually have an active, secure website full of useful info like contact details and how to get a loan.
A secure site starts with “HTTPS,” not just “HTTP.” If the site lacks this, it’s likely a scam.
Missing or Incorrect Contact information
Real loan apps have contact details and a physical location where you can lodge complaints. Fake ones might have the wrong information or none at all.
No email replies? Calls not answered? Be careful.
Not Available on the Google Play Store
If an app’s not on the Play Store, that’s a big red flag. Google weeds out scam apps, often at the request of Nigeria’s FCCPC.
Pushy and Abusive Practices
Fake loan apps misuse your personal information and bombard you with calls and texts. They might even threaten you, which is a crime in Nigeria.
Negative Customer Feedback
Bad reviews are a telltale sign. Check feedback on the Play Store and ask friends who might have used the app.
Not Approved by Financial Authorities
Legit loan apps are registered with financial bodies like the CBN or NITDA. If they’re not, steer clear.
Asks for Sensitive Info
Scam apps will ask for stuff like your ATM card details and transaction PIN. Just back away if you see this.
Too-Good-to-Be-True Interest Rates
Watch out for unrealistically low interest rates. These usually skyrocket later on.
Hidden Terms and Conditions
Always read the fine print. Scam apps might hide crucial info to exploit you later.
Don’t Check Your Credit History
Scam apps don’t care about your ability to repay the loan. They aim to exploit, not assist.
Demands Upfront Payment
Some fake apps ask for advance payments before giving you a loan. Once you pay, they ghost you.
By being vigilant and looking out for these signs, you can protect yourself from falling into the trap of scam loan apps in Nigeria.
FAQs on List of Fake Loan Apps in Nigeria 2023-2024
What are the signs of a fake loan app?
Signs include a missing or unsecured website, lack of proper contact information, and not being available on Google Play Store. If they ask for sensitive financial info right off the bat, be cautious.
How do fake loan apps exploit people?
They might steal your personal and financial details to either take money directly from your account or sell your information. Some could also infect your device with malware.
Why are some loan apps not available on the Google Play Store?
Google collaborates with local authorities, like Nigeria’s FCCPC, to remove fraudulent apps. If an app isn’t available there, it’s a good idea to be skeptical.
Are loan apps with bad customer reviews always fake?
Not always, but it’s a strong indicator. It’s wise to consider why the app has bad reviews and weigh that against other red flags.
What should I do if I’ve fallen victim to a fake loan app?
Report the app to relevant bodies like the FCCPC and your bank. Also, consider changing your passwords and pins for your financial accounts to protect yourself from further harm.
Can I trust a loan app that offers a 0% interest rate?
Be cautious. While it might look attractive, the actual rates may be hidden and could be revealed only after you’ve taken the loan.
How can I verify if a loan app is registered with financial authorities?
You can check if they’re registered under institutions like the Central Bank of Nigeria (CBN) or the National Information Technology Development Agency (NITDA).
Do real loan apps ever ask for upfront payments?
Legitimate loan apps usually do not ask for payments before disbursing a loan. If an app does ask, it’s a strong sign that it might be a scam.
What do fake loan apps do with my contact list?
They often use it to harass your contacts for repayments or even sell the list to third parties.
What kinds of hidden terms should I look out for?
Hidden terms can include additional charges upon repayment, changing interest rates, or undisclosed penalties for late payments.
Which loan app is banned in Nigeria?
The following is the full list of fake loan apps that got banned in Nigeria as of 2023;
- CashRain
- GoCash
- Oxloan
- NairaPlus
- Ucredit
- Kashkash
- Monicredit
- EasyCredit
- Chacha
- Ajeloan
- Speedy Choice
- ForNaira
- Firstnell
- BorrowNow
- LCredit
- iCredit
- CashLion
- EasyMoni
- 9Credit
- Rapid Naira
- GGMoney
- LendCash
- Sokoloan
- Softpay
- NowCash
- Ease Cash
- Nownowmoney
- AngelLoan
- Fastmoney
- Spark Credit
- Xcredit
What loan apps are removed from Play Store?
The listed below are the list of loan applications that were removed from the Google play store as of 2023-2024;
- EasyMoni
- 9Credit
- Rapid Naira
- GGMoney
- LendCash
- Sokoloan
- Softpay
- NowCash
- Ease Cash
- Nownowmoney
- AngelLoan
- Fastmoney
- Spark Credit
- Xcredit
Which loan app is illegal in Nigeria?
Here are the names of the Illegal loan apps: Swiftkash App, Hen Credit Loan App, Cash Door App, Joy Cash-Loan Up To 1,000,000 App, Eaglecash App, Luckyloan Personal Loan App, Getloan App, Easeloan Apps, Naira Naija, Cashlawn App, Easynaira App, Crediting App, Yoyi App, Nut Loan App, Cashpal App, Nairaeasy Gist Loan.
Which is the most trusted loan app in Nigeria?
According to our research, and expert review, the most trusted loan app in Nigeria is FairMoney.
There are other trusted loan apps in Nigeria you can try out, but Fairmoney has proved to be trustworthy.
Can a loan app block my BVN?
No, no loan app, either fake or legit can block your Bank Verification Number (BVN).
Wrapping Up List of Fake Loan Apps in Nigeria
By being informed and cautious, you can better protect yourself from fake loan apps and their schemes.
CASHWISE C.E.O
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