This is an updated List of Loan Sharks In Nigeria, be careful when you borrow money from any of these loan sharks.
Table of Contents
How Loan Sharks In Nigeria Started
The rise of urgent loans or instant loan platforms for Cash in Nigeria to get emergency cash, caused by the economic slump across the nation, the plight of the unemployed, and the resulting poverty, has altered the entire lending dynamics. Loan sharks, which are not accurate and anonymous, are available on the Google Play Store, and some are available on Apple Store; fake foreign shylocks own some of them, have invaded the online world, and defrauding innocent and poor Nigerians of their hard-earned money in the form of loans credit.
List of Loan Sharks In Nigeria
Loan Sharks In Nigeria: How Are They Defined?
The term “loan shark” refers to a loan app or digital platform, an offline or online lender that provides credit at very high-interest rates. It also is governed by strict terms of repayment upon failure. It includes sending out threatening, shaming, and defamatory messages and your phone number and generally operates outside the laws. Thus, loan sharks use illegally and are often described as illegal loan platforms and apps.
How Loan Sharks In Nigeria Threaten, Shame, And Blackmail Your Families, Friends, And Contact List
Many borrowers have spoken out about how these illegal lending platforms, referred to as loan sharks from Nigeria and worldwide, harass and blackmail their clients and talk about them in a manner that makes them appear like they aren’t necessary. Some even go as far as calling their customers and customers crazy or stupid, as well as derogatory remarks in the event of a loan default.
How To Recognize Loan Sharks In Nigeria And Elsewhere
One of the ways of operation of Loan Sharks In Nigeria is sending threats, blackmails, and defamatory messages. Threats to their clients, family members, contacts lists, and the blatant, unprovoked breach of their privacy data.
Most of these lending app employees are not ethical in their communication because they behave in dehumanizing manners to customers, making phone calls, sending defamatory and shameful messages to their contacts, and calling them “criminals.” This must be slammed and considered unethical in even sane environments like Nigeria.
10 Ways To Identify Loan Sharks In Nigeria
- Accessing contact numbers as well as pictures stored on mobile phones.
- Use of incorrect contact numbers and images stored in mobile phones.
- The invasion of privacy of customer data and sending defamatory, threatening messages to them as well as their contact lists
- Costly interest rates and penalties.
- Processing and security deposit before processing the loan
- The interest is deducted before the loan.
- Incessant harassment and threats against customers
- Online Harassment.
- Inhumane and unprofessional methods of recovering.
- The use of derogatory and rude statements by employees of the loan app to customers
7 Warning Signs Common With Loan Sharks In Nigeria
- No proof of credit record
- Loans to customers for seven days instead of the minimum of 60 days as required by law.
- In the creation of a sense and pressure to act immediately
- Charges that are not disclosed or concealed fees.
- Websites that are not secured and, in some instances, none whatsoever
- The lender announces no physical address.
- Most often, they are not on no social media accounts and have no contact numbers or current customer service.
5 Safety Measures To Protect Yourself Against Loan Sharks In Nigeria
- Find contact details for lenders, including the phone number, email address, and physical address.
- Check the online reviews of clients who have used the lender.
- Review the thoughts of professionals of reputable lenders.
- Be sure that CBN approves the loan application. Central Bank of Nigeria (CBN)
- Check the permissions for your app regularly and only grant access permissions to fulfill the purposes of the requested loan.
List of Loan Sharks In Nigeria
This is a comprehensive List of Loan Sharks In Nigeria. These aren’t just loan sharks operating in Nigeria. They are also illicit fake loan applications most likely to be removed from Nigerian government officials. Google Play Store and Apps Store, but the majority of them come up with ways to draw unwitting borrowers into their lending trap and then, in the end, shame and ridicule their victims.
If you wish to live long in peace, stay clear of any lending service on the list at any price. Please do not use them as a weapon!
A few apps were blocked through authorities of the Federal Government, and a few were blocked from Google or the Apple Play Store. Unfortunately, many of them remain operating in secret at the date of writing this report by defrauding and swindling innocent and desperate Nigerians with the promise of instant Cash or online lending.
Beware, do not take a chance with any of these List of Loan Sharks In Nigeria
- Cash Mall
- Cash Wallet
- Ease Cash
- Rapid Naira
- Speedy Choice
- 9ja Cash
FG stops the bank accounts of 30 illegal loan applications and Loan Sharks in Nigeria.
The Federal Competition and Consumer Protection Commission (FCCPC) declare that it has frozen over thirty bank accounts run through loan sharks, illegal loan apps, and digital lending firms in Nigeria.
Mr. Babatunde Irukera, the Executive Vice Chairman of the Commission, stated this during an engagement with journalists at Abuja the previous Tuesday.
Irukera further stated that the Commission was working with Google and Apple Stores to remove several other illegal loan apps and loan sharks from Nigeria and their stores. Noting that specific procedures were needed to make that happen.
“The day we carried out the raid, we had limited information regarding certain loan companies’ bank accounts.
“All the accounts at banks that were offered were instantly blocked. However, these companies have multiple bank accounts under different names.
“Between our raid of the accounts and today,y we’ve discovered an additional 30 charges. All were frozen. We shall continue freezing them as we uncover these accounts.
“I am confident that, due to the steps we have taken and the nature of interaction we have been having with lenders, at the very minimum three largest ones, whose business has been seriously affected by our inquiry or account closures, They are also changing.
“It will take time but I can assure you that the environment is changing”,” he added.
Irukera demanded a more effective partnership with media outlets to inform the general public about their rights as consumers to fulfill the goals of the FCCPC.
Do I have the right to go to prison for not paying online loans within Nigeria?
Failure to repay a loan could lead to the court being charged in Nigeria. However, very little is known about this, and good reasons exist. In the event of a loan default, it is a civil matter and is not a criminal offense; therefore, you are unlikely to be sent to prison for not paying back the loan.
What can I do to stop loan apps from accessing my contacts?