This is an updated List of Loan Sharks In Nigeria, be careful when you borrow money from any of these loan sharks.
How Loan Sharks In Nigeria Started
The rise of urgent loans or instant loan platforms for cash in Nigeria as a way of getting emergency cash, which was 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 who are not real and anonymous, available by the Google Play Store and some are available on Apple Store, some of they owned by fake foreign shylocks, have invaded the online world and defrauding innocent and poor Nigerians of their hard-earned money in the form of loans credit.
Loan Sharks In Nigeria: How Are They Defined?
The term “loan shark” refers to a type of 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, and includes sending out threatening, shaming and defamatory messages. as well as your phone number and in general, operates outside of the laws. Thus, loans sharks operate 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 the manner in which these illegal lending platforms referred to as loans sharks from Nigeria and all over the world harass and blackmail their clients and talk about them in a manner that makes them appear like they aren’t important. Some even go as far as calling their customers and customers as crazy or’stupid as well as all sorts of 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 their family members, as well as their contacts’ lists and the blatant, unprovoked breach of their privacy data.
A majority of these lending apps employees are not ethical in their communication because they behave in dehumanizing manners to customers, making phone calls and 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’s number as well as pictures stored on mobile phones.
- Use of incorrect contacts 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
- Very expensive interest rates and penalty.
- Processing and/or security deposit prior to processing of the loan
- The interest is deducted prior to 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 7 days, instead of the minimum of 60 days as required by law.
- In the creation of a sense and pressures to act immediately
- Charges that are not disclosed or concealed fees.
- Websites that are not secured and , in some instances, none whatsoever
- No physical address is disclosed by the lender.
- Most often, they are not on no social media accounts and no contact numbers, or any 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 reviews of professionals of reputable lenders.
- Be sure that the loan application is approved from CBN. Central Bank of Nigeria (CBN)
- Check the permissions for your app regularly and only grant access permissions to fulfill the purposes of the loan being requested for.
List of Loan Sharks In Nigeria
This is a comprehensive List of Loan Sharks In Nigeria. These aren’t just loans sharks operating in Nigeria They are as well illicit fake loan applications which are most likely to were removed from Nigerian government officials. Google Play Store, Apps Store, but the majority of them come up with ways to draw unwitting borrowers into their lending trap and then at the end, shame and ridicule their victims.
If you wish to live a long and peace, stay clear of any lending service you come across on the list at any price. Do not use them as a weapon!
A few of the apps were blocked through authorities of the Federal Government and a few were blocked from Google or the Apple Play Store. Unfortunately, a lot 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 along with Loan Sharks that operate in Nigeria
The Federal Competition and Consumer Protection Commission (FCCPC) declares that it has frozen more than thirty bank accounts run through loan sharks and illegal loans 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 as well as Apple Stores to take down several other loan apps that were illegal and loan sharks from Nigeria and their stores Noting that certain procedures needed to make that happen.
“The day we carried out the raid, we had limited information regarding the bank accounts certain loan companies had.
“All the accounts at banks that were offered were instantly blocked, however these companies have multiple bank accounts under different names.
“Between our raid the accounts and today we’ve discovered an additional 30 accounts . 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 our 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 am able to 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 in the FCCPC.
Do I have the right to go to prison for not paying online loan within Nigeria?
Failure to repay a loan could lead to the court being charged in Nigeria However, very little is known about this and there are good reasons. 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?
To stop loan applications from accessing your phone numbers and calling contacts or relatives, you can do these things: Don’t download any loan apps for your phone. If you’ve already downloaded a loan application do not accept or take any loan from the app.
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