Are you looking for the full list of fake loan apps in Nigeria then you are on the right web page that will tell you loan apps to avoid in Nigeria.
Research and facts have revealed the existence of numerous fraudulent and predatory loan apps in Nigeria The main aim is to deceive vulnerable and vulnerable consumers unfortunate enough to be denied loans from them.
According to studies, these fake loan applications may demand untrue security deposits from prospective customers or demand that they pay processing charges for loans. Others are known to harass and threaten clients regularly and also make insults and rude remarks made at them.
Certain of these fraudulent loan apps have transformed their platforms into lending sharks harassing Nigerians with high rates of interest, sometimes even 50% over seven days, then pestering customers and their contacts with defamatory and malicious language even while the loan is just a few days away from expiring.
This is a violation of morality. Here, you’re going to discover fake credit apps from Nigeria.
Here is a list of fake loan apps in Nigeria and it is strongly advised that you avoid them.
Table of Contents
1) BorrowNow Loan App
BorrowNow is among the fake loan applications that are available in Nigeria. All Nigerian applicants to loans should avoid the BorrowNow loan application due to the extremely high rates of interest and non-compliance with Nigerian local laws, and the violation of Google standards for loan terms.
BorrowNow is another shady loan lender which sends out threatening and libelous messages to consumers and their borrowers. Nigerians must avoid this app at all costs.
2) NairaPlus Loan App
NairaPlus is among the most prominent Nigerian list of fraudulent loan apps. The bogus lending platform is among the Google Play Store quick loan apps that compromise the privacy of their customer’s data and are sending blackmailing and threatening messages to their customers when there is a rumored loan repayment failure.
NairaPlus is the very first app that has been added to the list of prohibited lending apps in Nigeria. All Nigerian customers are advised to avoid the services offered by the NairaPlus lending application since it regularly has violated local laws as well as Google standards. (Full article)
3) Sokoloan Loan App
Another fraudulent lending website located in Nigeria includes Sokoloan. The weaknesses of this fraud-ridden loan application are highlighted below.
- Give loans for seven days instead of the 90 to 360 days listed within Google’s Google Play marketplace.
- The 7-day loan just like others, is counted from when the money is deposited in your account. the information you will see on your dashboard right away is the remaining days. There is no way to count seven days.
- If you don’t pay on time when you’re required to, their employees will harass you by threatening you or sending out messages to people who are on your contact list.
4) 9Credit Loan App
9Credit is the 7th item on the list of fraudulent loans in Nigeria. They have advised all Nigerian applicants against using the services offered by the 9Credit loan application due to illegal and unprofessional methods.
For charging clients questionable high-interest rates. To grant loans of only one day instead of the required minimum of 60 days as required by the law. In addition, it is constantly attacking and harassing its customers and their contact details.
5) GoToCash Loan App
On November 28 2021 Google deleted GotoCash and PalmCash two rogue and fraudulent lending apps in Nigeria removed from the Play Store due to repeated infractions of its policy on the security of data for consumers.
BorrowNow and LendCash were two other fraud-prone lending applications that were previously covered and subsequently deleted, at the same time because the same reasons that were breaching customer privacy of their data and sending out abusive and defamatory messages to their families, customers, and contacts.
They strongly advise Nigerians to avoid these fraudulent loans like the plague. The interest rates they charge are high and they charge unlawful charges for service.
6) Fast Money Loan App
Fast Money is a different phony lending application. Unfortunately, it’s still accessible through the Google Play Store.
The Nigerian government has formulated plans to enforce regulations and punish fake lending apps or lending services like Fast Money, NowCash, Sokoloan, 9credit, LendCash, and others that infringe on their customers’ privacy by sending blackmail and threatening messages to their contacts lists.
Nigerians and loan customers must stay clear of these loans at all costs.
7) 9ja Cash Loan App
The risky and illegal Sokoloan lending app is owned by and runs the 9ja cash loan application which is a different fake loan application.
Sokoloan Lending Company owns and operates 9ja Cash. Their strategy is to scare you with false and misleading messages which contain people who you have on your contact list. This is unprofessional and risky.
They will charge you a high rate of interest they also deduct security costs on your credit card, as well as also limit the loan period to 7 days instead of the minimum requirement of 60 days.
8. GoCash
GoCash is listed under Finance on the Google Play Store.
Gocash falls on the Number 1 spot on our list of fake loan apps in Nigeria and deservedly is on this list of loan apps banned in Nigeria.
It gives Nigerians loans up to N300,000, and charges from 20% to 30% interest rate, as per the data accessible on the Android app store.
GoCash’s actual office is situated in Nigeria’s business capital, Lagos.
GoCash is the first on our list of loan apps shut down in Nigeria, their inhumane activities earned them a space on our list
It’s particularly in Lekki Phase 1, Lagos state.
9. Okash
OKash is owned by Blue Ridge Microfinance Bank Limited.
According to its profile on Google Play, its loan sum goes from NGN 3,000 to NGN 500,000.
Okash added that its financing cost is determined consistently and has an Annual Percentage Rate(APR) going from 36.5% to 360%.
Okash remains one of the loan apps banned in Nigeria from engaging in any lending or other financial activities in the country.
Those qualified for the credits are Nigerian occupants (20-55 years of age) with a “wellspring of a month-to-month pay”. Okash’s actual office is additionally in Ikeja, Lagos state.
10. Easy credit
EasyCredit says its loaning sum ranges between 3,000 NGN and 100,000 NGN and has the Maximum Annual Percentage Rate(APR) of 40%.
Those qualified for the loans are Nigerian occupants (20-60 years of age) with a “monthly payment source”.
EasyCredit’s actual office is also in Ikeja, Lagos state.
But these list of loan apps banned in Nigeria have one thing in common, they don’t portray what is stated in the apps on the Google play store.
It is in total contrast to the terms and conditions stipulated on their respective mobile apps
11. KashKash
KashKash says its loan goes from ₦3,000 to ₦200,000 while its annual percentage rate(APR) goes from 36.5% to 300%.
Those qualified for the loans are Nigerian inhabitants (20-55 years of age) with a “month-to-month pay source”.
Its office is also located in Ikeja, Lagos state.
12. . Speedy Choice
We can’t find any loan app with the name Speedy Choice on the Google Play store.
The online loan app that shows when the name Speedy Choice is typed is Speedy loan
We can’t affirm on the off chance that the two are something very similar.
Speedy loan’s feature is like others. The loan amount goes from ₦3,000 to ₦150,000 and those qualified for the loans are Nigerian occupants within the age bracket of 20-55 years of age with a means of earning a salary.
No office address was given.
Conclusion
To combat the alarming rate of data privacy violations by lenders of money The National Information Technology Development Agency (NITDA) has developed an important partnership in conjunction with the Federal Competition and Consumer Protection Commission (FCCPC).