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LCredit One of Nigeria’s online loans without collateral application has been banned from the Google Play store, Lending Naija has learned.
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What Happened To Lcredit Loan App
LCredit was eliminated through Play Protect, the security platform on the Playstore that scans Google’s apps for malware and other malware apps that are on its platform.
Google has taken down Rapid Naira and LCredit and other yet-to-be-discovered quick loan apps removed from the Play Store because they are allegedly in violation of its policies regarding the operation of finance apps.
This media outlet reported just a few weeks ago that fraudulent apps like Lcredit, RapidNaira, ForNaira, and a few others that are hosted on the Google Play Store are scavenging the poor Nigerians and infringing Google policies regarding lending apps. A quick look by the reporter shows Lcredit, ForNaira, one of the predatory lending apps that are available on Google Play is still hosted on the huge network.
About Rapid Naira App
Rapid Naira is a mobile application that promises to provide fast and reliable credit to Nigerians. It was launched on the 16th of August 2021 in the name of Sun Constellation. Since its introduction, Rapid Naira already has more than five thousand (5,000) downloads as of the time of this publication.
Rapid Naira assures that they will give you a loan quickly within a couple of steps. The website claims that its loans are only available to Nigerians and that you can take out loans ranging from N6,000 to N300,000 and pay back between the ages of 91 and 365. They also claim that they charge interest rates ranging from 2.4 percent to 12% monthly, with the equivalent of 4.8 2.4% – 4.8. This application promises to transfer the loan into your bank account in a matter of minutes, with no paperwork required and no collateral, no guarantees, no hidden costs, and a myriad of other false claims.
Lending Naija after extensive due diligence discovered the fact that Rapid Naira is a fraudulent application. There is no fast loan for any customer or anyone else for that matter and has not ever offered any loans whatsoever before. It’s just an app that is created to take cash from innocent users and consumers who aren’t discerning and, at the end of the day, give them nothing. After you have entered your bank account information and account security details into their app They will be continuously deducting your account from their name FLW Professional Service, Lekki, and your bank account details along with them.
Lending Naija understands that many applications on Google Play are violating their policies on repayment and lending and we ask Google to enforce its policies and make them accountable. The lives of Nigerian consumers are at stake. Regulators have also been asked by the platform to make local laws applicable to those loan sharks.
It appears that the Nigeria Apex Bank (the CBN) isn’t sure of what to do. the Apex Bank admitted a few months ago admitted that its rapid loan applications and platforms have been flouting the rules of operational guidelines but failing to follow the rules and hitting the hammer against the apps.
For ForNaira it’s a scam, not a loan application
The is ForNaira application shows on the Google Play Store as highlighted:
– Borrow up to N300,000
Access fast and easily to loans, and no extra charges
Credit is made to the account after the loan has been approved
No need for collateral or a guarantor
Our Loan App is highly safe and solid
Artificial intelligence is utilized to calculate credit scores and loan decision-making in a flash!
We are available 24 hours a day to assist you
Contrary to what’s available on the Google Play store, the ForNaira app performs the following:
- You can get seven days of loans instead of the 91 to 360 days listed in the Google Play store
- The company will not grant credits up to 300,000
- Doesn’t declare its true costs in the sense that they indicate the amounts of loans to be made and what they offer is smaller.
- No, they don’t collect collateral, but they request guaranteeing parties.
- As with other loans, 7-day loans begin counting when you get money into your account. What you can see on your dashboard instantly is the remaining 6 days. It’s never seven days.
- Inability to pay back the amount when due could see staff members berate you, threaten you and send you messages to the people on your list of contacts that you shouldn’t be trusted and will be advised to repay your obligation.
Read what customers have to have to say about ForNaira: “ForNaira is the most inefficient and quick online loan app…just one day late and their agent sent me an email to my entire list of contacts which was more than 2 months old and I’ve refused to answer calls or respond to messages. In the meantime, the lady sent me a message at 5:45 am. I replied to be paid by 4 pm. However, at 9 am she was sending me messages to my contacts…for the actions she took I’m not going to be able to pay her a penny again. I will not defame you and expect me to pay in the end, since I was paying for the outstanding amount. I have proof .”
We have written articles on this platform previously asking Google to apply its rules regarding loan sharks who are predating vulnerable Nigerians. We believe this could be an aspect of ongoing law enforcement, and we’ll investigate further into this.
A recent report from Bloomberg disclosed that several predatory lending applications are still being added to the Play Store despite Google’s previous promises to stop these apps. A majority of these apps provide users quick cash advances, with interest rates that exceed 200%, and they demand that users repay the loan in as short as two or three weeks. This seems to be in direct contradiction with Google’s latest minimum repayment policy and interest rate limit.
Bloomberg reports that a variety of policies-breaking apps such as iPesa OKash and Zenka are most popular in developing nations such as Nigeria, India, and Kenya however, the apps aren’t accessible in all other countries, not just the US. We contacted Google to ask about why the company’s policies worldwide safeguard users in more developed nations, but they’re not protecting Android users from the mentioned countries. A Google spokesperson responded with a reiteration of the policy’s new plan of action and the company’s intentions.
It appears that Google’s policies are different from nation to country. Google isn’t allowing apps for personal loans that have annual interest rates that exceed 36 percent in the US however, it’s not clear whether those restrictions apply to users from other countries.
“Our Google Play Developer Policies are designed to protect users and keep them safe, and we recently expanded our Financial Services policy to help protect people from deceptive and exploitative personal loan terms,” the Google spokesperson stated. “When violations are found, we take action.”
The problem is that violations in one nation may differ from violations that occur in another. It’s therefore easy for loan companies that are predatory to profit from users in developing nations where the majority of users do not have accounts with banks and credit card accounts. Unfortunately, this is the situation, and we’d like to be able to see Google modify its policies to establish strong limits that protect all users worldwide.
To help safeguard the privacy of its customers, Google has banned apps that provide loans for personal use on the Play Store for the US. In the words of The Wall Street Journal, this is Google’s method of stopping payday loans that are often accompanied by three-digit interest rates.
Google stated that this policy was meant to safeguard users. The company in 2016 introduced an end to payday-loan advertisements within its search engine. This latest app ban will take Google’s stance on payday loan companies one more step.
Applications that offer personal loans that have an Annual Percentage Rate (APR) of 36% or more cannot continue to be through the Play Store. To remain in the Play Store the lenders need to adapt their business and product designs to comply with Google’s standards.
The lcLcreditan app can not be downloaded through the Google play store again, If you want to download the Lcredit loan app click here
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