[59] List of fake loan apps in Nigeria 2023

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Written By Michael Oke

This article is a list of fake loan apps in Nigeria (59). I will continue to update this list as soon as more is discovered.

You can also help by sharing your experience with fake loan apps in Nigeria by using the comment box below.

In this article, I will share my personal experience with fake loan apps, why many are in Nigeria, and how to spot and report them.

Nigeria’s digital lending landscape has transformed how consumers access financial services. 

It offers a range of advantages, including convenience, speed, and ease of access. 

However, as with any rapidly growing industry, it has challenges. 

One such issue is the proliferation of fraudulent loan apps, which pose a significant risk to users’ financial and personal security. 

Consumers must understand how to identify and avoid these deceptive platforms to safeguard their interests.

Must Read: My Personal Experience With Fake Loan Apps In Nigeria.

My friend used my name as a guarantor while registering with one of these fraudulent loan apps. (Soko Loan)

After a month, he could not pay back the loan as they intentionally made it impossible to repay it.

So, not that he did not want to pay, but they intentionally made the repayment challenging to make more money on the loan interest.

Unfortunately, my friend spent this money, and that was where his misery started. 

Soko Loan sent defaming messages to his contacts which they must have illegally obtained.

They also started calling some of his contacts, who they felt was his family member, including me.

My friend lost his job due to the fraudulent ways of one of the fake loan apps listed in this article.

Maybe you have experienced something like this or are trying not to fall victim to any fake loan companies. This list of fake loan apps in Nigeria can save you from future problems.

List Of Fake Loan Apps in Nigeria

  1. Cash Mall
  2. CashLion
  3. FastMoney
  4. LendCash
  5. BorrowNow
  6. LCredit
  7. NairaPlus
  8. 9ja Cash
  9. Cash Wallet
  10. GGMoney
  11. 9Credit
  12. Sokoloan
  13. Palmcash
  14. Ease Cash
  15. ForNaira
  16. GotCash
  17. NCash
  18. GotoCash
  19. GoCash
  20. KashKash
  21. Rapid Naira
  22. EasyMoni
  23. AngelLoan
  24. Speedy Choice
  25. EasyCredit
  26. OKash
  27. CycleCash
  28. CashRain
  29. iCoin
  30. Mikoloan
  31. SuperCash
  32. XCredit
  33. LionCash
  34. Ajeloan
  35. CreditHall
  36. GetCash
  37. iCredit
  38. PalmCredit
  39. Aimloan
  40. CashFarm
  41. Oxloan
  42. Lucky Loan
  43. Ucredit
  44. NowCash
  45. Kashpal
  46. Star loan
  47. Hcash
  48. Zumacash
  49. Snappy credit
  50. Moneyhub
  51. Vkash
  52. ABC loan
  53. Cash Ace
  54. Ncredit
  55. ChaCha
  56. Here4U
  57. Maxi Credit
  58. SoftPay
  59. Easy Mo

The Rise of Fake Loan Apps

Digital technology has provided scammers a new platform to exploit unsuspecting consumers, resulting in a notable increase in fake loan apps. 

Nigeria, Africa’s largest mobile market, has seen a significant rise in these fraudulent activities. 

These deceptive apps often prey on users’ need for quick access to Cash, promising instant loans with little to no paperwork. 

However, they are often designed to steal personal information or leave users trapped in a cycle of debt.

Common Characteristics of Fraudulent Loan Apps

Fraudulent loan apps often share common red flags that users can look out for:

  • No Physical Address or Legitimate Contact Information: Authentic financial institutions provide verifiable contact details. If a loan app needs this information, it’s a potential red flag.
  • Lack of Transparency Regarding Terms and Conditions: Deceptive apps often avoid providing clear information about their loan terms to trap users into paying exorbitant fees.
  • Overly Aggressive Advertising Strategies: Many fraudulent apps use aggressive marketing strategies to lure in users, promising unrealistically attractive loan terms.
  • Rapid or Instant Loan Approval with No Credit Check: While instant loans can be legitimate if offered without credit checks, it may be a sign of a scam.
  • Unusually High-Interest Rates and Hidden Charges: Exorbitantly high-interest rates or hidden fees are a common tactic scam loan apps use to trap users into debt.
  • If they have one, you will most likely find many negative reviews on their Google Playstore Apps.

READ MORE: is Theobarth Grant a scam?

How to Verify the Legitimacy of Loan Apps

To ensure the legitimacy of a loan app, users can take several steps:

  • Check Authenticity: Look for clear and verifiable contact information, business registration details, and physical address.
  • Read User Reviews: User reviews provide first-hand information about the experiences of other users.
  • Verify Registration with Regulatory Authorities: Legitimate lending platforms should be registered with financial regulatory bodies such as the Central Bank of Nigeria (CBN).

Role of Regulatory Authorities in Nigeria

Regulatory bodies in Nigeria, like the CBN, are actively working to combat the rise of fraudulent loan apps. 

They continually update their regulations, promote digital literacy, and encourage consumers to report suspicious apps. 

Also, A member of the House of Representatives, Mr. Akin Alabi, once mentioned his interest in sponsoring a bill to combat this menace. He made this known on his Twitter page, where he said; Predatory loan sharks must be checked. Also, please be responsible with your borrowing.

The recent data protection bill passed and signed by President Tinubu is also a step in the right direction.

Conclusion – List of fake loan apps in Nigeria

In conclusion, the rise of digital lending has revolutionized financial services and brought new forms of fraud. 

Users must remain vigilant when using loan apps, understand the typical red flags of fraudulent platforms, and know how to verify an app’s legitimacy. 

Always remember to conduct thorough research and, when in doubt, consult with financial advisors or report suspicious apps to regulatory authorities. We can safely navigate the digital lending landscape by arming ourselves with knowledge and exercising due diligence.

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