List Of Fake Loan Apps In Nigeria To Avoid 2024
Taking Loans From Illegal Platforms Can Do You More Harm Than Good. Check Out The List Of All The Fake And Banned Loan Apps In Nigeria Here. 
List Of Fake Loan Apps In Nigeria: One can be in dire need of urgent funds and the first thing that comes to one’s mind is taking a loan from loan apps. However, many people have been victims of fake loan apps. To save you the stress of falling into the traps of fake loan apps, we have written this article. In this piece, you are going to find the list of all the fake and banned loan apps in Nigeria. Sit back and enjoy while I take you through this!
What Are Loan Apps?
Loan Apps are simply online platforms or financial institutions that offer quick loan to people that are in need of them without collateral. Most loans from loan apps can be gotten within 24 hours.
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List Of Fake Loan Apps In Nigeria
The federal government has moved to shut down numerous fake loan apps in Nigeria. However, it is possible that some illegal platforms may still be operating but you need to be careful. Here is a list of the fake and illegal loan platforms in Nigeria:
1. 9credit
One of the most popular fake loan apps you need to avoid is 9credit. They have very high interest rate and the pay back time for the loan you are collecting is just 7 days. They can go as far as defaming you when you fail to pay back the loan.
2. 9ja Cash
This is another illegal platform to get your loan from. This app has a very high interest rate that makes it difficult for users to pay back. They also send false messages to your contacts list when you fail to pay back their loans.
3. BorrowNow
Next we have borrow now. This loan app have very high interest rate with a very short pay back time. In fact, you may never come out of the debt when you take loan from this app.
4. Cash Mall
This loan app is one of the fake loan apps in Nigeria. This app calls your contacts and exposes your information on social media platform. They do this as a way of retrieve there debts but it is very embarrassing. They also do not give you the loan amount you may think they give.
5. Cash Wallet
Next is Cash wallet. This loan app is fond of scamming people that seek loan by asking for a down payment for the loan and often times do not end up giving them the loan.
6. CashLion
Cash lion is another fake loan app to be beware of. They have hidden charges for the loans they give out and their tenure is just 7 days. How many people can repay a loan in 7 days?
7. Ease Cash
Next, we have Ease cash. This loan app was formerly known as EasyMoni. The name was changed after it was banned from mobile stores so that it can continue scamming its users.
8. FastMoney
Just as the name portrays, anything fast money should be a red flag. Messages are sent to contacts of debtors about the loans they are owing. They also threaten people with excessive high interest rate. Please run for your life.
9. ForNaira
Another fake loan platform to avoid is ForNaira. They do not give the loan amount that they claim to give and the pay back time is just 7 days.
10. GGMoney
Another fake loan app to run away from is GGMoney. This loan app is called known to be a loan shark. It invades your data privacy rights and can do anything just to get their loan from you even if it causes harm to you.
11. GoCash
Next, we have GoCash. This app is well known for sending black mailing messages to debtors. Their pay back time is just 7 days which is very difficult to meet up with.
12. GotoCash
We also have GotoCash as one of the fake loan platforms in Nigeria. It violates privacy laws and send defaming messages to contact list when you do not pay back loans.
13. GotCash
Got Cash is anther fake loan platform. Here, false information about you can be spread on social media platforms when you do not pay back your loans. They also do not have any physical office to make any complaint.
14. KashKash
KashKash is another fake loan platform you should avoid. They have exorbitant interest rates on their loans and short pay back time.
15. LCredit
This is one of the most popular fake loan apps in Nigeria. This platform has constantly violated the lending policies. This loan app tries to get your personal data on your phone like your pictures, sms and so on.
16. LendCash
Another fake loan app to avoid is lendcash. This loan app has been banned on google store as well as the regulatory authority of the Nigerian government. Landcash gives excessively high interest rates for the loan they offer.
17. NairaPlus
Next, we have NairaPlus. This loan app spies in its users personal information and has constantly broken data privacy laws.
18. NCash
Another fake loan app to avoid is Ncash. there are excessive interest rates and short pay back time. They also harass you when you do not meet up to their pay back time.
19. Palmcash
Palmcash is another fake loan app that you need to avoid. You would get scammed through this platform with very high interest rates. You cannot make any complaint physically because they do not have an office address.
20. Sokoloan
Another loan app to avoid is Sokoloan. Sokoloan harasses its users when they are not able to pay back the loan that they have taken with inflated interest rates.
21. Speedy Choice
If you have by chance stumbled on any of these platforms, please be very careful and make sure you do not borrow money from any of them.
15 Ways To Identify Fake Loan Apps
It is not enough telling people to stay away from loan app. It is also important to know how you can identify a fake loan app for extra caution. Here are tips for identifying fake loan platforms:
1. It Is Not Available On Your Phone Store
One good way to identify a fake or illegal loan platform is when it is not available on your phone store. Sometimes, people claim that they can only borrow money from websites which is a big red flag. In all honesty, loans are not just easy to obtain so if you are looking for a loan app that would give out loans without asking for your BVN, they are most likely not from the store and they are fake.
2. Bad Loan Retrieval Behavior
Another way to identify a fake loan app is through bad loan retrieval behavior. Many people have complained about the way some loan apps are very aggressive when they want to get a defaulter to pay. In fact, some one came out recently to say that after she defaulted, a circular was made by the loan app telling people she had passed on. How terrible!
If a loan app disturbs you with too many text messages, calls your contact lists, harasses or threatens you and your family, it is definitely a red flag.
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3. Sanctioned By Financial Authorities
Another red flag of an illegal or fake loan app is if it is not registered under the central bank of Nigeria or the National information technology development agency.
4. Not A Secure Website
Another thing to look out for is the website of the lending platform. If it is not a secure website, please run.
5. Errors On The Website
Next, you can look out for errors in the website. A professional and official website is not supposed to have silly mistakes like spelling errors, grammatical errors and so on. Therefore, if you come across any of these, be careful.
6. Bad Rating
Another good way to check out if the loan app you want to borrow money from are legit or not is by checking the rating of the app. On your phone store, you can check these ratings before you download them. It can serve as customers feedback for the app you want to download.
7. Extremely High Interest Rate
If you stumble on any loan app that requires very high and outrageous interest rate, you need to be very careful because you might as well never come out of that loan problem. Some loan apps increase their double their interest every day that you default.
8. Need A Down Payment For Loan
Another red flag to look out for is if the loan app requests that you make a down payment to be able to access a loan. You might be scammed and never get the loan the moment you make a down payment. Hence, you need to be careful.
9. Ask For Sensitive Banking Information
No legit financial institution would ask you for sensitive banking information. Therefore, if any loan app asks you for information like passwords, PIN and so on. It is a fake and illegal loan app.
10. No Conditions For Loan
Another thing you need to be careful about is the condition for loan. Loans from private institutions always have conditions. So, if they claim to give loan on no condition at all, you need to be very careful.
11. No Clear Loan Conditions
Also, if there are no clear loan conditions or hidden loan conditions, you need to be very careful.
12. Very Low Or No Interest Rate
If any loan app claim to give loan with very low or no interest rate at all, it is most likely that it is an illegal loan platform.
13. No Website
Another red flag to look out for in loan apps is whether or not it has a website. A professional financial institution should have a website where all its policies are clearly stated. If you find out that there is no website. It is advisable to stay clear off the website.
14. Too Many Redirecting Links
You can also determine if the loan app you want to use is legit or not through links. If the site is redirecting you to too many links, then you might be scammed. Avoid such.
15. Requesting For Sensitive Banking Information Of Guarantors
Lastly, no legit loan app is supposed to request sensitive banking information of any of your guarantors. If you get any message about provide sensitive banking information, please avoid that loan platform.
Reasons To Avoid Fake Loan Apps In Nigeria
1. You Can Be Scammed
One of the reasons you need to avoid fake loan apps is because you can be scammed. If might seem all good at first till you actually fall into their traps. It is best you avoid them.
2. False Information About You Can Be Circulated
There have been situations when false information have been spread about people when they default on a loan.
3. It Can Ruin Your Life
A lot of people borrow from fake loan apps and their lives never remain the same afterwards because of the high interest rate that keeps building over time.
List Of Banned Loan Companies In Nigeria
It is very important that you know the banned loan companies in Nigeria in case you stumble on any of them in future. Here is a list of the banned loan companies in Nigeria:
- 9credit
- 9ja Cash
- BorrowNow
- Cash Mall
- Cash Wallet
- CashLion
- Ease Cash
- FastMoney
- ForNaira
- GGMoney
- GoCash
- GotCashger
- GotoCash
- KashKash
- LCredit
- LendCash
- NairaPlus
- NCash
- Palmcash
- Sokoloan
- ChaCha
- Easy Moni
- EasyCredit
- Here4U
- Maxi Credit
- SoftPay
- Speedy Choice
Frequently Asked Questions
1. Can A Loan App Block My BVN?
Yes, if you have given out details of your BVN to any loan app and you default, a case can be filed against you which can consequently lead to blacklisting of your BVN.
2. Does FairMoney Call Your Contacts?
It is part of FairMoney privacy policy to never communicate with any person from your contact list.
3. How Do I Stop Fake Loan Apps?
If you have had issues with fake loan apps or any online scam, you can file a cybercrime report.
4. Is Okash Banned In Nigeria?
Yes, Nigeria federal government has shut down its operations with the claim that it is an illegal loan platform.
5. Is Fairmoney Banned In Nigeria?
No, Fairmoney has been approved a s a legal digital loan app.
Conclusion
Overall, it is advisable that you stay away from loan as much as possible. However, if you need urgent funds that cannot be gotten from family and friends, be sure that the loan app you are borrowing from is a legit and confirmed one. It would save you the stress of getting scammed.
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