Below are the compiled List of Fake Loan Apps in Nigeria operating Unlawfully, scamming Nigerians, breaking local lending regulations, and vehemently going against Google’s policy regarding Loan Apps on their Network.
The increase in fake loan apps is currently at its peak. They create lending application Businesses for exploitation and fraudulent acts.
Recently, many banned loan apps have still existed and operate in Nigeria. Unfortunately, a good number of people have fallen victim to these businesses.
According to some investigations, several loan app sharks’ purpose in the operation is to defraud people at any opportunity. Some have even encountered intense threats, insults, and blackmail for not complying with their demands.
To reduce the high risk of these fraudulent acts, i have done thorough research to particularly fish out these fraudsters and warn Nigerians to be vigilant and stay away at all costs.
I will also list some of the risks of using a fake Loan App and How to identify a Fake Loan App.
Table of Contents
List of Fake Loan Apps in Nigeria
Here are the top 10 list of Fake Loan Apps in Nigeria you should know today:
Palmcash
Palm cash is dishonest and illegal in Nigeria. They have no face, physical address, and contact information for customer representatives. Ensure to protect yourself by refusing any of their services.
GGMoney
When the federal government began to closely monitor its operations, many improper and unethical practices toward its clients and contact lists were made known. Recently, Google Play Store has notified names and alerts of some of these loan sharks. In effect, Google has removed a few dubious apps from its Play Store.
Ease Cash
This, also known as EasyMoni, was banned and blacklisted. However, with a new identity, they are back and are now fully hosted and registered on Google. Easemonie has a bad reputation for humiliating their client, even for very small loans
Sokolan
Another Money Leader Scammers
The offences of loan app scams are listed below.
- As opposed to the 91 to 360 days that are shown in the Google Play store, lend money for 7 days.
- They do not provide the #300,000 loan that it claims to.
- Does not disclose its true costs in that the amount of the loan that is offered is far less than what is displayed.
- When you don’t make the required payments on time, their employees will harass, threaten, and notify everyone on your contact list that you shouldn’t be trusted and that you owe them money. Very damaging to a person’s Reputation
9ja cash
Anyone who is looking for a loan should, as much as possible, avoid using the 9ja Cash lending app at all costs.
They will use libelous texts to threaten you and the individuals on your contact list. This is very unacceptable and unethical.
9credit
They are known for charging hefty, questionable interest to clients for only granting loans for seven days as against the legally required minimum of sixty days. Additionally, they consistently threaten and defame their clients and their contact list.
BorrowNow
Another app you must run away from. They unreasonably include high interest rates, disregard local laws in Nigeria, and disregard for Google policy regarding loan terms.
They enjoy delivering harassing and slanderous messages to their clients and borrowers.
NairaPlus
Like others, It sends intimidating and blackmailing messages to their friends anytime there is a failure in loan repayment.
Lcredit
Play Protect, the Google Play Store security system that checks apps hosted on its Network, found the fraudulent loan app, which led to LCredit being placed on Google’s blacklist and removed from the Play Store.
Cash Wallet
Most of the Loan terms declared were not met. This ranges from Loan Type, Loan terms, Interest rate, and other fees.
These loan apps are not CBN-approved loan apps and can result in the official exposure of personal information and other fraudulent activities. See the following section and discover apps that are CBN-approved apps for loans and other payment channels.
list of loan apps approved by CBN
Here are the list of loan apps approved by cbn:
Carbon (formerly Paylater):
○ Known for Quick loans and a user-friendly interface
○ Fun fact: They rebranded faster than you change your phone’s wallpaper!
Branch:
○ Specialty: Offering loans without collateral
○ Cool feature: They increase your loan limit over time, like levelling up in a game!
FairMoney:
○ Unique point: Offers both personal and Business loans
○ Interesting bit: Their app is lighter than a feather on your phone storage
QuickCheck:
○ Standout feature: Super-fast loan approvals
○ Did you know? They use AI to decide if you’re loan-worthy – no human judgment here!
Page Financials:
○ Known for Larger loan amounts for longer terms
○ Fun fact: They’ve been in the game longer than most of us have had smartphones
READ MORE: List of Loan Defaulters
Why Stick to the Approved List?
Using a CBN-approved app is like eating at your mom’s place – you know it’s safe and won’t give you financial indigestion. Here’s why they’re the smart choice:
- Safety First: Your data is more protected than jollof rice at a party.
- Fair Play: Interest rates are clearer than pure water.
- Legit Operations: No midnight calls threatening to shame you on Facebook.
- Complaint Channels: If things go south, you’ve got backup!
Note, just because an app isn’t on this list doesn’t automatically mean it’s fake. But it’s like buying gizzdodo from a roadside vendor – proceed with caution!
Stay tuned, savvy borrowers! Up next, we’ll spill the tea on the naughty list – loan apps that Nigerian authorities have shown the red card. This is going to be more interesting than your favourite gossip blog!
The Risk of Using Fake Loan Apps – A Must Read!
Many unworthy and damaging risks come with stubbornly or ignorantly making use of a fake Loan App.
- The disclosing of Private Information: This information includes the giving out of Names, Addresses, Social security numbers, and bank details. All these can lead to damage to a person’s reputation when misused or falls into the wrong hands.
- Loans from these Apps can get a person trapped in very high interest rates and unnecessary fee charges.
- It can endanger and tamper with the security and privacy of personal data when given authorization.
How to Fish and Identify Fake Loan Apps
Knowing how to Identify Fake Loan Apps will reduce the risks of falling into the hands of fraudsters.
There are so many ways of identifying a fake Loan App, but we will consider more relatable ones.
- No physical Address or contact: A legit business lender must have a Physical address or an active means of contact, such as an Email Address.
- No Proper Registration or License: A genuine and reputable Lender must not withhold information regarding the registration and license of its Business. They must be registered with a Relevant Regulatory body like the Central Bank Of Nigeria (CBN).
- Negative User Reviews and Ratings: Check for the User’s reviews and ratings before downloading and using a Fake Online App. Run from a lending app when there are more negative reviews.
- Too many permission requests: Requesting too many access permissions, such as access to a Camera, microphone, or private file, can be an indication of the Fake Loan App.
- Read the Terms and Conditions: Transparent and easy-to-understand Terms and Conditions can be a sign of a fake Loan App. Read and comprehend thoroughly; legit terms and conditions shouldn’t be too good to be true.
What’s New in the Year 2025
The CBN isn’t just approving new apps; they’re shaking things up! Here’s the update:
- Stricter Vetting: Getting CBN approval in 2025 is harder than getting your crush’s number in secondary school
- Tech Integration: New apps must have top-notch cybersecurity (tighter than Grandma’s Tupperware!)
- Financial Inclusion Focus: Bonus points for apps reaching underserved areas (village people, your time has come!)
- Transparency Requirements: Interest rates must be clearer than pure water.
CBN wants to go into high-level banking and finance, which is why their new update easily affected
Conclusion
Fraudulent loan providers in Nigeria pester borrowers with notifications, even before payments are due, exploiting them with immoral tactics.
Some platforms resort to illegal tactics, branding non-involved contacts and families of clients as “criminals on the run.”
However, the Central Bank Of Nigeria (CBN) keeps a tight eye on loan app activity. It carefully examines its operations to find out if any fraud or regulatory violations are occurring, and for that reason, many have gone inside their shells.
In addition, CBN works with law enforcement and other regulatory organizations to get data and intelligence regarding fraudulent loan applications.
Through this agreement, it will be possible to identify and combat these counterfeit apps with a more thorough approach.
Can loan apps access my contacts if uninstalled?
While denying permissions and uninstalling the app can prevent the loan app from accessing your contacts, some loan apps collect and store your contact information on their servers during the time you had the app installed.
How do I remove my personal information from loan apps?
Check for Account Settings: Look for the “Account” or “Settings” section within the app. This is where you can access options to manage your account and data. Review the Data Deletion Options: Check if the app provides options to delete your account or personal data.
Are loan apps registered in Nigeria?
Yes, they are. The federal government, through the Federal Competition and Consumer Protection Commission (FCCPC), registered and approved 211 loan apps at the end of October 2023. The 211 companies comprise 172 that have received full approval from the commission and 39 others with conditional approval.