List of fake loan apps in Nigeria
Read all about fake loan apps in Nigeria.
The high rate of poverty in Nigeria has turned many Nigerians into the debtors in different ways and some companies or let’s say fraudsters decides to create various applications to give out loans without any form of collateral thereby captivating the heart of different individuals who have little or no interest in borrowing but because of the juicy and mouth-watering offers, many people become victims of this loan sharks and end up regretting their actions.
These loan applications during registration usually gain access to the contacts of their victims through the mobile application and tend to blackmail their victims emotionally by sending a threat message or a message that tends to defend the characters of the victim and in the end, the victim might have paid these loans but because of certain glitches or loopholes from the part of this loan apps they tend to forget to resolve this issue and end up in blackmailing their customer.
Some of these loan apps do not need to give you loans; all they need is access to your information, especially your debit card.
Why do people fall for fake loan applications?
Many Nigerians fall for this because of the assurance they get from their loan apps such as
- Getting a loan in a few minutes
- No collateral
- Little interest rate
- Loan as low as 1000 naira as high as 1 million
- Instant alerts
- Payments tenure of 7 to 14 days
These loan apps most times go against Google policy as stated on its play store, if you are yet to fall for this loan app you should avoid it for your mental and emotional sanity especially if you don’t want to be threatened or blackmailed
How to identify fake loan applications
Since there are fake loan apps doesn’t mean we can’t get access to genuine loan apps but it is just that these fake loan apps always spoil the images of the genuine loan apps.
This guide will give you a few details on how you can identify a fake loan app when you come across one
- These loan apps most times operate from an unknown locations
- No official website online to gain access
- No form of customer care representatives especially in a case where there might be a need
- No form of social media presence to update customers on their recent happening
- No form of physical office
These Loan apps end up violating Google’s policies that say “we do not allow apps that promote personal loans which require repayment in full in 60 days or less from the date the loan is issued” and sometimes get to upload the applications on Google Play store and also run Facebook advertisement by generating massive traffic to their fake loan applications.
National Information Technology Development Agency (NITDA) has also sanctioned most of these fake loan apps with operations in Nigeria over their mysterious act of defaming and blackmailing individuals through the contact details of their victims, especially in a case where the victim is at fault in repaying the loan.
Fake loan apps in Nigeria
After doing various research, we have been able to come up with some fake loan apps and their mode of operation. Sit back and relax, who knows you might have come across some of these apps or have some of them installed on your mobile phone either consciously or unconsciously
- Fast money loan app
This loan app is still on the Google Play store even after going against Google’s policy. It duration for repayment issued is within a very short period time and it’s interest rate is very high they use unprofessional methods in trying to receive their loan just like others blackmailing the family of character and threats
- Go to the cash loan app
Go to cash loan apps as of November 2021 was removed from the Google Play store because of the bad reviews it had and the breach of contract repeatedly especially not being able to protect consumers’ data
- Naira plus loan App
Mediplus loan app have been among the top list of lending applications that have been banned from operating because of violating both local and Google policies
- Cash wallet loan app
This loan app after giving out juicy and attractive offers has shown not to keep up to its promise as all they need is to fraudulently debit different claimed charges as a form of down payment after getting access to your debit card to which you gave out during registration. you can check out the bad review on the app from Google Play store
- O cash loan app
It was banned in Nigeria and is owned by Blue ridge Microfinance Bank limited
- Lcredit loan app
This app has also been removed from the Google Play store for violating Google’s policies after it was discovered to carry out fraudulent and malicious activities by also spying on the privacy of its customers. Users were encourage to uninstall the app and failure to do so is at your peril
- Soko Loan app
This is another loan shark that has been in existence for over some time it is seen as another fake app that claims to give out up to 300,000 but still goes contrary to what is stated on their application, the payment is usually up for 7 days instead of the agreed 91-360 days
- Palm cash loan app
This is another loan app that has threatened the life of its customers, deformation of their character, and also threaten due to their inability to repay their debt within a short period
- Ease money loan app
It is a lending company with management and ownership in China and Hong Kong without any physical office in Nigeria or any form of customer care representative. Just like other loan apps they also threatens to their customers who have failed to make repayments on the due date it has also violated the privacy of its customers
- N cash loan app
Is a loan app convincing customers to make a certain deposit before they can access certain privileges and they end up deducting what’s called service fee without the consent of the customers.
These fake loan apps have made borrowing something you should avoid especially when you notice all the signs you listed above in identifying fake apps. Other legit loan apps give out loans and do not in any way threaten or deform the characters of their customerFollow us on social media