We have compiled a list of fake loan apps in Nigeria. This list contains information regarding mobile applications whose purpose is to provide loans or other financing services to individuals in Nigeria.
Our goal is to help Nigerians avoid falling prey to fraudulent apps by providing information about legitimate apps that are backed by established financial institutions as well as apps run by fraudulent individuals with the intent of stealing personal details from users.
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How to spot fake loan applications in Nigeria
With the rise of both legit and fake loan apps in Nigeria, it’s important to know how to identify which ones you can trust.
This post provides an up-to-date list of fraudulent loan applications that have been banned by Nigerian authorities as well as a set of indicators to help borrowers differentiate between a trusted loan provider and a scam.
By understanding these warning signs, you will be better equipped to protect yourself from those who are looking to weaponise your financial needs through fake loan apps.
Let’s now see how to spot fake loan applications in Nigeria.
Check Whether The Company And App Have Physical Location
Before using any loan application, it’s important to do some research on the company behind it. The app or the firm should have a physical location in addition to an official website.
Make sure you can find the lender’s name, phone number, physical address and email address listed on their website.
Be wary of apps that do not have a website or display false information that cannot be verified.
Additionally, look for red flags such as unregistered business locations and inadequate contact information from lenders.
Finally, always be aware of potential loan fraudsters who may try to conceal their identities and avoid legal consequences.
Not Available on Google Play
Fake loan apps have proliferated Google Play Store, claiming to offer loans even to those without BVN.
As a result, the FCCPC (Federal Competition & Consumer Protection Commission) has taken several measures in order to protect mobile users in Nigeria from falling victim to this type of fraud.
Google responded by tightening its filters and removing some applications from its store, including Sokoloan, Maxi Credit, Here4U, ChaCha and SoftPay.
Nigerians should be aware that these applications are not available on the Play Store and should avoid signing up or providing any information with them as they could potentially become victims of fraud.
Research your lending institution’s reputation online
Before obtaining a loan from a mobile app in Nigeria, it’s important to read reviews and ratings so you know what kind of lender you are dealing with.
Reviews can be found on Google Play Store or other review websites, giving insight into the experience of past customers.
Additionally, researching the company’s ratings and customer feedback ahead of time can give you an idea of their professionalism and practices.
Be sure to look for any reported unethical actions that may have come up in reviews from borrowers as well.
Having this information will help ensure you avoid any fake loan apps and find a reliable one.
Collection techniques that are aggressive
Fake loan apps are a growing problem in Nigeria, posing significant harm to individuals and their personal information.
Such applications offer loans for a fraction of the requested sum, after gaining access to sensitive data such as contact lists and credit scores from the borrower’s device.
They then resort to blackmailing, threatening and harassing borrowers through messages and phone calls if payment is not made according to their own exceptionally high rates.
Popular fake loan apps such as GoCash, Okash, EasyCredit, Kashkash, SpeedyChoice, and EasyMoni have all been investigated for breaches of privacy by Nigerian law enforcement agencies such as FCCPC (Federal Competition and Consumer Protection Commission), ICPC (Independent Corrupt Practices and other Related Offences Commission), NITDA (Nigerian Information Technology Development Agency) and the Nigerian police.
To what extent is the lender demanding access to your personal information
It is essential to be aware of the list of fake loan apps in Nigeria. Lending apps may ask for authorization for contact information and access in order to perform authenticity checks and underwriting, but reputable lenders take such information as highly confidential and will not share it with any third parties.
Legitimate online lenders have the capability to conduct underwriting within their vetted collection processes, eliminating the need to gain access to customers’ galleries and contacts.
Additionally, these lenders use data security audits to monitor performance of AI systems in order to protect customer data.
Before providing a lender with personal information, it is important for individuals to do their research on the company first.
What is the security of the website for the loan app, if any?
Fake loan apps in Nigeria pose serious risks to unsuspecting loan seekers. To make sure you are dealing with a legitimate lender, take note of the following:
First, check if an emblem shaped like a lock is visible on the page where you submit your personal information.
Secondly, make sure that the website’s URL starts with https:// as this indicates it takes measures to secure private information against identity theft.
Finally, ensure that the lender provides clear information about essential loan aspects such as interest rates; if not present, it may be a fraudulent loan offer.
It’s time to now give you the list of fake loan apps in Nigeria.
List Of Fake Loan Apps In Nigeria
- Sokoloan
- LCredit
- Maxi Credit
- Here4U
- ChaCha
- SoftPay
- GoCash
- Okash
- EasyCredit
- Kashkash
- Speedy Choice
- Easy Moni
Concluding List Of Fake Loan Apps In Nigeria
When it comes to spotting fake loan apps in Nigeria, there are several things you should keep an eye out for.
First and foremost, check the reviews, as real users will be able to provide useful insight into the app’s legitimacy. You should also research the company behind the app, as this can be a key indicator of whether or not it’s legitimate. Be wary of any loan apps that require fees upfront or guarantee approval as these are common methods used by scammers.
Additionally, if you receive an unsolicited offer for a loan then take extra caution as it could be a scam.
Lastly, make sure you use a secure device when applying for loans online to avoid having your personal information stolen by scammers.
Article updated 2 weeks ago. Content is written and modified by multiple authors.
