Complete List Of Fake Loan Apps In Nigeria

List Of Fake Loan Apps In Nigeria

Last updated on April 26th, 2023 at 11:19 am

List Of Fake Loan Apps In Nigeria

Welcome to Trending Now! In this article, we will be bringing to you the list of fake loan apps in Nigeria. We will also discuss how to identify fake loan apps, legit loan apps, and some other important things you need to know about loan apps in Nigeria.

Loan Apps

In today’s world, loan apps have made it easy to borrow money and solve problems in your comfort zone. Instead of looking for someone or disturbing your neighbors for a loan whenever you are out of cash, you can grab your phone or computer and easily access a loan via loan apps.

I can clearly remember during my 100L in the university, my supposed school fees money was embezzled by a friend of mine who worked in a cybercafe. I entrusted him with the money for about 2 weeks because I thought he will not misbehave hence we are intimate.

However, it was the other side of the story. He did not pay but rather designed a fake receipt that looks very similar to that of my school and present it to me. I comfortably kept it in a safe place thinking I have cleared the aspect of the school fee until during a course registration time when a discovered he did not pay.

At this point, I have to source out the required amount of money and pay in other to avoid stories that touch. It wasn’t easy for me until my coursemate suggested I should borrow from the loan app and boom everything went smoothly, and I cleared the fee!

Do you see have helpful it is?

Notwithstanding, some of these loan apps Lenders are fake. They are also called loan sharks as they are specially designed to scam poor and innocent souls who are unfortunate enough to be a victim.

It will even interest you to know that the number of fake loan apps in Nigeria is rapidly increasing. So it’s a good idea to know the difference between fake and legit loan apps and Lenders in other to avoid being a victim.


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How to identify fake loan apps in Nigeria

Having known this, how can one identify fake loan apps in Nigeria? If you or any of your relative is planning to acquire a loan online I think this is the first question to ask.

Most of these loan apps are not what they claim to be, so it can be pretty difficult to identify which one is fake or legit.

However, you should worry not, we have carefully undergone proper research in other to bring to you the sure ways to identify fake loan apps in Nigeria:

  1. Fake loan apps usually have a shorter loan duration. In most cases 7- 14 days instead of 60 days according to the law
  2. They access numbers and photos in your device and use them for threats and harassment in case of any inconvenience
  3. High-interest rate
  4. Harsh and rude way of treating customers
  5. Most of the fake loan apps don’t even offer loans, rather they refer you to other loan apps and charge you for the services. In essence, you pay double charges (from the fake app and the app you are referred to).
  6. In most cases, no contact details
  7. Some of them usually deduct interest rates before giving the loan
  8. Pressurizing customers to borrow or pay back even before the appropriate repayment date
  9. Undisclosed charges
  10. No physical office, and in most cases no social media platforms
  11. Unsecured websites. Some of them don’t even have a website
  12. Harassment of customers online.

List of loan apps banned in Nigeria

What is Nigeria doing about the issue of fake loans apps?

The Federal Government of Nigeria 2022 raised a red flag on these fake digital lending apps also known as loan sharks. This movement was carried up by the National Information and Technology Development Agency (NITDA), Federal Competition and Consumer Protection Commission (FCCPC), and the Independent Corrupt Practices and Related Offences Commission (ICPC) in collaboration with the Nigerian police force.

According to the bodies, many of these banned loan apps are operating illegally. They are not licensed by the Central Bank of Nigeria (CBN) or registered with the Corporate Affairs Commission (CAC).

In the statement made by the Executive Vice Chairman/Chief Executive Officer of the FCCPC, Babatunde Irukera, these bodies have been monitoring these fake digital lenders since 2020 when the country was on lockdown due to Covid19 pandemic.

Because of the lockdown, people needed quick and instant loans for sustainability and these fake digital lenders used the opportunity for illegal activities.

These banned loan apps are also included in the list of fake loan apps in Nigeria which we are going to list below.

List Of Fake Loan Apps In Nigeria

  1. OKash Loan App
  2. GoCash Loan App
  3. Cash Wallet Loan App
  4. Gotocash Loan App
  5. BorrowNow Loan App
  6. EasyCredit Loan App
  7. Speedy Choice Loan App
  8. Ease Cash Loan App
  9. GetCash Loan App
  10. Soko Loan App
  11. 9ja Cash Loan App
  12. Aim Loan App
  13. LCredit Loan App
  14. Kashkash Loan App
  15. EasyMoni Loan App
  16. ForNaira Loan App
  17. Cash Mail Loan App
  18. LendCash Loan App
  19. FastMoney Loan App
  20. Palmcash Loan App
  21. 9Credit Loan App
  22. AngelLoan App
  23. CycleCash Loan App
  24. Rapid Naira Loan App
  25. Speedy Choice Loan App
  26. Ajeloan App
  27. GotCash Loan App
  28. GGMoney Loan App
  29. SuperCash Loan App
  30. LionCash Loan App
  31. NairaPlus Loan App
  32. NowCash Loan App
  33. NCash Loan App
  34. CashFarm Loan App
  35. Miko Loan App
  36. Ucredit Loan App
  37. iCoin Loan App
  38. Oxloan Loan App
  39. iCredit Loan App
  40. XCredit Loan App
  41. CreditHall Loan App
  42. Lucky Loan App
  43. OKash Loan App
  44. CashRain Loan App

best loan apps in Nigeria

This is the list of reliable loan apps officially licensed by the Central Bank of Nigeria (CBN) and also registered with the Corporate Affairs Commission (CAC).

These loan apps are also tested and trusted by many customers or borrowers, you can also try out.

  1. GTBank’s Quick Credit 
  2. Zenith Bank’s Term Loan
  3. Carbon Loan App
  4. UBA Loans
  5. Access Bank’s Payday Loan
  6. FCMB’s Fast Cash
  7. KwikMoney (Migo)
  8. First Bank Payday Loan
  9. FairMoney
  10. Branch
  11. PalmCredit
  12. Quick Check
  13. AellaCredit
  14. KiaKia

Final thoughts

The development of loan apps has helped a lot of souls. Many people used these digital lending apps and settled problems that would have caused them a lot. Some even borrow from these platforms and start-up businesses.

However, it’s a good idea to know which of these loan apps are fake in other to avoid being a victim of loan sharks.

Before you borrow from any lending app, it’s advisable to know their Charges, Key fact statements, security standards, and other important aspects. You can even do more research to see reviews and ratings about the company.

As of now, this is all we have to tell you about fake loan apps in Nigeria. We will keep on updating this page for further changes. Thanks for your time!


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