26 List of Popular Fake Loan Apps in Nigeria
The increase in loan apps in Nigeria has brought great benefits and a wave of suffering.
As a business owner in Nigeria for the past five years, I’ve met quite a few people who have borrowed money at very high interest rates.
Others have been tricked and cyberbullied.
Fake loan apps in Nigeria are real, and they are everywhere on the internet. There are also lots of fake loan apps in Nigeria.
Here is a list of fake loan apps in Nigeria to watch out for
- 9ja Cash
- Ease Cash
- Cash Lion
- Fast Cash
- Fast Money
- For Naira
- GG Money
- Go to Cash
- L Credit
- Naira Plus
- Maja Credit
- Cha Cha
- Speedy Choice
- Soft Pay
- Naija Credit
- Naira Plus
- N cash
- Soft pay
- Soft Cash
- Here 4 U
- Got Cashgar
- For Naira
- Borrow Now
- Palm Cash
- Borrow Cash
- Go To Cash
This is the list of fake loan apps that have been banned by the CBN and the FCCPC.
Finding out if a loan app is fake in Nigeria, or anywhere else, means you need to be careful and pay close attention.
Here are some tips to help you figure out if a loan app might not be trustworthy:
Research the App
To ensure a loan app is safe:
- Check user reviews on Google Play Store or Apple App Store.
- Beware of many negative reviews.
- Look for an official website or contact info.
Legitimate lenders have a professional online presence.
Fake apps often lack a website.
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Verify Licensing
In Nigeria, real money lenders have to get permission from the Central Bank of Nigeria (CBN).
To make sure they’re allowed, you can look on the CBN’s official website or ask them directly.
You can also search on Google for loan apps that CBN has approved.
This will help you know they’re okay to use.
Review Permissions
Review the permissions requested by the app during installation.
Be cautious if the app requests unnecessary access to your personal information or device features.
Pro tip: Most of these fake loan apps won’t even let you see their app interface without demanding access to your personal information and files.
That’s why it’s a fake loan app.
They use this information for malicious acts of threats and bullying.
Read the Terms and Conditions
Read the loan app’s terms and conditions carefully.
Look out for interest rates, how you pay back the money, and any secret fees.
Real lenders share clear info.
Fake loan apps hide things on purpose.
They want you to borrow money without knowing everything
Investigate Interest Rates
Really high interest rates are a warning sign.
Look at the interest rates the app offers and compare them to what big banks offer.
If the rates look too good to be true, they most likely are.
Most won’t even hide it; they’ll show you what you’re getting into.
Here’s a tip: If a loan app has a super high interest rate, it’s best to avoid it.
Read also: I Need a Loan of 50k Naira( Best way to get it)
Be Wary of Upfront Fees
Genuine loan providers typically do not request upfront fees.
Be cautious of applications that require payment prior to processing your loan application, as this is indicative of the app’s unreliability.
Contact Customer Support
Contact the app’s customer support if you have questions or concerns.
Real lenders should give you good help when you ask.
Sadly, these loan apps don’t have nice customer support. They don’t help much.
For most of these fake loan apps, their customer support doesn’t talk very well.
Remember to keep that in mind too.
Verify Identity Verification
When you use apps:
- Use ones that ask for an extra code sometimes (2 factor authentication)
- Pick apps that let you keep things private.
- See what other people say in the app store.
- Get apps from your app store, not strange websites.
- Some apps have secret codes to keep your stuff safe.
- Ask a more experienced person if you’re not sure.
- Let your apps update to stay safe.
Check for Physical Address
A physical office or business address is a positive sign.
Be cautious if the app lacks a verifiable physical presence.
Even if they have a website, it’s better to visit the site and browse through it to understand how it feels and works, gaining a better understanding of its authenticity.
Read also: Loan App Can Borrow me 200k In Nigeria
Trust Your Instincts
If you encounter any red flags, such as something feeling off or an offer appearing too good to be true, it’s essential to trust your instincts and take a step back to reconsider whether using the app is a wise choice.
Seek Recommendations
Ask friends or family for recommendations if they have successfully used a loan app.
If you suspect a loan app is fraudulent, report it to the appropriate authorities to help protect others from falling victim to scams.
Spotting fake loan apps is crucial to protect yourself from scams and potential financial harm.
Beware of Unrealistic Promises
If a loan app says it will definitely approve your request, doesn’t check your credit, or offers super low interest rates, be careful.
Sometimes things that seem really good are not true.
Bad people might try to trick you with these promises, so you should be very careful and not believe everything you hear.
Secure Connection
Make sure the loan app’s website and forms have a secure, encrypted connection.
You can tell it’s safe if you see ‘https://’ in the web address.
This keeps your personal and money information safe from bad people.
Privacy Policy
Check the app’s privacy policy to see how they use your information.
If they don’t have one or it’s unclear, that’s not a good sign.
It’s like a warning that something might not be right.
Contact Information
Check if the app provides clear and easy-to-find contact information, including a customer support phone number and email address.
Try reaching out to them to see if they respond promptly.
Check for Spelling and Grammar Mistakes
Scam apps often have poorly written content with spelling and grammar errors.
Be cautious if you notice these issues.
Don’t be surprised; many of these fake loan apps actually have grammatical problems in their website articles.
So, pay attention to this, and don’t ignore it when you see issues like this.
Avoid unsolicited calls
You’re absolutely right.
It’s crucial to be cautious when dealing with loan apps or any financial services.
Legitimate lenders won’t resort to harassment, threats, or blackmail.
Always research and choose reputable institutions.
If you encounter suspicious behavior, report it to the relevant authorities.
Before you go…
Borrowing money from loan apps is incredibly easy. However, it should be noted that borrowing money online, while easy, can sometimes come at a great cost.
The cost of carelessness and ignorance can lead us to fall victim to obvious scams.
That is why I had this article written to help you spot these pitfalls.
While somebody out there may not know all these, you could make a difference by sharing this article.
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