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List of fake loan companies in Nigeria – Top 30

Today, so many people in Nigeria are looking for ways to get loans online or offline, and because of this, so many fake loan companies in Nigeria have risen. These loan companies/apps promise to loans you but they end up scamming you. These fake loan companies have their apps everywhere on social media and play stores. They lure people by giving them loans without asking for any collateral.

Today, i’ll list 30 of the most common fake loan companies/apps in Nigeria.


What Are Fake Loan Companies (Apps)?

Fake loan apps are mobile applications that promise to offer quick and easy loans to users. However, these apps are often scams that aim to steal your personal and financial information. Fake loan apps may also contain malware that can infect your device.

There are a few ways to identify most fake loan apps. First, be sure to only download apps from trusted sources, such as the Google Play Store. Secondly, check the app’s reviews and ratings before downloading it. Finally, be cautious of any app that asks for too much personal information or promises guaranteed loans.

List of Fake Loan Companies/Apps in Nigeria

There are a lot of them out there; but here is a list of 30 of them so far.

1. EasyCredit

2. BorrowNow

3. CashLion

4. FastMoney

5. NairaPlus

6. GotoCash

7. KashKash

8. LCredit

9. CashRain

10. 9ja Cash

11. LendCash

12. Cash Wallet

13. Ease Cash

14. Palmcash

15. Sokoloan

16. AngelLoan

17. CycleCash

18. GoCashh

19. GoCash

20. ForNaira

21. Maxi Credit

22. SoftPay

23. Speedy Choice

24. NCash

25. Cash Mall

26. EasyMoni

27. OKash

28. Here4U

29. EasyCredit

30. Chacha

Ways to Identify Fake Loan Apps

While it is always important to do your research before downloading any app, this is especially true when it comes to loan apps. There are a number of fake loan apps in Nigeria that can leave you in a worse financial position than you were before. To avoid becoming a victim of one of these scams, it is important to know how to identify a fake loan app.

READ MORE: Top 9 best loan Apps in Nigeria

There are several telltale signs that can help you identify fake loan apps. Here are some of the most common ones:

The app asks you to pay an upfront fee before you can receive the loan

When you’re looking for a loan, be wary of any app that asks you to pay an upfront fee. This is usually a scam, as legitimate lenders will not ask for payment before extending a loan.

Cybercriminals ask for payment in advance by preying on the user’s helplessness and inexperience.

You should be wary of fake loan applications that want an upfront payment, despite their claims that it is a charge to secure the loan or that the “little money” will be refunded since it acts as a sort of insurance.

You might be charged an initial fee by a reputable loan application; this fee will be specified in the contract. This fee won’t ever be requested in advance; instead, it will be added to your credit payment.

If you come across an app that asks for this kind of payment, do some research to see if it is legitimate.

READ MORE: How to get money fast from FairMoney loan Apps

Requests for passwords and sensitive information

It’s common knowledge that some fraudulent loan applications ask for delicate data like credit card numbers and bank account passwords.

If asked, you shouldn’t divulge this information. This is, without a doubt, one of the main signs that raise doubt about the offer’s sincerity.

When someone requests your password or other sensitive information, it’s always a red flag. No legitimate financial institution will ever ask for this kind of information. So if you receive a request like this, it’s best to delete the app and report it to the authorities.

The app has grammatical errors or spelling mistakes in the description or in the user agreement.

If you come across a loan app with grammatical errors or spelling mistakes in the description or in the user agreement, it is most likely a fake loan app. The reason for this is that these apps are usually created by people who are not native English speakers and who do not have a strong grasp of the language.

When you’re looking for a loan, the last thing you want is to end up with a scam. Unfortunately, there are fake loan apps out there that will try to take advantage of you.

Always look out for grammatical errors or spelling mistakes in the description or in the user agreement. If an app has typos, it’s likely that it’s not legitimate.

The app has bad reviews online

One way to tell if a loan app is fake is by checking the reviews online. If the app has mostly negative reviews or no reviews at all, it is likely not a legitimate app. Another red flag is if the app is not available on the Google Play Store or Apple App Store. While there are some legitimate loan apps that are only available through the lender’s website, most reputable apps will be listed on one or both of these platforms.

If you are considering downloading a loan app, be sure to do your research first. Checking reviews and researching the app on multiple platforms will help you avoid becoming a victim of a fake loan app.

If you’re looking for a loan app, it’s important to do your research to make sure you’re dealing with a legitimate company. One way to tell if an app is fake is by checking for bad reviews online. If there are lots of complaints about the company, or if people have had trouble withdrawing money, it’s likely that the app is a scam.

The app asks for your signature before giving you a loan

Most loan apps will require some collateral before they give you a loan. But if the app you’re using asks for your signature as collateral, that’s a huge red flag.

Your signature is basically your identity, and if you’re giving that away to someone, it’s like giving them free rein to do whatever they want with your money. So unless you’re 100% sure that the app is legitimate, please don’t give them your signature.

Abusive Collection Practices

Due to their aggressive collecting methods, fake loan applications have grown to be a significant problem in Nigeria. Their strategy is to offer a loan in exchange for access to users’ personal information and phone data, including contact information and information about their credit and financial condition.

Within a few days of the loan being approved, often for a much smaller amount than was originally requested, representatives of the fake loan app demand payment of the funds with illegally high-interest rates via text messages and phone calls. This quickly develops into a harassment and threat campaign against the borrower and their family.

In other cases, the agents of these applications send photomontage messages to the contacts of people who have applied for loans, accusing them of committing crimes, being pedophiles, or engaging in prostitution. They even send threats along with images of severed corpses.

All of these actions, which are considered offenses by Nigerian law and include extortion, fraud, and defamation, are signs of a fraudulent loan application.

Unbeatable interest rate

Nigerian fake loan apps usually have unbeatable interest rates that are too good to be true. For example, an app might offer an interest rate of 1% per month when the average interest rate is more than 10% per year. This is a clear sign that the app is not legitimate. Other red flags include hidden fees, unexpected charges, and unrealistic repayment terms.

If an app is promising you an unbeatable interest rate, then it is likely a fake loan app. Most financial institutions will not offer an interest rate that is too good to be true. So, if you come across a loan app that is promising you an interest rate that is lower than what is currently being offered in the market, then it is likely a fake loan app.

The app does not have a contact number or any other way of getting in touch with the developers.

If you’re looking for a loan, the first thing you should do is make sure you’re dealing with a legitimate company. And one way to do that is to make sure the app has a contact number or some other way of getting in touch with the developers.

If the app doesn’t have a contact number, that’s a huge red flag. It could mean that the company is based in another country and is not subject to Nigerian laws. Or it could mean that the company is hiding something. Either way, it’s not worth taking the risk.

Sanctioned by financial authorities

If you need to find out whether a lender is legitimate, one way to check is to see if they’re sanctioned by financial authorities. In Nigeria, the Central Bank of Nigeria (CBN) is such an organization.

All financial institutions engaged in lending must be registered with the Central Bank of Nigeria (CBN) as regulated companies.

A strict legal structure governs credit; even loans between friends are subject to regulation. This prevents exploitation and makes it easier to spot fraud efforts.

Approval is necessary for a loan application to be authorized to extend credit. In order to proceed with a loan request, it is crucial to confirm that the company is listed in the Nigerian registry of authorized financial agents, especially if you are unfamiliar with the brand.

If a lender is sanctioned by this organization, it means they’re operating illegally.

To find out if a lender is sanctioned by the CBN, you can visit their website and search for the lender’s name.

Inadequate web page functionality

When you click on the app, it should take you to a functioning website. If it doesn’t, that’s a huge red flag. Any reputable company will have a website that’s up and running and that you can easily navigate.

If the website doesn’t work, it’s likely because the company behind the app is fake. They may have yet to put any effort into creating a legitimate website because they’re only interested in stealing your money.

So, if you click on the app and it takes you to a page that doesn’t work, don’t bother trying to contact the company. They’re not going to be able to help you because they’re not a real company. Just delete the app and move on.

READ ALSO: How to make money online without a website

Hidden loan conditions

When you see an ad for a so-called “easy” loan with low-interest rates and no collateral, it’s tempting to apply. But beware! There are many fake loan apps out there that will take your money and leave you in a worse financial situation than you were before.

Here are some hidden conditions to watch out for:

– High-interest rates: The interest rate may be low at first, but after a few months, it will increase dramatically. This is how they trap you in a cycle of debt that is difficult to escape.

– Hidden fees: There may be hidden fees associated with the loan, such as processing fees or late payment penalties. These can add up quickly and make it difficult to repay the loan.

– Short repayment terms: The repayment period may be shorter than you expect, which means you will have to make payments more often. This can be a problem if you have a tight budget.

– Variable interest rates: The interest rate may be variable, which means it can go up or down at any time. This makes it difficult to predict how much your payments will be and can make it hard to keep up with them.

Use of HTTP as opposed to HTTPS

When looking at the URL of a website, you might notice that some of them start with “http://” while others start with “https://.” The “s” in HTTPS stands for “secure,” and it’s an important difference.

See, when you’re on a site that starts with HTTP, that means the connection between your browser and the website is not secure. This means that someone could theoretically intercept the data being sent between the two of them.

On the other hand, HTTPS means that the connection is secure and that data is encrypted. This makes it much harder for someone to eavesdrop on the connection and, therefore, much safer for you to use.

So, when you’re looking at loan apps, make sure that they’re using HTTPS. It might not seem like a big deal, but it’s an important security measure that can protect your personal information.

What to Do if You Have Downloaded a Fake Loan App

If you have downloaded a fake loan app, delete it from your device immediately. You should also change any passwords that you may have used on the app and contact your bank to cancel any payments that you may have authorized.

If you have inadvertently downloaded a fake loan app, here is what you need to do:

1. Uninstall the app from your device.

2. Delete the email account you used to sign up for the loan app.

3. Change your passwords for any other accounts that may have been compromised as a result of signing up for the fake loan app.

4. Report the scam to the police and the Nigerian Communications Commission (NCC).

Fake Loan Apps FAQ

How to Stop Loan Apps From Accessing Your Contacts.

  1. Step 1: Go to Settings on your phone. …
  2. Step 2: Open Apps under settings.
  3. Step 3: Click on Permissions. …
  4. Step 4: Select Contacts under permissions.
  5. Step 5: Choose the loan app to disable and remove permissions.

Can loan apps block my BVN?

There have been cases where people have complained about loan apps threatening to block their BVN. If you have been wondering if it’s possible for them to do that, then the answer is NO. Your BVN can only be blocked by the Central Bank of Nigeria.

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