List Of Fake Loan Apps In Nigeria 2023.
We all know that the availability of loan apps in Nigeria has helped many people to solve their financial needs without having to go to bank or sell their properties. It is also very important to know the kind of loan app you download to your phone as there are many fake loan apps online that can be very dangerous to you.
I know that some people will ask how are they dangerous, but don’t worry, we will get to that as we will also give you tips on how to identify fake loan app when you come across one. There is one thing you should note, Being a fake loan app doesn’t mean that they wont offer you loan, Actually they will offer you but conditions that comes with it is very alarming.
All these fake loan apps circulating in Nigeria especially on play store are just after people they will defraud of their hard earn money as some loan apps will tell you to pay some certain amount of money before your loan can be disbursed. This article aims to educate readers about the signs of fake loan apps and provide tips on how to avoid falling victim to these scams.
Many Nigerians have increasingly turned to loan apps but I don’t blame them because of the current situation in the country. These apps offers convenience and quick access to money, making them popular among people looking for small loans without going to bank which takes time. Note that many loan apps in Nigeria are legitimate and reputable, You can read our previous post on the best loan apps in Nigeria. Meanwhile there has been an increase in the number of fake loan apps designed to defraud many Nigerians. In this article, we will list some fake loan apps in Nigeria we have come across to help you protect yourself from falling victim to their scams.
Before listing the fake loan apps in Nigeria, let’s fist teach you how to identify one whenever you come across one.
How To Identify A Fake Loan App In Nigeria
1. Unverified App Developers:
One of the major way you will know that a loan app is a fake loan app is the lack of verified app developers. Before downloading any loan app, ensure that the developer is well known developer in the industry. Conduct thorough research to learn about their track record and credibility. Legitimate loan apps will have clear information about their developers and a presence on trusted platforms such as Google Play Store or Apple App Store.
2. Poor Reviews and Ratings:
Fake loan apps often have low ratings and negative reviews from previous users. Before considering a loan app, check its reviews and ratings on app stores or reputable review websites. If a loan app has plenty number of negative feedback or a lack of credible reviews, it is advisable to stay away from such loan app as they are going to deal with you the same way they dealt other reviewers.
3. Excessive Administrative Fees:
This one can only be noticed after you have downloaded the app and want to access some amount of loan. Fake loan apps is always imposing excessive administrative fees. Legitimate loan apps may charge a reasonable processing fee, but fraudulent apps often defraud borrowers by demanding high processing fees that are unreasonably and almost getting close to the loan amount you even want to borrow. Be cautious of loan apps that require some kind of payments before disbursing funds.
4. Lack of Transparent Terms and Conditions:
Fake loan apps may not provide clear and transparent terms and conditions regarding loan repayment, interest rates, and penalties. Legitimate loan apps will always be transparent and will always show these details. Make sure that you read and understand the terms and conditions before proceeding with any loan app.
5. Requests for Personal Information:
Be careful with any loan app that request excessive personal information such as social security numbers, bank account details, or passwords. Legit loan apps collect only necessary information for loan processing and adhere to data protection regulations. If an app asks for sensitive information beyond what is necessary, it is a red flag showing potential fraud.
6. Lack of Customer Support:
Legit loan apps prioritize customer support and provide multiple channels for users to ask for assistance. Fake loan apps sometimes lack responsive customer support or provide good and fast responses. To verify a loan app’s legitimacy, always reach out to their customer support and assess their responsiveness and willingness to assist you with any questions you are asking.
I don’t see a reason you will chat a loan app customer service and they will take like forever to reply you. So let’s assume that you have any difficulty after accessing their loan, and you chat their customer call or put a call to them and they are not available. It’s just a sign that the loan app is not serious. Now let’s look at the fake loan apps in Nigeria you should stay away from.
List Of Fake Loan Apps In Nigeria
- Loan Express
First loan app on our list of fake loan apps in Nigeria is Loan Express. Loan Expess is always claiming to provide fast cash loans but many reviews from playstore has shown how they are always trying to frustrate users. Loan Express has gained popularity in recent times. But user reviews has shown that the app collects personal information and demands some fees before disbursing the loan amount. Be cautious when dealing with this app. Loan Express made is the number one on our list of fake loan apps in Nigeria.
- Fast Cash
When I first come across this loan app, I never believed my eyes. This loan app will entice users with promises of instant loans. The next thing is to ask users to provide their bank account login details, which is a red flag for potential fraud and unauthorized access to your bank account. Please be watchful of this particular loan app. Fast Cash made our list of fake loan apps in Nigeria at number 2.
- Quick Loan
When you hear the way the name sounds, you will think they will act the way their name sounds that’s giving you a quick loan. Quick Loan seems tempting with its fast and easy loan approval process, several customers have reported fraudulent activities such as unauthorized deductions from their bank accounts. It’s not legal to deduct any amount from someone’s account without authorization. Quick Loan is number 3 on our list of the fake loan apps in Nigeria.
- PayDay Loan
I know you must have heard about Payday loan. Payday Loan attracts users by offering loans with no collateral and quick disbursement. But the problem with this app is that many users have experienced unauthorized deductions, aggressive debt collection, and high interest rates. Payday loan made our list of fake loan apps in Nigeria at number 4.
- Mega Loan
The way these loan apps advertise their selves, you will think that they are very legit but once you download the app, you will be seeing different things. Mega Loan advertises itself as a reliable source for urgent financial assistance, customer reviews point to concerns about hidden charges which they deduct at the pointbof giving you a loan and unacceptable messages from their customer service before or on due date.
I know many of you have come across this loan app even on play store but some still don’t know how legit the loan app can be.
SwiftLoan is always after those that may have defaulted to those legit loan apps as they won’t be able to access loans from them again. So now when you come to this loan app, they will promise to give you loan. Users have reported that while loans are promised, they are never actually received or you may receive different amount from what is displayed on the screen.
With the reviews you can see on playstore concerning this loan app will even make you to be scared of them.
EasyCash will tell their users that they offer loans with low-interest rates and flexible repayment plans. However, After the approval, the app will ask users for a certain amount of money as processing fee or subscription fee, after that, the truth is that your loan will be declined and they will tell you to try again later. Let’s assume they do this to up to 100 customers, just calculate how much they will be ripping off from the users.
- Instant Loan
Whenever you see some loan app answering this type of name, watch them very well because they might have a hidden agenda. Already they know that people are searching for instant loan and because of that, they will will display their app first as it what people are looking for.
Instant Loan gives users loans but the thing is that they uses aggressive tactics to recover loans from users. Many borrowers have reported being scammed by hidden charges and inflated interest rates. Instant loan also made the list of fake loan apps in Nigeria.
- Credit Master
This loan app is one of the reasons I stopped borrowing money online. How can you give someone a loan of 5k and expect the person to pay back 8k in just 7 days. This one of the sign to know those fake loan apps. Sometimes the money they claimed that they have sent to your account will not be complete. Although they promise quick approval with a simple application process, But many users have complained about their excessive fees and hidden charges. Credit Master also made our list of fake loan apps in Nigeria.
CashQuick is another fake loan app in Nigeria you should avoid. CashQuick claims to offer loans within minutes, without a credit check or collateral which truly they do but Unfortunately, customers have reported about many unauthorized deductions and high interest rates but because the users are in urgent need of money they will have no choice than to take the loan and this will make them to continue borrowing from a loan app to pay loan app.
MegaCash loan app is one those loan app you can see on play store that offers users 7 days repayment plan which I always refer to as wickedness. Megacash will tell you they are reliable loan app, promising instant loans to users.But many users have reported about their interest rates and their customer service. Also their recovering agents are very rude and don’t listen to escuse when you default. They will even threaten you to publish your information to the public if you fails to pay back at a given time.
If i have my way, Speedyloan won’t be on play store. Am sorry to the developers, but they are not trying at all. When you read reviews on playstore you will be discuraged. Many users on play store have given the app negative feedback. They are one of those loan apps on play store that gives you 7 days repayment plan to pay back your loan that you borrowed with a very high interest rate.
- Oasis Loan
Oasis Laon is also among the 7 days loan app on playstore. Oasis Loan will give you loans and expect you to pay back within 7 days. Many of these loan apps that always ask you to pay back within 7 days are all scam as normal loans are supposed to be up to 30 days to enable the user being able to pay their money.
Whenever I come across this loan app, it makes me to laugh as one of my friend explained his encounter with this loan app. Despite they will first show users with attractive loan offers, But Once you finish registration, they will credit different amount to your account expecting you to payback almost double of the amount that was disbursed. CashPalace has garnered a reputation for fraudulent activities such as unauthorized deductions and aggressive debt collection practices.
LoanPlus is another loan shark you can see online. Why we call them loan shark is because they can send you to early grave with their interest rates and short repayment period. They are one of those loan apps online which engages with defamation of character when a user is unable to repay a loan at a given time. If you love your life very well, am advising you to stay away from this loan app as they are capable of giving someone high blood pressure.
CreditFlex are fund of offering loans to people with bad credit histories. Do you know why? Now let me tell you why they engage in such activities. They believe that you have defaulted in those loan apps which gives a very nice interest rates and a nice repayment plan. So now, they believe they are your only option and they believe you need money urgently. Now when you apply for loan, your loan will be approved with a very high interest rates and short repayment time.
If you are not strong minded, please stay away from this particular loan app. Many people have complained of the app not disbursing any money to their account but will claim that they are reliable and you can trust them. Though we have not tried this app personally but the reviews online has explained everything.
CashXpress gives loans with high interest rates unlike those that won’t even give you loans and will still ask you to pay some amount of money before your loan will be processed. The problem with this loan app is the high interest rates and the repayment terms that’s too short.
Speedcash actually gives loans to users but many users have complained of unauthorized deductions From the account of users. Their loan repayment terms is very short and their interest rate is also very high and that’s unacceptable for a legit loan app.
Some of you may be thinking why this this loan app is the last on my list. The reason is because I want to have enough time to discuss about it because it’s one of the fake loan app I have come across before. CashLink gives their users loans but why do I say they are fake? See my reasons. The loan app will give you loan and will even start calling you before the expiry date. They will start sending you some threatening messages telling what they will do to you if you didn’t pay back.
Not only that, Sometimes, when you repay them back their loan, they will still go ahead to deduct from your account. To me this is a criminal act because you will chat them tire for refund but you won’t get any.
The way their customer service will follow you up if you are unable to pay on the due date can make you go crazy.
We know we have done our best by providing you with the list of the fake loan apps in Nigeria but please note that there are other ones which we didn’t mention in this article. Loan Apps like lion cash, Cay credit and others. Most of them have been removed from playstore for invading users privacy. So before you use any loan app, make sure you read reviews about them before using them. Users reviews is always a good way to know the experience of those who have used the loan app.
These fake loan apps mentioned in this article serve as a reminder to you to always make your research always before using any loan app.