List of Fake Loan Apps In Nigeria 2023 [Strong Indicators of Banned Lending Applications]

In this article, I will be reviewing the list of fake loan apps in Nigeria. This includes illegal loan companies and lending platforms terrorising borrowers and sending shame and defamatory messages to them and their contact list. Some of these scam apps have been banned by Google Play Store while some are still comfortably hosted. Most of these fake loan apps in Nigeria can be identified by their loan tenure which always ranges from from 7- 14 days, a practice which is in breach of Google Policy on loan apps hosted on its Play Store and contravenes local laws in Nigeria.

All potentials borrowers and indeed all consumers must be aware of the list of fake loan apps in Nigeria and ensure to avoid collecting loan via any lending platform that threatens and embarrasses you with shame and blackmailing messages and invade your your contact list. These platforms are fond of spilling hatred to your family members and friends to force you to pay back your outstanding loan. My advise is that you only patronize legit loan apps which will protect your privacy and give you instant secured loans without collateral, documentation or paper work.

Another name for a fake loan app is a loan shark. A loan shark is a loan app, digital lender, online or traditional bank which offers credit loans at extremely high interest rates, has strict terms of collection upon failure, including sending threatening, shaming and defamatory messages to you and your phone contact list and generally operates outside the law. So in essence loan sharks operate illegally and are thus usually referred to as illegal loan apps and platforms.

List Of Fake Loan Apps In Nigeria To Avoid

There are many fake loan apps evolving everyday. However we have carefully reviewed the activities of the loan apps and come up with a list of fake loan apps in Nigeria in 2023 that have become most dangerous, harmful and notorious for unethical and illegal lending and fraudulent practices.

The most dangerous list of fake loan apps in Nigeria including fake loan companies include but not limited to: Cash Mall, CashLion, FastMoney, LendCash, BorrowNow, LCredit, NairaPlus, 9ja Cash, Cash Wallet, 9Credit, Sokoloan, EasyMoni, Rapid Naira, Palmcash, ForNaira, Ease Cash, ForNaira, KashKash, Sokoloan, Rapid Naira, EasyMoni, among others. Many customers have been scammed and defrauded, and their bank accounts fraudulently debited by these scam online lenders and loan sharks.

This post compiles and analyses a comprehensive list of 50 most dangerous fake loan apps whose operations have been banned in Nigeria, and most of them have been removed by Google Play Store. Of course the list is endlessly progressing and we are monitoring the development and their activities. This article will also review a set of 11 most significant strong indicators to distinguish between a legitimate and credible loan app and a fake lending application.

Find below the list of the most notorious and fraudulent fake loan apps ever to exist in Nigeria. We have confirmed all of them to be loan sharks and fake loan apps wanting to fraudulently have access to your bank account.

1. Cash Mall
2. CashLion
3. FastMoney
4. LendCash
5. BorrowNow
6. LCredit
7. NairaPlus
8. 9jaCash
9. Cash Wallet
10. GGMoney
11. 9Credit
12. Sokoloan
13. Palm Cash
14. Ease Cash
15. ForNaira
16. GotCash
17. NCash
18. GoToCash
19. GoCash
20. KashKash
21. EasyMoni App
22. Rapid Naira App
23. EaseMoni App
24. AngelLoan App
25. Speedy Choice App
26. EasyCredit App
27. OKash App
28. CycleCash App
29. CashRain App
30. iCoin App
31. Mikoloan App
32. SuperCash App
33. XCredit App
34. LionCash App
35. Ajeloan App
36. CreditHall App
37. GetCash App
38. iCredit App
39. PalmCredit App
40. Aimloan App
41. CashFarm App
42. Oxloan App
43. Lucky Loan App
44. Ucredit App
45. NowCash App
46. Star Loan App
47. Kashpal App
48. Monicredit App
49. Creditup App
50. Zuma Cash App

Which loan app has been banned in Nigeria?

Loan apps that have been banned in Nigeria for their unethical lending practices include Cash Mall, CashLion, FastMoney, LendCash, BorrowNow, SokoLoan, LCredit, NairaPlus, 9jaCash, Cash Wallet, GGMoney, Rapid Naira, EaseMoni and Speedy Choice. All these online applications have been caught in shady and fraudulent deals with borrowers, including shaming and embarrassing their contact lists.

How do I remove my details from loan app?

To remove your details from a loan app, do the following:

Step 1: Log in to the Loan App. You must log in to the Loan App to begin the removal process.
Step 2: Access the Configuration Section of the Loan App
Step 3: Uninstall the app
Step 4: Revitalize your device

What are the top illegal loan apps in Nigeria?

The following is a list of top 25 illegal loan apps in Nigeria. Many of them are still operating and defrauding hapless and poor Nigerians in the name of quick instant lending loans, don’t fall for any of the following.

1. LCredit
2. 9credit
3. LionCash
4. Nkash
5. ForNaira
6. CycleCash
7. Cashrain
8. Mikoloan
9. Supercash
10. Xcredit
11. ICoin
12. PalmCredit
13. CashLion
14. GoCash
15. Okash
16. EasyCredit
17. Easi Moni
18. KashKash
19. Speedy Choice
20. BorrowNow
21. FastMoney
22. GetCash
23. Gotocash
24. Sokoloan
25. AngelLoan

How do I stop loan app from accessing my contacts?

To prevent loan apps from accessing your phone and contact list on your android or iOS devices, do the following:

1. Do not download any lending app on your phone.
2. Do not approve or collect any loan from the loan apps if you ever downloaded anyone on your phone, (either mistakenly or inadvertently).
3. Do not give permission on your phone for any loan app to access your contact list. That essentially means you cannot have access to collect their loans.
4. And of course, do not collect any instant loan from a lending platform.

How To Identify Fake Loan Apps in Nigeria and Illegal lending companies?

1. Banned by financial and regulatory authorities

All loan apps and lending financial institutions must be listed in the Central Bank of Nigeria’s (CBN) registration or the National Information Technology Development Agency’s (NITDA) register of monitored businesses. Credit is governed by a stringent legal framework; even loans between friends are regulated. This avoids exploitation and facilitates the identification of fraud attempts.

For a loan app to be authorised to give credit, approval is required. Before pursuing a loan request, it is essential, particularly if you are unfamiliar with the brand, to verify that the company is included in the Nigerian registry of authorised and legit lending agents.

2. Unethical Loan Recovery Methods and practices

Fake loan apps have become a major problem in Nigeria owing to their aggressive and unethical loan recovery methods. Their modus operandi is to provide a loan in exchange for access to personal information and data on the phone, such as the contact list as well as credit and financial standing of individuals.

Once the loan is granted, often for a fraction of what was initially requested, mostly within 7 days, representatives of the fake loan app demand payment of the money with criminal interest rates via text messages and phone calls, which quickly escalates into an operation of harassment and threats against the borrower and his or her family.

In other instances, the representatives of these applications send photomontage messages to the connections of persons who have sought loans, accusing them of committing crimes, being paedophiles, or engaging in prostitution; they even send threats with photos of severed corpses. All of these behaviours, such as fraud, defamation, and extortion, which are felonies under Nigerian law, are symptomatic of a fake loan app.

3. Unsecured Website

To identify a fake loan app is not difficult in Nigeria, simply visit their official website and ensure that the URL is safe. If the web address begins with “HTTPS”, it is a secure website (not necessarily a reliable one). However, if the URL has simply “HTTP” without the final “s,” it is likely a fake loan app since legal organisations must comply with security rules to encrypt user data. In addition, the URL must have a padlock, which indicates that the website has the SSL certificate that certifies it is a secure website.

4. Loan App absent or removed from Google Play Store

One key indicator of identifying a fake loan app is to find out if it is hosted at all on Google Play Store or if it was hosted and has been removed for policy violation. Most times Google blacklists and bans any loan app discovered to be fake from its Play Store. Play Protect, the security system on Google Play Store is always on the lookout scanning apps hosted on its network, and detecting if any such application is involving in malicious and fraudulent activities. Once such is detected, such app is removed from the platform.

Recently due to the increasing number of fake loan apps on Google platform, the internet giant have had to tighten its admission policy to prevent further instances of scam and fraudulently proned lending apps to gain its way into the network. QUICK LOAN ARENA wrote several damning report that led to the removal of some fake loan apps in Nigeria from Google Play Store such BorrowNow, LCredit, Sokoloan, EasyMoni, Ease Cash among others.

5. Request to pay Processing, Upfront or Administrative fees

Fake quick loan apps often demand customers to pay an upfront, processing or administrative fees. Most times this is illegal and a swindling tactic to rob unsuspecting customers of their hard earned cash.

Cybercriminals take advantage of the user’s desperation and inexperience to request payment in advance. Fake loan apps that demand an initial deposit may claim that it is a fee to secure the loan or that the fees would be repaid since it will serve as a kind of insurance, but it is a fact that you should be suspicious of such services.

6. Cost of funds/Interest Rate Ridiculously Low

One of the first signal to detecting a fake loan app is when an application starts advertising a cost of funds or interest rate that is ridiculously low as a tending to 0% with lengthy and extremelt generous repayment terms. This red herring is potent enough to addle your sense of direction. So when an online lender is attracting you with too good to be true loan offers, watch it, it may be trying to scam you of your hard earned funds. Don’t fall for the loan shark!

7. No Website, Physical Office or Social Media pages

When you check online and you cannot trace any social media page, website or physical office to a loan app, it is most likely to be a fake loan application. Most legitimate online apps have robust websites and social media pages at the minimum. And some have physical office address. This could also be a signal to a phony lender that is hiding its identity in ord er to scam unsuspecting borrowers. Fake loan apps have no social media platforms, no contact telephone numbers, no valid customer service support or email to contact them with.

8. Requests for banking and financial details, passwords

Some fake loan apps are notorious for asking for your banking and financial details or sensitive password. Some others request for permission to access your data so they can mine your databse and embarass you when you fail to pay back your loan. Watch it, do not disclose any banking detail to a loan app, it may be a pawn to access your bank account and empty your savings.

9. Constant harassment and threats on customers

Most fake loan apps are in the habit of constantly aharassing their customers for loan repayment even when the loan isn’t due. They send threat and defamatory messages to your contact list to blackmail you. These lending applications constantly pressurizes customers to collect loans and then forces them to repay even before repayment due date. And issuing threats along. In some case they transfer money to you unsolicited, if you ever borrowed money from them and force repayment at heavy interest. Please do not grant permission to loan apps to access your database.

10. Gives Loan on a tenure of 7 Days

Fake loan apps are notorious for giving out loan to customers for 7 days tenure instead of minimum of 60 days as stipulated by law and especially by Google Play Store. And the lending applications start torturing you with calls even before the loan expires. Please watch it if a loan offer is giving tenure of 7 days alone, it most likely is a fraudulent app.

11. Invade Customers’ Privacy

Fake loan apps are in the habit of invading customers’ data privacy and sending defamatory and threatening messages to them and their contact list. Fake loan apps in Nigeria access and compromise contacts’ numbers and photos stored in their mobile phone and use them as a form of threat and harassment in case of customer default. And then they turn back to constitute themselves into online harassment against the customers and borrowers.

Fraudulent Activities of Fake Loan Apps in Nigeria and How They Are Scamming and Terrorizing Borrowers

We have carefuly studied and investigated the fraudulent activities of fake loan applications in Nigeria in the last 2 years. And it has been a most harrowing experience for borrowers in the most populous black nation of the world. Some borrowers have recounted ordeals how they lost their jobs due to social media defamation, some has become insane and some others have even gone ahead to commit suicide. What we found in our thorough review of these fake loan apps is detailed below.

1. Cash Mall App

Cash Mall is one of the most terrible platforms on the list of fake loan apps in Nigeria. Though it claims to be a professional loan app where customers can access loan anytime anywhere, our findings reveal this claim is false. Cash Mall sends shame messages to its customers and embarrass their contact list. If you ever default a day, their strict collection method will expose your data on social media and they would send shame messages to all your contact list. Cash Mall gives loan on 7 days tenure which is against Google Policy for loan apps hosted on its Play Store. It claims its maximum (APR) is 36%. This is false. It charges way higher.

2. CashLion App

CashLion is another notorious lending platform on the list of fake loan apps in Nigeria. The app claims you can apply for instant cash online up to N50,000 from its platform and get the loan disbursed into your bank account immediately with no hidden charges are false and fraudulent. CashLion never gives loan to anyone, and when it does, it is only for 7 days tenure and after that, it will start to threaten you and be sending shame messages to your friends and family members on your contact list. 

3. FastMoney App

FastMoney is a scam lender that has actually been banned by Google and its operation shut down by the Nigerian government. The online lender, a notable loan shark on the list of fake loan apps in Nigeria has been scamming Nigerians with a lot of dubious charges and raining threats and shame on borrowers and their family members even for a day’s default. Regulatory authorities are prosecuting FastMoney and many other fake loan companies in Nigeria such as NowCash, Sokoloan, 9credit, LendCash that are breaching the data privacy of their customers by sending threatening and blackmailing messages to them.

4. LendCash App

LendCash is yet another platform that has been marked down on the list of fake loan apps in Nigeria. Fortunately it has been banned by Google for serial violation of its policy rules and are been traced by Nigerian government for prosecution. Many borrowers have been battered and scammed by this scam loan app due to its unethical and unacceptable lending practices.

5. BorrowNow App

BorrowNow app has since been banned by Google Play Store after our initial damning report against the notorious online lender. QUICK LOAN ARENA reported and blacklisted BorrowNow on the list of fake loan apps in Nigeria. The platform has excessively high interest rates and do not comply with Nigerian local lending laws and flouts Google policies on loan tenure. BorrowNow loan app is fond of sending threatening and defamatory messages to their customers and borrowers.

6. LCredit App

LCredit is one of the most fraudulent lender ever to exist in the list of fake lending platforms in Nigeria. Last year, QUICK LOAN ARENA  reported that LCredit, Rapid Transfer and some others have been removed from Google Play Store for violating its operational policies. LCredit has been banned from Google Play Store because the app was discovered by Play Protect, the security system on Google that scans apps hosted on its network, as involving in malicious and fraudulent activities. The platform was trying to spy on phone contacts, recordings, Photos and other private content on the android devices of its users, contracy to Google laid down privacy policy.

7. NairaPlus App

NairaPlus is one of the most notorious platforms on the list of scam lending apps in Nigeria. NairaPlus is fond of  invading the data privacy of their customers and sending blackmailing and threatening messages to their contacts whenever there is an alleged loan repayment default. This is in breach of Google data privacy policy which the different loan apps vowed to adhere to during registration and hosting on its Play Store. NairaPlus has been removed from Google Play Store for its poicy violation.

8. 9ja Cash App

9ja Cash has been banned from Google Play Store after we published damning report against the application. It is one of the fake and phony apps owned and managed by the scam Sokoloan lending app, whose operations has been shut down in Nigeria along with all its subsidiaries. 9ja cash manner of operation is to threaten customers with defamatory messages including the people in your contact list.

9. Cash Wallet App

Cash Wallet is yet another application categorised under fake loan apps list in Nigeria and operates an established scam platform that deducts ‘down payment’ from your debit card. The lending platform claims to be a personal loan app in Nigeria where you can get quick loans using your mobile phone anywhere, anytime. However from customer feedback, this is not true.

10. GGMoney App

GGMoney app has been reported on several occasions for numerous unethical practices against borrowers and is thus one of the notorious platforms on the list of fake loan apps in Nigeria. The company uses untrained staffs that send threats to its customers and very high and astronomical interest rate.

GGMoney loan app has been banned by Google Play Store and shutdwon by Nigerian financial authoritiesb for its fraudulent lending activities and illegally debiting customers debit card. The app is also guilty of abusing the data privacy rights of its customers.

11. 9Credit App

9Credit loan app is known for its unethical and untowards lending practices. The app charges customers dubiously high interest rate. It gives out loans for only 7 days instead of a minimum of 60 days as stipulated in Google policy. Also 9Credit is fond of defaming and threatning its customers and their contact list..

12. Sokoloan App

Sokoloan has been banned and shut out from Google Play Store. The app, one of the most dangerous fake loan apps in Nigeria, has contravened the following policies of Google Play Store.

1. Give loans for 7 days as against the 91 to 360 days displayed in Google Play store
2. Does not give loan up to #300,000 as it claim
3. Does not declare its real charges in the sense that, they display amount of loan to be given and what they give actually is far lesser.
4. Like others, 7 days loan starts counting the moment you receive money in your account and what you see on your dashboard immediately is 6 days remaining. Its never 7 days
5. Failure to pay back as at when due will have their staffs harass you, threaten you and send messages to people on your contact list that you should not be trusted and be told to pay back your debt.

13. Palmcash App

Palmcash is fraudulent and contravenes Nigerian law. The loan platform is faceless, has no physical address and no customer service personnels you can speak to. Please do yourself justice by boycotting their service.

14. Ease Cash App

Ease Cash is the new name for the rogue digital lending app, EasyMoni which has been earlier banned being on the top list of fake loan apps in Nigeria. EasyMoni was banned by Google many months ago and in reappeared with a new name Ease Cash in order to escape and continue fleecing innocent Nigerian borrowers. EasyMoni got a terrible reputation for threatening and shaming its customers at any slight loan default or disagreement. The digital lending app is found of terrorising and blackmailing Nigerian borrowers for a long while and has been in violation of customer data privacy. It has now found its way back to the giant tech network as Ease Cash.

15. ForNaira App

Listen to what a customer has to say about ForNaira, the platform that falls under the list of fake loan apps in Nigeria.

ForNaira is one of the worst quick online loan companies in Nigeria. Just 1 day overdue and their agent sent a message to all my contacts that is was over 2 months and that I have refused to pick calls or reply to messages. Meanwhile the lady in question sent me message as at 5:45am and I replied that I will pay by 4pm, by 9am, she started sending messages to my contacts…for what she has done I will not pay a dime again. You can’t defame me and still want me to pay you after all I was still going to pay for the overdue. I have evidence. This testimony was made by a customer of this loan app.

16. GotCash App

GotCash is yet another scam loan app in Nigeria. We had published an article early in November, 2021 where we revealed how GotCash and other rogue loan apps are defaming Nigerian consumers and why Google should ban them and take them down from its Play Store. Some of these apps are owned and managed from China or Hong Kong. Some managed in Nigeria are faceless, without any office or customer service telephone number. Please avoid Gotcash, it’s a fake loan app.

17. NCash  App

NCash lending app is not a legitimate platform but set up to scam Nigerians. It sends threat and horrible messages to you and your contacts whenever they believe you are owing them and insult you with every curse word possible. NCash was set up to swindle unsuspecting Nigerians, asking them to make deposits before loan approval, deducting upfront service fees from their debit cards, and they charge interest rate as much as 100%, many times request repayment within 7 days.

18. GoToCash App

Google removed GotoCash and PalmCash, twin rogue app from its Play Store, on November 28th, 2021 over serial violations of its policy and customer data privacy breach. We have categorized them under the list of fake loan apps in Nigeria in order to warn consumers.

19. GoCash App

GoCash is another fake lending platform known for its very unfriendly customer relations and breach of customer data. The loan app blackmails and send threat messages to its borrowers even before a loan is due. This lending app deducts illegal fees from your ATM card and grant loan just for 7 days.

20. KashKash App

KashKash is a fake loan app in Nigeria that claims to offer flexible online loan products for consumers nationwide. However its claims are false and dubious.  They do not give out loans up to N200,000 ever, and all their loans are for 7 days tenure with very high interest rate as against their promise of low interest. KashKash will send you shame messages if you default on their meagre loan. The lending platform is a loan shark and one of those whose operations were recently shut down.

Conclusion

The list of fake loan apps in Nigeria includes Cash Mall, CashLion, FastMoney, LendCash, BorrowNow, LCredit, NairaPlus, 9ja Cash, Cash Wallet, 9Credit, Sokoloan, Palmcash, Ease Cash, ForNaira, KashKash, Rapid Naira, EasyMoni, among others. As a borrower, you do not have to be scammed, threatened or defamed anymore by these fraudulent applications. Simply avoid patronizing these platforms and you would be safe in your lending transactions.