List of Fake Loan Apps In Nigeria 2023 [15 ways to identify illegal loan companies]

In this article, I will be reviewing the full list of fake loan apps in Nigeria in 2023 including illegal loan companies that are terrorising borrowers and sending shame and defamatory messages to them and others in their contact list. Please note that some of these scam apps have been banned from Google Play Store and some others are still hosted on the platform. Most of these fake loan apps in Nigeria have tenure ranging from 7- 14 days, this is in breach of Google Policy on loan apps hosted on its Play Store and contravenes local laws in Nigeria.

All Nigerians and indeed all consumers must ensure to avoid any blacklisted loan app you see on this list by all means. Their main aim is to threaten and embarrass you with shame and blackmailing messages and invade your privacy and your contact list, spilling hatred to your family members and friends to force you to pay their 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 fake loan apps is loan sharks. A loan shark is a loan app, digital platform, online or offline lender 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 in 2023 that all borrowers must be aware of and abstain from.

You may be asking: What is the list of fake loan apps in Nigeria and other illegal loan companies that all loan app borrowers must not patronize or download their application?

The most dangerous list of fake loan apps and lending companies in Nigeria in 2023 include Cash Mall, CashLion, FastMoney, LendCash, BorrowNow, LCredit, NairaPlus, 9ja Cash, Cash Wallet, 9Credit, Sokoloan, Palmcash, Ease Cash, ForNaira, KashKash, Rapid Naira, EasyMoni, among others. Many have been scammed and defrauded, and their bank accounts illegally debited by these fraudulent digital lenders. Please do not patronize any app found in the list of these illegal loan companies.

1. Cash Mall App

Cash Mall is one of the most terrible platforms on the list of fake loan apps in Nigeria in 2023. 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. All its claims that 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 one 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 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 digital loan apps 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 another app on the list of scam lending platforms that invade 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, the 8th online lender on the list of fake loan apps in Nigeria in 2023 is 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 platform 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.

Other fake loan apps and illegal online loan companies and applications in Nigeria include the following:

• EasyMoni App

• Rapid Naira App

• EaseMoni App

• AngelLoan App

• Speedy Choice App

• EasyCredit App

• OKash App

• CycleCash App

• CashRain App

• iCoin App

• Mikoloan App

• SuperCash App

• XCredit App

• LionCash App

• Ajeloan App

• CreditHall App

• GetCash App

• iCredit App

• PalmCredit App

• Aimloan App

• CashFarm App

• Oxloan App

• Lucky Loan App

• Ucredit App

• NowCash App

• Star Loan App

• Kashpal App

• Monicredit App

• Creditup App

• Zuma Cash App

How Do I Identify the list of Fake Loan Apps in Nigeria including fake lending companies?

We have identified 15 easy ways to point out a fake loan app in case you come across one. They include:

1. 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.
2. Constantly pressurizing customers to collect loans and/or to repay loans 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.
3. Invading customers’ data privacy and sending defamatory and threatening messages to them and their contact list
4. Extremely high interest rate and penalties.
5. Deduction of processing and/or security deposit before loan processing
6. Interest deducted before providing the loan.
7. Constant harassment and threats on customers
8. Online Harassment of customers and borrowers.
9. Harsh and unethical means of loan recovery.
10. Use of rude and derogatory statement by loan app staff on customers.
11. Gives out loan to customers for 7 days tenure instead of minimum of 60 days stipulated by law
12. Creation of sense of urgency and pressurizes into acting immediately, sometimes luring you to collect loans against your wish.
13. Hidden or undisclosed charges/ fee amounts.
14. Unsecured websites and in many cases, fake loan apps in Nigeria have no website at all, no physical office address.
15. Most times, they have no social media platforms, no contact telephone numbers, no valid customer service support or email to contact them with.

Conclusion

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, 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 fake and illegal apps. Simply avoid these platforms and you would be safe in all your lending transactions.