Today I am going to discuss online lending applications that practise 7 days loan app harassment in Nigeria, a very disturbing trend of predatory and fraudulent loan applications and that specifically target vulnerable customers, preying on their financial needs. These unscrupulous apps otherwise called loan sharks operate with the sole intention of scamming unsuspecting individuals who seek cash advances from quick digital platforms.
These fake loan apps employ various deceptive tactics, such as demanding illegal security down payments or requiring customers to pay processing fees for loans. Additionally, some of these apps resort to reprehensible practices, including frequent threats, blackmail, and the use of derogatory language towards their customers.
Lending apps that practise 7 days loan app harassment in Nigeria
The most notorius lending applications that practise 7 days loan app harassment in Nigeria are GotCash, LCredit, 9ja cash loan app, Sokoloan app, Ease Cash, NCash app, Fast money, Nairaplus, Cash wallet and 9credit loan apps. These unethical practices include but not limited to giving out loan with 7 days tenure and using forceful loan recovery methods to intimidate borrowers and customers. We advise borrowers to only patronize authentic and reputable loan apps.
1. GotCash
GotCash is one of the most fraudulent quick lenders that practise 7 days loan app harassment in Nigeria. In an article published in November 2021, it was revealed how GotCash, along with other rogue loan apps like PalmCash and GoToCash, engage in defamatory practices that harm Nigerian consumers. The campaign to eradicate these fake loan apps, which often defame and malign their customers, has been at the forefront of efforts to protect borrowers.
Many of these apps are owned and operated by entities based in China or Hong Kong, while others in Nigeria are faceless, lacking physical offices or customer service contact numbers.
2. LCredit
Google took action against some of these fraudulent loan apps in Nigeria, including LCredit by removing them from its Play Store due to violations of operational policies. Specifically, LCredit was blacklisted and banned by Google after its security system, Play Protect, detected malicious and fraudulent activities associated with the app.
Investigations further revealed that LCredit, a typical 7 days loan app harassment perpetrator in Nigeria, attempted to access users’ private content, including phone contacts, recordings, and photos, in clear violation of Google’s privacy policy.
3. 9ja Cash App
Users of 9ja Cash have reported receiving threatening and defamatory messages, even targeting individuals in their contact lists after borrowring thrm loan for just a week. Such unethical 7 days loan app harassment practices are unacceptable and highlight the questionable nature of these loan apps. 9ja Cash imposes exorbitant interest rates and deducts security fees from users’ accounts without proper authorization.
4. Sokoloan
Sokoloan, a banned lending platform formerly operating in Nigeria, has been exposed for its deceptive practices and unethical behavior. This fraudulent entity not only offers loans for significantly shorter durations than advertised but also fails to deliver on the promised loan amounts, leaving borrowers at a disadvantage.
Sokoloan lacks transparency when it comes to disclosing their charges, causing borrowers to be unaware of the true cost of borrowing. Disturbingly, if borrowers are unable to repay the loan on time, Sokoloan’s staff resort to harassing and threatening tactics, even reaching out to individuals on the borrower’s contact list. These alarming practices highlight the urgent need for tighter regulations and stricter oversight in the lending industry to protect unsuspecting borrowers from falling victim to such scams.
5. Ease Cash App
Beware of Ease Cash, another fraudulent loan app in Nigeria. This platform after being unveiled as one of those that practise 7 days loan app harassment in Nigeria, rebranded itself as Ease Cash following its consequent ban and blacklisting by Google Play Store under its previous name, EasyMoni. This was when it resurfaced on the Google Play Store, attempting to deceive and exploit unsuspecting Nigerian borrowers.
Despite the name change, it is still the same rogue digital lending app that was previously exposed for its unethical practices. Nigerian borrowers must exercise caution and avoid falling victim to this scam. It is crucial for regulatory authorities to take swift action to protect consumers and prevent such fraudulent loan apps from operating freely in the country.
6. NCash App
NCash is one of the fraudulent loan apps on Google Play Store before it was banned. The app is guilty of numerous infractions on operational and data policies, including illegal restriction on loan tenures, limiting them to a mere 7 days, which falls far short of the standard minimum of 60 days.
Scam loan apps like NC.ash are designed to deceive and defraud unsuspecting Nigerians along with employing aggressive tactics, sending threats and abusive messages to borrowers and their contacts. These apps notorious for practising 7 days loan app harassment in Nigeria, require upfront deposits, deduct service fees without transparency, and impose exorbitant interest rates, often demanding repayment within 7 days.
It is essential for Nigerians to boycott these fraudulent loan apps and avoid downoading therm from other sources as our investigation reveals Google have delisted it from its play store to protect users.
7. Fast Money
Fast Money is also on the list of fake loan apps that practise 7 days loan app harassment in Nigeria. The Nigerian government having recognized the need to enforce regulatory laws and take proactive action against such deceptive loan apps and lending platforms, have banned the operation of Fast Money and we can equally confirm from our investigation that the app is no longer hosted on the play store. Fast Money breach the data privacy of their customers by resorting to tactics of threats and blackmail through messages sent to borrowers and their contacts harassing them after 7 days loan tenure.
8. Nairaplus App
Nairaplus is also on the list of applications that practise 7 days loan app harassment in Nigeria exploiting the data privacy of its customers and resorting to blackmail and threats when borrowers allegedly default on repayments. This behavior blatantly violates the customers’ data privacy policy, which these loan apps are expected to uphold during their registration and hosting on Google Play Store.
Compliance with local laws and Google policies is mandatory for any loan app or lending company operating in Nigeria. The good news is that Nairaplus has beenbanned from operating due to these unethical practices.
9. Cash Wallet App
Cash Wallet app makes its way onto our list as another problematic app. Despite claiming to provide loans, it engages in illegal practices and unlawfully exploits loan seekers. Another concerning aspect is the app’s illegal restriction on loan tenures, limiting them to a mere 7 days, which falls far short of the standard minimum of 60 days.
Numerous reviews suggest that Cash Wallet not only collects users’ personal data but also imposes charges on their cards without actually providing any loans. These deceptive actions have caused dissatisfaction and frustration among individuals who have encountered this app.
10. 9Credit
9Credit is one of the notorious loan apps in Nigeria that you should never collect money from. Besides the fact that they give 7 days to repay, and then go to the extreme to recover their money through loan app harassment and forceful recovery. Imagine your boss or your family member telling you they got a message relating to you like the one below:
URGENTLY TREAT!!!
This is to notify you that name; temitope victor obembe Phone: 081650-**** / 08147-3**** is an INCONSIDERATE PERSON, THIS PERSON has PROVEN to be a CRUEL/HARD HEARTED DEBTOR, also we DISCOVERED that this PERSON IS A PERPETUAL/UNREMORSEFUL DEBTOR known ALL OVER THE FINTECH COMPANY IN NIGERIA, This DEBTOR goes around COLLECTING MONEY from different fund COMPANY without repaying.
This person has CURRENTLY REFUSED to REPAY the company’s money(NC)and has refused to pick up our calls. Please contact us if you have any information about this person as soon as possible, or else the company will be FORCED to take LEGAL ACTION to RECOVER THIS fund, Kindly be INFORMED that this person provided us with all your details STATING that YOU both AGREE to COLLECT this fund from the US…
If you are not aware of this fund you can as well call the person to delete your information on the APP NOW, because SHORTLY the person’s DETAILS alongside yours will be PUBLISHED in a DRASTIC MANNER.
What is 7 days loan app harassment in Nigeria?
7 days loan app harassment in Nigeria refers to the distressing experiences and forceful loan recovery tactics faced by customers who have borrowed money from certain loan apps that impose a strict 7-day repayment period. These apps often resort to aggressive and unethical tactics to collect outstanding debts from borrowers.
The harassment typically involves incessant phone calls, text messages, and even threats to the borrower and their contacts. In some instances, these loan apps employ derogatory language, public shaming, and the dissemination of defamatory messages about the borrower.
What are the loan apps that practise 7 day loan app harassment?
Loan apps that engage in 7 day loan app harassment in Nigeria include GotCash, LCredit, 9ja cash loan app, Sokoloan app, Ease Cash, NCash app, Fast money, Nairaplus, Cash wallet and 9credit loan app. These apps exploit borrowers by setting extremely short repayment periods, often as brief as one week, and resort to aggressive tactics when payments are not made within this limited timeframe.
Victims of 7-day loan app harassment often experience relentless messages, threats, and derogatory language from the lenders or their representatives. This abusive behavior not only violates the rights and dignity of borrowers but also contributes to their financial distress and emotional turmoil.
How do I identify 7 day loan app harassment?
Recognizing and protecting oneself from the harassment of 7-day loan apps in Nigeria is crucial. Here are some key indicators to identify such troublesome lending platforms:
1. Unrealistic Loan Terms
Be wary of loan apps offering only 7-day repayment periods. Legitimate lenders typically provide longer repayment durations, allowing borrowers more time to fulfill their obligations.
2. Aggressive Communication
If you receive incessant messages, threats, or derogatory language from the loan app or its representatives, it’s a red flag. Reputable lenders maintain professionalism and respect while communicating with customers.
Genuine loan apps do not access or use your contact list to harass or shame you. If you notice your contacts receiving messages from the loan app without your consent, it’s a sign of unethical practices.
4. Excessive Charges and Hidden Fees
Unscrupulous loan apps may deduct excessive fees from your account, such as upfront service charges or undisclosed transaction fees. Legitimate lenders adhere to transparent and reasonable fee structures.
5. Lack of Legal Compliance
Fake loan apps often operate outside regulatory frameworks and may lack proper licenses or registration. Ensure the loan app is compliant with local laws and regulations before engaging with it.
How do I deal with loan sharks in Nigeria?
Dealing with loan sharks in Nigeria requires caution and proactive measures to protect oneself from their predatory practices. Here are some steps to consider:
1. Research and verify
Before obtaining a loan from any lender, thoroughly research their reputation and legitimacy. Verify their credentials, licenses, and registration with relevant regulatory bodies.
2. Read the terms and conditions
Carefully review the loan agreement, paying attention to interest rates, repayment terms, fees, and penalties. Be wary of any hidden charges or unclear provisions.
3. Seek legal advice
If you suspect a lender is engaging in unlawful practices or acting as a loan shark, consult with a legal professional who can guide you on your rights and options.
If you have fallen victim to loan sharks or fraudulent loan apps, report them to the appropriate authorities, such as the police, consumer protection agencies, or the Central Bank of Nigeria (CBN).
5. Strengthen financial literacy
Enhance your understanding of financial management and responsible borrowing. This knowledge will help you make informed decisions and identify potential red flags.
6. Consider reputable alternatives
Instead of resorting to loan sharks, explore legitimate financial institutions, microfinance banks, or reputable online lending platforms that operate within the legal framework.
7. Establish an emergency fund
Building an emergency fund can provide a buffer in times of financial need, reducing reliance on high-risk loans and loan sharks.
Conclusion
The proliferation of predatory and fraudulent loan apps in Nigeria is a concerning trend that poses a threat to vulnerable individuals seeking loans. These fake loan apps engage in unethical practices such as harassment, blackmail, and extortion of customers. It is crucial for borrowers to exercise caution and avoid these apps to protect themselves from financial exploitation.
Reporting fraudulent lenders that practise 7 days loan app harassment in Nigeria to regulatory authorities, such as the Central Bank of Nigeria (CBN), or Federal Competition & Consumer Protection Commission (FCCPC) is essential in curbing their activities and ensuring the safety of borrowers.
