Data breach: BorrowNow, LendCash taken down from Google Play Store

Data breach: BorrowNow, LendCash taken down from Google Play Store
QUICK LOAN ARENA is exclusively reporting that Google has finally banned the rogue loan apps, BorrowNow and LendCash from its Play Store following our news reports asking for the authorities to take decisive action on the digital lending platforms over their incessant breach of their customers’ data privacy.
BorrowNow..taken down from Google Play Store for data breach
BorrowNow and LendCash are part of the major loan apps involved in the now common unethical practices of threatening, blackmailing, maligning and sending defamatory messages to their customers and their contact list over allegation of loan defaults. Both apps are hosted on Google Play Store before this ban.

borrownow

Few weeks ago, QUICK LOAN ARENA started a series of investigative reports where some loan apps in Nigeria were blacklisted over breach of data privacy of their customers and their contact lists. BorrowNow was the 2nd on that list. LendCash was also included.

LendCash..taken down from Google Play Store for data breach

The aim of the report is to compile a list of all quick loan apps on Google Play Store that are invading the data privacy of their customers and sending blackmailing and threatening messages to their contacts whenever there is an alleged loan repayment default.

We understand this is in breach of their customers’ data privacy policy which the different loan apps vowed to adhere to during registration and hosting on Google Play Store. This is also required by local laws for any loan app or lending company operating in Nigeria.

In our list of blacklisted loan apps in Nigeria are BorrowNow and Lendcash loan apps and we followed through by requesting all Nigerians to boycott their services.

Following QUICK LOAN ARENA series of investigative stories, several regulatory and financial crime authorities such as EFCC, CBN, FCCPC and others vowed to crack down on loan apps and lending platforms that are in breach of their customers’ data privacy and also fond of sending defaming and threatening messages to them and their contacts.

The Federal Competition and Consumer Protection Commission (FCCPC), the Central Bank of Nigeria (CBN) and the Economic Financial Crimes Commission (EFCC) in the report assured that it had commenced rights violation investigation into the money lending industry.

The enforcement and regulatory agencies expressed concern that the act was fast becoming a dominant and abusive practice targeting some of the most vulnerable in society.

“Continuing complaints about questionable repayment enforcement practices including public shaming and violations of privacy have led to significant and understandable consumer aggravation and dissatisfaction.

“Others are arbitrary, unjust, unreasonable, or exploitative interest rates and or loan balances calculations, harassment and failure of consumer feedback mechanisms, among others have caused consumer aggravation, the agencies have said in a joint statement on Monday,” the report said.

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DATA PRIVACY BREACH: LIST OF BLACKLISTED LOAN APPS IN NIGERIA

1. NairaPlus

2. BorrowNow

3. LCredit

4. 9ja Cash (Owned by Soko Lending Company Ltd)

5. Cash Wallet

6. GGMoney

7. 9Credit

Unauthorized use, copying and/or duplication of this content material without prior express and written permission to the publisher/owner is strictly prohibited and infringements shall be subjected to relevant copyright laws.

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Disclaimer: Quick Loan Arena is not a loan agency and we do not give out loan to anybody. We however profile and review legitimate and reputable loan agencies and seeks to educate individuals, household and small businesses about loan opportunities and fight for the cause of Nigerian consumers who are daily being oppressed by loan sharks. Our intervention is to help prospective and subsisting loan customers make informed lending decisions.

You can speak with any of our Loan Consultants for more information! Call or Whatsapp +234 (0) 915 382 1578.

Do remember to give us a feedback about your loan experience after the lending process is executed.

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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (quickloanarena.com), the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.

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