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.
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.
have caused consumer aggravation, the agencies have said in a joint statement on Monday,” the report said.
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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.
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