If you are searching for the list of fake loan apps in Nigeria in 2023, then you have come to the right page. I will review in details the various fake loan companies and applications, including illegal loan apps terrorising borrowers and sending shame and defamatory messages to them and their contact list.
I will also provide a guide on spotting a fake loan application when you see one with a view to avoiding them and refraining from patronizing their services. We advise you only borrow quick loans only from the best and most reputable instant loan applications in Nigeria.
What is a fake loan app?
A fake loan app is a financial lending application that offers quick loans at extremely high interest rates, uses unethical loan recovery methods when customer defaults, including sending threatening and defamatory messages to them and generally known to operate outside the ambits of the law. These notorious apps are also referred to as illegal lending apps.
Some of these scam apps have been banned by Google Play Store while some are still comfortably hosted. Most of these fake loan apps 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.
What is the list of Fake Loan Apps In Nigeria 2023?
The list of fake loan applications in Nigeria are LCredit, Sokoloan, Rapid Naira, Cash Club, EasyMoni, CreditHall, AimLoan, Kashpal, 9Credit, 9ja Cash, PalmCredit, BorrowNow, Cash Mall, Cash Wallet, CashLion, Ease Cash, FastMoney, ForNaira, GGMoney, GoCash, GotCashger, GotoCash, KashKash, LendCash, NairaPlus, NCash. Borrowers and consumers should beware of these scam and infamous lending apps.
- Cash Mall – defames customers
- CashLion – invades borrowers’ contacts
- FastMoney – Practices 7 days loan app harassment
- LendCash – sends harassing messages to borrowers
- BorrowNow – harass users
- LCredit – steals customers’ data
- NairaPlus – collects illegal fees
- 9jaCash – banned by Google play store
- Cash Wallet – gives loan for 7 days
- GGMoney – shut down by FCCPC
- 9Credit – invades borrowers’ phone contacts
- Sokoloan – infringe on customers data privacy
- Palm Cash – illegal loan app
- Ease Cash – no physical office
- ForNaira – Collects illegal fees
- GotCash – No social media page
- NCash – Shut down by FG
- GoToCash – No longer operating
- GoCash – Shut down by FCCPC
- KashKash – Operations banned by Government
- EasyMoni App – Banned by Play Store
- Rapid Naira App – Deceives customers
- EaseMoni App – Uses phony name
- AngelLoan App – Blacklisted lending platfom
- Speedy Choice App – Banned by FCCPC
- EasyCredit App – Blacklisted app
- CashRain App – No social media page
- XCredit App – Abuses borrowers
- LionCash App – Banned from Google Play
- Ajeloan App – Shut down by FG
- CreditHall App – No longer operating
- GetCash App – Abuses users and customers
- iCredit App – Sends embarassing messages to users
- PalmCredit App – Invades customers’ privacy
- Aimloan App – Banned by Google
How To Identify Fake Loan Apps?
The following signs will show if a loan app or lending company is fake.
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.
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.
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.
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.
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.
Top 20 Fake Loan Apps in Nigeria and Why They Are Considered The Most Scandalous
The following are the top 20 fake loan apps in Nigeria and why each of them makes the list of most notorious fake lending applications.
1. Cash Mall App
Cash Mall is the first 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.
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 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.
7. NairaPlus App
NairaPlus is one of the most notorious platforms on the list of fake loan 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.
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 the list of fake loan apps 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 in the list of fake loan apps in Nigeria, has contravened several policies of Google Play Store including giving loans to borrowers for 7 days as against the 91 to 360 days approved.
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.
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 the last on our list of fake loan app in Nigeria. The platform 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.
Why you should be aware of the presence of fake loan applications?
All potentials borrowers 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 or invade 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.
How do fake loan apps operate in Nigeria?
Most illegitimate and unregistered loan apps in Nigeria give loan to consumers for 7 days tenor and operate strict and unethical loan recovery methids. This is unacceptable lending practice as necessary guidelines from Google Policy stipulate that tenor should not be less than 60 days minimum and local laws emphasizes ethical loan processes.
What are the blacklisted loan apps in Nigeria?
Some of the most scandalous loan apps in Nigeria include LCredit, Sokoloan, Rapid Naira, CashClub, BorrowNow, Speedy Choice and ForNaira.
Which is the most trusted loan app in Nigeria?
Branch is one of the most reliable loan app in Nigeria with a loan offer up to N500,000 and with over 10 million customers at the beginning of 2023. Branch application which is known for fast and emergency loans with monthly interest rates between 2.5% to 20% and repayment tenure up to 60 days, do not charge late fees or rollover fees, nor put restrictions on how you spend your money.
What are the most infamous fake loan apps in Nigeria in 2023?
Some of the most notorious ones include ChaCha, Easy Moni, EasyCredit, GoCash, Here4U, Kashkash, Maxi Credit, Okash, SoftPay, Sokoloan, and Speedy Choice.
What are the most notorious apps that access your contacts in Nigeria?
Some of the fake and malicious loan apps and companies that strive to either access your contact list, invade your privacy and steal your vital personal information include Cash Mall, CashLion, FastMoney, LendCash, BorrowNow, LCredit, Cash Wallet, 9Credit, Sokoloan, KashKash and EasyMoni, among others listed above. Don’t get defrauded or scammed by these loan sharks masquerading as reputable digital lenders.
These notorious apps often promise unrealistic loan offers, seek unnecessary personal data, use aggressive debt collection methods, and operate outside regulatory oversight.
What are the signs of an authentic loan app?
Genuine loan apps operate under regulatory oversight, provide transparent loan terms, follow strict data privacy and protection laws, and offer realistic loan amounts.
What are the fake loan app list in India in 2023?
Some of the fake loan app list in India include Agile Loan app, Aladdin Lamp, Easy Credit Loan App, Angel Loan, Apna Paisa, EasyCash Loan, Apple cash, Easy Rp, Ariaeko Lone, Elephant Cash.
How do I know if a loan app is legit?
Reputable loan applications give access to instant cash deposited direct to your bank account within few minutes without collateral or documentation and with flexible repayments and typically without any down payment or processing charges. Additionally legit apps do not harass customers nor use unethical loan recovery methods.
Why are fake loan apps prevalent in Nigeria?
The list of fake loan apps in Nigeria is growing everyday especially due to the increase in mobile technology which has led to high demand for quick loans in Nigeria.
What is the list of Loan Apps Banned in Nigeria in 2023?
The following illegal loan apps have either had their operations shut down in Nigeria or outrightly had their apps and platforms banned and removed from both Google Play Store and Apple Store. Below is the affected list of loan apps banned in Nigeria:
- OKash Loan
- Speedy Choice
- 9ja Cash
- Ease Cash
- Cash Wallet
What are the most notorious loan apps in Nigeria?
The most dangerous list of fake loan apps in Nigeria include Cash Mall, CashLion, FastMoney, LendCash, BorrowNow, LCredit, NairaPlus, 9ja Cash, Cash Wallet, 9Credit, Sokoloan, EasyMoni, Rapid Naira and ForNaira.
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.
I have analysed the 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 as we continue to warn borrowers and customers to be wary and take caution of these money borrowing applications before they download or apply for quick loan from them.