BEWARE! New Method Rapid Naira Is Scamming Nigerians Exposed

QUICK LOAN ARENA investigation has revealed the new method a fake and illegal loan app, Rapid Naira has been scamming and defrauding Nigerians lately. Recall Rapid Naira has been blacklisted by this medium a long time ago for its several illicit and unethical lending practices. After our report, the fake app was pulled down by Google Play Store and was finally shut down by the Nigerian Government.

However Rapid Naira continues to operate underground albeit fraudulently and illegally because many customers already have its app downloaded on their phone. We consequetntly wrote to warn Nigerians to uninstall the app.

BEWARE! New Method Rapid Naira Is Scamming Nigerians Revealed
BEWARE! New Method Rapid Naira Is Scamming Nigerians Revealed! This is Rapid Naira logo before it was banned and booted out of Google Play Store

Rapid Naira Is a Fake Loan App, Blacklisted by QUICK LOAN ARENA Long Ago

We had warned Nigerians a long time ago about the dubious and fraudulent loan shark called Rapid Naira and advised every borrowers to abstain from their app in our article last year September titled: Rapid Naira Is A Fake Quick Loan App, Do Not Download!.

Then we wrote: Rapid Naira is a self professed quick loan app found on Google Playstore. However it’s a fake app, once you download it, gain access to your banking platform and debits your account in a moment. Beware, many have fallen victim..

Few days after, we again warned Nigerians that Rapid Naira never gives loans, but are merely a dubious lending app designed to steal your card details and bank balance in our article Rapid Naira On Google PlayStore Does Not Give Quick Loans, It Only Steals Your Money

After our damning and indicting report about the loan shark, action was taken by Google and booted Rapid Naira and its sister fraudulent app, LCredit from the Play Store. We reported it then: Rapid Naira, Credit banned on Google and kicked out of the Play Store.

However since then customers have been calling us and asking if we have any relationship with Rapid Naira as our name keep popping up whenever they are searching for the app customer service details online. This is due to the many articles we have written against them. Nigerians should be warned and beware about their latest style of scamming customers.

Rapid Naira Latest Fraudulent And Unethical Practice of Forcing Unsolicited Loans On Customers With Outrageous Interest

Their latest method of scam however is perpetrated against their subsisting customers who already have their app downloaded on their phones and have once borrowed money from the fraudulent online lending platform. Their scheme is to transfer a given amount to you unsoliicted, and then double it on the dashboard with loan shark interest, and ask you to repay bacl principal and interest in 7 days time.

Rapid Naira is one of the greatest scammers and fraudsters of a loan app, and one of the earliest to be banned in Nigeria after we did a damning report on them. The loan app has no physical office, has no virtual office, Rapid Naira has no website or social media page, no facebook, instagram or whatever.

How Rapid Naira Forced “Loan” Of N16,425 To A Lagos Customer To Pay N23,443 In 7 Days

Their latest victim is Simisola Olayiwola (not real names), a female student who lives in Lagos. Simisola told QUICK LOAN ARENA that she has once downloaded Rapid Naira app and borrowed money from the platform apparently before it was banned and kicked out of Google Play Store. Simi told us she had also paid in ful the loan she borrowed. With just this transaction Rapid Naira like all other loan apps in Nigeria has already downloaded safely all her contact details, her phone details, her BVN, NIN, bank account details, photos, etc.  Unfortunately she did not uninstall the app from her phone.

Armed with this tools, Rapid Naira transferred money to her account this morning without she asking for a loan from the app. The loan shark then calculated an astronomical interest rate and added it to the amount trasnferred and displayed it as her repayment amount in 7 days, almost doubled.  This is the height that a loan app can get to in Nigeria. This is the height of scam, fraud and dubiousity. Simi is just one out of several Nigerians Rapid Naira is duping silently while the government and regulatory authorities are silent!

Read her testimony below:

So I just finished my workout this morning and I was on my phone, an alert of N16,425 came in and I was even happy because I thought someone sent me money. However on closer observation, only for me to check it and I saw that it was a transfer from Rapid Naira. Now, I didn’t ask for this loan and I went to check on the app and I saw that I’ll be paying back N23,433!! Without as much any request from me.

Please I didn’t order for the loan in any way, they just sent the money to me. Though Rapid Naira have my details because I once borrowed money from them some times ago, but then I’ve repaid all my debts with them! I have tried every effort at reaching out to them to no avail. I have been looking out for their customer care number but I couldn’t find any. Please QUICK LOAN ARENA, help us escalate this because I want to return their money to them, plus I don’t need, I never demanded for it. This is just the height of fraud and scam.

BEWARE! New Method Rapid Naira Is Scamming Nigerians Revealed
Screenshot of the alert of dubious unsolicited transfer to the customer
BEWARE! New Method Rapid Naira Is Scamming Nigerians Revealed
Rapid Naira dashboard requesting customer to pay dubious fraudulent interest plus principal on unsolicited funds
BEWARE! New Method Rapid Naira Is Scamming Nigerians Revealed
Customer protested to loan app that she never requested for a loan

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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.

21 Comments

  1. Thanks. What do we do. I have just applied for a loan on this app but yet to confirm it. I had sent a Whatsapp message but it’s not delivered, tried to call the customer line but perpetually switched off. How can I get off this impending hook?

    1. Uninstall their app immediately, and if you can,let them know you are no longer interested. You are about to go into transaction with a loan shark, you can win!

  2. My wife in this scenario too. She just received a message from them this morning that they have disbursed into her acct. She borrowed money from them few weeks ago and she had repaid fully. Ever since then, they have been sending messages to her to apply for another loan and I told her to disregard the message. Our surprise is the message she received from them this morning and the bank alert. I had to chat with one of their agents that chatted with me when she wanted to repay the last loan. He said we can transfer back the money to them through their app. Is this advice valid or What do you think we can do concerning this?

    1. Yes you can transfer it back to them through their app. Better still send a message to them through their email found on their app and explain to them, They will give you an acct details to refund the money.

        1. Good afternoon Sir, please I’ve just been a victim too. After paying off my loan with them I decided to opted out of the app but there was no ‘signout’ to click on, so I uninstalled the app on 23/08/22. Yesterday I received message that my loan has been approved. I simply deleted the message and went to bed. To my greatest surprise I woke up to see that my account has been credited with #12,670.00.
          Please I urgently need help with this. Please how go about this. Urgent help please

      1. Pls sir i applied a loan of 50k with dem and with my greatest surprise wen i opened the app i saw interest of 40k and nw i had an acident so my phone clash so am not with the app again i don’t no hw to repay dem

  3. Hello sir, please help me, after my first experience in their hand I deleted their app only me to find out this morning I have been credited when I did not request for any loan.

  4. Good evening sir, I have just fallen a victim , they disbursed a loan I never requested for into my account I sent back the money immediately, only for them to keep calling me saying I should repay the interest I told them I can’t because I did not request the laon in the first place and I have refunded the amount sent to me. But they won’t let me be, they keep sending me WhatsApp messages and threats . Please what do I do

  5. Am also a victim now oo please what can I do, now 2500 was disburse last week into my account now even I don’t HV their app on my phone again

  6. I have just become their latest victim but a wrong victim. I know the worst thing they can do is to defame me. They sent me a loan I didn’t request. I even spoke to one of their agent on the phone that I didn’t need the loan but to my greatest surprise, they sent me the loan anyway. I will refund the money to them

  7. I have just become their latest victim but a wrong victim. I know the worst thing they can do is to defame me. They sent me a loan I didn’t request. I even spoke to one of their agent on the phone that I didn’t need the loan but to my greatest surprise, they sent me the loan anyway. I will not refund the money to them

  8. Same thing happened to me on Saturday Sept 3rd I received alert of 34,ooo naira which I did not I apply for bcosi i have uninstall rapid naira app for over 2weeks .searched for the app on playstore but not found ,now I don’t have any of their contact .I need their contact pls .

  9. Please this just happened to me yesterday my account was credited by Rapinaira without demanding for it. I mail them yesterday for refound and up till now no response from them. Please what can I do

  10. Pls I don’t understand this rapidnaira app……I have not applied for with them……I downloaded the app when I was in dear need of funds but I didn’t collect cos it was way to low for solve my issues….but this morning I saw a text message that my loan has been disbursed when I did not click on submit nor even d open d app…….I don’t such loan and I have sent a mail to the customer support team but nothing……am not paying any interest oooooo pls help out

  11. I also fell victim, I installed Rapid Naira App after filling my Account details, I proceeded to initialized their loan offer. At seeing their loan term and interest, I quickly noted out and uninstalled the app.

    To my surprise, about three days latter, I got an alert message from my first Bank that, RapidNaira has transfered the sum of 10,400 to my account using first online. I was shocked. The seventh day one of their representatives charted me on watsapp to pay back my loan of 15,900./I was comfused to avoid in necessary embaracement, I paid the said amount.

    Four days after they still credited 2,800 to me, I quickly charted the representative whom we charted at the first illicit transfection to send their account details to me for me to send back their money, I did not get any response. At the seventh day, another representatives charted me to pay back my loan, I explained the whole cinerio to him he said it is system malfunction. He now send the Account details to me I forwarded back their 2,800 to them.

    The next day another of their representatives charted me that my loan is overdue that I should pay. I told her I cannot pay any interest because I did not asked them for loan and that, I have already forwarded the money they mistakenly transfered to me back to them.
    Since the past five days, they have been intimidating and tretnen that they will blacklist and block my account. I told them to do their worst.

    What should I do

  12. I am also a victim. I saw a loan of #60k to pay #80k. Now I can’t get their account details/app. or phone contact. I will like to pay back.

    1. Me i requested for 50k and my payback is 90k and i don’t have de app again i had an acident de phone clash

  13. Sir I was also scam of my money the sum of 22000 is was supposed to pay 38200 so an agent called me that I can pay 22000 and get clear of the loan so I did that and I was immediately debited the sum of 38200 from my account after paying the the 22000 up till now I have not gotten my refund back and now dey credited me another money 4000 to pay in 7days which was on the 6 of September now am being called everyday of my life pls wat can I do to be free from Dem I really need help

  14. Greetings, sir I have a friend who borrowed 2,700 to pay 4,173 in a week and they’ve been calling him; he finally paid them and they credit him again even though he didn’t apply for another one so I asked him to uninstall the app and spend the money. Is it not possible to arrest these criminals because they are still alive and many people don’t have this information about them?

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