Security fee: New method loan sharks scam their customers

Security fee: New method loan sharks scam their customers

As Nigeria continues to battle daily financial fraud arising from deceptive loan offers from scam lending apps, it has become necessary to be abreast of several ways these scandalous elements operate and scam customers. One of the easiest ways to detect that a particular loan app is a scam is pushing to you a “security fee”, ‘down payment’ or upfront fees before you access a loan.

Security fee is a levy these rogue loan apps ask you to pay before you access or withdraw your loan. The first thing they entice you with is a loan offer in six figures like N200,000 and a longer repayment period. Once you fall for that, they will ask you to register. After your registration, they will congratulate you to make you think it’s real and then ask you to pay the security fee.

Sometimes during registration process, the app may ask you to fill your debit card details. After you do, you may get a debit alert in the name of security fee.

The truth is, once you pay the amount you’re asked to pay, you will never get any loan except a list of other loan apps you could approach for loan. If that’s where it’ll end, it may not have been too bad, but such rogue apps won’t stop removing money in your account until you block your card.

QUICK LOAN ARENA understands that every Nigerian consumers need to be aware of this new tactics and avoid falling victim. Don’t let the juicy offer the loan app push to you entice you into the fraudulent arms of these dubious elements. Any loan app that features a security fees before loan disbursement is a scam. A number of them have been removed and banned by Google and more will follow soon.

Just this evening Google removed rogue loan app, Sokoloan from its Play Store apparently bringing an end to its continued and instensified reign of terror on its customers who have become largely victims of scandalous threatening messages to them and their contact list just for obtaining a quick loan from the app.

Weeks back, Google also banned LCredit and Rapid Naira and we are convinced that even more of such fradulent apps shall be uncovered and removed from Play Store while we ask that the Nigerian authorities rein on them and enforce its local laws on the violating apps.

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