Do you want to know the top list of 40 loan sharks in Nigeria and how they inflict borrowers with pains, threat and blackmails so you can learn how to avoid them? This article reviews the operations of the most dangerous and dreadful 40 loan sharks across Nigeria, and evaluate their modus operandi.
How Loan Sharks started in Nigeria?
The proliferation of urgent quick loan apps and instant cash lending platforms in Nigeria as a means of raising emergency funds which became occasioned by the dismal economic downturn in the country, joblessness and resulting poverty has changed the entire borrowing dynamics. Faceless loan sharks hosted on Google Play Store and some on Apple Store, some of them owned by phony foreign shylocks have flooded the digital space and swindling poor and innocent Nigerians of their hard earned cash in form of loan credit.
What is a loan shark?
A loan shark is a loan app, digital platform, online or offline lender 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.
Many borrowers have been speaking against the way and manner these illegal lending platforms called loan sharks in Nigeria and across the globe threaten and blackmail their customers and talking rudely to them like they don’t matter. Some go as far as referring to their customers and borrowers as ‘crazy’, ‘stupid’, ‘criminal’ and all manner of derogatory statements at the slightest loan default.
One of the modus operandi of loan sharks in Nigeria includes the sending of blackmails, defamatory messages and threats to their customers, their family members and their contacts’ list and blatant, unprovoked invasion of their data privacy.
Most of these lending apps’ staffs lack communication ethics as they speak in dehumanising manners to customers, calling and sending shame and defamatory messages to their contact list and referring to them as “criminals”. This should be completely condemned and pronounced unethical and unacceptable in sane climes like Nigeria.
10 Ways To Identify Loan Sharks In Nigeria 2025
- Accessing the contact’s number and picture stored in mobile phone.
- Misuse of contact numbers and pictures saved in mobile.
- Invading customers’ data privacy and sending defamatory and threatening messages to them and their contact list
- Extremely high interest rate and penalties.
- Deduction of processing and/or security deposit before loan processing
- Interest deducted before providing the loan.
- Constant harassment and threats on customers
- Online Harassment.
- Harsh and unethical means of recovery.
- Use of rude and derogatory statement by loan app staff on customers
7 Warning Signs Common With Loan Sharks In Nigeria
- No verification of previous repayment history
- Gives out loan to customers for 7 days tenure instead of minimum of 60 days by law
- Creation of sense of urgency and pressurizes into acting immediately
- Hidden or undisclosed charges/ fee amounts.
- Unsecured websites and in some cases no website at all
- No physical address disclosed by lender.
- Most times, they have no social media platforms, no contact telephone numbers, non valid customer service support
5 Safety Measures To Protect Yourself Against Loan Sharks In Nigeria
- Check for lenders contact information like phone number, email address and physical address.
- Verify the online reviews by customers given for the lender.
- Check the professional reviews on trust worthy lenders.
- Make sure the loan app has been properly licensed by the Central Bank of Nigeria (CBN)
- Review the app permissions regularly and give access permissions ONLY tor the purpose of the loan applied for.
List of Top 40 Loan Sharks In Nigeria
The following are a comprehensive list of top 40 loan sharks in Nigeria. They are not only loan sharks in Nigeria, they are also illegal fake loan apps which most of them have been banned by Nigerian authorities, Google Play Store, Apps Store, but somwhow most of them still find a way to lure unsuspecting borrowers into their loan trap net and at the end shame and defame them.
If you want to live long and enjoy a peaceful life, avoid any lending platform you find in the list at all cost. Avoid them like a plague!
Some of them have been banned by the Federal Government and a few have been banned by Google and Apple Play Store. However unfortunately many of them are still operating covertly as at the time of writing this report, scamming and defrauding hapless and poor Nigerians in the name of quick instantcash and online lending.
Be warned, don’t fall for any of the following scandalous, fraudulent 40 lending platforms.
- Ajeloan
- BorrowNow
- CashLion
- Cash Mall
- Cashrain
- Cash Wallet
- CreditHall
- Ease Cash
- EasyCredit
- EasyMoni
- FastMoney
- ForNaira
- GoToCash
- GetCash
- GGMoney
- GoCash
- GotCash
- iCredit
- ICoin
- KashKash
- LCredit
- LendCash
- LionCash
- NairaPlus
- NCash
- Nkash
- Okash
- PalmCash
- PalmCredit
- Rapid Naira
- Sokoloan
- Speedy Choice
- XCredit
- 9Credit
- 9ja Cash
- Star Loan
- Kashpal
- Monicredit
- Creditup
- Zuma Cash
How A Loan Shark, LCredit Has Been Threatening Borrowers Over Unpaid Loans
Some customers and borrowers of LCredit, a serial loan shark in Nigeria have been reaching to QUICK LOAN ARENA (QLA), accusing the digital lending platform of threatening their lives over due and unpaid loans they collected from the app.
The customers were responding to our article published on November 8, 2021 titled LCredit Still Threatening, Blackmailing Customers, Contacts After Google Play Ban where we accused the quick loan platform of continuing to threaten and blackmail its customers even after it was banned by Google Play Store.
Find below threatening and suicidal complaints against LCredit by their customers:
Customer 1, Lara Cries Out Against LCredit, Says Loan App After HerLife
Good morning please lcredit is after my life ooo they have been tzhreatening to repay their money today and I’ve been trying my best to do so. there money remain just 3k but they’ve increased it to 30160 nw. One of their agent is chatting me up nw that he has reduced d money to 17160 nw that I should repay it before 2pm today else they will be sending messages to all my contacts and they will hack my bvn and other things that is valuable for me.
I could not sleep or do anything again .plz help a soul ooo I don’t know what to do again am scared oooo all my contacts is very important to me plz help me
Customer 3, Anonymus Says LCredit Wants Him To Commit Suicide
Good evening please LCredit have want me to commit suicide I’m owing them 60,000 and I told them to allow me to be paying small but they said no I must pay it all at once and they have started calling most of my contacts telling them i am a frudster that I’m owing them and that if i did not pay they will come and arrest me .
Customer 4, Sensie Says LCredit Has Been Threatening His Life
Good evening please L credit has been threatening my life I collected a loan and I used it to pay my children school fees since then I have not rested sending all sorts to my contacts I have been paying them weekly.
Customer Cries Out For Help Against Threats From Loan Sharks In Nigeria
Owoeye Hannah who spoke to this reporter on Social Media laments the way and manner loan sharks in Nigeria threaten their customers and talking rudely to them like they don’t matter. Some go as far as refrring to their customers and borrowers as ‘crazy’, ‘stupid’ and all manner of derogatory statements.
Owoeye urges the Nigerian government to regulate the threats from these illegal loan apps and demand that they abide by the rules of the game and be civil in their operations.
She says the threats from loan sharks can be dismaying with some coming even a day or the very day the loan repayment falls due. She wants the loans in Nigeria to give provision and moratorium for repayment even after the due date.
Customer Wants Harrassment And Threats From Loan Sharks In Nigeria To Stop
A customer of an alleged loan shark in Nigeria has condemned the situation where staff of the lending platform talk anyhow to their customers, sending threatening messages to them and their contacts and invading their data privacy.
Finally Owoeye urges loan apps to be ethical and to abide by the local lending rules and Google Playstor policy on loan tenure which mandates digital lenders to not give out any loan less than 60 days tenure.
QUICK LOAN ARENA understands most of Nigerian digital lending apps give out loan for just 7 days. This is despicable, according to her. And this is mainly practiced by loan sharks.
Read her statement below
Good morning QUICK LOAN ARENA. Please help us look into the short duration loan apps in Nigeria normally give customers when they collect loans and the ensuing embarrassements they melt out to them whenever there is an alleged loan repayment default.
After due date they should at least give customers extra one week to make repayments.
Circumstances can arise unexpectedly for borrowers which may make he or she to be unable to pay on due date.
Most of the loan app staffs lack manners, they talk to customers anyhow, sending threatening and derogatory messages to them. They also invade their private contacts, sendingdefamatory messages to all their contacts.
Pls kindly help us use your platform to address these issues. If not addresed, it can make victims, customers to commit suicide if threats from loan apps is too much and unbearable.
According to infosecawareness.in, the following are major threats from loan apps:
Threats From Loan Apps In Nigeria
- Accessing the contact number and picture stored in mobile.
- Misuse of contact numbers and pictures saved in mobile.
- Excessive interest and penalties.
- Interest deducted before providing the loan.
- Constant harassment and threats.
- Online Harassment.
- Harsh and unethical means of recovery.
The website goes ahead to some of the major signs that may indicate red flag and potential fraudulent lending practices by loan apps and listed measures for customers to safeguard themselves.
Abuja accountant threatens to sue 9ja cash, a prominent Loan Shark in Nigeria, over defamatory messages
An accountant who works with a fertilizer company in Abuja has threatened to sue 9ja Cash whom he refers to as a prominent loan shark in Nigeria for sending defamatory messages to him and everyone on his contact list.
The accountant, who does not want his name revealed for now says he borrowed N18,000 from 9ja Cash on the 23rd of October 2021 and was expected to pay a service charge of N10,000 after 14 days bringing his repayment to N28,000.
He told QUICK LOAN ARENA that his company for some reasons didn’t pay him salary for the month of October 2021 and he as a result pleaded with 9ja Cash to hold on to November ending when he would have gotten his salary and pay them off, including the extra days charges, but according to the accountant, the lending platform declined and instead went ahead to send defamatory messages to him and all contacts on his phone.
He told QUICK LOAN ARENA, “I intend to sue 9ja Cash lending platform for defamation except they retract their earlier defamatory and threatening messages. They must send an apology to all my contact list, failing wish I may resort to seek redress in a court of law.”
He adds: “They should make the apology not only because of me but every other person that might be suffering because of these type of defamatory messages, because it’s totally against the law.”
FG freezes bank accounts of 30 Loan Sharks operating in Nigeria
The Federal Competition and Consumer Protection Commission (FCCPC), says it has frozen no fewer than 30 bank accounts operated by loan sharks, illegal loan apps and digital lending companies in Nigeria.
Mr Babatunde Irukera, the Executive Vice Chairman of the Commission, said this at a media engagement in Abuja on Tuesday.
Irukera also said that the Commission had engaged Google and Apple Stores to take down some other illegal loan apps and loan sharks in Nigeria, from their stores, noting that there were certain processes required for that to happen.
“The day we conducted the raid, we have some limited information about the bank accounts that some of the loan companies operated.
“All the bank accounts that were provided were immediately blocked but these companies operate multiple bank accounts with multiple names.
“Between the time we raided and now, we have discovered additional 30 accounts and all have been frozen and we will continue to freeze as we discover them.
“I am certain that with the actions that we have taken and the nature of the engagement we are having with the loan companies, at least three of the major ones that their businesses have been severely affected by either our search or the account closure, they are modifying.
“It will take some time but I can assure you that the space is changing now,’’ he said.
Irukera called for an improved partnership with the media to educate members of the public on their consumer rights in order to achieve the objectives of the FCCPC.
Please LCredit are after my life. There’s this lady from there threatening me. I can drop her number. I borrowed 17k and was told am to repay #25,580. She’s still disturbing me as we speak.
It’s not even like I won’t pay them, but they should try and understand people and give us more time. But they won’t listen and they keep adding late fee to it. Kindly help me out coz I don’t have no money right now. I’m helpless
09015033842 this is her number
Customer 2, Olajumoke Says LCredit After Her Life