As Nigerians continue to look for different means to cushion the economic hardship inflicted by the Covid 19 pandemic and other national debilitating factors, quick loan lending apps seem to be one of the several ways the nation’s citizens turned to. This has caused a major boost and rise to the use of these mobile money applications that have flooded Google Play Store.
Rapid Naira: How Quick Loan Platforms Are Turning Into Loan Sharks And Scam Lenders
Unfortunately it has also given rise to quick loan sharks and scam lending apps whose only objective is to exploit poor Nigerian masses and rob them of their hard earned money.
It is expected that when a market is striving, it will attract more investors and at the same time should attract more regulations and monitoring both from the government and stakeholders. Failure to do this will expose the citizens who patronize such markets to different dangers ranging from fraud to exploitation and to outright digital robbery.
It is hoped that this will not be the case but in reality, it is more than what is expected as it is difficult to vouch for the different quick loan apps now being paraded on Google Play Store. Many of these lending sharks that claims to give low-interest quick loans to Nigerians have no physical address, website, or social media page. Majority of the apps are even not worthy to be on Google Play Store as they violate several rules of the store but still found their way therein.
Some of the applications do nothing but exploit undiscerning Nigerians by charging exorbitant interest rates to be repaid in a very short period of time contrary to what they put on their download page in Google Play Store. Others don’t even have anything to offer other than to deceive people to get them to pay some deposit or have them fill out their critical banking details and after that, defraud their accounts.
One of such fraudulent lending app, according to Quick loan Arena findings is Rapid Naira. This app is on Google Playstore and it claims to be a quick loan app. However it has no website, no physical office address, no social page pages and no digital trace apart from the download capability.
Rapid Naira slogan on Google Playstor is “Reliable Instant loans in Nigeria” but our findings reveal they are one of the most unreliable scam quick loan apps in the country.
Unfortunately many Nigerians have fallen victim of this fraudulent app. See the following few of the numerous reviews by their customers and patrons on google playstore.
It has ironically an astounding high app ranking history on the store but it’s all fraudulent. Dont ever download it!
This app is fake! When you download it, it will clear all your money from your account. This is fraud!!! Please I advise no one should download this app. Sep 21, 2021