List of Fake Loan Apps in Nigeria 2023 - Newly Updated


List of Fake Loan Apps in Nigeria 2023 - Newly Updated

Loan customers or borrowers should not deceive, threaten or defame. But Nigerians are saddened that character defamation is being done to those who do not pay. The fake loan applications in Nigeria mentioned in this article should be avoided like the plague, to be safe in all your business.

Most of these fake loan apps in Nigeria are in violation of Google and approved loan apps on the play store and the laws of the country in Nigeria. The fake loan applications in Nigeria are  9Credit, 9ja Cash, BorrowNow, Cash Mall, Cash Wallet, CashLion, Ease Cash, FastMoney, ForNaira, GGMoney, GoCash, GotCashger, GotoCash,  KashKash, LCredit, LendCash, NairaPlus, NCash, Palmcash etc Lenders and consumers should avoid them at all costs.

Many people have been misled, cheated, and illegally charged their bank due to these fraudulent digital loan applications. Please be careful!

An investigation carried out last December showed how these loan companies offer short-term loans to help subscribers meet urgent needs, but follow a pattern of harassment, cyber bullying and breach of privacy. data of their customers who may fail to repay the loan.

The companies - GoCash, Okash, EasyCredit, Kashkash, Speedy Choice, Easy Moni - owned by Blue Ridge operate on the third floor of four buildings in the area.

Based on Play Store removals, FCCPC restrictions, power collection systems and other illegal practices, the most popular fake money lending apps in Nigeria are:


Top List of Fake Loan Apps in Nigeria 2023


  9ja Cash


  Cash Mall

  Cash Wallet


  Ease Cash















 Easy Moni



  Maxi Credit


  Speedy Choice


How to Spot fake Loan Applications in Nigeria

• Not available on Google Play Store

Despite the large number of fake loan apps on the Google Play Store, most of the fake loan apps can only be obtained from unofficial platforms.

Due to the rising number of fake loans on its platform, which allows 81% of mobile phone users in Nigeria to access their accounts, Google should close its filters to prevent further fraud and also removed many of his store's applications at the request of the FCCPC. Sokoloan is one such app that was removed from the Play Store after Google received instructions from the company.

According to Nairametrics, the FCCPC has also requested the removal of Maxi Credit, Here4U, ChaCha and SoftPay from the Play Store for misconduct. Those who fall for fake loan applications that cannot be accessed on the Google Play store are Nigerians seeking loans without BVN, which has become a selling point of unscrupulous credit platforms.


• Aggressive collective behavior

Fake loan instruments have become a big problem in Nigeria because of the way they have consolidated their power. Their modus operandi is to provide loans for access to personal information and data on phones, such as contact lists and credit and financial status of individuals.

As soon as the loan is given - when for a small part of what was originally requested - within days, the representatives of the fake loan application require the payment of money and exorbitant interest rates through text messages and phone calls, which quickly degenerated into a function of. Harassment and threats against the borrower and his family.

In other cases, the representatives of these applications send the relatives of those who applied for loans, accusing them of committing crimes, being sex workers or prostitutes, they even send threats and pictures of dismembered bodies.

All these behaviors such as fraud, defamation and extortion, which are crimes under Nigerian law, are the hallmarks of a fake loan. This is about fake loan applications GoCash, EasyCredit, Kashkash, Speedy Choice and Easy Moni, which were attacked by the FCCPC and the Independent Corrupt Practices and Other Related Offenses Commission, Nigerian People Development Agency. information technology and Nigeria. Police for violating customer privacy in their debt collection efforts. Okash, who was also among those attacked, has received a full license from the FCCPC.


• Sanctioned by financial authorities

All financial institutions that lend money must be registered with the Central Bank of Nigeria (CBN) or the National Information Technology Development Agency (NITDA) who is the registrar of supervisory institutions.

Credit is regulated by strict regulations; even loans between friends are controlled. This prevents exploitation and makes it easier to detect fraudulent attempts.

For loan applications to be allowed to extend credit, approval is required. Before proceeding with the loan application, it is important, especially if you are not familiar with the brand, to check that the company is registered in the Nigerian register approved by the financial authorities.


• The website is not secure

To spot a fake loan application, visit their official website and make sure the URL is invalid. If the web address starts with \"HTTPS\", it is a secure (not necessarily trusted) website.

However, if the URL contains only \"HTTP" without trailing \"s", it may be a fake loan application, because law firms must follow security rules to hide user data. Also, the URL must have a padlock, which indicates that the website has an SSL certificate which indicates that it is a secure website.


• The web page service is not perfect

Fake loan applications can be detected based on the performance of their websites. Spelling errors, wrong internet addresses, wrong email addresses and other inconsistencies in loan applications are common.

To spot a fake loan application, visit the lender's website and make sure all buttons and links are working properly. If not, it may indicate that the website has been copied and is therefore not trustworthy.

LCredit is an example of a fake loan application with a bad web page service since its website has a fake Google Play Store download link despite the removal of the program from the Android Store. Instead of connecting to a reputable store, LCredit will try to complete the download on its own website.


• Bad customer feedback

Customer reviews are a good way to find out if the loan application is fake, if the service it offers is legitimate, and previous customer experience.

Regardless of your reason for applying for a loan, it is important not to fall into despair. Take a few minutes to check the reputation of the loan application before applying.

Remember that company history research is free, fast and essential if you want to stay on the right side of the financial divide. A background check can be the difference between falling for a fake loan application and getting a legitimate loan.


• Request for advance payment

If the loan application asks for a down payment before the loan amount, this clearly indicates a fake loan application. Cybercriminals take advantage of the apathy and inexperience of the user who wants to pay in advance.

A fake loan application that requires a down payment may say that this is money to save the money or that this "small amount" will be repaid since it will be some kind of insurance, but that is the fact that you should be careful about it. such works. Popular loan applications may charge you in advance, which will be listed in the contract, but this amount will not be requested in advance; it will be applied to your credit.


• Requests for passwords and sensitive information

Some fake loan applications are known to ask for sensitive information such as bank account passwords and credit card numbers. If this information is required, you must not disclose it. There is no doubt that this is one of the main points that cast doubt on the authenticity of the gift.


• No concept of dissolution

Have you received an offer from a loan application to borrow a large amount of money without any conditions, regardless of your unpaid debts?

Another popular practice of fake loan application is to pretend not to check the credit bureaus; However, it is often a myth. People who are poor or whose financial situation is weak should have more difficulty getting money than others.

Therefore, this is another trick used by many fake loan applications because, unlike reputable credit agencies, fake loan applications do not care about the financial situation of their customers and -provide large sums of money without considering the risk associated with repayment. Why? This is a trick by criminals who want to be paid before they give money to those in need and disappear.

Obviously, you should not be wary of all bad credit lenders, as some may be legitimate. However, if a loan application offers you a large amount of money for a long period of time despite your low salary, it may be a scam.

These seemingly unexpected things are red flags that extreme caution is required.

So, don't think it's a good thing if the loan application doesn't check your credit history. Instead, beware if the loan application does not require a cosigner or a contract, but gives you up to NGN 100,000 in an instant without requiring any approval or contract.

Some fake loan applications may promise to pay all of your debt without knowing the amount. Banks and loan applicants must know how to assess your creditworthiness or ability to repay the loan. Therefore, any loan application that provides loans should always ask questions about the applicant's eligibility and repayment, because this is a risk assessment process before loan approval.


• Hidden loan conditions

Be very careful that loan applications include operating conditions that are not made public. Customers should be diligent when inquiring about the interest rate that will be charged on the loan, as well as the terms, payment amount and time period. Absence of legal documents, which must describe the company providing the loan, its capital and contact details, also indicate false loan applications.

Before accepting a financial offer, each property must appear in good condition.


• Unprecedented interest rates

One of the first tips for detecting credit fraud attempts is to be wary of offers that advertise interest rates close to 0% and flexible payment terms. This red weed is powerful enough to destroy your sense of direction. But how do you know if a low interest loan of 1% or less is recommended as a fake loan application when TV news, news articles, and bank advertisements promoting low interest loans? 1% or less?

In recent years, banks have dramatically reduced interest rates on their loans, especially mortgages. On the other hand, the situation of consumer loans, that is, money that is not for the purchase of housing, has not changed much.

According to a survey conducted by our in-house experts on loan applications in Nigeria, the average interest rate on personal loans is 3.5%. Some consumer credit bureaus sometimes offer credit. But in reality, these consumer loans with interest rates below 1% are reserved for wealthy borrowers who can borrow the equivalent of the minimum monthly payment to cover their monthly payments. Before applying for a loan, it is important to find out about the interest rates offered by competitors.


• Exclusion of comparison sites

In general, online lenders and lists of fake loan applications do not appear on comparison sites, unlike legitimate lenders, which are mentioned on these sites because of their reputation. them or social media networks to market their services. Many websites are involved in providing information about legitimate and fake loan applications so that visitors can weigh the options.

Platforms like ours offer a free and impartial financial advisory service that compares your credit application with that of the appropriate credit bureau.


• No website

Each loan application must contain the main points, history, goals and vision of the company, as well as all company information to verify the reliability and relevance of the company.

Some fake loan apps have been found on play store without a solid website.

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