List Of Fake Loan Apps In Nigeria

Concerned about falling victim to fake loan apps? Not to worry! This article provides you with a comprehensive list of fraudulent apps and equips you with the knowledge to independently identify them in the future.
List Of Fake Loan Apps In Nigeria

Over the years there has been a rise in online lending application as well as the number of fake loan apps who exploit the financial need of Nigerians to commit fraudulent activities. 
These fake loan apps pose as a better option by offering large amounts of money with low interest rates thereby making them get even more victims.

List Of Fake Loan Apps In Nigeria

This list is based on Play Store removal, sanctions and trouble with the FCCPC, aggressive collection methods, customer complaints and reviews amongst other illegal activities.
  • Palmcash
  • chacha
  • KashKash
  • GoCash
  • Cash Mall
  • CashLoan
  • FastMoney
  • LendCash
  • LCredit
  • LairaPlus
  • Cash Wallet
  • GGMoney
  • 9Credit
  • Sokcash
  • Palmcash
  • Ease Cash
  • ForNaira
  • NCash
  • Here4U
  • Maxi Credit
  • Speedy Choice

How To Identify Fake Loan Apps In Nigeria

Unavailability on Google Play Store

Google has been forced to tighten its filters in order to prevent any instances of frauds so if you can't find a loan app on Google play store it's likely fake. Some loan apps such as Maxi Credit, Here4U, ChaCha, and SoftPay  were requested to be removed from the Play Store by FCCPC on the grounds of unethical and suspicious behavior.
Most desperate people have fallen victim to fake loans because the settled for loans that were unavailable on Google play store.

Abusive collection practices

This fake loan apps offer loans at a relatively small interest rate or nothing at all in exchange for access to personal information and data stored on their mobile device, such as their contact list, as well as their credit score and financial position. Once the loan is approved the representatives of the fake loan app start to demand for a payback and high interest rate via text messages and phone calls against initial agreement. They even go as far as  harassing and sending threats to the borrower and his or her family.

Sanctioned By Financial Authority

All lending loans must be registered under Central Bank of Nigeria [CBN]. However, the won't be found under the CBN if they've been sanctioned for illegal exploitations and activities or have not registered. 
Before you request for a loan from an app ensure that the company is included in the Nigerian registry of authorized financial agents. 

Negative Reviews From Customers

Look for reviews from users who have already used the app and received a loan. If it is mostly negative, do not bother getting a loan from the app. This way you learn from other users experience and reduce your risk of getting defrauded.

Unsecured Websites 

Websites that begin their URLs with https:// are considered to be secure however you should be very mindful of websites that begin their URLs with http. The “s” in “https” stands for secure, which indicates that the site is using a Secure Sockets Layer (SSL) Certificate therefore be rest assured that your personal information would not be stolen as long as the URLs is https. 

Advance Payment Demands

When a loan application asks for upfront payment before granting a loan, it strongly suggests that the loan app is fraudulent. 
Consider this: why would you need to provide money in order to receive a loan? It's not a game or a gamble. Therefore, when you are asked for money, be sure not to fall for the trick.

Demand For Sensitive Information

Fake loan apps can request for sensitive information such as bank account passwords and credit card numbers do not disclose it. Through those means the can have access to your commercial bank account and defraud you.

Hidden Loan Terms And Application

Before requesting for a loan ensure to go through the terms such as interest rate, repayment schedule and default. If this is not made public and accessible then it is a red flag.

Very Low Interest Rate

Based on a study, the average interest rate for personal loans in Nigeria is 3.5%. However, some loan apps claim to offer rates below 3.5% or even request no repayment at all. It's important to conduct thorough research on the interest rates offered by other competitors in the market before selecting a particular loan app. While these apps aim to address financial challenges, it's crucial to remember that they are businesses operating to generate profits. Therefore, loans are not typically offered at significantly low interest rates so when it feels too good don't get so excited rather research. 

Fake Contact, Website, Office address Or Email

A legitimate loan app should provide comprehensive information about the company's establishment, history, goals, and vision, along with all the necessary institutional details that help verify its credibility and professionalism. Moreover, if the contact information, website, office address, or email provided by the loan app are inactive, it is advisable to avoid taking the risk of engaging with that particular app.

Unregistered Loan Apps

If a loan app lacks a positive track record or is not registered with the Central Bank of Nigeria (CBN), it's likely a scam.


How do I know if a loan app is legit?

Legit loan apps have great reviews, realistic loan amounts, strict data privacy policy, and provide transparent loan terms.

How do I know a fake loan app?

Fake loan apps do not reveal a correct physical address, websites, contacts and email address.
The also lack a good tack record and reviews.

Is online loan legal in Nigeria?

Yes it is.  Over 173 digital lending applications have been approved to operate in Nigeria by the Federal Competition and Consumer Protection Commission [FCCPC]

Can I report fake loan apps in Nigeria?

Yes, you can report fraudulent loan app activities to the Federal Competition and Consumer Protection Commission (FCCPC) through [email protected]

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