Ladies and gentlemen, hold onto your bank accounts, because today, we’re embarking on a quest into the wild, wild west of the financial world—specifically, the “List of Fake Loan Apps in Nigeria”.
Now, before you break out into a cold sweat or start considering stashing all your cash under your mattress, let me assure you, this isn’t a horror story; it’s more of a comedy.
The stars of our show? A quirky ensemble of apps promising dreams, delivering nightmares, and taking a scenic tour through every shade of suspicion in between.
It’s as if you were promised a romantic dinner date at a fancy Italian restaurant, but when you show up, you find a hastily thrown-together spaghetti dish with ketchup instead of marinara.
That’s right! These apps entice you with a luscious tiramisu of easy loans and minimal interest rates, but the moment you dig in, you find a soggy biscuit base of hidden fees, sky-high interests, and customer service that makes the Sphinx look talkative.
You see, it’s a little like playing “Whack-a-Mole” at your local carnival. But instead of a padded mallet and a horde of pesky moles, it’s you armed with your hard-earned money and a sea of duplicitous apps popping up faster than you can say “Wait, you want my bank details again?”
Trust me, by the end of this article, you’ll be as adept at spotting these financial fiends as a seasoned carnival-goer is at smashing those moles.
So buckle up, because our journey into the jungle of the ‘List of Fake Loan Apps in Nigeria’ is about to begin, where every click can lead you either to a pot of gold or a pothole of regret. B
ut don’t worry, we’re your financial Tarzan, ready to swing you past the pitfalls, piranhas, and oh, those really convincing loan offers. Let’s get started, shall we?
Best Ways to Identify Fake Loan Apps
How to Detect Fake Loan Apps in Nigeria.
Detecting fake loan apps, whether in Nigeria or elsewhere, can be a challenging task. However, here are a few tips to guide you in identifying these deceitful applications:
- Licensing and Registration: All financial institutions in Nigeria need to be licensed by the Central Bank of Nigeria (CBN). Always verify the app’s licensing information with the CBN or the relevant regulatory authority. If an app is not registered, it’s a strong indication that it could be fraudulent.
- Check Online Reviews and Ratings: While reviews can be manipulated, they are a good starting point. Check both the app store and independent online reviews. If you find an excessive number of negative reviews or complaints, be wary.
- Exorbitant Interest Rates and Fees: Illegitimate loan apps often have excessively high-interest rates and fees. If the rates are too high, proceed with caution. Legitimate apps should be transparent and reasonable with their rates.
- No Physical Address or Contact Information: Legitimate financial institutions have a physical location and clear contact details. If an app doesn’t provide a physical address or a legitimate phone number or email, be cautious.
- Poor User Interface and Experience: Be wary of apps with numerous spelling errors, poorly designed interfaces, or frequent crashes. Legitimate companies invest in a good user experience.
- Vague Terms and Conditions: Legitimate lenders are transparent about their terms and conditions. If these are unclear, vague, or non-existent on an app, it’s a significant red flag.
- Advanced Fees: If the app is asking for fees upfront before giving you the loan, this is a clear warning sign. In many places, charging upfront fees before giving a loan is illegal.
- Pressure Tactics: If the app or the representatives try to pressure you into taking a loan quickly, it’s likely a scam. Real lenders provide you with time to consider your options.
- Small loan amount
- Crazily High-interest rate
- Fake office address
Remember, if something seems too good to be true, it likely is. Always do your due diligence before providing personal information or borrowing money from any app or online platform.
Also read about one of the best loan apps in USA.
20 Top List of Fake Loan Apps in Nigeria
- Cash Mall
- 9ja Cash
- Cash Wallet
- Ease Cash
1. Cash Mall Loan App
Cash Mall, notorious for its deceitful operations, has unfortunately become a widely recognized sham loan application in Nigeria. This application makes numerous enticing promises, such as:
- Portraying itself as an intelligent and user-friendly online loan service
- Offering immediate loans to its customers
- Providing a secure and trustworthy lending platform, promising to protect users’ personal data and ensuring non-disclosure of any customer information
- Offering a loan range from N2,000 to N100,000
Contrary to these assertions, the reality of Cash Mall’s practices is far from this ideal.
This fraudulent loan application has a distressing history of mishandling users’ private information. If a borrower fails to repay, they resort to shaming tactics, which include releasing defamatory messages about the debtor to contacts on their list.
Moreover, the application exaggerates its loan capacity. While it purports to offer a vast range of loan amounts, the actual amounts disbursed are far less.
The same applies to its loan duration. Despite its claim of a flexible loan period ranging from 91 to 365 days, the reality is a mere 7-day loan tenure.
And if you guessed that Cash Mall’s interest rates and maximum Annual Percentage Rate (APR) are inflated compared to its advertised rates, you would be correct.
Furthermore, it imposes an origination fee between 1% and 9% on its customers. This kind of fee imposition is unlawful in many jurisdictions worldwide.
2. Cash Lion Loan
Cash Lion, notorious in Nigeria as a deceptive loan application, boasts of numerous enticing promises that are far from reality.
The bold assertions made by Cash Lion include:
- Providing instant online loans that are directly deposited into customers’ bank accounts
- Offering loan amounts from N2000 to N50,000 with complete transparency, no hidden costs, an interest rate between 16% and 21%, and a loan tenure of 91 to 365 days
- No service fee
However, these claims are all smoke and mirrors, with no substance to back them. Contrary to its promises, Cash Lion fails to uphold its own terms.
The actual loan duration offered by Cash Lion is a scant 7 days, contrary to its initial claim of 91 to 365 days.
Moreover, despite its insistence on transparency, it contains hidden costs, debunking its own declaration of no hidden charges.
3. LCredit Loan App
LCredit, once a trusted entity, has unfortunately taken a wrong turn and become one of the counterfeit loan apps in Nigeria.
Previously, LCredit had been ejected from the Play Store due to a breach of its policies, linked to malicious and deceptive practices. Despite this, the application managed to resurface on the platform.
It was subsequently discovered by Google that LCredit was intruding on the privacy of Android users, accessing their contacts, recordings, images, and other personal data.
In response to this unsettling revelation, Google’s Play Protect issued an advisory stating, “This application (LCredit App) attempts to invade your private data such as SMS messages, photographs, audio recordings, or call history.”
To protect their privacy, users were alerted to the necessity of removing LCredit from their
4. Naira Plus Loan
Roll out the red carpet and strike up the band, because taking the 4th spot in our grand parade of deceptive loan apps in Nigeria is none other than NairaPlus!
This dubious app is not only a master of the sly art of user espionage, but it also holds a black belt in breaking all kinds of data privacy laws.
It puts James Bond to shame with its stealthy spying missions on innocent users.
And oh, the drama! NairaPlus is the main character in its very own soap opera, casting users as unsuspecting debtors.
When these ‘stars’ can’t or won’t pay, NairaPlus dons its villainous cap and shoots reputation-shattering messages to their contacts. It’s all very ‘Days of Our Lives’.
For the sake of your peace of mind, and to avoid becoming a character in NairaPlus’ never-ending drama, it’s wise to give this app a wide berth.
There are plenty of legitimate online quick loan providers in Nigeria that won’t involve you in a melodrama or an espionage thriller.
5. 9ja Cash Loan App
As with many deceptive loan apps in Nigeria, 9ja Cash lures unsuspecting borrowers into a financial whirlpool with harsh interest rates and unattractive loan durations.
Picture this: 9ja Cash is the cheese at the end of the maze. They entice you with petite loans, promising they’re just stepping stones on your path to a shiny credit score.
They assure you that once you establish a solid credit history with them, the doors to larger loans and longer repayment periods will swing wide open. Sounds promising, right?
But here’s the plot twist! After a dance of seven to ten loans, you’d expect to be at the grand ball of financial freedom, right? Well, 9ja Cash seems to have misplaced its fairy godmother wand.
You’re left holding the same minuscule loan amounts, and sometimes, they even have the audacity to spike up the interest rates.
It’s like thinking you’ve leveled up in a video game only to find you’ve been playing on a loop.
The promise of progress was all smoke and mirrors, leaving you to navigate the same old labyrinth.
Read More: Best Loan Apps In Canada
6. Fast Money Loan App
Climbing the ranks to number three in our hall of infamy for counterfeit loan apps in Nigeria is the aptly named Fast Money.
Much like a movie villain, this app has a history of bamboozling unsuspecting Nigerians with a mysterious maze of hidden charges.
When these bewildered folks couldn’t pay up, Fast Money slipped into full soap opera mode, sending scandalous messages to their contacts. Talk about washing your dirty laundry in public!
Fast Money’s notorious deeds caught the attention of the digital sheriff, Google, and even the Nigerian government.
Both have since shown this bad boy the virtual exit door, making the app persona non grata.
So, unless you’re in the market for future regrets, it’s best to steer clear of Fast Money, or as some have come to call it, Fake Money.
With this app, you’re signing up for the full ‘debt collection package’, complete with threats, skyrocketing interest rates, and loan durations that show zero consideration for the borrower.
They’re the financial equivalent of a horror movie villain who’ll stop at nothing to get what they want.
7. Lend Cash Loan App
Sliding into the fourth slot of our notorious league of fraudulent loan apps in Nigeria is none other than LendCash.
With a reputation as tarnished as a rusty old coin, LendCash is one digital lender you’d be wise to swerve around in Nigeria.
Google, the digital gatekeeper, and the Regulatory authority of the Nigerian Government, the financial watchdog, have both shown LendCash the red card for several foul plays against lending rules.
Many unsuspecting Nigerian borrowers have fallen into LendCash’s tangled web, caught by its sky-high interest rates.
Some have even had their good names dragged through the mud. So, unless you’re into financial masochism, it’s best to give LendCash a wide berth.
There are plenty of other legit platforms where you can secure an instant online loan in Nigeria.
8. Borrow Now Loan
Another of the top fake loan apps in Nigeria everyone should avoid. Borrow Now is known for its high interests and very short loan durations that they offer borrowers in Nigeria
This fake loa app has flouted google policies as well as Nigerian lending laws and as a result, Borrow Now has been red-flagged and banned by both entities.
BorrowNow is popular for sending threatening and defamatory messages to its users like most unethical lenders on this list.
Read More: Loan Apps in Netherlands
9. Cash Wallet Loan
Sitting pretty at number 9 on our dubious list of counterfeit loan apps in Nigeria is the crafty Cash Wallet.
This wily lender spins a captivating yarn, claiming to offer loans ranging from ₦3,000 to ₦100,000 for a period of 92 to 365 days, all with a reasonable interest rate of about 16% and an Annual Percentage Rate (APR) of about 35%. Turns out, it’s all as real as a three-dollar bill.
Cash Wallet, the digital puppet master, weaves a web to trick unsuspecting borrowers into its snare.
It dangles the carrot of short-term loans in front of them, encouraging them to share their debit card details with the app.
And then, faster than a pickpocket in a crowd, it swipes a “down payment” ranging from N3,000 to N10,000, depending on the loan amount the borrower seeks.
The twist in the tale is that, more often than not, Cash Wallet vanishes like a mirage once it has pocketed its so-called service charge.
And in the rare instances when it does keep its word, the loan duration is as fleeting as a weekend, never exceeding 7 days.
It’s like buying a movie ticket and only being allowed to watch the previews.
Pioneering the harassment of borrowers in Nigeria, Sokoloan takes the cake among deceitful loan apps.
This lender has not only inflated interest rates but also creates other app clones to continue its dodgy operations.
Beware: Sokoloan loans are short, a meager 7 days, violating both Nigerian lending norms and Google Play Store rules.
Recently, the Nigerian government blacklisted this notorious app, yet it stays afloat on the Play Store due to manipulated 5-star ratings.
Contrary to its deceptive claim of offering up to N300,000, Sokoloan quickly turns from a lender to a relentless debt collector if repayments are delayed.
So, steer clear of Sokoloan and its affiliates for your financial peace of mind.
Related Article: Instant Cash Loan Apps In Australia
Summary: List of Fake Loan Apps in Nigeria
Drumroll, please! We’ve got the dish on Nigeria’s most notorious cast of characters, the fraudsters of the financial world, aka the Fake Loan Apps.
Starring in our riveting exposé are tricksters like Cash Mall, Cash Lion, and LCredit who promise the moon but deliver nothing but a handful of stardust.
They’re the illusionists of the digital lending world, conjuring promises of easy money only to pull the rug out from under their unsuspecting victims.
In a jaw-dropping twist, once reliable LCredit swapped its halo for horns, going from legit lender to bad apple practically overnight.
And who can forget our drama queens NairaPlus and 9ja Cash, expertly weaving tales of escalating credit scores, only to deliver loans that are little more than pocket change.
Our countdown wouldn’t be complete without mentioning Fast Money, aka Fake Money, and LendCash, banned by both the digital sheriffs and the Nigerian government.
Lastly, don’t miss the guest appearance by Sokoloan, the infamous pioneer of borrower harassment.
Take a deep dive into this thrilling saga of deception and learn the truth behind these fake loan apps.
This is one tale that will keep you on the edge of your seat, teaching you the dos and don’ts of the digital lending world in Nigeria. Remember, not all that glitters is gold! Stay tuned and stay safe.
Even More Articles: