List of Fake Loan Apps in Nigeria.
Loan customers or borrowers are not supposed to be duped, threatened, or defamed. But it saddens Nigerians that defamation of characters has been the order of the day for defaulters. Fake loan apps in Nigeria mentioned in this article should be avoided like the plague, to be safe in all of your transactions. Most of these fake loan apps in Nigeria violate Google’s policy on loan apps hosted on its Play Store and local laws in Nigeria.
The top fake loan apps in Nigeria are listed below. Borrowers and customers should avoid them at all costs. Many people have been scammed and defrauded, and their bank accounts have been illegally debited as a result of these fraudulent digital lending apps. Please be cautious!
An investigation, last December, revealed how these lending companies offer short-term loans to help subscribers meet urgent needs, but resort to unprofessional measures of harassment, cyberbullying, and breach of data privacy of their customers who may have defaulted in loan repayment.
The companies – GoCash, Okash, EasyCredit, Kashkash, Speedy Choice, Easy Moni – owned by Blue Ridge operate on the third floor of a four-story building in the area.
List of Fake Loan Apps in Nigeria.
- KashKash
- GoCash
- Cash Mall
- CashLion
- FastMoney
- LendCash
- BorrowNow
- LCredit
- NairaPlus
- 9ja Cash
- Cash Wallet
- GGMoney
- 9Credit
- Sokoloan
- Palmcash
- Ease Cash
- ForNaira
- GotCashger
- NCash
- GotoCash
How to detect Fake Loan Apps in Nigeria.
The interest rate for an average commercial bank loan in Nigeria is 24 percent per annum. However, fake loan apps’ interest rates are between 75 percent and 400 percent. The following are a few red flags you should watch out for to identify a fake loan app.
- Small loan amount
- Crazily High-interest rate
- Fake office address
- The loan company is unregistered
- Short loan Repayment time
- The loan company pressures you to act immediately
- Fake or insecure Lender’s website
- Card verification fee
List of Fake Loan Apps in Nigeria. It’s subject to review in the comment section.
Kindly let us hear about your experience with any of these apps in the comment section.