Today I would be detailing a broad list of fake loan apps in Nigeria which are defined as loan sharks or malicious, fraudulent loan apps and dubious lending companies operating either online or offline that offer credit loans at extremely high interest rates, has strict and unethical terms of collection upon default and send threatening or defamatory messages to borrowers and their contacts. So in essence loan sharks and fake loan companies operate illegally, outside the scope of the law and are thus referred to as illegal loan apps and scam platforms.
The list contains the most fraudulent fake loan apps, either in Nigeria, USA or other countries and we shall provide quick signals to identify and avoid their traps. Most, if not all of the list of fake loan apps have tenure ranging from 7- 14 days, which is in breach of Google Policy on loan apps hosted on its Play Store and contravenes local laws in Nigeria.
A Google policy states: “We only allow personal loan apps with full repayment required in greater than or equal to 60 days from the date the loan is issued… apps that fail to do so will be removed without further notice.” Many loan apps on the Play Store are in contravention of this policy and we expect the internet giant, Google to conduct an investigation and if confirmed show them the way out.
As a customer or borrower, you do not have to be scammed, threatened or defamed anymore. Simply avoid any platform found in the list of fake loan apps mentioned in this article like a plague and you would be safe in all your transactions. You can patronize any of the reputable loan apps in Nigeria in our earlier review.
List Of Fake Loan Apps Including The Most Dangerous And Predatory Malicious Loan Companies In 2023
The following is a list of fake loan apps considered as the most dangerous and malicious in 2023. We advise borrowers and customers to avoid them at all cost. Many have been scammed and defrauded, and their bank accounts illegally debited by fraudulent lending companies and applications.
- Cash Mall
- 9ja Cash
- Cash Wallet
- Ease Cash
- Rapid Naira
- Speedy Choice
- Lucky Loan
- Star loan,
- Snappy credit
How To Identify And Avoid Fake Loan Apps
How do you identify and avoid the applications on our list of fake loan apps and illegal loan companies? We have carefully reviewed quick signs and signals that can help you identify fake loan apps. One of such signs is their tendency to access and compromise customers’ contact numbers and photos stored in their mobile phone and use them as a form of threat and harassment in event of loan failure.
Constantly pressurizing customers to collect loans and/or to repay loans even before repayment due date is another sign including issuing threats along. In some case these illegal apps transfer money to you unsolicited, if you ever borrowed money from them and force repayment at heavy interest. Invading customers’ data privacy and sending defamatory and threatening messages to them and their contact list are typical qualities. Others include:
- Extremely high interest rate and penalties.
- Deduction of processing and/or security deposit before loan processing
- Interest deducted before providing the loan.
- Constant harassment and threats on customers
- Online Harassment of customers and borrowers.
- Harsh and unethical means of loan recovery.
- Use of rude and derogatory statement by loan app staff on customers.
- Gives out loan to customers for 7 days tenure instead of minimum of 60 days stipulated by law
- Creation of sense of urgency and pressurizes into acting immediately, sometimes luring you to collect loans against your wish.
- Hidden or undisclosed charges/ fee amounts.
- Unsecured websites and in many cases, fake loan apps in Nigeria have no website at all, no physical office address.
- Most times, they have no social media platforms, no contact telephone numbers, no valid customer service support or email to contact them with.
Lately there have been a preponderance of these predatory, fraudulent fake loan apps in Nigeria, United States, India and many other countries globally whose sole purpose is to scam poor and hapless borrowers and swindle them of the little money with them. The lending applications are fond of requesting for incredibly high interest rate and illegal down payment before approving customers’ loan.
This list of fake loan apps are loaded with malicious applications fond of either demanding for processing fees payment from their potential victims or asking them to pay processing fees for loan or threatening and blackmailing the customers at every given opportunity. Some even go to the extreme of insulting, bullying and using derogatory languages on them. Some others have turned their platforms into loan sharks terrorising innocent victims with extremely high interest rate sometimes as high as 50% for 7 days tenure. Beware and ensure not to fall victim anymore.