During our research carried out on fake loan apps we have come to discover that some of the loan money apps are fake, so we have took it upon our self to be vigilant and expose any fake loan apps in Nigeria aiming to scam innocent people of their hard earned money. I will be sharing with you today on List of Fake Loan Apps Banned in Nigeria. Please stay put 🙂
This phony lending apps usually request an illegal deposit from prospective customers or request that they pay processing costs for loans. Others like threatening and blackmailing clients at all times, abusing them as well as using harsh words against them.
Lets get to see more reviews on it one after the other.. Hmm its so touching, i really feel for those who have fall a victim already. I will first of all start by showing you how to Identify fake loan apps In Nigeria.
How To Identify Fake Loan Apps In Nigeria
The majority of these phony loan apps in Nigeria have a duration of 7 to 14 days, which is against Google’s policy on lending apps housed on its Play Store and against Nigerian legislation.
Take a look at what Google has to say about loan terms:
Financial Services (Google)
We don’t allow apps that expose users to deceptive or harmful financial products and services.
For the purposes of this policy, we consider financial products and services to be those related to the management or investment of money and cryptocurrencies, including personalized advice.
If your app contains or promotes financial products and services, you must comply with state and local regulations for any region or country that your app targets – for example, include specific disclosures required by local law. Learn more
Many have already transformed their platforms into money lenders or money sharks if we should call it that way, terrorizing Nigerians with exorbitantly high interest rates, which can be as high as 50% for a seven-day period, and then harassing the consumers and their contacts with malicious and defamatory words even when the loan is still a day away from expiration. It’s unacceptable practice.
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List of Fake Loan Apps Banned in Nigeria
We have provided the top 14 fake loan apps in Nigeria below and they are soon you will get to see all the fake loan apps banned in Nigeria, according to our research.
Borrowers and clients are advised to avoid them at all costs. These bogus digital lending apps have duped many people and fraudulently drained individual bank accounts.
1. NairaPlus Loan App
NairaPlus is the first in Nigeria’s list of phony loan apps. The scam lending platform is one of the Google Play Store’s quick loan applications that are compromising their customers’ data privacy and sending blackmailing and threatening messages to their connections if a loan repayment default is reported.
However, we know that this violates their customers’ data privacy policies, which the various lending applications pledged to follow while registration and hosting on the Google Play Store. Local rules also compel any loan app or lending company operating in Nigeria to do so.
So prior to this you are hereby advised to stay away from this loan app.
2. BorrowNow Loan App
BorrowNow is the second application on the list of bogus loan applications in Nigeria. BorrowNow loan app should be boycotted by all Nigerian loan seekers due to its unreasonably high interest rates, failure to comply with Nigerian local regulations, and violation of Google loan term policies.
BorrowNow is a bad loan lender that is known for harassing and threatening, sending unsolicited messages as well as libelous communications to its consumers and borrowers. Nigerians should stay away from it and run as far as possible.
3. LCredit Loan App
The prevalence of fraudulent loan applications in Nigeria is quickly jeopardizing and threatening the financial and digital space, which has facilitated financial inclusion for many citizens who have previously been unable to access the traditional banking system, and unless regulatory authorities check their operations, more crisis may be on the horizon.
Google noticed that the LCredit app was attempting to spy on its users’ phone contacts, recordings, photos, and other personal information on their Android devices, in violation of Google’s privacy policies.
4. 9ja Cash Loan App.
Sokoloan loan app has been reported to be the owner of 9ja cash loan app. Thi loan app is not trusted, since they have been reported for scams, they now switch lanes by developing another app.
They harass you with slanderous communications, which they send to everyone on your contact list. This is unethical and unacceptably unprofessional.
They impose exorbitant interest rates, deduct security fees from your account, and unjustly shorten your loan term to seven days rather than the required average of sixty days.
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5. Cash Wallet loan App
When your taking about fraudulent loan application that takes money from your debit card as a ‘down payment, ‘Cash Wallet is one those fake loan apps. The lending platform promises to be a personal loan app in Nigeria that allows you to receive rapid loans from anywhere at any time with your smartphone.
According to the website, its goal is to make financing more accessible to Nigerians. Nevertheless, based on our research, this claim is false.
We are at the vanguard of a movement in Nigeria against loan sharks and phony loan applications for their numerous unethical and unscrupulous tactics toward their consumers and contact lists, which is gaining traction as the Federal Government begins to pay close attention to their activities.
To learn more about this platform, go to the Google Play Store and read the reviews left by customers/users of this app.
6. GGMoney Loan App
All what we do is to be at the frontline against loan sharks and fake loan applications for their numerous unethical and unscrupulous tactics toward their consumers and contact lists, which is gaining traction as the Federal Government begins to pay close attention to their activities.
This loan app has been flagged red due to the fraudulent activities involved. Customers are no longer safe. Lots of negative reviews and bitter complaints from this loan app.
To learn more about this platform, go to the Google Play Store and read the reviews left by customers/users of this app.
7. 9Credit Loan App
9Credit is another kind of loan apps in Nigeria you should watch out for carefully. We encourage all Nigerian loan seekers to avoid using the 9Credit loan app because of its unethical methods of operation.
Customers were charged a high-interest rate that was suspicious. For granting loans for only seven days instead of the minimum of 60 days required by law. And for constantly slandering and threatening its consumers and their contact information.
8. Sokoloan Loan App
Another phony lending platform in Nigeria is Sokoloan. The scam loan app’s offenses are listed below. As opposed to the 91 to 360 days shown in the Google Play store, give loans for 7 days.
It does not provide loans up to $300,000 as advertised. Does not disclose its true costs in the sense that it advertises the amount of loan to be supplied but actually gives significantly less.
They claim to provide you with 7 days loan, like others, but they begin counting the moment money is deposited into your account, and what you see on your dashboard is 6 days remaining. It’s never seven days yet.
If you do not pay on time, their employees will harass you, frighten you, and send texts to individuals on your contact list that you should not be trusted and that you should start repaying your loan.
Lots of negative reviews from users. If you have not yet get started please stay away from the platform for your own good. Branch loan apps is okay and I have used it, fair money too is good.
We have written an article on the low interest loan apps in Nigeria and we think you should check it out.
9. Palmcash Loan App
See what a top lawyer has to say about Palmcash and other similar phony lending apps that are defrauding Nigerians below?
Such interest rates, for the most part, are prohibited under the Money Lenders Act. Failing to pay a debt is a contractual default that can be remedied by taking legal action for recovery and damages, but they use shady tactics like extortion and libel to get their money back.
They are all illegal, but the owners of these rapid lending organizations are frequently unknown or “miragy.” And the victims are usually too ashamed to file a lawsuit against them.” – Andy Akporugo Jr, Attorney at Law
Palmcash is a scam loan app that violates Nigerian law. There is no face to the loan platform, no physical location or address, and no customer service representative to deal with. By boycotting their service, you will be doing yourself a favor.
10. Ease Cash Loan App
Ease Cash is now one of Nigeria’s many fraudulent loan applications. It’s the new identity for EasyMoni, the illegal online lending application that’s been banned and blacklisted, and it’s now fully hosted and registered on the world’s biggest online network, Google!
Be Cautious and if possible avoid it completely! This is the Google Play Store page for the Ease Cash digital lending app, which is the new loan app that replaces EasyMoni.
EasyMoni, a fraudulent online lending application that was suspended and blacklisted by Google, has changed its name to Ease Cash in order to flee Nigerian borrowers. On the Google Play Store, the digital lending app is now officially renamed Ease Cash.
12. GoToCash Loan App
BorrowNow and LendCash, two additional phony lending applications we previously mentioned, were taken down around the same time for the same reason: violating customers’ data privacy and sending libelous and abusive messages to their users, relatives, and phone numbers.
Nigerians should shun these phony loan applications like the plague. Also, their borrowing costs are exorbitant, and they levy illegal service costs.
13. Fast Money Loan App
Another phony loan app is Fast Money. Regrettably, it is still available on the Google Play Store. The Nigerian government has finalized preparations to enforce regulatory regulations and punish fraudulent loan apps and lending platforms, like Fast Money.
NowCash, Sokoloan, 9credit, LendCash, and others are emailing harassing and abusing letters to their clients and their contact lists, violating their data privacy.
Nigerians and loan consumers should stay away from these apps at all costs.
What is The Federal Government of Nigeria doing to Curb Fake Loan Apps In Nigeria?
In order to combat the increasing rates of data privacy misuse by money loan companies, the National Information Technology Development Agency (NITDA) has formed a strategic relationship with the Federal Competition and Consumer Protection Commission (FCCPC). This is authorised by Section 17(a) of the FCCPA, 2019, to regulate and execute sections of every Nigerian law relating to competition and consumer protection.
As a result, the FCCPC has been identified as a crucial player in NITDA’s efforts to reign in the activities of some micro-lenders who have developed a predilection for abusing Nigerians’ personal data.
These operators do so by misusing their personal information, violating their privacy, and sharing it with those who were not involved in the original arrangement.
About 40 public complaints have been received by the Agency regarding the misuse of personal data by several lending companies. Soko Lending Company was fined ten million naira (N10,000,000) and additional administrative punishments as a result of our inquiry.
Like an agency dedicated to empowering Nigerians and making individuals active participants in the digital economy, NITDA is deeply concerned about the negative impact that money lending organizations’ illegal actions are having on families, friends, and society at large.
Many of the petitioners had viewed suicide, as implying that the government should do more to safeguard Nigeria’s most vulnerable citizens.
That has been the list of fake loan apps banned in Nigeria. Feel free to share your thoughts below on the comment box. Feel free to share with your friends.