There are now over top 20 Loan Apps That Call Your Contacts In Nigeria and are considered illegal by the Financial Services Commission of Nigeria (FSC), find out more in this article.
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Threatening and Blackmailing Customers with Illegal Loan Apps in Nigeria
Many borrowers have expressed their displeasure with the rudeness and blackmailing tactics used by illegal loan apps in Nigeria. It’s not uncommon for these lenders to call their clients and borrowers “crazy,” “dumb,” and other disparaging terms.
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How to Spot Nigeria’s Illegal Lending Apps
These unlawful lending apps in Nigeria are known for their use of extortion, defamation, and threats against customers, their families, and their contact lists in order to gain access to their personal information.
Most of the employees of illicit loan apps lack etiquette, and they communicate with consumers in aggressive and disrespectful ways. Their private contacts are also infiltrated, and disparaging texts are sent to each of them.
10 Critical Ways To identify Loan Apps That Call Your Contacts In Nigeria
There are a number of ways to tell if a lending app in Nigeria is illegal:
1. Identifying Illegal Loan Apps in Nigeria: 10 Critical Steps
2. Mobile phone numbers and images can be accessed.
3. Misuse of a phone’s stored contacts and photos.
4. Spamming customers with libelous and threatening messages, as well as stealing their personal information,
5. Interest rates and penalties are extremely high.
6. Processing and/or security deposit are deducted prior to the loan being processed.
7. Interest is deducted from the loan before it is disbursed.
8. Customers are harassed and threatened on a regular basis.
9. Harassment that occurs only through the use of the internet.
10. An unethical approach to recovery.
Employees of a loan app made disparaging remarks to customers.
7 Warning Signs Common With Loan Apps That Call Your Contacts In Nigeria
1. There is no record of prior repayments.
2. provides a 7-day loan term to customs instead of the minimum 60-day period required by law
3. A sense of urgency and urgency to act promptly is created.
4. Charges/fees that are not clearly stated or disclosed.
5. A lack of a website or one that isn’t secure
6. Nondisclosure of lender’s physical location
7. Most times, they have no social media platforms, no contact telephone numbers, non valid customer service support
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five safety measures in Nigeria against illegal loan apps Loan Apps That Call Your Contacts In Nigeria
There are five safety measures in Nigeria against illegal loan apps. , How to Prevent Illegal Loan Apps from accessing your phone contact book.
1. Be sure to find out how to get in touch with the lenders; this may include their phone number and email address.
2. Check out customer reviews on the lender’s website.
3. You can verify if a lender is trustworthy by reading professional reviews.
4. Verify if the loan application has been approved by the Nigerian Central Bank (CBN)
5. Ensure that the app’s permissions are only granted for the purpose of obtaining a loan.
The List of Top 20 Loan Apps That Call Your Contacts In Nigeria
These are all of Nigeria’s top 25 shady loan apps, in no particular order. Don’t go near them. Keep away from them at all costs.
Google and Apple’s Play Store have also blocked a couple of these apps, as well as the Federal Government.
This report was written while sadly many of these scammers and fraudsters were still functioning and taking advantage of helpless Nigerians by promising them quick, easy loans that never materialized. Be careful not to fall victim to any of the following tricks.
1. LCredit
2. 9credit
3. LionCash
4. Nkash
5. ForNaira
6. Cashrain
7. Xcredit
8. ICoin
9. PalmCredit
10. CashLion
11. GoCash
12. Okash
13. EasyCredit
14. Ease Cash
15. KashKash
16. Speedy Choice
17. FastMoney
18. GetCash
19. 9ja Cash
20. Sokoloan
Why Federal Government freezes bank accounts of 30 Illegal loan apps operating in Nigeria
Illegal loan applications and digital lenders have had their bank accounts frozen by Nigeria.
As reported by the Federal Competition and Consumer Protection Commission (FCCPC), Nigeria’s unlawful loan applications and digital lending enterprises have had their bank accounts seized.
At a media briefing in Abuja on Tuesday, the Commission’s Executive Vice Chairman, Mr Babatunde Irukera, made this statement.
At the same time, the Commission had enlisted the help of both Google and Apple to remove other illicit lending apps from their stores, which Irukera noted would take time.
As a result of the raid, he claimed that the Commission was now working with three major Nigerian internet lenders and lending apps.
There was very little information available to us on the bank accounts used by a few of these loan organizations on the day the raid was carried out.
They instantly froze all of the mentioned bank accounts because the companies in question maintain numerous accounts under various names.
A further 30 accounts have been found and locked since our raid. We will keep finding more and freezing them.
With the actions we’ve taken and the nature of our involvement with the lending companies, at least three large ones, whose businesses have been significantly harmed by either our search or the account closure, are altering. I’m confident about this.
Without a doubt, these are Nigeria’s top 10 apps for getting an urgent loan.
I can promise you that the space is changing right now, but it will take some time.
Irukera urged the FCCPC to work more closely with the media to educate the public about their rights as consumers in order to achieve its goals.
Why FCCPC Directs Illegal Loan Apps Under Investigations To Stop Compounding Customers’ Interest
Fraudulent Loan Applications Under Investigation Are Being Told By The FCCPC To Stop Compounding Interest For Customers
As part of the inquiry process, the Commission has ordered the illegal loan apps to cease compounding interest and loan collecting tactics.
Loan applications that are illegally obtained
Illegal loan applications in Nigeria are threatening Nigerians.
Babatunde Irukera, FCCPC’s Vice Chairman/Chief Executive Officer, made this announcement in a news release.
Those who disobey Irukera’s orders will be prosecuted to the fullest extent of the law, as stated in his statement (without option of administrative regulatory resolution).
This does not cover existing borrowers who are paying back genuine loans under fair and acceptable terms and conditions, or any adjustments to earlier conditions that are regarded onerous, inconsistent with prevailing law or basic principles of openness or fairness.
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