List Of Fake Loan Apps In Nigeria

The rise of digital lending apps in Nigeria has provided easy access to quick loans. However, many of these loan apps are fraudulent, and designed to steal users’ information and money.

Have you ever used a loan app before? If so, was it a positive or negative experience? I’m curious to hear your thoughts.

If not, no worries! I’m here to explain why you need to be cautious when using instant loan apps in Nigeria.

Many fake loan apps promising quick cash have flooded the Google Play Store in Nigeria. They offer fast approval for small loans but utilize unclear terms and outrageous interest rates to scam borrowers.

These sketchy apps even access your contact list and photos without permission! They harass your friends and family if you default on payments. Some go as far as blackmailing customers with private photos.

It’s worrying how easily these predatory lending apps take advantage of financially vulnerable Nigerians in need of emergency funds.

That’s why we’ve compiled a list of known fake loan apps you should avoid in Nigeria.

Fake Loan Apps In Nigeria

Below is a list of the top 20 fraudulent loan applications in Nigeria. We strongly recommend that borrowers and customers steer clear of these apps to avoid falling victim to scams and unauthorized debits from their bank accounts. Please exercise caution as these fake loan apps have been banned in Nigeria due to their illicit activities.

Swiftkash App

Swiftkash is a fake loan app that promises to provide quick and easy loans to users. However, the app has been known to charge high-interest rates and fees and has even threatened users with violence if they do not repay their loans.

In one case, a user reported that Swiftkash threatened to send nude photos of the user to their friends and family if they did not repay their loan. The user also reported that Swiftkash called their employer and threatened to get them fired.

Swiftkash is a dangerous and fraudulent app, and users should avoid it at all costs.

Hen Credit Loan App

Hen Credit Loan App is another fake loan app that has been known to charge high-interest rates and fees and has even threatened users with violence if they do not repay their loans.

A user reported that Hen Credit Loan App charged them an interest rate of 700% on their loan. The user also reported that Hen Credit Loan App deducted money from their bank account without their permission.

Cash Door App

Cash Door App is a fake loan app that promises to provide quick and easy loans to users. However, the app has been known to require users to provide their personal information, such as their bank account number and social security number, and has even downloaded malware onto users’ devices.

A user reported that Cash Door App downloaded malware onto their device. The user also reported that Cash Door App used their personal information to open fraudulent bank accounts in their name.

Joy Cash-Loan Up To 1,000,000 App

Joy Cash-Loan Up To 1,000,000 App is a fake loan app that promises to provide loans of up to 1 million naira to users. However, the app has been known to require users to pay upfront fees and has even threatened users with violence if they do not repay their loans.

Several customers reported that Joy Cash-Loan Up To 1,000,000 App stole their money. The user reported that they transferred money to Joy Cash-Loan Up To 1,000,000 App, but they never received the loan they were promised.

Eaglecash App

Eaglecash App is a fake loan app that promises to provide quick and easy loans to users. However, the app has been known to charge high-interest rates and fees and has even threatened users with violence if they do not repay their loans.

Numerous users reported that Eaglecash App charged them an interest rate of 400% on their loans. The user also reported that Eaglecash App deducted money from their bank account without their permission.

Kash4u Loan App

Kash4u Loan App is a fake loan app that promises to provide quick and easy loans to users. However, the app has been known to require users to provide their personal information, such as their bank account number and social security number, and has even downloaded malware onto users’ devices.

In one case, a user reported that Kash4u Loan App required them to provide their bank account number and social security number to apply for a loan. The user also reported that Kash4u Loan App downloaded malware onto their device. The user also reported that Kash4u Loan App used their personal information to open fraudulent bank accounts in their name.

9ja Cash Loan App

9ja Cash Loan App is a fake loan app that promises to provide loans of up to 100,000 naira to users. However, the app has been known to require users to pay upfront fees and has even threatened users with violence if they do not repay their loans.

In one case, a user reported that 9ja Cash Loan App required them to pay an upfront fee of 10,000 naira to apply for a loan. The user also reported that 9ja Cash Loan App threatened to kidnap them if they did not repay their loan.

Another user reported that 9ja Cash Loan App stole their money. The user reported that they transferred money to 9ja Cash Loan App, but they never received the loan they were promised.

CreditVilla Loan App

CreditVilla Loan App is a fake loan app that promises to provide loans of up to 500,000 naira to users. However, the app has been known to require users to pay upfront fees, and has even threatened users with violence if they do not repay their loans.

A user reported that CreditVilla Loan App stole their money. The user reported that they transferred money to CreditVilla Loan App, but they never received the loan they were promised.

CreditVilla Loan App is a dangerous and fraudulent app, and users should avoid it at all costs.

Frequently Asked Questions

What are some red flags of a fake loan app?

Look out for apps that demand excessive access to your data, and have unclear or missing loan terms, interest rates, and contact information. Fake apps also offer loans that are too good to be true.

What practices make loan apps fraudulent?

Tactics like blackmailing customers, leaking personal data, arbitrarily increasing interest rates, and harassing contacts make apps fraudulent.

How much personal information should I share with loan apps?

Only share minimal, relevant details like ID, contact, income proof, and bank details with trusted apps. Avoid apps asking for galleries, contacts, etc.

What interest rates are fair for loan apps?

Interest rates above 25% monthly should raise red flags. Reasonable rates typically range from 5-15% monthly.

Can loan apps charge me without consent?

No. Legit apps cannot charge arbitrary amounts without your authorization as per your loan agreement.

What should I do if a loan app harasses my contacts?

Inform relevant authorities. Avoid such apps, pay off your loan amount, and change contacts if needed.

Where can I report a fraudulent loan app?

Report to industry associations like FINTRAK and authorities like EFCC and CBN.

How do I avoid being scammed by loan apps?

Read reviews, check credentials, and understand terms fully. Only use reputable apps and borrow what you can repay.

Conclusion

Fake loan apps are a serious problem in Nigeria. They can cause users to lose money, have their personal information stolen, and even be threatened with violence. Users should be aware of the risks associated with fake loan apps and avoid them at all costs.