In as much as they are legitimate platforms out there, there also stands the chance that you may encounter illegitimate apps on your mobile device. Today’s article discusses the list of fake loan apps in Nigeria. Whenever you are faced with choosing what platform to use, make sure you confirm the availability first on Google Play Store.
Google Play store serves as a check tool for all apps in Nigeria. In Nigeria, fake loan apps are rampant so the need for verification of them is needed. However, this prompts us to research the list of fake loan apps in Nigeria. Here we have them:
Fast Money Loan App
This is one of the most notorious fake loan apps in Nigeria. When you talk about high-interest rates, they are the king. However, if it was the interest rate that is exuberant one wouldn’t complain, isn’t it? They don’t even pay when one requests a loan. The funny thing about this platform is that if you request a loan, they would send you people in your contact list spammy and shady messages to your phone contacts.
To mitigate this problem, Google has removed them from the Play Store. Also, the Nigerian Government has also clipped the hands of this fraudulent platform. As a precaution, it is advisable to avoid this fake platform if you do not want to be defrauded.
LCredit for some time now has been one of the most legitimate loan apps in Nigeria. In fact, according to a report some months ago, it was listed as one of the top ten legit apps in Nigeria. This is to show that LCredit used to be a legitimate platform before it turned fake. In today’s list of fake loan apps in Nigeria, there’s no way LCredit is escaping our list.
The LCredit app was banned from Google at some point. Google banned LCredit because of a violation of rules. However, after some time LCredit app was reinstated on the Google Play store. It was later banned again when it was found to be accessing clients’ information which include Photos and Call Logs.
9ja Cash Loan App
A high-interest rate is almost synonymous with the 9ja Cash Loan App. This platform offers very high and unfriendly interest charges to its client. Borrowers are always given very short payback periods to pay these loans back. They try to enslave customers by convincing them to borrow more loans in order to build their credit portfolio on the app.
If you build your portfolio on this app as a try claim, they would give you larger loans. Although, that seems fair, isn’t it? Contrary to giving you larger loans, you are given short payment time. The interest rate has been reportedly said to be higher than usual. Of course, just like any loan app, if you don’t pay your loan on time, your contacts get to know about this information.
GG Money is on our list of fake loan apps in Nigeria. It is obviously one of the fake loan platforms in Nigeria because of its high-interest rate. The lending policy of the app is very unethical. It has been accused severally of breaking into customers’ privacy right. This means that they would go to any means to get your private information including your phone contacts, bank information, and so on.
Apart from that, they also charge a high-interest rate. GG Money also has outrageous loan credit terms and conditions. They have an unfavorable way of treating customers if they don’t pay up on time.
Sokoloan has been one of the most called-out apps in Nigeria. The Federal Government of Nigeria had put a ban on this app. Although, Google has not noticed their shady activity which is why they are still on the platform. According to one of their advert, they offer loans amounting to six digits when you register with them, this isn’t true.
The feature of this application which makes it a fake platform is that it comes with a high interest rate. These interest charges make it very difficult for clients to pay up the loan on time. When you don’t pay on time, it harasses customers via phone calls with unethical calls and messages. For your peace of mind, one is advised from operating with Sokoloan.
ALSO SEE: Is Easemoni Loan App Legit? Find Out
The list of fake loan apps in Nigeria wouldn’t be complete without mentioning EasyCash. Formerly referred to as EasyMoni, the platform has been one of the platforms known to be taking undue advantage of customers and user information. Although, they were banned by Google after breaking one of its rules. After noticing it, they quickly changed their name from EasyMoni to EasyCash.
Just like it counterpart, the app has an exuberant interest charge and fees. Of course, they embarrass and threaten their customers whenever they can not pay for their loans. The amazing thing about this app, is they have no customer care assistance in Nigeria.
GotCash Loan App
This is also one of the fake loan app in Nigeria. GotCash Loan app is famous for always harassing their client whenever they fail to pay their loan. It is one of the app always regarded as having outrageous interest rate and unattainable credit payment duration. GotCash Loan app does not respect the privacy of its users. They violate the user’s personal information and details when you install their application.
PalmCash Loan App
When talking about the list of fake loan apps in Nigeria, there is no way PalmCash is escaping our watch. Just like other fraudulent loan apps, PalmCash defrauds clients via high-interest rates. Additionally, it also gives users a low payment period.
According to research done by reviewers, they do not have a physical customer service representative. PalmCash does not have an office or registered email response team. If you have an issue with PalmCash do well to know that you have no means of communicating with them.
How do I know if a loan app is legit?
To know a fraudulent app, they have features that include: High-interest charges, a history of harassing customers, unrealistic repayment periods, and so on.
Does Fairmoney call your contact?
No. In fact, it is stated in their conditions that they do not call your contacts.
How do I get rid of fake loan apps?
One of the things you can do is to report the fraudulent organization to the nearest police station. You can also report the case to Google, and they would continue their investigation from there.
What happens when you don’t pay loan apps?
The reality is that you would owe more money. How? The interest would like up over the period.
What are the top 3 fake loan apps?
2. Fast Money
3. GG Money
Having said much about the most common counterfeit loan apps in Nigeria, the ball is in your court. Yes! When dealing with a mobile app especially one that deals with Fintech you have to be extra careful. If you observe carefully, you would notice that most of the items on the list of fake apps in Nigeria have some common features. First, they have high-interest rates. Second, these apps possess short payback periods. Third, a handful of fake apps in Nigeria harass their clients whenever they fail to pay up at the stipulated time. So, be on the lookout for these characteristics when dealing with a mobile app.