List Of Fake Loan Apps In Nigeria To Avoid 2023. In This Post, You Will Discover The List Of Fake Loan Apps In Nigeria.
List of Fake Loan Apps to avoid. There are Apps that legitimately lend money to people. But there are some that scam people and make them go broke.
We need you to be careful out there. Hence, the reason for this blog post. This is a post to guide you to verify loan apps before using them to apply for loans.
Without further ado, Let’s get into it!
List Of Fake Loan Apps
30 fake loan applications appear below that Nigeria has banned. They are:
11. Speedy Choice
15. Ease Cash
17. Rapid Naira
How to Identify Fake Loan Apps in Nigeria
Here are means you can apply to identify them fake loan apps anytime and anywhere:
1. No or Unsecured Website
Even though there are many loan apps in Nigeria without websites, a lending app must have an operational website in order to be considered legitimate. The company’s contact information, physical address, and resources that will instruct you on how to apply for and obtain a loan must all be included on this website.
Examining the website’s security is another method of determining whether it hosts loan applications. Loan websites that use HTTPS are safe and somewhat reliable.
On the other hand, as legitimate businesses are required to follow security regulations to encrypt user data, if the site’s URL only contains “HTTP” without a “S” at the end, it is probably a false loan application.
2. No Contact Info and Physical Location/Head Office
In Nigeria, fake loan applications frequently lack contact details like a phone number, email address, and even an office address. If so, the contact information might not be accurate or might not be available.
When you send an email, for instance, you might not receive a response. Additionally, nobody would return your calls.
3. Unavailability on Google Play Store
The absence of a loan application from the Google Play Store is a huge warning sign. Once a lending app is prohibited, users will no longer be able to download it from the Google Play Store.
4. Abusive Collection Practices
The supply of loans in exchange for access to private data and personal information on loaners’ phones is one of the traits of fake loan applications in Nigeria. The whole contact list, as well as the loanee’s credit and financial position, are all a part of this information.Although loan applications use the contact list to notify borrowers’ friends and families in the event of default, some of these apps’ usage of the information is far too harsh.
5. Bad Customers Feedback
The huge number of negative reviews is the best and most reliable indicator of poor loan applications in Nigeria. Real loan applications receive positive evaluations, whilst fake loan apps receive negative ones.
If you want to know how legal and responsive the loan app you want to download from the Google Play Store is, you should first read the reviews.
6. Sanctioned by Financial Authorities
Credit, even loans between friends, must be supervised by a regulated legal framework to prevent exploitation. Additionally, it makes it easier to spot fraud efforts.Nigerian financial institutions must approve a loan application before it can be used to extend loans.
It is crucial to confirm that a company is listed in the Nigerian registry of authorized financial agents and has never been sanctioned, especially by the FCCPC, before pursuing a loan request, especially if you are unfamiliar with the brand.
7. Request for Sensitive Information
The likelihood of a loan app being a fraud increases when it seeks your bank account information, ATM card information or a picture, and transaction PIN. Only you should have access to this important information.
8. Unreal Interest Rate
Loan apps that advertise 0% interest rates are almost certainly frauds. To draw attention, this is typically done through advertising.The real interest rate will only become known once the loan has been approved, which may irritate borrowers.
According to research, loan apps in Nigeria typically charge between 0.6 and 0.8 percent in daily interest on loans.Therefore, if you come across loan applications that claim to offer less than that, be wary.
9. Hidden Loan Conditions
Despite the fact that all loan applications (even the fraudulent ones) may have their own terms and conditions, you should exercise extreme caution when considering loan applications that contain secretive, exploitative stipulations.
10. Advance Payment Demands
Some loan applications need advance payment before loan delivery, which could seem unfair. Many newcomers fall for this, but after they have deposited the advance money, they will immediately lose access to the loan and their profile.
Faqs about List Of Fake Loan Apps In Nigeria
1. What happens if online loan is not paid in Nigeria?
When you default on an internet loan, the lender may take legal action against you and your credit report may be harmed. It’s critical to understand the conditions of your loan agreement and confirm that you can make payments on time if you want to prevent these potential problems.
2. Can loan apps block BVN?
Yes. Your BVN may be flagged by loan providers and loan applications.
3. How do I stop loan app from accessing my contacts?
- Navigate to settings on your android or iOS device.
- Navigate to apps manager.
- Navigate to apps permission.
- Select the loan app that you want to deny access to your contacts.
- You can then revoke the access.
4. Which loan apps are removed from play store in Nigeria?
Getloan, Joy Cash-Loan, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan, and Cashme are some of the other applications that will be taken from the Google platform. Additionally, it affects Crediting, Swiftkash, Hen Credit Loan, Nut Loan, Cash Door, Cashpal, and Nairaeasy gist Loan.
5. Which loan apps are banned in Nigeria 2023?
The loan apps that are banned in Nigeria are:
- Getloan, Joy Cash.
- Camelloan, Cashlawn,
- Eagle cash.
Researching the legitimacy of a new loan app or while trying to take out an online loan for the first time is one of the things to do.
This post not only gives you a list of false loan apps in Nigeria and a list of loan apps that are banned in Nigeria, but it also demonstrates how to spot the bad ones so you can add them to your list of fake loan apps in Nigeria.
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