List Of Fake Loan Apps In Nigeria

An Overview Of Fake Loan Apps

A fake loan app is an online or offline lender which offers loans at high-interest rates, operates outside the law, threatens, embarrasses, and sends defamatory messages to you and your contact list when you don’t repay as when due (it is also known as a loan shark). 

A loan shark is a loan company that poses as a money lender. They usually display ads on people’s devices to get their attention and upon installation of these loan apps, they breach the user’s privacy by accessing their contacts and storing them in their database. With people’s contacts in their custody, they’d use every dubious means possible to try to get their money back from borrowers if they default even for a day.

How Fake Loan Apps Carry Out Their Operations

They initially start by mysteriously popping up on apps you use as adverts with promises of being able to lend you a huge amount of money. This, we would love to term a clickbait because you do not know what you’re getting into until you’ve installed the app. Upon installation, you’ll find that the amount of money they had advertised to offer isn’t it. As if it’s some kind of computer game, they expect you to keep borrowing to climb up the ladder to the top.

The mistake most borrowers make is buying into the idea of actually moving from one level of this scam disguised as a money lender to another. As you apply for these loans, you’ll be met with an exorbitant interest rate. You’re given a timeframe with which you are to pay back and the whole motive is then unveiled when you default by a day.

Recently, a loan shark put up the obituary of a borrower who had defaulted in paying back what he owes. This drastic action isn’t without sending out threats to the customer and his/her contacts.

And just as it is paramount to those in need of financial assistance to settle bills and whatnot, it is also an opportunity for dishonest individuals to ride on inexperienced and desperate minds to help whilst the consequences await them.

Although research has shown that some of these fake loan apps have low-interest rates with timely & flexible repayment terms while some do not, some even go ahead to harass and threaten their victims by sending their contacts derogatory, defacing, defaming, and shaming messages. Quick research would further prove the sentiment of the majority: these supposed moneylenders are illegal ventures that aren’t recognized by law.

List Of Fake Loan Apps In Nigeria

There has been a huge rise in the number of money-lending companies in Nigeria that use fake loan apps to scam and take advantage of inexperienced Nigerian’s need for money. To avoid being a victim, here’s a list of the known fake loan applications operating in Nigeria:

Borrow Now: Borrow Now is using a new technique for defrauding innocent Nigerians of their hard-earned money. It came to our notice that they are now imposing loans on their customers even without them requesting loans. This is a deliberate and criminal act. As a lender, you’re allowed to give out a loan only when a customer is willing to request that loan. This is a breach of customer details on their app.

NairaPlus Loan App: This lending platform is one of the quick loan apps on the Google Play Store that is invading the data privacy of their customers and sending blackmail and threatening messages to their contacts whenever there is an alleged loan repayment default.

Cash Wallet loan app: The lending platform claims to be a personal loan app in Nigeria where you can get quick loans using your mobile phone anywhere, anytime. The platform says it aims to make financing easier for Nigerians. However, from investigations, this claim is not true.

Ncash loan app: NCash is another fake loan app that is still hosted in the Google Play Store at the time of publishing this article. The lending platform is not legitimate but is set up to scam Nigerians. It sends threatening and horrible messages to you and your contacts whenever they believe you are owing them and insults you with every curse word possible.

9Credit Loan App: The 9Credit loan app should be boycotted for unethical and untoward practices. For charging customers dubious high interest; For giving out loans for only 7 days instead of a minimum of 60 days as stipulated in the law, and for always defaming and threatening its customers and their contact list.

Ease Cash Loan App: It is the new name of the banned and blacklisted rogue digital lending app, EasyMoni, and is now fully hosted and registered on the largest internet network, Google! Borrowers Beware! This is Ease Cash digital lending app on Google Play Store, the new loan app that replaces EasyMoni.

The name was changed to Ease Cash to escape and continue fleecing innocent Nigerian borrowers. The digital lending app is now fully re-registered as Ease Cash on Google Play Store.

Palmcash: PalmCash is another loan app in Nigeria that flaunts its advert all over the internet. The platform claims to give out loans to help people in need of emergency funds but makes use of crude means to recover their funds.

You should know that PalmCash does not have a traceable office address and it is run as a faceless company. The platform also does not have a customer care representative you can talk to if you have any issues. Fortunately, Google has done its part to blacklist this app from the play store.

LCredit: The investigation reveals that LCredit was blacklisted by Google and banned from its Play Store because the fake loan app was discovered by Play Protect, the security system on Google Play Store that scans apps hosted on its network, as involved in malicious and fraudulent activities.

Google discovered that the LCredit app was trying to spy on phone contacts, recordings, Photos, and other private content on the android devices of its users, contrary to Google’s laid-down privacy policy.

Palmcash Loan App: Palmcash is fraudulent and contravenes Nigerian law. The loan platform is faceless, has no physical address, and no customer service personnel you can speak to. Please do yourself justice by boycotting their service

Sokoloan: Sokoloan is one of the most popular quick loan apps in Nigeria and it is one of the worst apps to borrow from. Our research revealed that the app has about three other mobile loan apps offering the same service under different names. Sokoloan has a bad reputation that precedes them. It is one of the most unprofessional platforms out there. 

The platform does not declare its charges until they give you a loan and they only give you 7 days to repay your loan. It’s more or less 6 days long. Sokoloan was fined by National Information Technology Development Agency (NITDA) when a significant number of customers reported them for invading their privacy and sending threats and curses even without an outstanding debt.

GoToCash: GotoCash is another fake loan app that uses illegal tactics to deal with its customers. GotoCash charges illegal service fees from customers applying for a loan and also has an excessive interest rate.

Other fake loan apps include Okash, 9jaCash, KashKash  CashLion, FastMoney, Lendcash, NairaPlus, GGMoney, PalmCash, For Naira, GotCash, RapidCash, EaseMoni, AngelLoan, CashRain, iCredit, NowCash, OxLoan, UCredit, MoniCredit, AjeLoan, AimLoan, Lucky Loan, StarLoan, Kakshpah, Credit Hall, Miko Loan, Cycle Cash, GotoCash, etc.

Ways To Identify Fake Loan Apps

Knowledge is power and so it is important to research the type of loan app to use. Several fake loan apps in Nigeria can render you penniless if you fall into their traps. To avoid becoming a victim, it is sacrosanct that you know how to identify a fake loan app should you see one. 

Here are some of the ways to identify them:

Advance Payment Demands: Be wary of any loan app that requests payment in advance. If you have that much money to pay, why need a loan app in the first place? Even a scammer who is a learner cannot receive your payment and still loan you any money; you’ll get scammed.

It usually is one of the tactics they use. A legit lender will not ask for an upfront payment before giving out a loan. Although in some cases, there might be an initial fee that will be surcharged and added to your credit payment it will never be requested in advance. It might just be a way of preying on your inexperience or helplessness. Therefore, do some research to check its authenticity.

Request For Sensitive Information: Any loan app that asks for your credit card details, bank account number, and password is fake. Such information should not be divulged to a third party. And this is one of the red flags in identifying a fake loan app. So it is best to delete any app that may seem legitimate but requests any sensitive information.

Request for your signature: No doubt that some loan apps will request collateral before giving out loans but a signature represents your identity and should be counted as a red flag when it is requested for. Conduct your research and confirm that it is legit before tendering your signature.

Unbeatable interest Rates: All that glitters is not gold. Don’t fall for loan apps with unbeatable interest rates. Most legit financial institutions will not offer you an unbeatable interest rate that is too good to be true. For instance, an app might be offering an interest rate of 2% per month when the average interest rate is more than 10% per year. So this is a red flag that shows that the app is not legit.

Grammatical or spelling errors: A legitimate app would hardly have any typos. If such is found then it is most likely a fake app. The reason behind this factor is that these apps are usually created by non-native English speakers having no strong grasp of the language.

Bad Reviews Online: This should be one of the things to look out for as reviews help to know the public view of the app. You get to know about other people’s experiences while using the app.

Availability on Google or App Store: Another way to check if a loan app is legitimate is to check if it is available on Google Play Store or App Store. Even if it manages to be available, you should check out the reviews. An app with no review or with mostly negative reviews should be considered a fake app.

So while considering choosing a loan app, check reviews and research the app on multiple platforms to avoid becoming a victim of fake loan apps.

The Use of HTTP instead of HTTPS: When you notice that the URL of a website starts with “http://” instead of the normal “https://” then it means that the connection between your browser and the website is not secured. The ‘s’ stands for Secure. And it builds a firewall against hackers from intercepting any data being sent between your browser and the website.

Approval By Financial Authorities: Approval by the CBN is necessary for a loan application to be authorized to extend credit. To proceed with a loan request, it is crucial to confirm that the company is listed on the Nigerian registry of authorized financial agents.

Well-Functioning Website: When you click on the loan app, it should take you to a functioning website. Any reputable company will have a running website that you can easily navigate. So if you click on the app and you’re redirected to a page that doesn’t work, that is a red flag. Delete it and find another.

No contact information: Another way to identify a fake loan app is when they don’t have an official email address to which you can contact them, no contact telephone numbers, and newly opened social media handles.

Harassment and cyber-bullying: They do not hold back in sending derogatory and threatening messages to your contacts even if you default for a day. It is common with fake app loans when there is a breach of an agreement to go the extra mile in sending all manner of offensive texts to the victim’s contacts.

Undisclosed Charges: Some of these loan apps come out with new charges and policies after giving out loans all in a bid to extort their customers.

Invincible offices: Fake loan apps do not have an address or a physical office one can go to in the case of a necessity. It’s advisable to not use or deal with such platforms.

What To Do If You Have Downloaded A Fake Loan App

Fake loan applications can be annoying, irritating, and embarrassing while collecting loans. Since they already have access to your contact, they message them, harassing and threatening them. Some even go ahead to defame and deface you leading to several damages. Hence the need to be careful with apps that request access to your contact list and other sensitive information.

One way to avoid those apps is to not download or receive any app you are unsure of. And if you indeed take a loan, pay up on time to avoid the embarrassment and troubles. If you already have the app, you can simply go to ‘Settings’ on your phone. Click on ‘Apps’ and then click on ‘Permissions’. Choose the app to remove permission and select ‘Contacts.’

See Also: USSD Codes for Loans In Nigeria


One of the things to do while looking to take online loans for the first time or from a new loan app is to research how legitimate the mobile application is. This article has highlighted how to identify fake loan apps.

There are a ton of fake loan apps in Nigeria and the best way to avoid them is to be vigilant and look out for red flags in the app’s reviews, terms, and conditions that are unclear, or a lack of contact information among many other ways to identify them which are contained in this article. 

If for any reason you are in doubt, then it is best to reach out to the company directly as legit loan apps will be more than happy to help you understand the procedures and will not be ambiguous about the fees and requirements.

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