Borrowers Beware! How Rapid Naira Loan App Is Scamming Nigerians Exposed

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Borrowers Beware! How Rapid Naira Loan App Is Scamming Nigerians Exposed
Borrowers Beware! How Rapid Naira Loan App Is Scamming Nigerians Exposed

Our investigation has revealed the new method a fake and illegal loan app, Rapid Naira has been scamming and defrauding Nigerians lately. Recall Rapid Naira has been blacklisted by this medium a long time ago for its several illicit and unethical lending practices. After our report, the fake app was pulled down by Google Play Store and was finally shut down by the Nigerian Government.

However Rapid Naira continues to operate underground albeit fraudulently and illegally because many customers already have its app downloaded on their phone. We consequetntly wrote to warn Nigerians to uninstall the app.

BEWARE! New Method Rapid Naira Is Scamming Nigerians Revealed
BEWARE! New Method Rapid Naira Is Scamming Nigerians Revealed! This is Rapid Naira logo before it was banned and booted out of Google Play Store

Rapid Naira Is an Established Faceless Fake Loan App, Blacklisted by QUICK LOAN ARENA Long Ago

We had warned Nigerians a long time ago about the dubious and fraudulent loan shark called Rapid Naira and advised every borrowers to abstain from their app in our article last year September titled: Rapid Naira Is A Fake Quick Loan App, Do Not Download!.

Then we wrote: Rapid Naira is a self professed quick loan app found on Google Playstore. However it’s a fake app, once you download it, gain access to your banking platform and debits your account in a moment. Beware, many have fallen victim..

Few days after, we again warned Nigerians that Rapid Naira never gives loans, but are merely a dubious lending app designed to steal your card details and bank balance in our article Rapid Naira On Google PlayStore Does Not Give Quick Loans, It Only Steals Your Money

After our damning and indicting report about the loan shark, action was taken by Google and booted Rapid Naira and its sister fraudulent app, LCredit from the Play Store. We reported it then: Rapid Naira, Credit banned on Google and kicked out of the Play Store.

However since then customers have been calling us and asking if we have any relationship with Rapid Naira as our name keep popping up whenever they are searching for the app customer service details online. This is due to the many articles we have written against them. Nigerians should be warned and beware about their latest style of scamming customers.

Rapid Naira Latest Fraudulent And Unethical Practice of Forcing Unsolicited Loans On Customers With Outrageous Interest

Their latest method of scam however is perpetrated against their subsisting customers who already have their app downloaded on their phones and have once borrowed money from the fraudulent online lending platform. Their scheme is to transfer a given amount to you unsoliicted, and then double it on the dashboard with loan shark interest, and ask you to repay bacl principal and interest in 7 days time.

Rapid Naira is one of the greatest scammers and fraudsters of a loan app, and one of the earliest to be banned in Nigeria after we did a damning report on them. The loan app has no physical office, has no virtual office, Rapid Naira has no website or social media page, no facebook, instagram or whatever.

How Rapid Naira Forced “Loan” Of N16,425 To A Lagos Customer To Pay N23,443 In 7 Days

Their latest victim is Simisola Olayiwola (not real names), a female student who lives in Lagos. Simisola told QUICK LOAN ARENA that she has once downloaded Rapid Naira app and borrowed money from the platform apparently before it was banned and kicked out of Google Play Store. Simi told us she had also paid in ful the loan she borrowed. With just this transaction Rapid Naira like all other loan apps in Nigeria has already downloaded safely all her contact details, her phone details, her BVN, NIN, bank account details, photos, etc.  Unfortunately she did not uninstall the app from her phone.

Armed with this tools, Rapid Naira transferred money to her account this morning without she asking for a loan from the app. The loan shark then calculated an astronomical interest rate and added it to the amount trasnferred and displayed it as her repayment amount in 7 days, almost doubled.  This is the height that a loan app can get to in Nigeria. This is the height of scam, fraud and dubiousity. Simi is just one out of several Nigerians Rapid Naira is duping silently while the government and regulatory authorities are silent!

Read her testimony below:

So I just finished my workout this morning and I was on my phone, an alert of N16,425 came in and I was even happy because I thought someone sent me money. However on closer observation, only for me to check it and I saw that it was a transfer from Rapid Naira. Now, I didn’t ask for this loan and I went to check on the app and I saw that I’ll be paying back N23,433!! Without as much any request from me.

Please I didn’t order for the loan in any way, they just sent the money to me. Though Rapid Naira have my details because I once borrowed money from them some times ago, but then I’ve repaid all my debts with them! I have tried every effort at reaching out to them to no avail. I have been looking out for their customer care number but I couldn’t find any. Please QUICK LOAN ARENA, help us escalate this because I want to return their money to them, plus I don’t need, I never demanded for it. This is just the height of fraud and scam.

BEWARE! New Method Rapid Naira Is Scamming Nigerians Revealed
Screenshot of the alert of dubious unsolicited transfer to the customer
BEWARE! New Method Rapid Naira Is Scamming Nigerians Revealed
Rapid Naira dashboard requesting customer to pay dubious fraudulent interest plus principal on unsolicited funds
BEWARE! New Method Rapid Naira Is Scamming Nigerians Revealed
Customer protested to loan app that she never requested for a loan