Another name for fake loan apps in Nigeria is loan sharks. A loan shark is a loan app, digital platform, online or offline lender which offers credit loans at extremely high interest rates, has strict terms of collection upon failure, including sending threatening, shaming and defamatory messages to you and your phone contact list and generally operates outside the law. So in essence loan sharks operate illegally and are thus usually referred to as illegal loan apps and platforms.
In this article, we will be reviewing the list of top 55 fake loan apps in Nigeria for 2022/2023. But then we also have reliable and reputable loan apps in Nigeria which can help you access quick and instant online loan.
Most, if not all of these fake loan apps have tenure ranging from 7- 14 days, this is in breach of Google Policy on loan apps hosted on its Play Store and contravenes local laws in Nigeria. Hear what Google has to say on loan tenure:
“We only allow personal loan apps with full repayment required in greater than or equal to 60 days from the date the loan is issued… apps that fail to do so will be removed without further notice.” Many loan apps on the Play Store are in contravention of this policy and we expect the internet giant, Google to conduct an investigation and if confirmed show them the way out.
Another Google Policy states that: “Any app that offer personal loans with an Annual Percentage Rate (APR) of 36% or higher are no longer expected to be available on the Play Store. To keep their apps in the Play Store, lenders must adjust their products and business models to meet Google’s requirements.”
As a customer or borrower, you do not have to be scammed, threatened or defamed anymore. Simply avoid any of the fake loan apps in Nigeria mentioned in this article like a plague and you would be safe in all your transactions. You can patronize any of our recommended top 30 best instant loan apps in Nigeria 2021/2022 if you need to borrow quick cash loan from reliable digital platforms.
List Of Fake Loan Apps In Nigeria [Top 55 Most Dangerous Lenders and Banned Loan Apps]
The following is a list of 55 most notorious loan apps in Nigeria in 2023. We advise borrowers and customers to avoid them at all cost. Many have been scammed and defrauded, and their bank accounts illegally debited by these fraudulent digital lending apps. Please be warned!
- Cash Mall
- 9ja Cash
- Cash Wallet
- Ease Cash
- Rapid Naira
- Speedy Choice
- Lucky Loan
- Star loan,
- Snappy credit,
- ABC loan
- Cash Ace
How To Identify Fake Loan Apps And Avoid Them
We have carefully reviewed easy ways you can use to identify fake loan apps in Nigeria or anywhere else for that matter. We have also updated our list of fake loan apps according to customer feedback, various discreet investigations we conducted and report of customer data privacy abuse. All the fake and illegal lending platforms, otherwise referred to as loan sharks listed below are culpable of the following unethical lending practices.
Fake loan apps access and compromise contacts’ numbers and photos stored in their mobile phone and use them as a form of threat and harassment in case of customer default.
Constantly pressurizing customers to collect loans and/or to repay loans even before repayment due date. And issuing threats along. In some case they transfer money to you unsolicited, if you ever borrowed money from them and force repayment at heavy interest.
Invading customers’ data privacy and sending defamatory and threatening messages to them and their contact list
- Extremely high interest rate and penalties.
- Deduction of processing and/or security deposit before loan processing
- Interest deducted before providing the loan.
- Constant harassment and threats on customers
- Online Harassment of customers and borrowers.
- Harsh and unethical means of loan recovery.
- Use of rude and derogatory statement by loan app staff on customers.
- Gives out loan to customers for 7 days tenure instead of minimum of 60 days stipulated by law
- Creation of sense of urgency and pressurizes into acting immediately, sometimes luring you to collect loans against your wish.
- Hidden or undisclosed charges/ fee amounts.
- Unsecured websites and in many cases, fake loan apps in Nigeria have no website at all, no physical office address.
- Most times, they have no social media platforms, no contact telephone numbers, no valid customer service support or email to contact them with.
Review of Top 20 Blacklisted And Banned Loan Companies
1. Cash Mall
Cash Mall claims to be a professional loan app for mobile with intelligent and convenient online loan process, adding that customers could get access to a loan anytime anywhere.
The lending platform also promises that borrowers’ private data are secure and safe, saying it never share customers’ information to anyone without consent. These claims are false. Cash Mall is one of the top fake loan apps in Nigeria and the very first on our list of 45. If you ever default a day, their strict collection method will expose your data on social media and shame messages sent to all your contact list.
It claim loans amount vary from NGN 2,000 to NGN 100,000. That is not true. It only gives very little credit amount to customers.
It claims loan tenure to be 91 days ~ 365 days on their dashboard but customers say Cash Mall tenure is 7 days and this is against Gogle Policy for loan apps hosted on its Play Store.
It claims its maximum Annual Percentage Rate (APR) is 36%. This is false. It charges way higher.
This loan app charges origination fee apart from interest, ranging from 1% to 9%… which is not permitted by Google Play Store where it is hosted and even considered illegal by our local laws.
Read 3 random reviews on this lending platform
Omole Bidemi on 25 October 2021
I have made your repayment since yesterday the due date. Uptill now it has not been cleared. I have sent mail to your email since yesterday. Then this morning I am seeing overdue. If you think i will pay this overdue you are mistaken o. All mobile numbers are switched off.
Faith Akande ON 19 September 2021
Please, the comapany contacts on this app needs to be changed to functional ones. Both for calls and whatsapp. I have repaid my loan since on the 15th of September, i sent the proof of payment through email no response, try to connect through the numbers switched off. But instead i kept receieving messages and charges daily.. i have already paid pls
Enny Iverson on 15 October 2021
This is such a useless app and a am so disapponted. I applied for the loan, i got a message the loan has been sent to my bank account, up till now have not seen any credit alert, kept calling and messaging, but no response, to make matters worse its not even up to 24hours i applied and they already said I am 2 days out of the 7 days payment period.. As in i dont understand.. Such a useless app runned by scams.
Please abstain from patronising this loan app.
CashLion is the second on our list of top 55 fake loan apps in Nigeria. The lending app claims you can apply for instant cash online from its platform and get your loan disbursed into your bank account immediately.
It says its Online Loan App offers:
* Loan Amount: ₦ 2000 – ₦ 50,000
* No hidden charges;
* Loan Term: 91 – 365 days
* Interest rate: 16% -21% APR
* Service Fee: 0
However these claims are false and fraudulent. The app never gives loan to anyone for 91 days let alone 365 days. All its loan are for 7 days tenure. It has hidden charges contrary to its claim.
Read what Gideon Danjuma a potential borrower said about this fraudulent app on March 25, 2022, just a few days ago.
They are nothing but Criminals (including Naira plus and oxloan). You are going down … Nothing is true about this app. Loan term is not as you said. This app is so so frustrating. I regret ever using this app. Its workers are very very very very very rude. They keep sending threats via WhatsApp a day to the due date. I will never advise anyone to use it. There are other reliable loan app aside cashlion.
FastMoney is the third on our list of top 55 fake loan apps in Nigeria. This scam app has actually been banned by Google and its operation shut down by the Nigerian government. The app has been scamming Nigerians with a lot of dubious charges and raining threats and shame on borrowers even for a day’s default.
Regulatory authorities has now concluded plan to prosecute FastMoney and many other fake loan apps in Nigeria such as NowCash, Sokoloan, 9credit, LendCash, and many others that are breaching the data privacy of their customers by sending threatening and blackmailing messages to them and their contact lists.
Are you a student and need urgent and reliable loan app for borrowing, we recommend this for you: 10 Best Instant Loan Apps In Nigeria For Students.
LendCash digital lender, the 4th on our list of top 55 fake loan apps in Nigeria has also been banned by Google for serial violation of its policy rules and are been traced by Nigerian government for prosecution. Many borrowers have been battered and scammed by this loan app unethical and unacceptable modus operandi. Avoid LendCash wherever you see it.
In our list of top 55 fake loan apps in Nigeria, BorrowNow is gaining the 5th entry. We advise all Nigerian loan seekers to boycott the services of BorrowNow loan app for its excessively high interest, for failing to comply with Nigerian local laws and flouting Google policies on loan tenure.
BorrowNow loan app is one of those bad loan lender that is fond of sending threatening and defamatory messages to their customers and borrwers. Fortunately Google Network has seen through its scam tendencies and banned it from its Play Store.
Just imagine the threatening and defaming message below this app sent to the contact list of one of its customers. This is very unethical.
This is to inform the general public that [ xxxxx ] with phone number [ xxxxx] has DEFRAUDED an online loan company [ BorrowNow ] with sum of #12111 and he has refused to pay up…if peradventure you get this message.
Kindly note that your details was dropped from said person when applying for the loan as emergency Contact…. kindly contact the person to make the full repayment on before 12pm today 14th of october as the organization is ready to take drastic actions about his case….
We would not seize to keep broadcasting his details until full payments is made
please note that he’s not trustworthy and no business activities should be carry out with him for now until the said person is declared free .
DO NOT IGNORE!!!!!!!
LCredit is one of the most fraudulent ever to exist digital lending platform. It’s the 6th on our list of top 55 fake loan apps in Nigeria. Unfortunately after been initially banned by Google Play Store for obvious violation of its policies, this app got its way back to the most powerful online network, Google.
The proliferation of these fake loan apps in Nigeria is indeed endangering and threatening the financial and digital space which has in greater terms facilitated financial inclusiveness of many citizens who have hitherto been inaccessible to the traditional banking system, and except regulatory authorities check their operations, more crisis may be ahead,
Last year, QUICK LOAN ARENA exclusively reported that LCredit, Rapid Transfer and some yet to be identified quick loan apps have been removed by Google from its Play Store for violating its operational policies.
Our investigation reveals that LCredit was blacklisting 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 involving in malicious and fraudulent activities.
LCredit is a top fake loan app in Nigeria and every borrower should avoid it by all means.
NairaPlus takes the 7th position on our list of top 55 fake loan apps in Nigeria. The scam lending platform is one of the quick loan apps on Google Play Store that are invading the data privacy of their customers and sending blackmailing and threatening messages to their contacts whenever there is an alleged loan repayment default.
In our list of blacklisted loan apps in Nigeria, NairaPlus had the first position. We advise all Nigerian consumers to boycott the services of NairaPlus loan app as it has consistently failed to comply with local laws and Google policies.
This is the link to NairaPlus on Google Play Store. Nigerian consumers and quick loan seekers should boycott this scam worst fake lending app.
8. 9ja Cash
9ja cash is owned and managed by the deadly and blacklisted scam Sokoloan lending app, whose operations has been shut down in Nigeria along with all its subsidiaries.
In our list of top 55 fake loan apps in Nigeria, 9ja Cash is number 8. We advise all Nigerian loan seekers to boycott the services of 9ja Cash loan app and avoid them like a plague.
Their manner is to threaten you with defamatory messages including the people in your contact list. This is umethical and unacceptable.
9. Cash Wallet
Cash Wallet is the 9th on our list of top 55 fake loan apps in Nigeria. The lender operates an established scam app that deducts ‘down payment’ from your debit card. The lending platform claims to be a personal loan app in Nigeria where you can get quick loans using your mobile phone anywhere, anytime. However from our investigations, this claim is not true.
From our findings, Cash Wallet is one of the leading fake loan apps in Nigeria. If you are in doubt, read the details below:
Loan Product claim:
– Loan Amount: ₦ 3,000 – ₦ 100,000 (FALSE. It doesn’t give loans, Cash Wallet deducts ‘down payment’ ranging from N3,000 to N10,000 once your debit card is registered with them.
– Loan Term: minimum 92 days – maximum 365 days/ (FALSE. It never gives gives loan. If it does, wont exceed 7 days.). All reviewers we featured confirmed Cash Wallet don’t give out loans but deduct illegally from their ATM card.
– Interest rate: from minimum 16% to maximum 35% APR( Annual Percentage Rate). FALSE. Cash Wallet has no loan to offer anyone.
– Other Fees: No other extra fees (FALSE. Cash Wallet fraudulently deduct service charge in form of down payment from your registered debit card without giving you loan.
All the above highlighted claims about CASH WALLET are false, fradulent and written to scam Nigerians.
10. GGMoney Loan App
We are at the forefront of the campaign against loan sharks and fake loan apps in Nigeria for their several unethical and untowards practices towards their customers and their contacts’ list which is beginning to gain momentum as the Federal Government is beginning to pay close attention to their activities.
GGMoney has been reported on several occasions for numerous unethical practices from the company and its untrained staffs coupled with its high and astronomical interest rate.
In our list of fake loan apps in Nigeria, 9Credit is gaining the 11th entry. We advise all Nigerian loan seekers to boycott the services of 9Credit loan app for unethical and untowards 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 threatning its customers and their contact list.
Sokoloan is number 12 on our list of top 55 fake loan apps in Nigeria. Below are the infractions of the scam lending app.
- Give loans for 7 days as against the 91 to 360 days displayed in Google Play store
- Does not give loan up to #300,000 as it claim
- Does not declare its real charges in the sense that, they display amount of loan to be given and what they give actually is far lesser.
- Like others, 7 days loan starts counting the moment you receive money in your account and what you see on your dashboard immediately is 6 days remaining. Its never 7 days
- Failure to pay back as at when due will have their staffs harass you, threaten you and send messages to people on your contact list that you should not be trusted and be told to pay back your debt.
See below what a leading lawyer has to say about Palmcash and other similar fake loan apps in Nigeria that are scamming their customers and borrowers.
“The existence and operations of many of these soft and quick loan agencies are largely illegal. Their interest rates are similarly illegal majorly under the Money lenders laws. The failure to pay loan is a contractual one remediable by action for recovery and damages but they employ crude and methods of blackmail and libel towards recovery.
“They are all actionable wrongs but usually the owners of these quick loan companies are unknown or “miragy”. And the victims are mostly too embarrassed to seek remedy against them in court.” – Andy Akporugo Jr, Legal Practitioner. ”
Palmcash is fraudulent and contravenes Nigerian law. The loan platform is faceless, has no physical address and no customer service personnels you can speak to. Please do yourself justice by boycotting their service.
14. Ease Cash
Ease Cash is our 14th pick on our list of top 55 fake loan apps in Nigeria. It is the new name for 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
EasyMoni the rogue digital lending app that was banned and blacklisted by Google weeks ago has changed name to Ease Cash in order to escape and continue fleecing innocent Nigerian borrowers. The digital lending app is now fully reregistered as Ease Cash on Google Play Store.
EasyMoni got a terrible reputation for threatening and shaming its customers at any slight loan default or disagreement. The digital lending app is found of terrorising and blackmailing Nigerian borrowers for a long while and has been in violation of customer data privacy. It has now found its way back to the giant tech network as Ease Cash.
We warn borrowers and customers to beware of this notorious lending app so as to avoid sad tales of public disgrace which the EasyMoni is known for.
We have found out in our previous reports that EasyMoni digital lending app, now called Ease Cash is owned and managed by loan sharks from China and Hong Kong. It neither has an office nor telephone here in Nigeria but found of sending threat to any customer who dare incur its wrath of defaulting it very high interest loans and unfavourable conditions attached.
Listen to what a customer has to say about ForNaira, the platform that falls on the 15th position on our list of fake loan apps in Nigeria.
ForNaira is the worst quick online loan app…just 1 day overdue and their agent sent a message to all my contacts that is was over 2 months and that I have refused to pick calls or reply to messages.
Meanwhile the lady in question sent me message as at 5:45am and I replied that I will pay by 4pm, by 9am, she started sending messages to my contacts…for what she has done I will not pay a dime again. You can’t defame me and still want me to pay you after all I was still going to pay for the overdue. I have evidence.
September 7, 2021
Urgent loan apps that are displaying their wares for Nigerians are presently uncountable and the result of this are the different fraudulent practices exhibited by majority of these fake apps. Some are not even in the space to provide loans at all, all they do is steal from their customers. Another of such bad loan apps are Rapid Naira and Cash Club, etc.
Initially ForNaira quick loan app was hosted Google Play Store but has been permanently banned and blacklisted after the giant network discovered it was fake and scam.
What ForNaira app claims as its features:
– Borrow up to ₦300,000
– Fast and easy access to loans, with no hidden charges
– Account is credited as soon as the loan is approved
– No collateral or guarantor needed
– our Loan App is extremely secure and reliable
– Artificial intelligence is used to run credit scoring, making loan decisions instant!
– We are available 24/7 to support you
Contrary, ForNaira app does the following:
Give loans for 7 days as against the 91 to 360 days displayed in Google Play store
Does not give loan up to #300,000
Does not declare its real charges in the sense that, they display amount of loan to be given and what they give actually is far lesser.
Yes they do not collect collateral but they ask for guarantors.
Like others, 7 days loan starts counting the moment you receive money in your account and what you see on your dashboard immediately is 6 days remaining. Its never 7 days
Failure to pay back as at when due will have their staffs harass you, threaten you and send messages to people on your contact list that you should not be trusted and be told to pay back your debt.
GotCash is one of the top 20 fake loan apps in Nigeria. We discovered this early enough and warned Nigerians to avoid the scam loan app. We had published an article early in November, 2021 where we revealed how PalmCash and Gotocash and other rogue loan apps are defaming Nigerian consumers and why Google should blacklist them and take them down from its Play Store.
NCash digital lender is the 17th on our well researched list of top 45 fake loan apps in Nigeria. Unfortunately, it is still hosted on Google Play Store as at the time of publishing this article. The lending platform is not a legitimate platform but set up to scam Nigerians. It sends threat and horrible messages to you and your contacts whenever they believe you are owing them and insult you with every curse word possible.
Google yanked off GotoCash and PalmCash, twin rogue well numbered among our top list of 55 fake loan apps in Nigeria from its Play Store, on November 28th, 2021 over serial violations of its policy on customers’ data privacy.
Two other fraudulent loan apps we have discussed earlier, BorrowNow and LendCash were removed around the same time over the same reason: violating customers’ data privacy and sending defamatory and threatening messages to its customers, their families and contact list. We advise Nigerians to avoid these fake loan apps like a plague. Even their interest is excessively high and they charge illegal service fees.
GoCash is the 19th on our list of top 55 fake loan apps in Nigeria. It’s a very customer unfriendly and bad loan app that blackmails and send threat messages to its borrowers even before a loan is due. This lending app deducts illegal fees from your ATM card, sends defamatory messages to your contact, violates customers’ privacy and disobeys Google policy on loan tenure… it grant loan just for 7 days.
KashKash is the 20th on our list of top 20 fake loan apps in Nigeria. It claims to offer flexible online loan products for consumers nationwide, adding that all you need to do is simply download the app from Google Play Store and apply for the loan.
However these claims are false and dubious. KashKash is one of the leading fake loan apps in Nigeria. They do not give out loans up to N200,000 ever, and all their loans are for 7 days tenure with very high astronomical interest rate as against their promise of low interest.
KashKash will send you shame messages if you default on their meagre loan. The lending platform is a loan shark and one of those whose operations were recently shut down in Lagos and about to be prosecuted.
Lately there have been a preponderance of these predatory, fraudulent fake loan apps in Nigeria whose sole purpose is to scam poor and hapless borrowers and swindle them of the little money with them or become loan sharks requesting for incredibly high interest rate and illegal down payment before getting a loan.
These fake loan apps in Nigeria are either demanding for illegal security down payment from their potential customers or asking them to pay processing fees for loan. Some thers are fond of threatening and blackmailing customers at every given opportunity, insulting and using derogatory languages on them.