Top 15 Worst Loan Apps In Nigeria

top worst loan apps in Nigeria
top worst loan apps in Nigeria

Thinking of a comprehensive list of what might likely constitute the top worst loan apps in Nigeria. Search no further as deep investigation by QUICK LOAN ARENA has unveiled a well researched list.

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How The Worst Loan Apps In Nigeria Operate

We can assure you of the existence of many predatory, fraudulent worst 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 worst 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.

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Worst Loan Apps In Nigeria
Worst Loan Apps In Nigeria To Avoid

We decided to release the list of the top 15 worst loan apps in Nigeria that are scamming and being fraudulent in their operations and dealings. Some of these worst loan apps will demand that customers submit their ATM Card details to them before accessing loans, or give access to customers contact details or make a down payment. Please never do that, we advise Nigerians to flee and avoid at all cost any lending apps in Nigeria found on the list below. They are our top 15 worst loan apps in Nigeria.

How To Identify Categories Of Worst Loan Apps In Nigeria

Most of these worst loan apps in Nigeria 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 do not allow apps that promote personal loans which require repayment in full in 60 days or less from the date the loan is issued (we refer to these as “short-term personal loans.

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Some others have turned their platforms into loan sharks terrorising Nigerians with extremely high interest rate sometimes as high as 50% for 7 days tenure and then later harassing the consumers and their contacts with malicious and defamatory words even when it’s still a day to the loan expiration. This is unethical.

Yet some others of these worst loan apps in Nigeria are contravening Google network laws in terms of data collected by them. This is what Google says about data collected by apps on its Play Store:

You must be transparent in how you handle user data (e.g. information collected from or about a user, including device information). That means disclosing your app’s access, collection, use and sharing of the data, and limiting the use of the data to the purposes disclosed. In addition, if your app handles personal and sensitive user data, please also refer to the additional requirements in the ‘personal and sensitive user data’ section below. These Google Play requirements are in addition to any requirements prescribed by applicable privacy and data protection laws (in your domiciles country).

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Finally most of these scam and worst loan apps in Nigeria now charge illegal loan service fees while feigning to have low interest. This is unacceptable.

List Of Top 15 Worst Loan Apps In Nigeria 2022

Many of these fake loan apps do not have any physical office address, do not have a website, some don’t even have any online presence yet they found their way somehow into Google Play Store and get into scamming poor Nigerians of their hard earned money. Google should bring down and clampdown on more of these loan apps once they are discovered to be violating its set down policies.

The following form our list of top 15 worst loan apps in Nigeria. 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 fradulent digital lending apps.

Top Fake Loan Apps In Nigeria

  1.  NairaPlus
  2.  BorrowNow
  3.  LCredit
  4.  9ja Cash
  5. Cash Wallet
  6. GGMoney
  7.  9Credit
  8.  Sokoloan
  9.  Palmcash
  10.  Ease Cash
  11.  ForNaira
  12.  GotCash
  13. Ncash
  14.  GotoCash
  15. FastMoney

1. NairaPlus Loan App

NairaPlus is the first on our list of 15 worst 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.

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We understand this is in breach of their customers’ data privacy policy which the different loan apps vowed to adhere to during registration and hosting on Google Play Store. This is also required by local laws for any loan app or lending company operating in Nigeria.

Worst Loan Apps In Nigeria
Worst Loan Apps In Nigeria

In our list of blacklisted loan apps in Nigeria, NairaPlus is gaining the first entry. 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.

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See the defaming message below NairaPlus sent to one of its customer a day a loan repayment was to fall due.


This is the link to NairaPlus on Google Play Store. Nigerian consumers and quick loan seekers should boycott this scam worst fake lending app.

2. BorrowNow Loan App

In our list of worst loan apps in Nigeria, BorrowNow is gaining the second entry. BorrowNow has also been blacklisted by QUICK LOAN ARENA and has been banned by Google. We advise all Nigerian loan seekers to boycott the services of this scam lending app for its excessively high interest, for failing to comply with Nigerian local laws and flouting Google policies on loan tenure which earned it the ban in the first place.

BorrowNow digital lender is one of those bad loan apps that is fond of sending threatening and defamatory messages to their customers and borrwers. Nigerians should avoid it like a plague.

3. LCredit Loan App

The proliferation of scam digital lenders across board has resulted to fraud prone worst loan apps in Nigeria and this is fast 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.

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

LCredit loan app

Play Protect by Google had warned users yesterday: “This app (LCredit App) tries to spy on your personal data such as sms messages, photos, audio recording or call history.” It went further to warn users to immediately uninstall the blacklisted LCredit app from their phone, and that if they fail to do so, and open the app, they do so at their risk.

Some consumers who spoke with QUICK LOAN ARENA validated Google’s claim of LCredit and other loan apps spying illegally into their phones.

One of such is Folafaith on October 22, 2021 at 6:48 am told us: “Truly LCredit do spy on person account, phone storage, contacts, messages and start calling your contacts and message them on WhatsApp and through normal messaging. If you fail to repay just for a day, they will start calling all your contacts and start calling the person a fraudster.”

She continues: “This scam activity is not only peculiar with LCredit, there are still many of the loan apps  that does so, such as Sokoloan, Credit9ja, True Naira, Naira Plus, KasKash, Easycredit. Sokoloan for example will tell you to sell your property to repay them, even though you’re on sick bed it doesn’t concern them.”

Another user, Tunji Adeleke on October 22, 2021 at 7:04 am told us: “Most of these obviously fake quick loan apps spy on your private information. They also spy your SMS alert to know when you receive payment and other information. They will collect your phone contact list to which they begin to send threat messages to them and even call some of them.”

Another user of the app responded to QUICK LOAN ARENA in abewilderment. Vivian on October 21, 2021 at 2:21 pm says “I can’t find LCredit app on goggle again, what really happened? Bcoz I loaned from them.”

Obinna Michael on October 21 expressed his disappointment with the loan app. He adds to the query, “Money that has been paid with proof of transaction slips, LCredits loan app keep sending messages to contacts. If their systems are faulty they should fix it properly before coming into the business!”

Out of the list of terrible worst loan apps in Nigeria, LCredit is a great culprit and should be completely avoided like a plague. Google Play Store admitted it back for no obvious reason, after its initial ban.

4. 9ja Cash Loan App

9ja cash loan app is one of our list of worst loan apps in Nigeria, being owned and managed by the deadly and blacklisted scam Sokoloan lending app.

In our list of worst loan apps in Nigeria, 9ja Cash is number 4.  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 unethical and unacceptable.

This is a screenshot of the defaming message 9ja Cash (owned by Sokoloan) sent to contact list of one of its customers. From this, this loan app has earned a blacklist by our platform. This is a breach of data privacy. Furthermore they charge high interest rate, debit security fees from your account and illegally limit your loan tenure to 7 days instead of a minimum of 60 days.

5. Cash Wallet loan App

A scam app that deducts ‘down payment’ from your debit card, Cash Wallet is one of our set of leading worst loan apps in Nigeria. 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 become easier for Nigerians. However from our investigations, this claim is not true.

Loan Product:
– 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.

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– 100% online process
– Affordable interest cost
– Flexible repayment schedule
– No hidden charges

All the above highlighted claims about CASH WALLET are false, fradulent and written to scam Nigerians. The digital lender has long been blacklisted on our website.

This is the link to Cash Wallet on Google Play Store. Nigerian consumers and urgent loan seekers should boycott this app. This is our no 5 on our compilation list of worst loan apps in Nigeria. If you still have any doubt, read a few of selected reviews of Cash Wallet on Google Play Store.

6. GGMoney Loan App

QUICK LOAN ARENA is at the forefront of the campaign against loan sharks and worst 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.

Recall that QUICK LOAN ARENA earlier published series of awareness and news report about the activities of these scam loan apps and in some cases mentioned names of some of them and even taking it further by alerting Google Play store that hosts most of them which has resulted in Google removing some of the questionable apps from its Play Store.

Right now the advocacy is getting stronger and the government is already shutting down loan sharks and illegal loan apps in Nigeria. The regulatory agency has already written to Google netwoek to ban some of them that have violated the data privacy rights of the citizens.

QUICK LOAN ARENA however will not relent until all these loan sharks are brought to book and we have decided to keep exposing them. One fake app that must be avoided by all means is GGMoney. This app is guilty of abusing the data privacy rights of its customers all in the name of ‘recovering their loan’.  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.

This is the link to GGMoney on Google Play Store. Nigerian consumers and urgent loan seekers should boycott this app.

7. 9Credit Loan App

In our list of worst loan apps in Nigeria, 9Credit is gaining the 7th 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.

See the defaming message below 9Credit sent to the people in the contact list of one of its customers. These were people who never signed as guarantors nor were parties to the loan agreement. QUICK LOAN ARENA understands this is a descent so low and quite unethical.

URGENTLY TREAT!!!This is to notify you that name; temitope victor obembe Phone: 08165032655 / 08147638922 is an INCONSIDERATE PERSON,THIS PERSON has PROVEN to be a CRUEL/HARD HEARTED DEBTOR, also we DISCOVERED that this PERSON IS A PERPECTUAL/UNREMORSEFUL DEBTOR known ALL OVER THE FINTECH COMPANY IN NIGERIA,This DEBTOR goes around COLLECTING MONEY from different fund COMPANY without repaying. This person has CURRENTLY REFUSE to REPAY the companys money(NC)and has refused pick our calls. Please contact us if you have any information about this person as soon as possible, else the company will be FORCED to take LEGAL ACTION to RECOVER THIS fund, Kindly be INFORMED that this person provided us with all your details STATING that YOU both AGREE to COLLECT this fund from US… if you are not aware of this fund you can as well call the person to delete your information on the APP NOW, because SHORTLY the person DETAILS along sides yours will be PUBLISHED in a DRASTIC MANNER. NC

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See the screenshot below

This is a screenshot of the defaming message 9Credit sent to one of its customers that earned them a blacklist on our platform. This is a breach of data privacy.

This is the link to 9Credit on Google Play Store. Nigerian consumers and urgent loan seekers should boycott this app.

8. Sokoloan Loan App

Sokoloan is number 8 on our list of first 15 worst loan apps in Nigeria. Below are the infractions of the scam lending app.

  1. Give loans for 7 days as against the 91 to 360 days displayed in Google Play store
  2. Does not give loan up to #300,000 as it claim
  3. 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.
  4. 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
  5. 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.

9. Palmcash Loan App

See below what a leading lawyer has to say about Palmcash and other similar worst 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.

10. Ease Cash Loan App

Ease Cash is number 10 on our list of worst 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.

QUICK LOAN ARENA hereby warns 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.

11. ForNaira Loan App

Listen to what a customer has to say about ForNaira, the platform that falls on 11th position on our list of worst 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.

Albert Thelma
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:

  1. Give loans for 7 days as against the 91 to 360 days displayed in Google Play store
  2. Does not give loan up to #300,000
  3. 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.
  4. Yes they do not collect collateral but they ask for guarantors.
  5. 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
  6. 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.

12. GotCash

GotCash is one of the 15 worst 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.

QUICK LOAN ARENA is the first and only platform that evaluates and reviews the activities of loan apps and digital lending agencies and companies in Nigeria.

We have been at the forefront of a campaign to get rid of rogue and fradulent fake loan apps in Nigeria most of them also defaming and maligning their customers. Some of these apps are owned and managed from China or Hong Kong. Some managed in Nigeria are faceless, without any office or customer service telephone number. Those we have gotten evidence of their infringement and violating the data right of Nigerians we have blacklisted them and advised customers across the nation to boycott their service. Please avoid Gotcash, it’s a fake loan app.

13. NCash Loan App

NCash digital lender is the 13th on our well researched list of 15 worst 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.

Why Google still allows scam and fake loan apps like NCash, Sokoloan, PalmCash, 9credit, Cash Wallet and others to be hosted on their Play Store, after multiple infractions on their operational and data policies is a mystery we are yet to unravel?

These loan apps are set up in our view to swindle unsuspecting Nigerians, asking them to make deposits before loan approval, deducting upfront service fees from their debit cards, and they charge interest rate as much as 100%, many times request repayment within 7 days. Nigerians should boycott all of them.

14. GoToCash Loan App

Google yanked off GotoCash and PalmCash, twin rogue well numbered among our top list of 15 worst 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.

15. Fast Money Loan App

Fast Money is the last on our list of the first 15 worst loan apps in Nigeria. Unfortunately it is also still hosted on Google Play Store. The Nigerian government has actually concluded plans to enforce regulatory laws and prosecute fake loan apps and lending platforms such as Fast Money, NowCash, Sokoloan, 9credit, LendCash, and others that are breaching the data privacy of their customers by sending threatening and blackmailing messages to them and their contact lists.

Nigerians and loan customers should avoid these apps by every and any means. They are scam and plague.

FG shuts down, freezes accounts of Scam and Worst Loan Apps In Nigeria Including GoCash, Okash, EasyCredit, KashKash, Others

The Federal Competition Consumer Protection Commission, in collaboration with the Independent Corrupt Practices and other Related Offences Commission, National Information Technology Development Agency, and the Nigerian Police Force, on Friday, raided some illegal financial institutions operating on Opebi Road, Ikeja, Lagos.

Among the financial institutions affected were, GoCash, Okash, EasyCredit, Kashkash, Speedy Choice, Easy Moni.

The raid, the FCCPC said, was in response to customers’ complaints of malpractices by the financial institutions.

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Speaking during the raid, the Chief Executive Officer, FCCPC, Babatunde Irukera, explained that customers had accused the financial institutions of violating their privacy in their debt recovery drive.

He said the agency had begun investigations into the allegations since 2020.

He said, “This information started quite a while ago. Some time ago, when the country was on lockdown in 2020 due to the pandemic, we started seeing the rise in money lenders”

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“Because there was lockdown due to the pandemic, people needed small easy loan which is understandable. But over a period of time, people started complaining about the malpractices of the lenders, so we started tracking it”

“Towards the end of last year, we gathered quite a lot of information. We started working with some other key agencies and the FCCPC led the meeting where we all agreed there would be a joint effort to look into these businesses.”

According to Irukera, the interest rate charged by online financial institutions appear to violate the ethics of how lending is done.

He further said, “The key two things that were subject of concern were what seems to be the naming and shaming violation of people’s privacy with respect to how these lenders recover their loans.”

“Secondly, the interest rate seems to be a violation of the ethics on how lending is done. So, those were the two things that we set out to look for.”

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“So, we started an investigation trying to determine the location of these firms. That has been a very difficult thing. We did that for several months and some of them have moved from one place to the another and we have been visiting these places for months”

The FCCPC boss, however, said investigations had revealed that the loan firms were neither Nigerian companies nor registered in the country.

“We found out that most of these companies operate from the same place. We also found out that many of them are actually operated by the same person. They are not Nigerian companies, they don’t have an address in Nigeria and they are not registered in Nigeria with the Corporate Affairs Commission and they do not have any licence to do their business”

As a result, Irukare said the agency had written to global app companies asking them to suspend the operations of the illegal loan apps.