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Borrowers in Nigeria need to exercise caution and avoid falling victim to the growing menace of fake loan apps. These deceptive applications have been causing harm to loan customers by resorting to character defamation and harassment tactics against those who fail to repay. To safeguard yourself and your business, it is crucial to steer clear of these unscrupulous entities.
The fake loan apps listed below are in violation of Google's policies and the laws of Nigeria. It is essential to avoid these apps at all costs, as they have been known to mislead, cheat, and even illegally charge the bank accounts of their users.
List of 27 Fake Loan Apps in Nigeria 2023:
1. 9Credit
2. 9ja Cash
3. BorrowNow
4. Cash Mall
5. Cash Wallet
6. CashLion
7. Ease Cash
8. FastMoney
9. ForNaira
10. GGMoney
11. GoCash
12. GotCashger
13. GotoCash
14. KashKash
15. LCredit
16. LendCash
17. NairaPlus
18. NCash
19. Palmcash
20. Sokoloan
21. ChaCha
22. Easy Moni
23. EasyCredit
24. Here4U
25. Maxi Credit
26. SoftPay
27. Speedy Choice
How to Spot Fake Loan Applications in Nigeria:
1. Not available on Google Play Store
Most of these fake loan apps can only be obtained from unofficial platforms, as they have been removed from the Play Store due to fraudulent practices.
2. Aggressive collection behavior
Fake loan apps often engage in harassment and cyberbullying tactics to recover money from borrowers, resorting to threats and defamation.
3. Sanctioned by financial authorities
Legitimate loan apps are registered with the Central Bank of Nigeria or the National Information Technology Development Agency. Verify the registration of any loan app before proceeding.
4. The website is not secure
Check the loan app's official website for a valid SSL certificate (URL starts with "HTTPS" and has a padlock icon) to ensure your data is protected.
5. Bad customer feedback
Check customer reviews and experiences with the loan app to determine its legitimacy and service quality.
6. Requests for advance payment
Genuine loan apps do not ask for upfront payments before providing the loan amount.
7. Requests for passwords and sensitive information
Fake loan apps may request sensitive information like bank account passwords or credit card numbers. Do not provide such information.
8. No concept of dissolution
Beware of loan apps that offer large sums of money without considering your financial situation or repayment ability.
9. Hidden loan conditions
Ensure all loan terms, interest rates, and payment details are transparently provided before accepting any offer.
10. Unprecedented interest rates
Be cautious of loan apps offering extremely low-interest rates, as they might be fraudulent. Research the average interest rates in the market.
11. Exclusion from comparison sites
Legitimate lenders are often listed on comparison sites, while fake loan apps may be absent.
12. No website
Genuine loan apps have a well-established website with company information, goals, and vision. Avoid apps without a proper website.
By staying vigilant and following these guidelines, you can protect yourself from falling victim to fake loan apps in Nigeria 2023. Always conduct thorough research and verify the legitimacy of any loan app before sharing personal or financial information.
Identifying fake loan apps in Nigeria (or anywhere else) can be challenging, as scammers often use sophisticated techniques to make their apps look legitimate. However, there are several red flags and precautionary measures you can take to increase your chances of avoiding fake loan apps. Here's a step-by-step guide to help you identify them easily.
A step-by-step guide to help you identify Fake Loan Apps in Nigeria 2023 easily.
1. Research the App. Before downloading any loan app, conduct thorough research. Check the app's name, developer, and reviews on the official app stores (Google Play Store for Android or Apple's App Store for iOS). Look for a well-established developer with a good track record of producing genuine financial apps.
2. Read Reviews. Pay close attention to user reviews. Scam apps usually have negative feedback from users who have been defrauded. However, keep in mind that fake apps can sometimes have fake positive reviews as well, so be cautious and look for patterns.
3. Check Permissions. When installing an app, carefully review the permissions it asks for. A legitimate loan app should only request relevant permissions required for its operation, such as accessing your contact list for reference checks or your device's camera for identification purposes. If the permissions seem excessive or irrelevant, it might be a red flag.
4. Verify Website and Contact Information. Visit the official website of the loan provider if available and verify the contact information provided in the app. Look for a physical address, a customer support phone number, and an official email address. Scammers often provide fake or non-existent contact details.
5. Avoid Upfront Fees. Legitimate loan apps in Nigeria typically do not charge upfront fees for processing the loan. If an app asks for money before disbursing the loan, it's likely a scam.
6. Unrealistic Loan Terms. Be cautious of loan apps that offer unrealistic loan terms or interest rates that are too good to be true. Scammers often use these tactics to lure victims.
7. Secure Website. If the app requires you to visit a website to apply for the loan, make sure the website has a secure connection (HTTPS) and shows a padlock symbol in the address bar. This indicates that the site encrypts data during transmission, protecting your personal information.
8. Avoid Unsolicited Offers. Be cautious of unsolicited loan offers you receive via email, SMS, or social media. Legitimate lenders generally don't send unsolicited loan offers.
9. Check Licensing and Registration. Verify if the loan provider is licensed and registered with relevant financial authorities in Nigeria. Legitimate lenders usually display their license information on their website or app.
10. Ask for Recommendations. Seek recommendations from friends, family, or colleagues who have used loan apps successfully. They can vouch for the legitimacy of the app they used.
11. Trust Your Instincts. If something about the loan app seems off or too good to be true, trust your instincts and avoid proceeding with the application.
Remember, it's crucial to exercise caution and due diligence when dealing with financial apps, especially loan apps, as they involve sensitive personal and financial information. If you suspect an app is fake or fraudulent, report it to the app store and relevant authorities in Nigeria to help protect others from falling victim to the scam.
Summary of the Article "List of Fake Loan Apps in Nigeria 2023 - Newly Updated"
The article highlights the presence of fake loan apps in Nigeria 2023 that are causing harm to borrowers. These apps resort to character defamation and harassment against those who fail to repay their loans. The listed fake loan apps in Nigeria 2023 include names like 9Credit, 9ja Cash, BorrowNow, Cash Mall, and many others.
To spot these fraudulent apps, borrowers should check their legitimacy by verifying their presence on Google Play Store, checking for aggressive collection behavior, ensuring they are sanctioned by financial authorities, and looking out for secure websites.
Additionally, borrowers should be wary of advance payment requests, sharing sensitive information, and suspiciously low-interest rates. By staying cautious and conducting thorough research, borrowers can protect themselves from falling victim to these fake loan apps in Nigeria.