List of Fake Loan Apps That Call Your Contacts in Nigeria

The list of loan sharks and fake loan apps that call your contacts in Nigeria operating daily is quite alarming.

Lot of people keeping falling prey, getting embarrassed and scammed by various fake loan apps in Nigeria.

Earlier last month, I received a phone call notifying me to warn one of my friends, threatening that they would publish his name if he didn’t pay up the loan he borrowed from them.

This isn’t funny at all.

Some Nigerians borrow money with the intention of not paying back.

I pity some loan platforms in Nigeria.

Anyway, most of these apps are illegal. They are loan sharks.

Unlicensed moneylenders who charge very high interest rates and sometimes use threats and violence to frighten people who can’t pay back their loan.

Perhaps that’s why people are stealing from them, not minding the consequences.

Nigeria is not yet ready for loan business.

No database to retrieve their information and track them with.

Getting started…

Fake Loan Apps in Nigeria

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 when due.


  • Gives out loan to customers for 7 days tenure instead of a minimum of 60 days stipulated by law.
  • Hidden charges/fee amounts.
  • Interest deducted before providing the loan.
  • No physical office address and customer care contact for support.
  • No social media accounts.
  • Sends defamatory and threatening messages to customers and their contact list.
  • Staff rudeness to customers.
  • Take advantage of the desperation of your situation and charge you high interest rates.
  • Unethical means of loan recovery.
  • Unsecured and fake websites.
  • Violate government laws and operate in a lawless manner.

Best Ways to avoid Illegal Loan Apps in Nigeria

  • Ensure to trust only known loan apps so that you will be assured of the authenticity of transactions.
  • Check for a loan app company website on the developer section on the App store.
  • See if the lender’s website is secure. A secure website always has https:// written before its website address. This shields your data from cyber criminals.
  • Ensure the lender cares for your payment history.
  • If you are being forced by a loan app to act quickly and collect loans against your wish, then be assured that you are being scammed and the app is a fake.
  • Read the loan app reviews online before you download and use the app.

List of Fake Loan Apps in Nigeria 2024

Here is the list of fake loan apps that call your contacts in Nigeria:

  • 9Credit
  • 9ja Cash
  • Aimloan
  • Ajeloan
  • AngelLoan
  • BorrowNow
  • Cash Mall
  • Cash Wallet
  • CashFarm
  • CashLion
  • CashRain
  • ChaCha
  • CreditHall
  • CycleCash
  • Ease Cash
  • EaseMoni
  • EasyCredit
  • EasyMoni
  • FastMoney
  • ForNaira
  • GetCash
  • GGMoney
  • GoCash
  • GotCash
  • GotoCash
  • Here4U
  • iCoin
  • iCredit
  • KashKash
  • LCredit
  • LendCash
  • LionCash
  • Lucky Loan
  • Maxi Credit
  • Mikoloan
  • NairaPlus
  • NCash
  • NowCash
  • Oxloan
  • Palmcash
  • Rapid Naira
  • SoftPay
  • Sokoloan
  • Speedy Choice
  • SuperCash
  • Ucredit
  • XCredit

There are so many fake loan apps in Nigeria that claim to offer quick loans but end up defrauding its customers.

Predatory loan apps will pose as genuine loan apps and either ask for registration fees or take customers’ information, such as ID number, phone number or bank account, and later defraud them using this information.

Such bad loan apps are just scammers and only want your money.

Good news, however, is that you can report bad apps to Google on Play Store.

Inappropriate apps are not legitimate and don’t follow Google’s terms and condition of service.

Therefore, it’s easy to flag them inappropriately and Google on their side can bring them down.

How to Report an Illegal Loan App on Google Play Store

Having enough evidence that the loan app is fake, you can report the app to Google:

  • Open Google Playstore App.
  • Search the intended fake app and click it.
  • Go to the menu top right corner and click it.
  • Choose “Flag as inappropriate.”
  • Select the reason and submit.
  • As simple as that, then let Google play on their part to disable the app.

Digital Loan Apps Nigerian Government Want to Probe Over Abuses

According to VanguardNGR, the Nigerian government is exploring avenues to probe some digital loan apps over what has been described as alleged sharp practices and abuses.

The House of Representatives has mandated its Committee on Banking and Currency, Financial Crimes and Telecommunications to begin an investigation into operations and loan administration of the FinTech companies and online mobile digital loan apps in Nigeria.

The resolution followed the consideration of a motion under matters of urgent public importance titled “Need to Investigate Sharp Practices by Unregulated Online FinTech Lending Companies and Abuse of Mobile Digital Loan Apps in Nigeria.”

According to the motion, these unregulated Nigerian FinTech companies’ shame, threaten customers for late payment of loans; cognizance of the need to investigate activities of these FinTech companies including KiaKia, EasyCredit, NewCredit, Umba, FirstNell, SoftNaira, SharpCash, Newcredit, Cash Mall, NairaLand, Naira9ja, New Credit Loan App, Future Cash, SharpCredit, MoneyHub, 9jaCash, Henloan, Get Loan, Plenty Cash, Fundy, iMoneyPlus, CashCredit, LifeLine, Lumos Loan, NairaPlus, Care Finance, Cashbean, CashMe, LoanMe, LifePurse iLoanPro, LairaPlus, OxLoan and NoNowMoney, among others.

It was said that: “These predatory lending apps are disguised as platforms where unsuspecting members of the public are promised access to quick loans with no collateral except provision of bank verification number.

“Such victims are expected to repay loans at astronomical interest rates within 3-7 days as against the 91 to 365 days claim on the Google Play store, which has over 83.07% market share in Nigeria.

“Most of these loan apps or companies and individuals operate with no regulation by government, expired licenses and sometimes, no licensing.”

Many of such online loan apps operating in Nigeria disbursing loans to customers with no collateral and defaulters are always sent threatening messages and that they can use loan apps and other FinTech products for money-laundering and other forms of illicit financial flows (IFF).

Final Words

The trend of instant loans is moving on a steep trajectory of growth in the cash-strapped country and people continue to fall for such sham platforms to get financial help without going through a regular procedure which requires a lot of paperwork and comes with stern conditions.

Unemployment, depreciating finances, and record inflation have forced several people to download these instant loan apps to make ends meet hassle-free.

As these instant cash apps are running paid campaigns to woo their targeted audience, many people have become victims of the latest financial fraud.

Reports in local media claim that over 3 million cell phone users have downloaded these applications and many of the citizens are being scammed and even threatened by these private lenders.

At first, these platforms lured people with easy return policies and once they borrowed the amount, the recovery agents started pressurizing them to return the borrowed money within a week’s time.

As already distressed people failed to return the full amount in days, they are forced to repay the loan with a hefty markup.

Earlier, it was reported that the Federal Government of Nigeria has started action against companies providing quick loans using tricks.

Some Nigerians threatened and embarrassed by these fake loan companies contemplate suicide, and the federal government needs to do more to protect vulnerable Nigerians.

So, do your research well before applying for a loan from a lender to avoid stories that touch.

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Saint Chinedu

My GOAL is to equip you with the right strategy and working information to improve your academic performance, financial situation, and health this month.

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