The rate at which fake loan apps and companies in Nigeria are operating daily and calling customers’ contacts is quite alarming.
Lot of Nigerians keeping falling prey, getting embarrassed and scammed by various fake loan apps.
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.
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.
Characteristics of Fake Loan Apps in Nigeria
- 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 Fake 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.
49 Fake Loan Apps Banned in Nigeria
These fake loan apps have been banned by the Nigerian government.
- 9ja Cash
- Cash Mall
- Cash Wallet
- Ease Cash
- Lucky Loan
- Maxi Credit
- Rapid Naira
- Speedy Choice
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.