List of Fake Loan Apps in Nigeria
Both the number of online lenders and the number of criminals using Nigerians’ need for money to conduct fraud by using bogus loan apps have considerably expanded in recent years.
These fraudulent lending applications offer substantial sums of money with low interest rates by weaponizing the need of their victims and the privacy the network offers.
In addition to building an infinitely long list of phony loan applications in Nigeria, this page offers borrowers a list of indicators to tell a real loan app from a fake.
The most notorious bogus loan apps in Nigeria are based on Play Store removal, FCCPC punishments, aggressive collection practices, and other illegal vices:
- Easy Moni
- Maxi Credit
- Speedy Choice
How to spot FAKE loan applications in Nigeria
- Fake loan apps in Nigeria 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.