List of fake loan apps companies in Nigeria

Here is a list of fake loan apps and companies in Nigeria based on the search results. These apps have been flagged for unethical practices, such as charging exorbitant interest rates, harassing borrowers, and operating without proper regulatory approval. Be cautious and avoid these apps to protect yourself from financial scams and data theft:

List of Fake Loan Apps in Nigeria

1. KashKash – Known for high-interest rates and abusive collection practices.
2. LCredit – Removed from Google Play Store for privacy violations and data theft.
3. 9Credit – Charges hidden fees and harasses borrowers with threatening messages.
4. Cash Mall – Sends defamatory messages to borrowers’ contacts and operates with unrealistic loan terms.
5. CashLion – Accesses borrowers’ contact lists and uses abusive collection methods.
6. FastMoney – Banned for harassing borrowers and charging illegal fees.
7. LendCash – Known for unethical loan recovery practices and defamation.
8. BorrowNow – Charges high-interest rates and sends threatening messages to borrowers.
9. NairaPlus – Invades borrowers’ privacy and sends blackmailing messages.
10. 9ja Cash – Banned for defaming borrowers and violating Google policies.

Other Notorious Fake Loan Apps

• GoCash – Deducts illegal fees and grants loans with very short repayment periods.
• Sokoloan – Infringes on data privacy and operates with unethical practices.
• Ease Cash – A rebranded version of the banned EasyMoni app.
• ForNaira – Sends defamatory messages to borrowers’ contacts.
• GGMoney – Shut down for illegal debiting and abusive practices.

How to Identify Fake Loan Apps

1. Unrealistic Interest Rates: Fake apps often promise extremely low or high-interest rates.
2. Abusive Collection Practices: They harass borrowers with threatening messages and calls.
3. No Physical Address or Contact Info: Legitimate apps provide clear contact details.
4. Unsecured Websites: Look for HTTPS and SSL certificates to ensure security.
5. Negative Reviews: Check app store reviews for complaints about hidden fees or harassment.

What to Do If You’ve Used a Fake Loan App

1. Uninstall the App: Remove it from your device immediately.
2. Change Passwords: Secure your accounts to prevent further data breaches.
3. Report to Authorities: Contact the Central Bank of Nigeria (CBN) or FCCPC to report the app.
4. Monitor Your Accounts: Check for unauthorized transactions and report them to your bank.

For a complete list of fake loan apps, you can refer to the sources provided in the search results, such as Melting Pot Africa and NairaCompare. Always verify the legitimacy of loan apps by checking their registration with the CBN or FCCPC before using them.