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10 Fake Loan Apps in Nigeria You Should Avoid in 2024

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In Nigeria, there are a number of loan apps that offer quick and easy access to cash.

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However, not all of these apps are legitimate. Some are actually fake loan apps that are designed to scam borrowers.

If you are considering taking out a loan from an app, it is important to be aware of the risks involved.

Here is a list of 10 fake loan apps in Nigeria that you should avoid in 2023.

1. KashKash

KashKash is one of the most popular fake loan apps in Nigeria. The app promises quick and easy access to cash, but it actually charges borrowers exorbitant interest rates. In addition, KashKash has been known to harass borrowers who are unable to repay their loans.

2. GoCash

GoCash is another popular fake loan app in Nigeria. The app promises quick and easy access to cash, but it actually charges borrowers high interest rates and fees. GoCash has also been known to harass borrowers who are unable to repay their loans.

3. Cash Mall

Cash Mall is a fake loan app that claims to offer loans of up to NGN50,000. However, the app actually charges borrowers high interest rates and fees. Cash Mall has also been known to harass borrowers who are unable to repay their loans.

4. CashLion

CashLion is a fake loan app that claims to offer loans of up to NGN100,000. However, the app actually charges borrowers high interest rates and fees. CashLion has also been known to harass borrowers who are unable to repay their loans.

5. FastMoney

FastMoney is a fake loan app that claims to offer loans of up to NGN200,000. However, the app actually charges borrowers high interest rates and fees. FastMoney has also been known to harass borrowers who are unable to repay their loans.

6. LendCash

LendCash is a fake loan app that claims to offer loans of up to NGN300,000. However, the app actually charges borrowers high interest rates and fees. LendCash has also been known to harass borrowers who are unable to repay their loans.

7. BorrowNow

BorrowNow is a fake loan app that claims to offer loans of up to NGN400,000. However, the app actually charges borrowers high interest rates and fees. BorrowNow has also been known to harass borrowers who are unable to repay their loans.

8. LCredit

LCredit is a fake loan app that claims to offer loans of up to NGN500,000. However, the app actually charges borrowers high interest rates and fees. LCredit has also been known to harass borrowers who are unable to repay their loans.

9. NairaPlus

NairaPlus is a fake loan app that claims to offer loans of up to NGN600,000. However, the app actually charges borrowers high interest rates and fees. NairaPlus has also been known to harass borrowers who are unable to repay their loans.

10. 9ja Cash

9ja Cash is a fake loan app that claims to offer loans of up to NGN700,000. However, the app actually charges borrowers high interest rates and fees. 9ja Cash has also been known to harass borrowers who are unable to repay their loans.

Final Words on How To Make Money As A Student In Nigeria

If you are considering taking out a loan from an app, it is important to do your research first.

Make sure that the app is legitimate and that you understand the terms and conditions of the loan before you sign anything. You can also check the app’s rating and reviews on Google Play Store or Apple App Store.

If you are not sure whether an app is legitimate, you can contact the Central Bank of Nigeria (CBN) or the National Information Technology Development Agency (NITDA). These organizations can provide you with information about legitimate loan apps in Nigeria.

FAQs

How can I identify a fake loan app?

There are a few things you can look for to identify a fake loan app. These include:

  • The app is not available on the Google Play Store or Apple App Store.
  • The app has a poor rating and reviews.
  • The app charges high interest rates and fees.
  • The app uses aggressive or threatening language.
  • The app asks for personal information that is not necessary

What are the consequences of taking out a loan from a fake loan app?

The consequences of taking out a loan from a fake loan app can be severe. In some cases, borrowers have been threatened with violence or blackmail if they do not repay their loans. In other cases, borrowers have had their personal information stolen and used for identity theft.

In the worst cases, borrowers have been forced into debt bondage, where they are unable to repay their loans and are forced to work for the loan shark in order to pay off their debt.

What should I do if I think I have taken out a loan from a fake loan app?

If you think you have taken out a loan from a fake loan app, the first thing you should do is stop making payments on the loan. You should also contact the app’s customer service and try to cancel the loan. If you are unable to cancel the loan, you should contact the Central Bank of Nigeria (CBN) or the National Information Technology Development Agency (NITDA). These organizations can help you report the app and take steps to protect yourself from further harm.

How can I protect myself from fake loan apps?

There are a few things you can do to protect yourself from fake loan apps. These include:

  • Only take out loans from apps that are available on the Google Play Store or Apple App Store.
  • Read the app’s terms and conditions carefully before you sign anything.
  • Be wary of apps that offer loans with very high interest rates or fees.
  • Do not give out any personal information that is not necessary to apply for a loan.
  • If you are not sure whether an app is legitimate, you can contact the CBN or NITDA for more information.

What are the legitimate loan apps in Nigeria?

There are a number of legitimate loan apps in Nigeria. Some of these apps include:

  • FairMoney
  • Renmoney
  • Branch
  • Carbon
  • PayLater
  • QuickCheck
  • Okash
  • EasyFinance
  • Kwikmoney
  • EasyMoni

These apps are regulated by the CBN and offer legitimate loans to borrowers. Before applying for a loan from any of these apps, it is important to read the terms and conditions carefully and make sure that you understand the risks involved.

What are the steps I should take if I have been scammed by a fake loan app?

If you have been scammed by a fake loan app, the first thing you should do is stop making payments on the loan. You should also contact the app’s customer service and try to cancel the loan. If you are unable to cancel the loan, you should contact the CBN or NITDA. These organizations can help you report the app and take steps to protect yourself from further harm.

You should also report the scam to the police and file a complaint with the Cybercrime Department of the Nigeria Police Force. You can do this online or by visiting a police station in person.

Finally, you should take steps to protect yourself from future scams. This includes being careful about the information you share online, only using legitimate loan apps, and being aware of the signs of a scam.

Read Next: How To Make Money As A Student In Nigeria

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