List Of Fake Loan Apps In Nigeria – Fake Loan Apps To Avoid in 2023

List Of Fake Loan Apps In Nigeria 2023

Do you know fake loan apps are called loan sharks? Yes, they are.

Fake loan apps are fraudulent mobile applications that claim to offer loans to users, but in reality, they are designed purposely to scam people out of their money or personal information.

These apps usually promise quick and easy access to loans with minimal paperwork even with no paperwork or credit checks.

However, once the user provides their personal and financial information, the app either denies the loan or disappears altogether.

That aside, any of the lists of fake loan apps in Nigeria may also ask users to pay a fee upfront or request access to their bank accounts, which can lead to unauthorized charges or identity theft.

However, as per my personal experience, it’s highly important to be cautious when downloading loan apps and to thoroughly research any app before providing personal information or funds.

Before you download any loan app, you should always verify the legitimacy of the lender and check for reviews or complaints online.

Also, you should avoid sharing sensitive information like bank account details, social security numbers, or passwords with any unknown or suspicious apps, doing this will drastically reduce the chance of you getting scammed by any of these fake loan apps in Nigeria.

How to identify fake loan apps

There’s even a lot to say about these fake loan apps, however, I have provided some ways on how to identify fake loan apps immediately after you spot them.

Read: I Need A Loan Of 50000 Naira (How Do I Get It?)

Not finished there, I’ll also show you the list of fake loan apps in Nigeria in 2023.

Here are some tips that can help you identify fake loan apps:

1. Check for Reviews

The very first thing I’d recommend for anyone is to check reviews of the app on various app stores and websites. If there are a large number of negative reviews or the app has a low rating, it may be one of the list of fake loan apps in Nigeria we’re talking about.

2. Research The Lender

Research the lender, especially the founder, and check their reputation online. If the lender is unknown or has a poor reputation, it may be a red flag and a no-go area!

3. Analyze the App Permissions

Another crucial thing I would like you to know in this article which is all about the list of fake loan apps in Nigeria is to ensure you analyze the app permissions.

When you install the app, it will ask for certain permissions as it does. Check if the app is requesting unnecessary permissions, such as access to your contacts, photos, or messages.

If it is, it may be a fake app trying to collect your personal information.

4. Check the Website

Another thing you need to check to know if the loan app is not on the list of loan apps in Nigeria is their website. if the app has an official website, ensure that it looks legitimate.

Check if the website has contact information, and if you are unable to contact the lender or customer service, it may be a fake app.

5. Beware of Upfront Fees

Yes, many people have fallen victim unknowingly. However, legitimate lenders do not charge any upfront fees for loan applications.

If the app is asking for an upfront fee or processing fee, it may be a fake app, you need not to think twice, run!

6. Verify the Loan Terms

Carefully review the loan terms, including interest rates and repayment periods. If the terms seem too good to be true, they probably are, and the app may be fake.

Reasons not to fall victim to fake loan apps

I’m sure you wouldn’t want to fall victim to any of the lists of fake loan apps in Nigeria or abroad. However, I have compiled several reasons I don’t want and shouldn’t fall victim to any on the list of fake loan apps in Nigeria.

Below are some of the reasons:

1. Loss of Money

If unfortunately, you fall victim to any fake loan app, what do you think they would be after?

Absolutely your money!

One of the main risks of falling victim to a fake loan app is the loss of your money. Fake loan apps may ask for upfront fees or access to your bank account, which can result in unauthorized charges or theft of your money.

2. Identity Theft

Fake loan apps may also ask for personal information such as your social security number, date of birth, and other sensitive data.

If this information falls into the wrong hands, it can be used to steal your identity and commit fraud in your name.

This is something that once happened to me and can never forget.

3. Credit Damage

Applying for a loan through a fake app may also result in damage to your credit score.

Many fake lenders may perform unauthorized credit checks, which can lower your credit score and make it harder for you to obtain credit in the future.

4. Legal Issues

Some fake loan apps may engage in illegal activities, such as charging exorbitant interest rates or violating consumer protection laws.

If you fall victim to such an app, you may face legal issues or even criminal charges.

5. Wasted Time

Finally, falling victim to a fake loan app can be a waste of time.

You may spend hours applying for a loan and providing personal information, only to find out later that the app was fake and your efforts were for nothing.

What to do when you identify a fake loan app

If possible you’ve unknowingly fallen victim to any of the fake loan apps or you were able to identify them, below is what you may do;

1. Stop Using the App

The first thing you should do is stop using the app immediately. Uninstall the app from your device to prevent further unauthorized access to your data or device.

2. Report the App

Report the fake loan app to the relevant authorities, such as the app store, consumer protection agencies, or law enforcement agencies.

You can also report the app to the Federal Trade Commission (FTC) or the Internet Crime Complaint Center (IC3).

3. Check Your Accounts

If you have provided any personal information or access to your bank account, check your accounts for any unauthorized transactions or activity. Report any suspicious activity to your bank or financial institution.

4. Protect Your Identity

If you have provided any sensitive information such as your social security number or date of birth, monitor your credit report and set up fraud alerts to prevent identity theft.

5. Spread Awareness

Share your experience with others to spread awareness and prevent others from falling victim to the same scam.

Warn your friends and family members about the dangers of fake loan apps and advise them to be cautious when downloading any loan app.

List Of Fake Loan Apps In Nigeria In 2023

Below is the list of fake loan apps in Nigeria in 2023 you must know today:

LCredit
Here4U
SoftPay
Easy credit
Kashkash
GoCash
Easy Mini
Maxi Credit
Speedy Choice etc.

Frequently Asked Questions On List Of Fake Loan Apps In Nigeria In 2023

Below are the frequently asked questions on the list of fake loan apps in Nigeria:

What are the risks of falling victim to fake loan apps?

The risks of falling victim to fake loan apps include loss of money, identity theft, credit damage, legal issues, and wasted time.

What should I do if I identify a fake loan app?

If you identify a fake loan app, stop using the app, report the app to the relevant authorities, check your accounts, protect your identity, and spread awareness.

How can I protect myself from fake loan apps?

You can protect yourself from fake loan apps by being cautious, verifying the legitimacy of the app and lender, not sharing personal information, avoiding upfront fees, and reading the loan terms carefully.