Loans

7 Days Harassment Loan Apps: List Of Fake Loan Apps In Nigeria In 2023

The following is the list of fake loan apps in Nigeria today:

Swiftkash
Joy Cash-Loan
BGloan
LCredit

Maxi Credit
Here4U
ChaCha
SoftPay

GoCash
EasyCredit
Kashkash
Speedy Choice
Getloan
Camelloan
Cashlawn
Nairaloan
Eaglecash
Moneytreefinance
Made Easy
Luckyloan Personal Loan

Cashme
Easynaira
Swiftcas
Crediting
Hen Credit loan
Nut loan
Cash door
Cashpal
Nairaeasy gist loan
Secucash
Creditbox
Cashmama
Crimson Credit
Galaxy Credit
Ease Cash
Xcredit
Imoney
Imoneyplus-Instant
Naira Naija
Nairanaija-Instant
Nownowmoney

Naija Cash
Firstnell
Spark Credit etc.

How To Identify Fake Loan Apps Easily

There are certain things that can enable you to quickly and easily identify fake loan apps also known as 7 days harassment loan apps. The following are what to look for to quickly identify loan sharks:

Unavailability on Google Play Store Or Apple Apple Store: Google Play Store and the Apple app stores are the most recommended platforms to download apps, however, fake loan apps often resort to unofficial platforms due to tightened filters.

This raises a red flag, especially for Nigerians seeking loans without BVN.

Abusive Collection Practices: The aggressive collection tactics employed by fake loan apps, such as harassment and privacy violations, came under scrutiny with the FCCPC’s actions against GoCash, Naijacash, Imoney, Galaxy credit etc.

Sanctioned by Financial Authorities: Legitimate lending institutions must be registered with the Central Bank of Nigeria (CBN) or the National Information Technology Development Agency (NITDA).

A crucial step to verify an app’s legitimacy.

Unsecured Website: Security is paramount. Check for “HTTPS” in the URL and the presence of an SSL certificate.

Lack of these measures exposes users to potential data breaches, as demonstrated by some fake loan apps.

Inadequate Web Page Functionality: Misspellings, incorrect addresses, and dysfunctional buttons on a loan app’s website, like those found on Imoney, indicate potential deception and the copying of legitimate platforms.

Negative Customer Feedback: Customer reviews serve as a valuable tool to gauge the legitimacy of a loan app. Conducting a background check can be the difference between falling victim to a fake app and securing a legitimate loan.

Advance Payment Demands: Fake loan apps exploiting users’ desperation may demand advance payments.

Skepticism is warranted, as reputable apps outline fees in the loan agreement, not upfront.

Requests for Passwords and Sensitive Information: Genuine loan apps uphold user security and won’t ask for sensitive information like passwords or credit card numbers.

Read: Loan Code In Nigeria, Ussd Code For Loans In Nigeria, Short Code To Borrow Loan

Any such request should raise immediate suspicion.

Legitimate loan apps provide transparent terms.

Watch out for apps with undisclosed conditions or lacking legal documentation, indicating potential deceit.

Unbeatable Interest Rate: Offers with extraordinarily low-interest rates should be approached with caution. Investigating competitors’ rates is essential, as rates close to 0% may signal a fake app.

Exclusion from Comparison Sites: Legitimate lenders often appear on comparison sites, whereas fake loan apps tend to avoid such platforms.

The absence of an app from reputable sites can be a red flag.

No Website: A genuine loan app should have a comprehensive online presence, including information about the company’s foundation, history, goal, and vision.

Fake apps surfacing without a solid website should be approached with extreme caution.

FAQs On 7 Days Harassment Loan Apps: List Of Fake Loan Apps In Nigeria In 2023

Here are some frequently asked questions on 7 Days Harassment Loan Apps: List Of Fake Loan Apps In Nigeria In 2023 with answers:

Which loan apps were banned in Nigeria?

The article mentions several loan apps that faced bans or removals in Nigeria, including Crimson Credit, Galaxy Credit, Ease Cash, Xcredit, Imoney, ,Imoneyplus-Instant, Naira Naija, Nairanaija-Instant, Nownowmoney, Naija Cash, Firstnell etc.

Which is the most trusted loan app in Nigeria?

The article does not explicitly mention the most trusted loan app.

However, borrowers are advised to research and verify the legitimacy of loan apps before use, considering factors like authorization, customer reviews, and adherence to regulations.

Can loan apps access my contacts if uninstalled?

Some fake loan apps mentioned in the article engage in aggressive collection tactics, including accessing personal information and contacts.

However, if an app is uninstalled, it should lose access to your data, but caution is advised, and it’s essential to review app permissions.

Is Okash a fake loan app in Nigeria?

No, according to this article, Okash was not one of the raided apps because it has since been granted full approval by the FCCPC.

Therefore, as of the latest information available, Okash is not considered a fake loan app.

Which loan apps are banned in Nigeria 2023?

The article lists several loan apps banned or removed in Nigeria in 2023, including Crimson Credit, Galaxy Credit, Ease Cash, Xcredit, Imoney, Imoneyplus-Instant, Naira Naija, Nairanaija-Instant, Nownowmoney, Naija Cash.