List Of Fake Loan Apps In Nigeria

In Nigeria, fake loan applications are also referred to as loan sharks. A loan shark is a lender who works illegally and who gives credit loans at exorbitant interest rates with harsh terms of collection upon default, including sending threatening, humiliating, and libelous messages to you and the people on your phone contact list. Therefore, loan sharks are essentially illicit loan platforms and apps that operate unlawfully.

Most of these bogus loan applications in Nigeria, if not all of them, have tenures of 7 to 14 days or less. This is against Google’s policy on lending apps housed on the Play Store and is against local legislation in Nigeria. Listen to Google’s comments on loan tenure:

“We only accept applications for personal loans whose complete repayment is due within 60 days or less after the loan’s issuance date… Apps that don’t comply with this requirement will be withdrawn immediately. Many lending apps available on the Play Store violate this rule, therefore we anticipate that internet juggernaut Google will look into it and, if necessary, show these apps the door.

Any app that offers personal loans with an Annual Percentage Rate (APR) of 36% or above is no longer expected to be available on the Play Store, according to another Google policy. Lenders must change their goods and business structures to comply with Google’s criteria in order to keep their apps in the Play Store.

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How To Spot Fake Loan Applications In Nigeria

We have selected 15 quick and simple methods for you to employ in Nigeria to spot phony loan applications. In accordance with consumer feedback, numerous covert investigations we conducted, and reports of customer data privacy abuse, we have also updated our list of false loan applications. The following unethical lending practices are committed by all of the false and illegal lending platforms, sometimes known as loan sharks, outlined below.

1. In Nigeria, fake loan apps gain access to and compromise contacts’ phone numbers and photographs, using them as a form of intimidation and harassment should be a consumer default.

2. Constantly pressuring clients to obtain loans and/or repay loans—even before the deadline for payback. combined with making threats. If you’ve ever borrowed money from them and they push you to repay it with high interest, they may occasionally transfer money to you without your permission.

Here are genuine loan apps in Nigeria ranging from The Branch Loan App or Access Bank Loan App

3. Accessing customers’ private data and sending threatening and libelous messages to them and the others on their contact list

4. Extremely high fines and interest rates.

5. Withholding processing fees and/or security deposits before processing loans

Fake Loan Apps In Nigeria

The top 20 bogus loan applications in Nigeria are shown below. We suggest that clients and borrowers steer clear of them at all costs. By using these fraudulent digital lending apps, many people have had their bank accounts fraudulently debited and duped. Beware, please!