List Of Fake Loan Apps In Nigeria 2023 Banned Completely

There is over 21 list of fake loan apps in Nigeria that has been declared “persona non grata” in financial institutions because of their fraudulent activities that have accumulated over time.

Contents

List Of Fake Loan Apps In Nigeria 2023
List Of Fake Loan Apps In Nigeria: How To Spot Them
Wrap Up On List Of Fake Loan Apps In Nigeria

List Of Fake Loan Apps In Nigeria 2023

KashKash
GoCash
Cash Mall
CashLion
FastMoney
LendCash
BorrowNow
LCredit
NairaPlus
9ja Cash
Cash Wallet
GGMoney
9Credit
Sokoloan
Palmcash
Ease Cash
ForNaira
GotCashger
NCash
GotoCash

List Of Fake Loan Apps In Nigeria: How To Spot Them

#1 Card Verification Fee

Be wary if a loan application requires a card verification charge prior to loan release. There is no requirement to pay an advance charge because genuine lenders often deduct costs straight from the loan amount.

Fake lending applications may take advantage of users by charging exorbitant fees or gathering private financial data.

#2 Fake or Insecure Lender’s Website

Look for evidence of legitimacy on the lending app’s website. Fake loan applications may have websites that are poorly developed, lack sufficient safety features such as SSL encryption, or have typographical issues and irregularities.

Legitimate lending companies engage in excellent website development and place a premium on customer protection.

#3 The Loan Company Pressures You to Act Immediately

Fake loan applications frequently use violent marketing methods, pressuring customers to respond quickly without giving them enough time to conduct due research.

Genuine lenders allow borrowers to carefully analyze the conditions and make a knowledgeable selection.

#4 Short Loan Repayment Time

Be cautious of lending applications that need an excessively short repayment time. Legitimate lenders provide appropriate and flexible repayment conditions to borrowers based on the loan amount and the borrower’s financial capabilities.

Fake lending applications may put consumers under pressure to make rapid payments, locking them into a debt cycle.

#5 The Loan Company is Unregistered

Before using a lending app, check to see if the business in question is registered with the proper Nigerian regulatory organizations, such as the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).

Fake lending applications are frequently used without the necessary authorization.

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#6 Fake Office Address

Check the office location supplied by the lending firm on the app or website. Fake lending applications might show fake or non-existent office addresses. Perform an online search to see whether the address matches to a valid company address.

#7 Crazily High-interest Rate

Be alert if a lending app gives an extremely high-interest rate that is substantially greater than market rates. Fake loan applications may attract customers with modest qualifying conditions but often levy high-interest rates, which can cause monetary problems.

#8 Small Loan Amount

Fake lending applications frequently offer unreasonably low loan amounts that appear to be too good to be true. Minimum loan criteria are often set by legal loan providers based on their lending rules and evaluation of risk.

Wrap Up On List Of Fake Loan Apps In Nigeria

You can recognize this list of fake loan apps in Nigeria and safeguard yourself from possible fraud by being conscious of these warning signals and practicing care.

Before progressing with any loan application, be sure to extensively investigate loan providers, verify their qualifications, and thoroughly understand the terms and conditions.

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List Of Fake Loan Apps In Nigeria 2023 Banned Completely

List Of Fake Loan Apps In Nigeria 2023