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List of Fake Loan Apps in Nigeria 2022

This article provides a list of the most infamous bogus loan applications to avoid using in Nigeria in 2022, and indicators that may be used to detect them in the future.


In the past few years, there has been a big rise in both the number of online lending companies and the number of scammers who use fake loan apps to take advantage of Nigerians’ need for money.


Newsonline gathered that these fake loan apps offer large amounts of money with low-interest rates. They do this by using their victims’ needs and the anonymity of the Internet against them.

In addition to making a long list of fake loan apps in Nigeria, this post gives borrowers a set of signs that can help them tell the difference between a real loan app and a fake one.


Based on being taken off the Play Store, getting in trouble with the FCCPC, using aggressive collection methods, and doing other illegal things, the most well-known fake loan apps in Nigeria are:

• ChaCha

• Easy Moni

• EasyCredit

• GoCash

• Here4U

• Kashkash

• Maxi Credit

• Okash

• SoftPay

• Sokoloan

• Speedy Choice


How to recognize Fake loan apps in Nigeria

Does the app or the firm that makes it have a physical location as well as a website?

You are need to have a physical address listed in the app from which you intend to borrow. You are not permitted to use the loan application if you are unable to locate a real physical address for your lender. Swindlers who commit loan fraud typically conceal their identities in order to avoid legal repercussions.

A real lender does business from a location that is registered. Because of this, the name of your lender, their phone number, their physical address, and their email address should all be posted on their website.

Do some research on the company that owns the loan application. A reputable financial institution will have a website that can be accessed using their mobile application. You should not move further with the loan application that you are considering using if it does not have its own website.


Inaccessible from the Google Play store

Despite the fact that the Google Play Store is rife with bogus loan applications, the vast majority of fraudulent loan apps can only be purchased through unofficial sites.

Because of the growing number of fake loan apps on its platform, which enables 81% of mobile users in Nigeria to access their accounts, Google has been forced to tighten its filters in order to prevent any further instances of fraud. Additionally, at the request of the FCCPC, Google has removed several fraudulent applications from its store.

One of these applications, known as Sokoloan, was taken down from the Play Store after Google got instructions to do so from the regulatory body.
According to Nairametrics, the FCCPC has reportedly demanded the removal of Maxi Credit, Here4U, ChaCha, and SoftPay from the Play Store due to unethical behavior on the part of the companies.

Nigerians who are looking for loans without BVN are the most likely to become victims of phony loan apps that are unavailable on the Google Play Store. This has become a selling feature of illicit credit platforms and is one of the reasons why people are drawn to them.


Check the internet for ratings and reviews of your lending institution.

A common practice among previous borrowers of the loan app is to publish product or service reviews on the Google Play Store or other review websites. Paying attention to the evaluations that customers provide might give you insight into the kind of loans that your lender offers. Consider the ratings that each app has received in the Google Play Store as well.

Before choosing to work with a particular lender, it is a smart move to go online and research the company’s ratings as well as customer feedback. You can get an idea of how the lender operates by reading reviews posted on reputable websites. In addition to this, you will be aware of any unethical action on the part of the lender that has been reported by past borrowers.


Unfair and abusive methods of collection

Because of the aggressive collecting methods they employ, fake loan apps have become a significant problem in Nigeria. The way they conduct business is to offer a loan in exchange for access to an individual’s personal information and data stored on their mobile device, such as their contact list, as well as their credit score and financial position.

Once the loan is granted, it is often for a fraction of what was initially requested. Within a few days of the loan being approved, representatives of the fake loan app demand payment of the money with criminal interest rates via text messages and phone calls. This quickly escalates into an operation of harassment and threats against the borrower and his or her family.

In other instances, the representatives of these applications send photomontage messages to the connections of people who have sought loans, accusing those people of committing crimes, being paedophiles, or engaging in prostitution; they even send threats with photos of severed corpses. These messages are sent to the connections of the people who have sought loans.

All of these actions, which are considered to be criminal offenses under Nigerian law, including fraud, defamation, and extortion, are symptoms of a fraudulent loan application.

This was the situation with the fake loan apps GoCash, Okash, EasyCredit, Kashkash, Speedy Choice, and Easy Moni, which were raided by the FCCPC in collaboration with the Independent Corrupt Practices and other Related Offences Commission, the Nigerian Information Technology Development Agency, and the Nigerian Police Force for violating the privacy of their customers while attempting to collect debts from them.


Check to see how much access to your personal information the lender is requesting.

Some lending apps have the ability to request authorization for contact information and gallery access in order to perform authenticity checks and underwriting. It should come as no surprise that reputable lenders would treat such information as secret and refrain from sharing it with any outside parties.

However, because of advancements in technology within the fintech sector, lenders are now competent enough to perform underwriting using their own vetted collection processes, which eliminates the requirement that they have access to your gallery and contacts. Any fraudulent conduct is effectively brought to a halt when a lender possesses such capabilities.

In addition, competent online lenders conduct information security audits and routinely monitor the performance of AI systems to ensure the safety of their customers’ data. Before you send over any of your personal information to the lender, you are required to perform your due diligence on the company.


Does loan apps have a website, and if so, how secure is it?

On the pages of your lender’s website where you are required to submit your personal information, you should look for an emblem that looks like a lock. Websites that begin their URLs with https:// are considered to be secure because they take precautions to prevent personal information from being obtained by identity thieves.

If your lender is credible, it will safeguard your information against fraudulent loan offers and make sure it is encrypted and inaccessible to third parties.

In addition, if your lender does not provide clear information about important aspects of the loan, such as the interest rate, then the application for the loan is most likely a fraud.


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