List Of Fake Loan Apps in Nigeria You Should Avoid in 2023

List Of Loan Sharks in Nigeria You Should Avoid in 2023

One of the distinctive attributes of fake loans is the lack of similarities with others. Fake loan apps are known for their illicit and dishonest behavior, Many unnoticed Nigerians have fall victim to their acts, an app like this would promise to disburse a loan in return for a loan fee, and end up not fulfilling their part,

One of the distinctive attributes of fake loans is the lack of similarities with others. Fake loan apps are known for their illicit and dishonest behavior, Many unnoticed Nigerians have fall victim to their acts, apps like this would promise to disburse a loan in return for a loan fee, and end up not fulfilling their part, it is still this same loan sharks that would go on by threatening and intimidating borrowers when they have just 2 or 3 days left to default. 

These loan sharks also have a malicious feature within their app, that steals users’ data, such as sms, call logs, and contacts. When they want to compel their user to pay up their loan, this data is used by sending defamatory messages to their contacts.

There are many cases scenario where this issue of defamation lead individuals to chronic depression and even at times “death”, these loan sharks believes the only way, they can recover their money back, is by taking extreme measures, which isn’t supposed to be so, some of them are scammers; the moment you link your bank card with them, they would clear everything in your account, not leaving a penny. Due to these thousands of aggrieved Nigerians, have taken to the Google play store, to flag them. 

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Most of these loan shark apps can be identified; for this article, I would list fake loan apps in Nigeria, alongside what to look out for to spot one.

List Of Fake Loan Apps in Nigeria

  1. ChaCha
  2. Easy Moni
  3. EasyCredit
  4. GoCash
  5. Here4U
  6. Kashkash
  7. Maxi Credit
  8. SoftPay
  9. Sokoloan
  10. Speedy Choice
  11. Cash mall
  12. LCredit
  13. Palmcash
  14. GoTocash
  15. Cash wallet
  16. GGmoney
  17. Naira plus
  18. Fast Money
  19. Lioncash
  20. 9Credit

How To Spot A Fake Loan App

It is essential to be cautious when seeking a loan through mobile applications. Fake loan apps have become increasingly prevalent, preying on individuals’ financial vulnerabilities. The below aims to provide you with insights into identifying fake loan apps by highlighting key warning signs to support your decision-making process.

Abusive Collection Practices

Fake loan apps, especially prevalent in Nigeria, engage in aggressive collection methods that violate laws and ethical practices. They gain access to users’ personal information and phone data during the loan application process and subsequently harass borrowers through text messages and phone calls. Threats, defamation, and extortion tactics are common in their operations.

Upfront Fee Requests

One of the most prominent warning signs of a fake loan app is the demand for an upfront fee before loan approval. Legitimate lenders do not require any payment before extending a loan. Cybercriminals exploit users’ helplessness and inexperience, making upfront fee requests a common scam tactic.

Read Also: Loan Without ATM Card

Sanctioned by Financial Authorities

Checking if a lender is sanctioned by financial authorities, such as the Central Bank of Nigeria (CBN), can help determine their legitimacy. All financial institutions engaged in lending must be registered with the appropriate regulatory bodies. Confirming the lender’s listing in the Nigerian Registry of authorized financial agents adds an extra layer of security.

Spelling Mistakes

Fake loan apps are often created by non-native English speakers lacking a strong command of the language. Consequently, these apps frequently exhibit grammatical errors and spelling mistakes in their descriptions and user agreements. Paying attention to linguistic accuracy can help identify potential scams.

Negative Reviews 

Checking online reviews is a crucial step in evaluating the legitimacy of a loan app. A significant number of negative reviews or the absence of reviews altogether are strong indications of a fake loan app. Additionally, if an app is not available on reputable platforms such as the Google Play Store or Apple App Store, it raises suspicion.

Inadequate Web Page Functionality

When accessing a loan app, it should lead to a fully functional website. If the website fails to work or navigate smoothly, it suggests that the app may be fake. Fraudulent entities often overlook creating legitimate websites and focus solely on extracting money from unsuspecting users.

Requests for Passwords and Sensitive Information

Authentic loan apps will never ask for sensitive information like passwords, credit card numbers, or bank account details. If a loan app requests such data, it should raise immediate doubts about its credibility and intentions. Protecting your personal and financial information is crucial to avoid falling victim to fraud.

Signature as Collateral

When a loan app asks for your signature as collateral, it is a major red flag. Your signature holds significant value and should not be given away lightly. Unless you are certain about the app’s legitimacy, avoid providing your signature, as it grants undue control over your finances.

Skyrocketing Interest Rates and Hidden Fees

Fake loan apps often entice borrowers with unrealistically low-interest rates and hidden fees. These offers are too good to be true, and reputable financial institutions rarely provide such rates. Be cautious of unexpected charges and repayment terms that seem unrealistic.

Lack of Contact Information

Legitimate loan apps provide contact information for customer support and inquiries. If an app lacks a contact number or any means of reaching the developers, it raises concerns about their legitimacy and commitment to customer service.


Is LCredit a fake loan app?

Yes, LCredit appears to be a fake loan app. Its website features a fake Google Play Store download link, even though the app has been removed from the official Android Store. It is advisable to avoid using such suspicious loan applications to protect your personal and financial information.

Does FairMoney call your contacts?

FairMoney does not engage in contacting individuals from your contact list. Their communication is limited to the user and the necessary interactions related to loan applications and customer support.

How do I report loan app harassment in Nigeria?

To report loan app harassment in Nigeria, you should gather evidence of the harassment and file a complaint with the appropriate authorities such as the police or the Central Bank of Nigeria. Additionally, seeking legal advice can help you understand your rights and explore legal actions to protect yourself from further harassment.

What is the safest loan app in Nigeria?

While it is subjective to determine the absolute safest loan app in Nigeria, some reputable and trusted options include Branch, FairMoney, Palmcredit, Carbon, Aella Credit, QuickCheck, and Umba. It is essential to research each app, read user reviews, and consider factors like interest rates, repayment terms, and customer support before choosing one that aligns with your needs and preferences.

How do I know if a loan app is legit?

Conducting thorough research is crucial to determine the legitimacy of a loan app. Look for customer reviews and feedback online. Fake loan apps often lack a digital presence or have negative reviews highlighting issues. Carefully analyze the information available and exercise caution before engaging with any loan app.


The presence of fake loan apps in Nigeria highlights the need for caution and thorough research when seeking financial assistance. Users should be wary of apps with limited online presence, negative reviews, or suspicious practices. Verify the credibility of loan apps by checking their registration with regulatory bodies and reading authentic user feedback. Prioritizing personal and financial security is crucial to avoid falling victim to scams. It is advisable to choose established and reputable loan providers to ensure a safe and reliable borrowing experience.

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