List Of All Fake Loan Apps In Nigeria You Should Ignore
There are a lot of fake loan apps and platforms you should be careful of, or avoid. It is unfortunate that some guys are creating several loan lending platforms for some dubious reasons.
On this content, I will reveal all the fake loans in Nigeria and why you should be careful of them.
Actually, I have been a victim to these fake loan lending platforms in Nigeria and I must say, the experiences were horrible. I lost a lot of money and time as a result.
However, I am now aware of these fake loans and their dubious practices. Above all, I'm glad I know the list of legitimate loans in Nigeria.
Loans have been a major problem in Nigeria. Everyday, people search for fake or bad loans so they can avoid them.
Below are some queries about loans people search for on Google and other search engines;
- List of loan defaulted in Nigeria
- List of fake loan apps
- Bad loan apps in Nigeria
- Worst loan apps in Nigeria
I will list out all the fake loan apps in Nigeria, and I am going to explain why you should run from them because they will only waste your time or extort money from you.
How to identify a fake loan app
There are several ways to identify a bad or fake loan app. These loan apps creators are getting smater, but they are not smart enough. Here's how you can identify a fake loan apps;
If you detect any of these features listed below on a loan app, then you should avoid the loan app, because it may be either fake or bad. Here's how you can identify a fake loan app;
- High interest rate
- Hidden charges
- Requesting for sensitive or vital information
- Asking for a service charge before you can get a loan.
List of all fake loan apps in Nigeria
1. CreditAll
CreditAll loan app is one of the loan apps you should avoid by all means. These platform was initially designed to assist Nigerians with personal loans, but has turned out to be a total ‛joke’ app
These loan app has a poor customer care. It takes luck to reach creditAll customer care. But the worst of it all is when you request for a loan, your dashboard will indicate that you've received the loan, but in reality, the loan was not sent to you.
Your payment period will start counting even when you haven't gotten any loan. At the frustrating period, you may want to contact their customer care, but you will be dissapointed.
2. LinkCredit
Honestly, LinkCredit loan app is a waste of time. If you are in search of an urgent emergency loan, then LinkCredit is not for you.
LinkCredit has several stages that you have to pass before you can get a loan. If you're a new user, you will definitely struggle to pass first stage not to talk of the second.
3. 9Credit
9Credit loan is legitimate, but there are few tangible reason you should run away from the loan app. 9Credit loan app is not reliable, its customer care representatives are very rude and the repayment period is extremely short.
The only good thing about 9Credit is the loan disbursement. You will get your loan instantly, usually around 5 minutes time.
However, you only have 7 days duration period to pay back your loan, even with high interest rate.
The worst part is that, 9Credit will tell you to pay back the loan a day before your due repayment period.
4. Xcrosscash-loan
Xcrosscash is an online loan platform that lends money instantly to borrowers. However, Xcrosscash can instantly deny you a loan.
This loan app would have been among the best loan apps, but with the unnecessary high interest rate, short repayment period and lack of loan disbursement, the app has gone down to be a fake loan app.
6. NairaPlus
NairaPlus app is not that bad, but some things about that are obviously fake. According to NairaPlus loan app, you can repay your loan after 3 month, but in reality, you have to repay your loan before 7 days.
This loan platform is ready to spoil your reputation if you do not repay your loan the very same day your loan was due.
7. StarLoan
StarLoan is not a reliable loan platform. This loan app will just waste your precious time and leave you in confusion.
This loan app hardly disburse loan to new users. In fact, all your loan request will be left pending for a long time.
8. SokoLoan
SokoLoan is a terrible loan app. Although, their loan disbursement is fast and they are reliable, but you will regret ever using the loan app if you don't pay on time.
Their customer care and agents are terrible, they talk without any respect.
If you borrow a loan from Soko loan and you have a day to go, they will begin to send you threat messages. Sometimes, they will call to warn you against not paying on time.
If you do not pay on time due, your reputation will be shattered. They will call all your contacts and informing them of how terrible you are.
9. To U Loan
To U Loan app is the worst of them all. This loan app is not reliable and obviously not legitimate. It has over 100,000 downloads on Play Store, but something is fishy about the loan app.
If you request for a loan on To U Loan app, you will be instructed to pay ₦3500 to ₦4600 before you can get the loan, and that money will be payed back to you as soon as you repay your debt. However, you will be redirected to other loan platforms as soon as you pay that money.
In some cases you will not here from them again immediately you pay that fees.
10. Umba Mobile
Umba Loan app is not that bad, but a lot of factors has made the loan to look fake. Can you imagine, I requested for a loan which will be paid back after 14 days as stated on the app. After the loan was processed, I was warned to pay repay the loan after 7 days despite that we initially agreed that I will pay after 14 days.
Not only that, Umba Loan app is buggy and the customer care won't reply to your queries.
11. Naira9ja
This loan app has fake writing all over it. It is literally the most useless loan app available in Nigeria. I'd advise you to stay away from this loan app.
If you're downloading Naira9ja, be prepared for their embarrasment and humiliation. This loan app will lend you a loan, but on due date, they will call almost everyone on your contact telling them that you're a theif.
12. MenaCred
MenaCred was created to provide financial assistance to people and small businesses, but it has turned out be the other way round.
It is very difficult to complete an application on the MenaCred app, talk less of applying for a loan. You can not complete a simple loan application and there are several glitches on the app.
13. Lucky Loan
Lucky Loan isn't as lucky as it sounds. This app is completely a fake loan app that should be avoided.
This loan app will frustrate you, and you may end up not getting any loan. I requested for a loan on the Lucky Loan app and after 3 days, I still didn't get the loan. But it was indicated that the loan was given to me. Funny enough, I time due was counting all those while.
14. P2Vest: Peer to Peer Loan
To get a loan on P2Vest peer to peer loan app, you will have to go through a lot of stress. At filling all those applications, there is a probability that you may not get the loan you requested for.
To get a loan on the P2Vest loan app, you have to fill a stressful application. After filling the form, you still have to provide a guarantor. After going through all the stress, you may not a dime from the loan app.
15. GSOU Loan
GSOU loan is too slow to be an online loan app. Everything about the loan app is slow, the loan disbursement, application process, customer care response. It's official app is buggy whereby making the platform slow.
16. Fair Loan
Fair Loan app is not a legitimate platform to borrow money. You can easily register and fill an application, but you can never get a dime from the Fair Loan app.
People who have used Fair Loan complained about lack of loan disbursement.
17. Blocka Cash
Blocka Cash will always turn down your loan request, especially after deducting ₦50 from your bank account.
18. Kredi bank
Worst loan app ever. Kredi bank don't really give out loans so, don't waist your time trying to apply for a loan on Kredi bank.
19. Papacash
Don't even border to download the Papacash loan app. They are terrible and not worthy to be an online loan platform. The loan you requested will be on review like forever, until you're tired
20. GGMoney
GGMoney loan app has a lot of faulty features. This loan app actually gives out loan, but the repayment features are terrible. After repaying your loan, it won't be cleared on your dashboard. Due to that, you may not get any other loan from the app anymore.
GGMoney team will worry you, despite clearing your loan debt.
Conclusion
Don't fall prey in the hands of these fake loan app. Actually, there are several legitimate online loan apps in Nigeria which are available in Nigeria.
List of best reliable loan apps in Nigeria;
- FairMoney
- Branch
- Palmcredit
- Renmoney
