List Of Fake Loan Apps In Nigeria [New Update]


The list of most notorious fake loan apps in Nigeria in 2023 has been updated in line with FG report.

This article provides a list of the most notorious bogus loan applications to avoid in Nigeria in 2023, as well as solid indicators that can be used to detect them independently in the future.

There has been a significant increase 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 in recent years.



These bogus loan apps promise large sums of money with low interest rates. They accomplish this by exploiting their victims’ needs and the anonymity of the Internet.

In addition to providing a comprehensive list of fake loan apps in Nigeria, this post provides borrowers with a set of indicators that can assist them in distinguishing between a legitimate loan app and a fraudulent one.

The most well-known fake loan apps in Nigeria, based on being removed from the Play Store, getting in trouble with the FCCPC, using aggressive collection methods, and engaging in other illegal activities, are:


List of Fake Loan Apps in Nigeria

  • ChaCha
  • Easy Moni
  • EasyCredit
  • GoCash
  • Here4U
  • Kashkash
  • Maxi Credit
  • Okash
  • SoftPay
  • Sokoloan
  • Speedy Choice

How to identify Fake loan apps in Nigeria

How to identify Fake loan apps in Nigeria

Does the app or company have a physical address and a website?

You must provide a physical address from which you intend to borrow on the application. If you cannot locate a physical address for your lender, you are not permitted to use the loan application. In order to avoid legal repercussions, loan fraud perpetrators typically conceal their identities.


A legitimate lender maintains a registered place of business. Due to this, the name of your lender, their phone number, physical address, and email address should all be displayed on their website.

Investigate the company that owns the loan application. A reputable financial institution will have a website that is accessible via its mobile application. If the loan application you’re considering doesn’t have its own website, you should not continue.

The load app downloadable from Google Play store?

Despite the fact that the Google Play Store is rife with fraudulent loan applications, the vast majority of fraudulent loan apps are only available on unofficial websites.


Due to the increasing number of fraudulent loan applications on its platform, which enables 81 percent of mobile users in Nigeria to access their accounts, Google has been forced to tighten its filters to prevent further instances of fraud. In addition, Google has removed several fraudulent applications from its store at the request of the FCCPC.

One of these applications, known as Sokoloan, was removed from the Play Store in accordance with the regulatory body’s directive.


According to report, the FCCPC has reportedly demanded that Maxi Credit, Here4U, ChaCha, and SoftPay be removed from the Play Store due to unethical business practises.

Nigerians searching for loans without a BVN are most likely to fall prey to fake loan apps that are inaccessible on the Google Play Store. This has become a selling point for illegal credit platforms and is one of the reasons people are attracted to them.


Check online reviews of the loan apps.

Previous borrowers of the loan app frequently publish product or service reviews on the Google Play Store or other review websites. Paying attention to the feedback provided by customers may provide you with insight into the types of loans that your lender provides. Take into account the ratings that each app has received in the Google Play Store.


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It is a wise move to go online and research the company’s ratings as well as customer feedback before deciding to work with a specific lender. Reading reviews on reputable websites can give you an idea of how the lender operates. Furthermore, you will be aware of any unethical behaviour on the part of the lender that has been reported by previous borrowers.


Unfair and abusive methods of collection

Fake loan apps in Nigeria have become a significant problem as a result of their aggressive collection methods. They operate by offering a loan in exchange for access to an individual’s personal information and data stored on their mobile device, such as their contact list, credit score, and financial position.

When the loan is approved, it is frequently for a fraction of the amount requested. Representatives of the fake loan app demand payment of the money with criminal interest rates via text messages and phone calls within a few days of the loan being approved. This quickly escalates into a harassment and threat operation against the borrower and his or her family.



Still on list of fake loan apps in Nigeria


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

All of these actions, which are punishable by law in Nigeria, such as fraud, defamation, and extortion, are symptoms of a fraudulent loan application.

This was the case 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 customers’ privacy while attempting to collect debts.

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

Some lending apps can request permission to access contact information and galleries in order to perform authenticity checks and underwriting. It should come as no surprise that reputable lenders would keep such information private and not share it with any third parties.

However, as technology advances in the fintech sector, lenders are now competent enough to perform underwriting using their own vetted collection processes, eliminating the need for them to have access to your gallery and contacts. When a lender has such capabilities, any fraudulent behaviour is effectively stopped.

Furthermore, to ensure the security of their customers’ data, competent online lenders conduct information security audits and routinely monitor the performance of AI systems. You must conduct due diligence on the company before providing any of your personal information to the lender.

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


Look for a lock-like emblem on the pages of your lender’s website where you are required to submit your personal information. Websites that begin their URLs with https:// are considered secure because they take precautions to prevent identity thieves from obtaining personal information.

If your lender is trustworthy, it will protect your information from fraudulent loan offers and ensure that it is encrypted and inaccessible to third parties.


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Furthermore, if your lender does not provide clear information about important aspects of the loan, such as the interest rate, your loan application is most likely fraudulent.


More Ways to Spot Fake Loan Apps in Nigeria

Here are some tips for identifying fake loan applications in Nigeria:

  1. Examine the app’s reviews: Look for feedback from users who have used the app and received a loan. The app is more likely to be legitimate if it has mostly positive reviews.
  2. Investigate the company: Look for information about the app’s operator, such as its website and social media presence. It could be a red flag if you can’t find any information about the company online, or if the information you do find appears suspicious.
  3. Watch for red flags: Be wary of loan apps that require an upfront fee or promise guaranteed approval. Scammers frequently employ these techniques.
  4. Be wary of unsolicited loan offers: If you receive an unsolicited loan offer, proceed with caution. It’s possible that the offer is legitimate, but it could also be a scam.
  5. Use a secure device: If you decide to apply for a loan through a mobile app, use a secure device. Scammers may attempt to steal your personal information if you use an insecure device.


How do I stop loan app from accessing my contacts?

Ways to Prevent Loan Apps from Accessing Your Contacts

  1. Go to your Settings on your Android or iOS device.
  2. Navigate to the Apps Manager.
  3. Click on Apps permission.
  4. Select the loan app in question.
  5. Now, deny or allow them access.


If you’re unsure about the legitimacy of a loan app, do your research and proceed with caution before providing any personal or financial information. If you have any concerns about a specific loan app, you can contact the Nigerian Financial Intelligence Unit (NFIU) or the Central Bank of Nigeria. (CBN).

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