Beware and Discover List oF Fake LOAN Apps In Nigerian, Read about these fraudulent apps, stay safe from scams, and protect your finances.
Have you ever fallen prey to the deception of fake loan apps? That can be quite disheartening. With the rising cost of living in Nigeria, it’s understandable for you to turn to online loan apps for quick cash. Especially because these apps promise instant loans that require minimal documentation.
However, not all loan apps are built the same way. There is an alarming rise in the number of fake loan apps in the country. And if you are considering borrowing from a loan app, then this article is for you. In this blog post, you will discover several fake loan apps in Nigeria that prey on unsuspecting borrowers. So, read on.
List of Fake Loan Apps In Nigeria
Below is a list of deceptive loan apps in the country;
- Speedy Choice
- Easy Moni
- Made Easy
- Joy Cash-Loan
- Luckyloan Personal Loan
How To Spot A Fake Loan App
To spot a fake loan app, consider the following tips:
You should research the Developer
You should check the app developer’s credibility and reputation on the Play Store or app stores. Read reviews and also ask questions. Most times, legitimate developers are linked to well-known financial institutions.
Reviews and Ratings
You should read user reviews and app ratings. This will allow you to understand what sort of loan app it is. You should be cautious if you see many negative reviews or low ratings, as fake apps often receive negative feedback.
You should also review the permissions the app requests during installation. Be wary if it asks for excessive access to your personal data or device functions. Especially if they are unrelated to the lending process.
You should verify the app’s legitimacy by visiting the official website of the lending institution. Make a comparison of the app’s details and contact information with what’s on the website.
Their contact information
Another way to spot a fake loan app is through their contact information. A legitimate loan app should offer clear contact information. This should include a physical address and even customer support details. You should be cautious of the App if you notice the contact information is missing or vague.
Fees and interest rates
You should carefully scrutinize the loan terms, interest rates, and fees. Some fake apps may offer unrealistic terms or hide high fees in the fine print.
You should check whether or not the app is using a secure connection (https://). Especially because they will be handling your personal information or financial data.
- Licensing and regulation
You should also confirm if the lending institution is licensed and regulated by relevant financial authorities in the country. If they are licensed, then they are more likely to be legitimate. You can find this information on the app’s website.
Verify identity verification process
Most legitimate lenders have an excellent identity verification process. If the app doesn’t request sufficient information when confirming your identity, then it’s probably fake.
- Be skeptical of unsolicited offers
If you receive unsolicited loan offers from a loan app probably via SMS, email, or social media, you should be suspicious. This is because legitimate lenders wouldn’t reach out in this manner.
- You should look out for red flags
To ensure the legitimacy of the loan app, you should check for Red Flags. These include poor grammar, misspelled words, and unprofessional design within the app. All these are signs of a fake loan app.
What Are The Safest Loan Apps In Nigeria?
Now that you know the fake loan apps you should avoid in Nigeria, below are some of the safest loan apps in the country;
- Aella Credit
- Speedy loan
What Loan App Does Not Ask For Bvn?
Here are some loan apps you can borrow from without providing your Bvn:
Carbon is a popular loan app in Nigeria that was formerly known as Paylater. This app allows you to borrow money without having to provide your BVN number. You simply need to provide your bank statement and employment details.
Next app is FlexiCash. This app is owned by Palmpay. This app allows you to send and receive money, buy airtime, pay bills, and invest, among others. With FlexiCash, you get an instant loan without providing your Bvn.
This is another excellent loan app that allows you to borrow funds without disclosing your BVN. You get to access low-interest loans instantly. JumiaPay doesn’t require any collateral, BVN, etc. You only need to provide proof of your identity such as a bank statement.
This is another popular lending app that you can get loans from without collateral or giving your Bvn. You simply need to download the app and register. Then follow the onscreen instructions to access an instant loan.
Aella Credit is another loan app you can borrow from without providing your BVN. On this app, you can get personal loans within just five minutes, without providing any guarantor, BVN, or even collateral. You just need to download the app, register using your right details, and submit a loan application.
How To Stop Loan Apps From Accessing Your Contacts
Here’s how to stop loan apps from accessing your contacts;
- You should open the “settings” app on your Android or iOS device.
- Open the apps manager
- Locate the app permission
- Navigate to the loan app you want to adjust its settings
- Toggle the “permissions” to deny access to your contacts.
Falling prey to fake loan apps is devastating. That’s why I have compiled a list of fake loan apps above. However, you should know that the safety of any loan app can change over time, so it’s important to research and read reviews from other users before any loan app. Additionally, be sure to carefully review the terms and conditions, interest rates, and repayment schedules of any loan you consider taking to avoid any hidden fees or unfavorable terms. Always use caution and only borrow from reputable sources.