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10 Fake Loan Apps In Nigeria: You should Avoid

As there is wide spread of fraudulent and fake loan Apps in Nigeria. We have compiled list of fake loan Apps in Nigeria, you should avoid when seeking for a loan online.

The availability of digital technology has brought many conveniences to our lives, including the ability to access financial services through mobile applications. One such service that has gained popularity is the availability of loan apps, which provide quick and easy access to loans for individuals in need of immediate funds. Alongside legitimate loan apps in Nigeria, there is increasingly rise in the number of fake loan apps in Nigeria aiming to deceive unsuspecting individual.

Fake Loan Apps in Nigeria
Fake Loan Apps

These fraudulent loan apps operate under the guise of legitimate financial institutions, promising fast loan approvals and minimal documentation requirements. In this article, we will make a revelation of a list of fake loan Apps in Nigeria so that users can be safe and not fall victim to these apps. But, let’s first have deep knowledge of what a loan app is and how it works.

What Is a Loan App & How It Works?

A loan app is a mobile application that enables individuals to apply for loans and manage their loan-related activities conveniently through their smartphones or tablets. These apps are typically provided by banks, financial institutions, or online lending platforms. They streamline the loan application process, making it more accessible, faster, and more user-friendly.

Here’s a general overview of how a loan app work:

Users need to download the loan app from the respective app store and create an account by providing their personal information, contact details, and sometimes financial details. They may also need to undergo a verification process to ensure their identity.

Once registered, you can proceed to apply for a loan by filling out an application form within the app. They usually need to provide information such as loan amount, purpose, repayment tenure, income details, employment information, and any other necessary documents or details.

Loan apps often include an eligibility calculator that assesses the applicant’s eligibility based on the provided information. It quickly evaluates factors like income, credit score, existing debts, and other relevant criteria to determine if the applicant meets the basic requirements.

 If the you meets the initial eligibility criteria, they may be required to upload supporting documents for verification purposes. These documents may include identification proof, address proof, income statements, bank statements, and other specific documents depending on the loan type.

Upon successful completion of the credit assessment and verification process, the loan application is reviewed by the lender. If approved, the borrower receives an offer detailing the approved loan amount, interest rate, repayment schedule, and other terms and conditions. If the borrower accepts the offer, the loan amount is disbursed to their registered bank account or digital wallet.

Read also: 10 Best Savings Apps in Nigeria (save in Dollar & Naira)

How do you identify a Fake Loan App?

To identify a fake loan app, it’s crucial to exercise caution and watch out for certain red flags. Here are some signs that may indicate a fraudulent loan app:

Poor User Reviews and Ratings: Before downloading any loan app, check the reviews and ratings on the app store. If you come across numerous negative reviews, complaints about scams, or reports of fraudulent activities, it’s a clear warning sign to avoid that app.

Unsolicited Loan Offers: Be wary of receiving unsolicited loan offers through emails, text messages, or phone calls. Legitimate lenders typically require you to initiate the loan application process yourself rather than reaching out to you without prior contact.

Upfront Fees or Payments: Genuine loan providers usually do not ask for any upfront fees or payments before approving or disbursing a loan. If a loan app insists on payment for processing fees, insurance fees, or any other charges before providing the loan, it is likely a scam.

Poor Website or App Design: Fake loan apps often have poorly designed websites or mobile applications. Look for signs of un-professionalism, grammatical errors, or inconsistencies in their content. Legitimate financial institutions prioritize user experience and have well-designed platforms.

Insecure or Unencrypted Websites: Check if the loan app’s website has a secure connection. Look for a padlock symbol in the URL bar or ensure that the web address begins with “https://” rather than “http://”. Secure websites encrypt data transmission to protect your personal information.

Absence of Customer Support: Fake loan apps often lack responsive customer support channels or provide only generic contact information. Legitimate loan providers typically offer multiple means of communication and have customer support teams available to address your queries or concerns.

Read: How to Save and Spend Money Wisely

Tips to Avoid Scam by Fake Loan Apps

To avoid falling victim to scams by fake loan apps, it’s important to be vigilant and take precautionary measures. Here are some tips to help you protect yourself:

Research the app and lender: Before downloading any loan app or sharing your personal information, conduct thorough research about the app and the lender behind it. Look for reviews, ratings, and feedback from other users to get an idea of their legitimacy.

Verify the lender’s credentials: Check if the lender is registered and authorized to operate in your jurisdiction. Government regulatory bodies often maintain a list of licensed lenders. Verify their credentials with the appropriate authorities to ensure they are legitimate.

Be cautious with personal information: Avoid providing sensitive personal information unless you are confident in the app’s legitimacy. Genuine loan providers usually require minimal personal information upfront and adhere to strict privacy policies.

Check for secure connections: Ensure the loan app and the associated website or platform have secure connections. Look for “https://” in the URL and a padlock symbol in the address bar. This indicates that the connection is encrypted and more secure.

Read the terms and conditions: Carefully review the terms and conditions, privacy policy, and any other legal agreements associated with the loan app. Look for any suspicious clauses or red flags that may indicate fraudulent practices.

If your reasons for seeking for loan is to start a business, here are 10 Ways to Source Funds for Business in Nigeria.

10 Fake Loan Apps In Nigeria

L Credit Loan App

LCredit - a fake loan app in Nigeria

LCredit used to be legit loan app at its initial stage, but then it turned into one of top fake loan app. So it has made its way into our list of fake loan apps in Nigeria. LCredit was initially banned on the Google Play Store for violating its rules by involving in malicious and fraudulent activities. However, this loan app found its way back to Play Store.

Google found out that the LCredit loan app was spying on android users’ phone contacts, recordings, photos and other private content. Play Protect by Google warned users in a statement saying that the app (LCredit App) tries to spy on your personal data such as sms messages, photos, audio recording or call history.

While letting users know they had to uninstall LCredit from their phone for their best interests.

9ja Cash Loan App

Like other fake loan apps in Nigeria, 9ja Cash offers unfavourable interest rates and loan duration to borrowers. The Modus operandi of 9ja Cash is to start by initially offering you small loans that they claim help you build up a good credit score and which means larger loans and longer loan durations.

But even after using them up to 7 to 10 times, you find out that they do not full their end of the bargain. And you will be  left with still small loan amounts and even higher interest rates sometimes.

Cash Wallet Loan App

The number 3 on our list of fake loan apps in Nigeria is Cash Wallet. This lender claims it offers loans of ₦ 3,000 – ₦ 100,000 for 92 days to 365 days with interest rates of about 16% and an APR (Annual Percentage Rate) of about 35%.

This fake digital lender scams unsuspecting borrowers of their money by offering them short-term loans and then having these borrowers add their debit card details to the app. After which it deducts a “down payment” of N3,000 to N10,000 depending on the loan amount you’re requesting for.

ForNaira Loan App

 Another one of the fake loan apps in Nigeria to stay away from is ForNaira. ForNaira launched on the Google Play Store and got banned for flouting Google rules. This loan app claims it offers loan amounts of ₦300,000 for up to 91 to 360 days without the need for any collateral. But this is false, as ForNaira doesn’t give loans of up to even an N100,000 and their loan terms also last for 7 days. They also have hidden charges in their loan process as well.

If you don’t repay the loan, ForNaira will start to harass and threaten you and even go as far as send defamatory messages to your contact list.

GoCash Loan App

GoCash is another one of the fake loan apps in Nigeria to stay away from if you want to avoid stress. Like the other fake loan apps on this list, it has a trend for sending blackmailing messages o borrowers who haven’t repaid, all the while deducting unspecified fees from their ATM cards.

GoCash violates both Nigerian lending laws as well as Goggles policies for lending apps. This fake loan app loan tenure is 7 days which shouldn’t be so, it should be at least 90 -120days. Coupled with the high-interest rates. It’s best to avoid GoCash.

KashKash Loan App

KashKash is another online lending service claims it offers loan amounts of ₦3,000 ~ ₦200,000, loan terms of a minimum of 91 days, and a maximum of 365 days, with an interest rate of 0.1% to 1%. An origination fee ranges between N1,174 to N 6,000. As well as an APR of 36.5% to 300%.

Kashkash also claims that its interest rate is calculated on a daily basis with no hidden charges. But based on customer reviews of Kashkash, it doesn’t keep to its words and its claims are false.

Kashkash loan amounts do not get up to N200,000 and its loan durations are usually for 7 days at a (you guessed?) really high-interest rate. And like clockwork, when borrowers default on a Kashkash loan, the fake lending service sends public shaming messages.

NCash Loan App

NCash is another one of the fake loan apps in Nigeria you want to avoid. It does the same thing other fake loan apps do. Excessive interest rates, inconsiderate loan duration, and when borrowers don’t repay them, they send denigrating messages to their contacts.

Like other fake loan apps we’ve mentioned, NCash is a lending service created for the singular purpose of defrauding Nigerians of their hard-earned money. While NCash is currently hosted on Google Play (despite its fraudulent activities) leaves a lot of unanswered question marks.

GotoCash Loan App

The next on the list of fake loan apps in Nigeria is GotoCash. This loan app doesn’t only violate customers’ data privacy laws or offer poor loan terms to users, it also sends defaming messages to borrowers’ contact lists when they don’t repay their loans on time which we’ve stated countless times is a very unethical thing to do.

It’s best to avoid GotoCash and its type as their lending service continues to break lending laws and put Nigerian borrowers through terrible situations.

EaseCash Loan App

Aother Fake Loan App in Nigeria

Number nine on our list of fake loan apps in Nigeria is Ease Cash. Formerly named EasyMoni, this loan company was known for taking advantage of borrowers and even got banned by Google.

So to escape these sanctions, EasyMoni changed to Ease Cash, to continue its dubious lending business undeterred. Like other fake loan apps, Ease Cash loans come with questionable interest rates, and when borrowers can’t pay, they threaten and shame them. Let’s not even go into their violation of customer data privacy.

There are rumours that EasyMoni cum Ease Cash is owned by loan sharks from Asia and has no point of contact, whether by telephone or mail or office in Nigeria.

GGMoney Loan App

GGMoney’s lending activities are unethical as it is guilty of invading users’ data privacy rights. This fake loan app will go to any length to recover their money and can go as far as sending messages to your family and friends claiming you’re a fraud and a thief who has refused to pay their debt.

As you can tell already, GGM loan come with insanely high-interest rates and unfavourable loan terms. GGMoney has been reported on several occasions for numerous unethical practices from the company and its untrained staffs coupled with its high and astronomical interest rate.


In conclusion, the rise of fake loan apps in Nigeria poses a significant risk to individuals seeking quick access to loans. These fraudulent apps often deceive unsuspecting borrowers with false promises, high-interest rates, and unethical practices. It is crucial for users to exercise caution and employ preventive measures to avoid falling victim to these scams.

To protect yourself from fake loan apps, research the app and lender thoroughly before providing personal information or downloading the app. Verify the lender’s credentials with the appropriate authorities and be cautious with sensitive information.


1 thought on “10 Fake Loan Apps In Nigeria: You should Avoid”

  1. You should avoid any fake loan apps in Nigeria. There are many scammers out there, and you’ll only end up losing money. Stick to reputable lenders, and you’ll be fine.

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