Latest List Of Fake Loan Apps in Nigeria

Consider Physical Location as Well as a Website?

You are need to have a physical address listed in the app from which you intend to borrow. You are not permitted to use the loan application if you are unable to locate a real physical address for your lender. Swindlers who commit loan fraud typically conceal their identities in order to avoid legal repercussions

Inaccessible From the Google Play Store

Despite the fact that the Google Play Store is rife with bogus loan applications, the vast majority of fraudulent loan apps can only be purchased through unofficial sites.

Check Ratings And Reviews Of Your Lending Institution.

A common practice among previous borrowers of the loan app is to publish product or service reviews on the Google Play Store or other review websites. Paying attention to the evaluations that customers provide might give you insight into the kind of loans that your lender offers. Consider the ratings that each app has received in the Google Play Store as well.

Unfair And Abusive Methods Of Collection

Because of the aggressive collecting methods they employ, fake loan apps have become a significant problem in Nigeria. The way they conduct business is to offer a loan in exchange for access to an individual’s personal information and data stored on their mobile device, such as their contact list, as well as their credit score and financial position.

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This was the situation 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 the privacy of their customers while attempting to collect debts from them.

Check To See How Much Access To Your Personal Information The Lender Is Requesting.

Some lending apps have the ability to request authorization for contact information and gallery access in order to perform authenticity checks and underwriting. It should come as no surprise that reputable lenders would treat such information as secret and refrain from sharing it with any outside parties.

Does Loan Apps Have a Website, And if so, How Secure is it?

On the pages of your lender’s website where you are required to submit your personal information, you should look for an emblem that looks like a lock. Websites that begin their URLs with https:// are considered to be secure because they take precautions to prevent personal information from being obtained by identity thieves.

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More Ways to Spot Fake Loan Apps in Nigeria

Here are some tips for spotting fake loan apps in Nigeria:

Check the app’s reviews: Look for reviews from users who have actually used the app and received a loan. If the app has mostly positive reviews, it’s more likely to be legitimate.
Research the company: Look for information about the company that operates the app, including its website and social media presence. If you can’t find any information about the company online, or if the information you find seems suspicious, it could be a red flag.
Look for red flags: Be wary of loan apps that require you to pay a fee upfront or that promise guaranteed approval. These are common tactics used by scammers.
Be cautious of unsolicited offers: If you receive an unsolicited offer for a loan, be extra cautious. It’s possible that the offer is legitimate, but it’s also possible that it’s a scam.
Use a secure device: If you do decide to apply for a loan through a mobile app, make sure you’re using a secure device. Scammers may try to steal your personal information if you use a device that is not secure.

If you’re unsure about the legitimacy of a loan app, it’s always a good idea to do your research and be cautious before providing any personal or financial information. If you have concerns about a particular loan app, you can report it to the Nigerian Financial Intelligence Unit (NFIU) or the Central Bank of Nigeria (CBN).