This article gives a list of the most well-known fake loan applications to avoid in Nigeria in 2022, as well as signs that may be used in the future to spot them.
In the past few years, both the number of online lending companies and the number of scammers who take advantage of Nigerians’ need for money by making fake loan apps have grown a lot.
Newsonline says that these fake loan apps offer a lot of money for little interest. They do this by using the needs of their victims and the fact that the Internet is anonymous against them.
In addition to making a long list of fake loan apps in Nigeria, this post gives borrowers a list of signs that can help them tell the difference between a real loan app and a fake one.
Based on being taken off the Play Store, getting in trouble with the FCCPC, using aggressive collection methods, and doing other illegal things, the most well-known fake loan apps in Nigeria are:
• Easy Moni
• Maxi Credit
• Speedy Choice
How to recognize Fake loan apps in Nigeria
Does the app or the firm that makes it have a 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.
A real lender does business from a location that is registered. Because of this, the name of your lender, their phone number, their physical address, and their email address should all be posted on their website.
Do some research on the company that owns the loan application. A reputable financial institution will have a website that can be accessed using their mobile application. You should not move further with the loan application that you are considering using if it does not have its own website.
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.
Because of the growing number of fake loan apps on its platform, which enables 81% of mobile users in Nigeria to access their accounts, Google has been forced to tighten its filters in order to prevent any further instances of fraud. Additionally, at the request of the FCCPC, Google has removed several fraudulent applications from its store.
One of these applications, known as Sokoloan, was taken down from the Play Store after Google got instructions to do so from the regulatory body.
According to Nairametrics, the FCCPC has reportedly demanded the removal of Maxi Credit, Here4U, ChaCha, and SoftPay from the Play Store due to unethical behavior on the part of the companies.
Nigerians who are looking for loans without BVN are the most likely to become victims of phony loan apps that are unavailable on the Google Play Store. This has become a selling feature of illicit credit platforms and is one of the reasons why people are drawn to them.
Check the internet for 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.
Before choosing to work with a particular lender, it is a smart move to go online and research the company’s ratings as well as customer feedback. You can get an idea of how the lender operates by reading reviews posted on reputable websites. In addition to this, you will be aware of any unethical action on the part of the lender that has been reported by past borrowers.