List of fake loan apps in Nigeria 2022|Updated|
Here is an Overview of the list of fake loan apps in Nigeria
Beware of these fake loan apps in Nigeria, flee from them.
- Cycle cash (these ones are just thieves,rather than help, they instead add to your lack of money by adding exorbitant huge interest or penalty fee to defaulters)
- CashBus (They will give you #9,700 to pay #15,000 in 7days and add #750/day when you default payment)
The list goes on and on.
See Also How to remove my bvn from loan apps
On Friday, March 11, the Federal Competition and Consumer Protection Commission (FCCPC) raided about seven loans apps or organizations working in Lagos over “conceivable infringement” of borrower privileges.
Full List and app features of these fake loan apps shut down in Nigeria by the Federal Government have been released and the popular Sokoloan falls on the list of fake loans apps in Nigeria reportedly facing a ban
The activity drove by the commission’s chief, Babatunde Irukera, was because of a few grumblings of misbehaviors with respect to the moneylenders.
Babatunde Irukera, the top of the FCCPC said some computerized cash loan specialists were closed down over infringement of shoppers’ freedoms.
Notwithstanding, they resort to unprofessional measures of harassment, cyberbullying, and breach of data privacy of their customers who may have defaulted in loan repayment.
Here is the list of loan apps shut down in Nigeria
GoCash is listed under Finance on the Google Play Store.
Gocash falls on the Number 1 spot our list of fake loan apps in Nigeria and deservedly are this list of loan apps banned in Nigeria.
It gives Nigerians loans up to N300,000, and charges from 20% to 30% interest rate, as per the data accessible on the Android app store.
GoCash’s actual office is situated in Nigeria’s business capital, Lagos.
GoCash is the first on our list of loan apps shut down in Nigeria, their inhumane activities earned them a space on our list
It’s particularly in Lekki Phase1, Lagos state.
OKash is owned by Blue Ridge Microfinance Bank Limited.
According to its profile on Google Play, its loan sum goes from NGN 3,000 to NGN 500,000.
Okash added that its financing cost is determined consistently and has an Annual Percentage Rate(APR) going from 36.5% to 360%.
Okash remains one of the loan apps banned in Nigeria from engaging in any lending or other financial activities in the country.
These fake loan apps shut down by FG makes people scared and often wonder and ask questions like Can my BVN be blocked by a loan App and How to block my ATM card?
Those qualified for the credits are Nigerian occupants (20-55 years of age) with “wellspring of a month to month pay”. Okash’s actual office is additionally in Ikeja, Lagos state.
EasyCredit says its loaning sum ranges between 3,000 NGN and 100,000 NGN and has the Maximum Annual Percentage Rate(APR) of 40%.
Those qualified for the loans are Nigerian occupants (20-60 years of age) with “monthly payment source”.
EasyCredit’s actual office is also in Ikeja, Lagos state.
But these list of loan apps banned in Nigeria have one thing in common, they don’t protray what is stated in the apps on Google play store.
It is in total contrast to their terms and conditions stipulated on their respective mobile apps
KashKash says its loan goes from ₦3,000 to ₦200,000 while its annual percentage rate(APR) goes from 36.5% to 300%.
Those qualified for the loans are Nigerian inhabitants (20-55 years of age) with “month to month pay source”.
Its office is also located in Ikeja, Lagos state.
5. Speedy Choice
Jemmyblog.com can’t find any loan app with the name Speedy Choice on the Google Playstore.
The online loan app that shows when the name Speedy Choice is typed is Speedy loan
Jemmyblog.com can’t affirm on the off chance that the two are something very similar.
Speedy loan’s feature is like others. Loan amount goes from ₦3,000 to ₦150,000 and those qualified for the loans are Nigerian occupants within the age bracket of 20-55 years of age with a means of earning salary.
No office address was given.
6. Simple Moni
Simple Moni in its profile on Google Playstore claims its loan is supported by Microfinance Banking Business enlisted with CBN and imparted to clients during on the online loan application.”
Its credits sums range from NGN1,500 to NGN80,000 with the Annual Percentage Rate (APR) of 48%.
Simple Moni’s actual office is in Lagos as well.
Sokoloan says its own loan goes from 4.5% to 34% and gathers no security.
Intrigued clients can get credits going from ₦5,000 to ₦100,000 with terms from 91 to 180 days.
To be qualified for these loans, one should be somewhere in the range of 25 and 50 years of age and “have a decent line of work”.
Sokoloan’s actual office is in Ikeja, Lagos state.
In the meantime, a report by Premium Times expresses that six of the seven listed organizations, GoCash, Okash, EasyCredit, Kashkash, Speedy Choice, Easy Moni, were owned by Blue Ridge Microfinance Bank Limited.
Why FG shut down the loan firms Babatunde Irukera, the top of the Federal Competition and Consumer Protection Commission (FCCPC) said the justification for the closure was the naming and disgracing of borrowers and infringement of their security concerning how the advances are recuperated.
“Besides the interest factor is by all accounts an infringement of the rights on how loaning is conducted and acquired.
So those were the two things that we set off to search for.” How we will manage computerized cash loaning organizations – Irukera said lives and notoriety of weak Nigerians are compromised or harm by harsh credit terms and crazy assortment rehearses.
He promised that the FCCPC “will hit them in their workplaces, distributed storage, banks and App Stores”, adding that moral loaning is an absolute necessity.
Giving an update in an articulation on Monday, March 14, Irukera said Google LLC and Apple Inc have been contacted to bring down the fake loan apps, among different measures taken by his bonus close by other government organizations.
Notwithstanding, checks by Jemmyblog.com demonstrates that the applications are as yet dynamic on Google Play Store at the hour of recording this report. The same old thing
Numerous Nigerians have likewise remarked that the loaning firms have not halted the badgering notwithstanding the FCCPC’s activity.
Jersey0107, @ajaneakan, said: “Lcredit, sokoloan these ones are as yet sending messages compromising casualties, I’ve seen a great deal today.”
Hirofunshi, @Hirofunshi, said: “LCredit is the most horrendously awful of all. Infact more awful than Sokoloan. Exceptional interest should be given to them
Eminence favor, @favourroyalty1, said: “They are as yet calling and sending dangerous and threatening messages even as this activity is going on.”
How online loan lenders struck by FG continued work 6 hours after the raid
In the mean time, insider information acquired solely by Jemmyblog.com says that the computerized cash banks assaulted by the Task Force returned to work six hours after the fact.
As per a source who choose to remain anonymous since she would rather not put her life in danger and risk losing her work, immediately the raid happened, the administration of two loan applications, Kash and Okash ‘settled’ the people who came to do the strike and began work six hours after the raid.
She said: “We went back to work immediately. I work in customer service and among those calling debtors and defaulters.
I think the management settled those who came to do the raid and allowed us to resume operations.
“As I am talking to you, I have called about 12 people today.
The job does not even require onsite activity.
We work remotely sometimes and report to the office a few days a week.”
Summary of the list of Fake loan apps in Nigeria banned by the FG
6. Simple Mini