Fake Loan Apps In Nigeria: How To Identify Them

The proliferation of fake loan apps is increasingly becoming so rampant in Africa. Have you ever opened your phone and kept seeing advertisements of unknown apps popping on your screen every time and you had to open it?
What experiences do you have using loan apps in Nigeria? do you know that google removed over 30 lending apps from the play store for failing to prove their compliance with relevant local financial laws?
In this article, I will explore some fake loan apps in Nigeria that you should run away from when you come across them on social media or any place that you come across these apps.
When I say fake loan apps it doesn’t necessarily mean no one would respond to you when you apply rather it just means you might have to regret dealing with these apps.
Most of these apps will only waste your precious time, some of them will just interact with you to steal your private data to resell to third parties. Some just want to make away with the money that you still have in your bank account.
One thing you should know for sure is that none of these apps have your interest at heart. The goal of fake loan apps is to steal, kill, and destroy like a thief in the night. Their major aim is either to steal your money by defrauding you, steal your data and expose it to third parties or destroy your reputation with families and friends and even kill you financially with exorbitantly high-interest rates as high as 60 percent in seven days or ruin your credit scores with other online platforms.

What are loan Apps?

A loan app is basically a mobile application or lending company that enables you to apply for a loan without ever setting foot in the bank. Usually, the traditional thing is if you need a loan you go to a bank to submit collateral but not in this case. Loan apps just make you do every procedure on your phone to qualify for instant cash loans for emergencies or to help consolidate or pay an outstanding debt or finance a big project.
Most loan apps provide collateral-free personal loans with very convenient interest fees. Loan apps are good but there are some dubious fake loan apps. How do you identify bad loans or the bad eggs in the lending industry?

How to identify a bad loan

How do you differentiate the bad eggs from the good? or what are the red flags to notice that will prompt you to run from a loan company? If you see any of these things run for your life.

The first red flag of a bad loan app is that they give you a bogus offer without collateral, imagine a loan app claiming to offer you 1 million to 5 million, and all they need is for you to create an account on its mobile app or website. You and I know that non of these fintech companies will give you that kind of amount. Even if a bank wants to give you that amount they will ask for your ancestor as collateral. If the offer looks too good I beg you to run for your life.
Another way is that these apps offer you little with a high-interest rate. Imagine being offered N1000 at a 70% interest rate.
The fake companies are not properly registered with governing institutions like CBN, Sec, or NDIC. If these recognized institutions are not regulating them then deal with them at your own risk. There is a reason they denied them registration status. If CBN doesn’t trust them to affiliate with them why should you trust them?
Also if they offer you small amounts at a very short tenure then they may not be genuine, imagine being offered N5000 to pay back in two days. They try to lure you by saying you’ll get the loan by just clicking on a link. My dear these outfits are suspicious and may not mean well to you. They are the type that will label you a fraudster in two days, messaging all the members of your community that you ran away with company money.
Too many bad reviews about a particular lending company may just mean they are not to be trusted. Before you get that loan, go to google and find out other users’ experience with the company.

Also if you see a series of customer harassment associated with a particular loan app then chances are they are fake.
Any loan app with hidden charges is also considered fake.
Lack of customer support and contact details is another warning sign that you are dealing with criminals.
If they have a similar name to an existing loan company or bank or Ponzi scheme, chances are that they are scammers trying to steal your hard-earned money by posing as an already existing brand with a good reputation already.

Examples of fake loan apps in Nigeria

If you find any of these apps trying to lure you or your friends to take a loan please take a run, you should run for your life.
They usually don’t have social media accounts or even an online presence.



 Naira plus

 Soko loan




cash for naira















Mikoloan Cashlion etc. this list is not exhaustive and we promise to keep updating it. If you have anyone to add you can do so via comment.

If you see any of these names on your device or any other place please run for your life, these are fake loan apps that have been confirmed in Nigeria.

They don’t give you any loans rather they take your information and sell it to third parties or they offer you a crazy high-interest rate and tell you to pay it back in two days when you fail they harass your contacts saying you are a fraudster and used them as guarantor. Know that you’re not going to have a good experience with any of these apps.
User experiences with some of the loan apps above
Let’s see what they’ve done in the past years on people and what we can learn from them.
It used to be one of the bad loan apps in Nigeria hosted on the google Playstore with thousands of users and downloads before it was suspended by Google. Currently, the platform does not have any online presence or a physical office address. A lending service company without these two important factors is a major red flag.
Has been removed by Google from its Playstore and the fake loan app has been considered to have violated many of the government’s operational policies, Google also discovered that the app was involved in some malicious activities like spying on phone contacts, photos, recordings, messages, and other personal details which is against Google privacy policy.
9jacash is another dubious app you should run away from it because we don’t know basically the owner. They are also not in compliance with the laws prescribed by lending app regulators in Nigeria. There is this news making the rounds that they have over 10 million naira suits hanging in their neck for different unscrupulous activities.
The platform also charges a cutthroat interest rate on each loan and the longest tenure is seven days instead of the 60 days minimum duration.
They also slander their defaulters with threats and defamatory messages as well as to contacts on your phone. These acts are against user privacy. So you see why you should run away from 9ja cash or whatever they are called.
It is probably the number one loan app that every one that is reading this article should stay clear of. It is one of the quick loan apps that has always shown up on advertisements promising mouth-watering loans until you give them a try and they turn the devil.
Once you decide to deal with them bear in mind that they have no regard whatsoever for the data privacy of their users, blackmailing and threatening messages are the norm if you default in repayment.
Soko Loan
Soko Loan on itself is the father of all Fake loan apps that has been prescribed by Nigerian government. It is one of the most popular quick loan apps in Nigeria and is one of the worst apps to borrow from based on our research.
We discovered that it has about three other mobile loan apps offering the same service under different names and all have a bad reputation that precedes them.
It’s one of the most unprofessional platforms out there that you can ever deal with, the platform does not declare its charges until they give you a loan and they only give you seven days to repay your loan. This is less than 60 days tenure prescribed by the National Information Technology Development Agency of Nigeria.
They were fined 10 million naira in 2021 by NITDA after a number of customers reported them for invading their privacy and sending threats and curses even without an outstanding debt.
Easimoni or easy cash
Whatever names they go by, is one of the worst apps on this list. The lending platform is known for threatening and shaming loan seekers if there is a slight disagreement. They have also repeatedly been in violation of user data privacy of customers leading to complaints to Google that led to removal from the play store.
As expected, easimoni has now repackaged itself as easy cash in order to find its way back to the Playstore. Easy cash as well is owned and operated by a faceless company from china and hong kong with no physical address in Nigeria.

Are there good and reliable loan apps?

As much as there are bad loan apps out there that are only interested in disgracing you or stealing your data and money there are a few good ones that have good user records that we can recommend in this article.
These apps give you longer tenure on loans and the lowest interest rates you can ever get in Nigeria. They are designed to truly help you when it matters most and they are not greedy compared to the ones that were listed above. You can see our list of best Loan apps in Nigeria.


The lending business has evolved in Nigeria and while there are hands full of good and reliable lenders there are also a number of fake loan apps in Nigeria that are dubiously stealing people’s data and hard-earned money. This article will help you avoid falling victim to scam organizations.


Internet marketer, content Writer and SEO expert

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