List of Fake Loan Apps in Nigeria You Should Avoid in 2023

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Fake Loan Apps

The rapid growth of technology in the banking sector has given rise to the digital banking system. One of the services those digital banks provide online is the granting of loans to individuals without any physical documentation. In fact, there are apps that deal majorly with granting loans to Nigerians. However, this growth has also given birth to numerous fake loan apps in Nigeria.

The most painful part is that they have an online presence so people keep falling into their hands. In order to eradicate the effect of these fake loan apps. I have compiled the list of the fake loan apps banned by the Federal Government of Nigeria so you will not be a victim. If you do not want to be scammed then continue reading. Because aside from revealing the fake loan apps I will still give you an insight to recognize one. Furthermore, I will unveil some of the reasons why you avoid those fake loan apps.

Without much ado let’s dive into the main gist.

What is a Fake Loan App?

A fake loan app also known as loan sharks is a digital platform that lends money to people at very high interest rates or extremely low rates. Also, these apps use embarrassing means to collect back their money. Besides, a fake loan app does not have a valid email and contact address.

In order to sanitize these dubious apps the Federal government of Nigeria has tried to stop them several times. However, they keep resurfacing on the internet from time to time with different names.

List of Fake Loan Apps Banned by the Federal Government of Nigeria 

In order to save yourself from regret, here is some of the list of fake loan apps you must distance yourself from right away.

The list is based on the ban made by the Federal Government through the Federal Competition and Consumer Protection Commission (FCCPC). They are;

  • Soko Loan
  • Swiftkash App
  • Hen Credit Loan App
  • Cash Door App
  • Joy Cash-Loan Up To 1,000,000 App
  • Eaglecash App
  • Luckyloan Personal Loan App
  • Getloan App
  • Easeloan Apps
  • Naira Naija
  • Cashlawn App
  • Easynaira App
  • Crediting App
  • Yoyi App
  • Nut Loan App
  • Cashpal App
  • Nairaeasy Gist Loan App
  • Camelloan App
  • Nairaloan App
  • Moneytreefinance Made Easy App
  • Cashme App
  • Secucash App
  • Creditbox App
  • Cashmama App
  • Crimson Credit App
  • Galaxy Credit App
  • Ease Cash App
  • Xcredit
  • Imoney
  • Naira Naija
  • Imoneyplus-Instant
  • Nairanaija-Instant
  • Nownowmoney
  • Naija Cash
  • Eagle Cash
  • Firstnell App
  • Flypay
  • Spark Credit
  • Luckyloan Personal Loan App

All these loan apps are fake loan apps you should avoid in Nigeria. Aside from being banned by the Federal Government of Nigeria, they have also been deleted from the Google Play Store. 

How to Identify Fake Loan Apps in Nigeria

The number of fake loan apps keeps growing every day. Most of these apps are so dubious that they use different tactics to scam people.

In order to identify these apps, watch out for the following red 

A high amount of loan with an extremely low interest rate: Any loan app that promises you massive loans at ridiculous interest rates that seem too good to be true is probably a fake loan app. To avoid being scammed it is always good to compare the rates with the market standards.

Forceful Collection Practices: One of the red flags you have to check out before collecting a loan from a particular platform is to check the customer reviews. This will help you know if they use aggressive methods in collecting back their loan.

Real loan apps follow a structured and formal procedure for loan recovery. Ultimately, if an app threatens its customers or uses rude methods to retrieve their money, then use another loan app because such an app is a fake loan app.

Suspicious Permissions: A legit loan app will only seek permissions that are related to the lending process. However, if an app is asking for unrelated permissions like your card PIN, or OTP for online transactions then run. Such an app is one of the fake loan apps.

Not on any downloading store: Most legit loan apps have a downloadable app on Google’s Play Store or Apple Apps Store depending on your device. Hence, be careful of any loan app that is not there. It is probably a fake loan app. Fake loan apps are always removed from time to time by Google according to the Federal Competition and Consumer Protection Commission (FCCPC).

Unsecured Web address: Those fake loan apps do not have a valid web address. Thus, it is always advisable to check the web address before applying for any loan online. In order to detect any of these fake loan apps, just visit their official website and ensure that the URL is safe. If the web address begins with “HTTPS”, then it is a secure website (however, not necessarily a reliable one).

Nevertheless, if the URL has just “HTTP” without the final “s,” then it is likely a fake loan app. This is because legal organizations must comply with security rules to encrypt user data.

Furthermore, to ascertain, the web address is safe the URL must have a padlock. This indicates that the website has an SSL certificate that certifies it is a secure website.

Advance payment demands: Any loan app that requests you for an advance payment during the application process is likely one of the fake loan apps in Nigeria. Due to the hard state of the country cybercriminals take advantage of the user’s desperation to seek advance payment before loan payment. Immediately after you paid this money you not be able to access them again. Note that no reputable loan app will ask for a down payment before giving you the loan. You will only be asked to pay an interest and that will be paid after you have collected the loan.

Read also; Loan without ATM card.

Loans for Unemployed People in Nigeria

Reasons Why You Should Avoid Fake Loan Apps in Nigeria

There are several reasons why you should avoid fake loan apps in Nigeria. However, here are some of the reasons why you need to avoid those apps totally.

  • Embarrassment: If you are the type that hates embarrassment then you have to abstain from these fake loan apps. Because the majority of them use aggressive methods to recover their money. That is, they destroy your image by sending slanderous messages to your contacts
  • High-interest rate: Those fake loan apps do charge exorbitant interest rates. They do take advantage of your desperate situation to charge you high.
  • Unsafe: Any information you share on the fake loan app sites is not safe. Some of them will go to the extent of withdrawing money from your bank account without your consent.

Final Thought

The fake loan apps are so many in Nigeria that it may be tricky to identify them. So you have to do thorough research to be sure you are not falling into the wrong hands. To identify one, you have to watch out for red flags like extremely low interest rates, down payment, juicy loan offers, and so on. 

I hope this blog post has helped you know which loan apps you should avoid because they are fake loan apps. Ultimately, be careful not to be a victim as there are numerous genuine loan apps in Nigeria.

Frequently Asked Questions About List of Fake Loan Apps in Nigeria 

What is the list of fake loan apps in Nigeria in 2023?

There are numerous fake loan apps in Nigeria that you have to be conscious of. Some of them are; the  Swiftkash App, Hen Credit Loan App, Cash Door App,

Joy Cash-Loan Up To 1,000,000 App,

Eaglecash App, Luckyloan Personal Loan App, Getloan App, Easeloan Apps, Naira Naija, Cashlawn App, Easynaira App, Crediting App, Yoyi App, Nut Loan App, Cashpal App, Nairaeasy Gist Loan App,

Camelloan App, Nairaloan App, Moneytreefinance Made Easy App, Cashme App, Secucash App, Creditbox App, Cashmama App, Crimson Credit App

Galaxy Credit App among others.

How can I identify a fake loan app?

To identify a fake loan app, watch out for unrealistic loan offers, demand unnecessary personal data, use forceful debt collection methods, have no presence on Google’s Play Store, and do not have a valid physical address and website.

What are the signs of an authentic loan app?

Authentic loan apps operate under regulatory oversight, provide transparent loan terms, and follow strict data privacy and protection laws. Also, their app has a presence on Google’s Play Store, they have a valid physical address and website. Ultimately, they offer a realistic loan offer.

Why are fake loan apps prevalent in Nigeria?

The advancement of technology has made it possible to have a high number of fake loan apps in Nigeria. Besides, the tough economy has made more people demand quick loans in Nigeria which has also contributed to the rise of fake loan apps.


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