List of Fake Loan Apps in Nigeria 2024 [30+ Banned By the FG] UPDATED

  • November 19, 2023

While lots of Nigerians like taking online loans, it is good to know that there are lots of fake loan apps that claim to be the top lending platform in Nigeria.

In recent years, lots of people have fallen into the trap of these fake loan apps in Nigeria, thereby making it the worst loan experience in their lives.

This is because fake loan apps do a lot of damage such as unauthorized debit from a loanee bank account, frequent calls before the due date, and other fraudulent activities.

To avoid such loan platforms, Nairarush has researched and curated a comprehensive list of fake loan apps in Nigeria to avoid while looking to take online loans in Nigeria.

That’s not all, but we will also reveal to you how to easily detect fake loan apps by yourself using just your phone.

Without further ado, let’s get started!

List of Fake Loan Apps in Nigeria 2023

The fake loan apps banned in Nigeria by the Federal Government in 2023 include:

  1. Xcredit
  2. CashLion
  3. LCredit
  4. Kashkash
  5. Sokoloan
  6. GoCash
  7. LendCash
  8. BorrowNow
  9. GGMoney
  10. 9Credit
  11. Speedy Choice
  12. Fastmoney
  13. Softpay
  14. Chacha
  15. Ease Cash
  16. ForNaira
  17. Rapid Naira
  18. EasyMoni
  19. Nownowmoney
  20. AngelLoan
  21. EasyCredit
  22. Firstnell
  23. CashRain
  24. iCredit
  25. NowCash
  26. Oxloan
  27. Ucredit
  28. Monicredit
  29. Ajeloan
  30. NairaPlus
  31. Spark Credit

What are Fake Loan Apps?

Fake loan apps are simply mobile applications that promise to offer quick loans to people in need, but in return, they steal some vital information such as personal and financial details from the loaners to harm them.

In other words, fake or banned loan apps in Nigeria are those apps that are already sanctioned by the Federal Competition and Consumer Protection Commission (FCCPC).

Information usually stolen by fake loan apps include ATM card numbers, pin, and pictures (front and back), as well as bank account number, BVN, and transaction pin. Fake loan apps may also contain malware that can infect your device.

The harm fake loan apps do include using loaners’ financial details to take money from their account unknowingly, selling their personal details, and infecting your device with viruses to gain access to some very personal details.

Check Out: Loan Apps that Give 20K in 5 Minutes in Nigeria

How to Identify Fake Loan Apps in Nigeria

list of fake loan apps in Nigeria

1. No or Unsecured Website

Although lots of loan apps in Nigeria don’t have a website, to identify a loan app as legit, it must have an active website. This site must contain information about the company including contact info, physical location, and resources that will guide you on how to apply for and get a loan.

Another way of identifying loan apps with a website is to check if the site is secure. Loan sites with HTTPS are secure and can be slightly trusted.

On the other hand, if the site’s URL has simply “HTTP” without “S” at the end, it is most likely a fake loan app since legal organizations must comply with security rules to encrypt user data.

Read Also: List of Loan USSD Codes in Nigeria

2. No Contact Info and Physical Location/Head Office

Fake loan apps in Nigeria usually don’t have contact info such as phone, email, and even office location. If they have, the contact info may not be correct, or unavailable. For example, you may not get a reply when you send an email. Also, your calls would not be answered.

Real and legit loan apps do have at least one physical location where complaints can be made in person. If you downloaded a loan app and didn’t have a contact page or address info, be careful, it may be a scam.

Related: Fairmoney Loan App Reviews: Interest Rate and Bonus

3. Unavailability on Google Play Store

One major red flag on loan apps is unavailability on Google Play Store. Once a loan app is banned, it will no longer be available on Google Play Store for download.

That is simply because Google has tightened its filters to prevent further instances of fraud by fake loan apps in Nigeria, and has also removed several fraudulent applications from its store at the request of the FCCPC.

FCCPC or Federal Competition and Consumer Protection Commission is a body that orders the withdrawal and removal of fraudulent apps from online download stores like the Google Play Store.

Apps that FCCPC has requested their withdrawal from Google Play Store include Maxi Credit, Sokoloan, Here4U, ChaCha, and SoftPay.

So, if a loan app is not available on Google Play Store, it should be avoided and added to the list of fake loan apps in Nigeria, even if downloaded from their website, or other app download stores such as APKPURE.

4. Abusive Collection Practices

One of the characteristics of fake loan apps in Nigeria is the provision of loans in exchange for access to personal information and data on loaners’ phones. This information includes the full contact list, and also the credit and financial standing of the loanee.

Although loan apps use the contact list to reach loaners’ friends and families upon default, the way the information is used by some apps is too abusive. Some fake loan apps sell this information to third-party.

Another way fake loan apps in Nigeria use the information to abuse loaners is frequent calling just a few days after the loan is granted. In most cases, representatives of the fake loan app demand payment of a loan with criminal interest rates (different from the initial agreement) via text messages and phone calls, which quickly escalates into an operation of harassment and threats against the loanee and his or her family.

Privacy violations, fraudulent activities, exportation, and defamation behavior by loan apps are crimes under Nigerian law. Apps that indulge in any of these activities should be on the list of fake loan apps in Nigeria.

Examples of apps that were raided by the FCCPC, ICPC, NITDA, and the Nigerian Police Force for these activities include GoCash, Okash, EasyCredit, Kashkash, Speedy Choice, and Easy Moni.

Read Also: Top 19 Refer and Earn Apps in Nigeria that Pay

5. Bad Customers Feedback

The best and most effective way of identifying bad loan apps in Nigeria is the high number of negative feedback. Legit loan apps get good reviews, while fake loan apps get bad reviews.

While looking to download a loan app on Google Play Store, you must first check the feedback to know how legal it is and how good its customer service is. Also, check the review website to see expert reviews on the loan app you’re about to request a loan from. This process is free, and won’t take much time.

You can also ask friends if they’ve used the app before, and what their experience is with it if they have. Overall, if you get a high number of negative feedback after your research, the app should be added to your list of fake loan apps in Nigeria.

6. Sanctioned by Financial Authorities

All financial institutions including banking and of course lending platforms must be registered under the Central Bank of Nigeria (CBN) and/or listed in the National Information Technology Development Agency’s (NITDA) register of monitored businesses.

To avoid exploitation, credit must be governed by a regulated legal framework – even loans between friends. This also helps facilitate the identification of fraud attempts.

For a loan app to be authorized to give credit, approval is required by Nigerian financial bodies. Before pursuing a loan request, it is essential, particularly if you are unfamiliar with the brand, to verify that the company is included in the Nigerian registry of authorized financial agents, and has not been ever sanctioned mainly by the FCCPC.

Therefore, unregistered loan apps under CBN, or NITDA, are most likely scams, and banned loan apps in Nigeria.

7. Request for Sensitive Information

Once a loan app requests your bank account number, ATM card number or image, and transaction PIN, they are most likely scam loan apps. This information is sensitive, and should only be kept with you.

Some apps request this information on loan repayment or while looking to apply for a loan. Once you see any of these requests (most especially the transaction pin or ATM card image), it is better you discontinue your loan request application.

8. Unreal Interest Rate

Loan apps that promise to offer a 0% interest rate are most likely scams. This is usually done through advertising to get people’s attention.

However, after being granted the loan, the real interest rate will be revealed which could be annoying to borrowers. According to research, the least interest rate on loans in Nigeria by loan apps is usually around 0.6 to 0.8 percent per day.

Therefore, be careful if you come across loan apps that promise to offer less than that. Before committing to a specific loan app in Nigeria, it is essential to investigate the interest rates offered by the competitors.

Check Out: Interest Free Loan Apps in Nigeria

9. Hidden Loan Conditions

While all loan apps (even the fake ones) may have respective loan terms and conditions, you must be very cautious with loan applications that include exploitative conditions that are never made public.

Of course, many Nigerians, especially those that are in urgent need of a loan may not read the terms of the loan while applying, loaners must be diligent when inquiring about the applicable interest rate to financing, as well as the processes, payment amounts, and periods in between.

That simply means, some loan apps keep terms like additional charges on repayment, increment in interest, and some other vital information away from the borrowers in order to exploit them legally, but unlawfully.

Since every component of financial documents such as the ones that explain the entity issuing the loan, its share capital, and its contact information must be completely visible, mobile apps that hide some of these terms must be added to the list of fake loan apps in Nigeria.

10. No Regard for Solvency

Once a loan app claims or promises not to consult or have anything to do with the credit bureau, it is undoubtedly a scam.

A very popular example is when you received a loan offer from a lending app to borrow a large sum of money with no penalty whatsoever even while still having outstanding debts. Of course, this is just another method of exploitation.

Since they are scammers, they don’t really care about borrowers’ financial status. So, when they offer you a huge loan that you can’t repay, they will consult the credit bureau, which would negatively affect your credit score. As a result, this will ruin your chances of getting loans from reputable loan apps, platforms, and even banks.

11. Advance Payment Demands

It may seem untrue, but some loan apps request advance payment prior to loan disbursement. Lots of newbies fall for this but, after depositing the advance payment, they’ll instantly be denied access to the loan and their profile.

Why people fall for this is that loan apps that demand this initial deposit claim it to be a means of activating borrowers’ accounts, approving loan applications, making sure the bank account to disburse the loan to is active or other silly reasons.

Any loan app that requests advance payment before loan disbursement should also be added to your list of fake loan apps in Nigeria.

Banned Loan Apps in Nigeria – FAQs

Which loan app is banned in Nigeria?

Loan apps banned in Nigeria include Cash Mall, CashLion, FastMoney, LendCash, BorrowNow, LCredit, NairaPlus, 9ja Cash, Cash Wallet, Mikoloan, SuperCash, XCredit, Star Loan, Kashpal, Monicredit, Creditup, Zuma Cash, LionCash, Ajeloan, GGMoney, 9Credit, Sokoloan, Palmcash, Ease Cash, ForNaira, Lucky Loan, Ucredit, NowCash, GotCash, NCash, GotoCash, GoCash, KashKash, Rapid Naira, EasyMoni, EaseMoni, AngelLoan, Speedy Choice, EasyCredit, OKash, CycleCash, CashRain, iCoin, CreditHall, GetCash, iCredit, PalmCredit, Aimloan, CashFarm, Oxloan.

What loan apps are removed from Play Store?

Loan apps remove from Play Store in Nigeria include but are not limited to Cash Mall, FastMoney, LendCash, BorrowNow, NairaPlus, Cash Wallet, Mikoloan, SuperCash, Star Loan, Kashpal, Monicredit, Creditup, Zuma Cash, LionCash, Ajeloan, GGMoney, 9Credit, Sokoloan, Palmcash, Ease Cash, ForNaira, Lucky Loan, Ucredit, NowCash, GotCash, NCash, GotoCash, GoCash, KashKash, Rapid Naira, EasyMoni, AngelLoan, EasyCredit, CycleCash, CashRain, iCoin, CreditHall, GetCash, iCredit, Aimloan, CashFarm, Oxloan.

Why is Sokoloan not on Play Store?

Sokoloan is not on Play store because FCCPC has requested its withdrawal from the online App Store due to suspected fraudulent activities the app is involved in.


One of the things to do while looking to take online loans for the first time or from a new loan app is to research how legitimate the mobile application is.

This post doesn’t only provide you with the list of fake loan apps in Nigeria, and a list of banned loan apps in Nigeria, but also shows you how to identify the bad ones to add to your fake loan app list in Nigeria.