Loan apps that call your contacts in Nigeria are a growing trend in the country’s lending market. These apps allow individuals to quickly and easily apply for loans using their mobile devices and often require users to provide contact information of friends or family members to be used as references.
While these loan apps can be a convenient way to access credit, it’s important to be aware of the potential risks. It’s important to read the terms and conditions of the loan carefully before accepting it, and to be aware that interest rates on these loans can be quite high. Additionally, the practice of contacting references could be seen as an invasion of privacy.
It is important to be careful and considerate when using loan apps that call your contacts in Nigeria, and to weigh the potential risks and benefits before applying for a loan on these apps.
Nairarush has curated 25 of these apps, and also provides more information on how to identify them, as well as why you should stay away from them.
Without further ado, let’s get started!
25 Loan Apps that Call Your Contact in Nigeria
The following is a list of 25 loan apps that call your contact in Nigeria to stay away from if you want peace of mind on loans
- LCredit
- Xcredit
- PalmCredit
- Nkash
- ForNaira
- GoCash
- Cashrain
- KashKash
- 9credit
- ICoin
- Sokoloan
- LionCash
- CashLion
- Okash
- EasyCredit
- Oxloan
- Ease Cash
- Speedy Choice
- FastMoney
- GetCash
- 9ja Cash
- Softpay
- Rapid Naira
- Monicredit
- Ucredit
Related: List of Fake Loan Apps to Avoid in Nigeria Right Now
How Do Loan Apps Access Your Contacts?
In most cases, once you install some specific loan apps, you’ll be asked to allow or deny the app from accessing your contact list. If you click on the ‘Allow’ button, all your contacts could be accessed by those lending companies.
While this may sound like a privacy invasion, most loan apps already include this in their terms and conditions. So it’s important to read the app’s privacy policy and terms of service before granting access to your contacts.
Why Do Loan Apps Request Access to Your Contacts?
Here are some of the reasons why loan apps request access to your contacts.
- Verification of identity: By accessing users’ contacts, loan apps can verify that the users are who they claim to be and that the contact information they provided is accurate.
- Connect with other lenders: Some loan apps may connect users with other lenders, and in order to do this, they may need access to the user’s contacts to identify potential lenders.
- Creditworthiness: Some loan apps may use the information from a user’s contacts to assess their creditworthiness, in order to know the loan amount that they are qualified for.
It’s important to note that in some cases, you must give your consent for the app to access your contacts, and you can revoke this consent at any time through the settings on your device.
Read Also: Loan Apps Without Collateral in Nigeria
Why Do Loan Apps Call Your Contacts?
Loan apps that call your contacts in Nigeria do this because
- They want to verify if your identity is real.
- To report loan terms violations.
- Top promote their lending service to your friends and family members.
- Some loan apps may require a guarantor to guarantee the loan, and they may contact your contacts to ask them if they would be willing to act as a guarantor.
How to Stop Loan Apps from Calling Your Contacts
To stop a loan app from calling your contacts, you can take the following steps:
- Deny access to contacts: Go to the settings on your device and navigate to the app in question, click on permissions, and deny the app’s access to your contacts.
- Uninstall the app: If you no longer wish to use the loan app, you can uninstall it from your device.
- Block phone numbers: If you are receiving unwanted calls from the loan app, you can block the phone number(s) through your phone settings.
- Report to the authorities: If you feel that the loan app is calling you or your contacts without your consent, you can report it to the authorities.
It’s important to note that if you revoke access to your contacts, the loan app may no longer be able to provide the service it was designed for, and you may be unable to use the app or apply for a loan.
How to Stop Loan Apps from Sending Messages to Your Contacts
To stop a loan app from sending messages to your contacts, you can take the following steps:
- Revoke access to contacts: Go to the settings on your device and navigate to the app in question. Revoke the app’s access to your contacts.
- Uninstall the app: If you no longer wish to use the loan app, you can uninstall it from your device.
- Block phone numbers: If you are receiving unwanted messages from the loan app, you can block the phone number(s) through your phone settings.
- Report to the authorities: If you feel that the loan app is sending you or your contacts messages without your consent, you can report it to the authorities.
- Check the permission settings: Many apps have permission settings where you can choose which parts of your phone the app can access, in this case, you can revoke the app’s permission to access your messaging service.
Conclusion
Loan apps that call your contacts in Nigeria can be a convenient way to access quick cash, but it’s important to be aware of the potential risks. These apps may share your personal and financial information with third parties, and if you default on your loan, your contacts may be contacted for payment.
It’s essential to thoroughly research and read the terms and conditions of any loan app before using it, and to only borrow what you can afford to repay. It’s also important to remember that these apps should be used as a last resort, and that it’s always better to save up or look for other alternatives before taking out a loan.
