How To Detect Fake Loan Apps Or Sites In Nigeria – Easy Steps By Step Guides


How To Detect Fake Loan Apps Or Sites In Nigeria - Easy Steps By Step Guides

How To Detect Fake Loan Apps Or Sites In Nigeria.

The continuous rise of financial instability in the country has created more opportunities for loan services or platforms to be established.  

For the past few years, there has been an increment in the price of almost everything in Nigeria yet most salaries didn’t increase. These loans have been helping the majority stay afloat as they manage themselves through the month and wait for their next payday.

However, it is sad to note that some people have decided to use this as a form of scamming Nigerians. 

It is therefore important to be careful and to know how to detect fake loan apps for safety reasons.

It is easy to detect fake loan apps and this article is here to help out.

How To Detect Fake Loan Apps In Nigeria:

One of the easiest ways to detect fake loan apps is through their interest rate.

The interest rate for an average commercial bank loan in Nigeria is 24 percent per annum. However, fake loan apps’ interest rates are between 75 percent and 400 percent. Once you notice this, know it’s a red flag.

Aside from interest rate, other factors can help you determine if a loan app or service is sham or authentic.

Here are 10 solid factors that you should watch out for to identify a fake loan app.

1. Unavailability on Google Play Store: 

This factor alone is the biggest red flag ever!

Any legit app should not be found missing on Google Play and iOS app store. If it is not there, then it means something is wrong.

It is either the app is not available in your country (which is a reason why some apps are not available to you) or the app is fake.

Note that not all apps that you don’t find on Google Play Store are fake. 

Fake loan apps are frequently pulled down from time to time by Google.

2. Unsecured Website Or Inadequate Web Page Functionality: 

The quality of a website says a lot about the services they offer. If you see an odd website, you may get odd services too.

If a Loan platform web page has inadequate functionality, it is simply showing you that something is wrong with the services they offer.

An unsecured website makes it more glaring that there is a higher chance of the site being a sham. Be careful.

3. Negative Customer Feedback:

You don’t need any other evidence to conclude that an app is fake if the reviews are bad.

 Simply take the name of the app to Google and search for people’s reviews on it. This will guide you and help you with what you need to do.

There’s no fake loan app that does not have its victim and these victims come back to cry out to the public. This has helped a lot of people from falling into the same trap.

If the negative reviews you see on a loan app are more than the positive ones, run! It is that simple.

Look for better options and go for those.

4. Small Loan Amount

Most fake loan apps will still offer you a small loan amount even if you meet all requirements.

Note, not all loan platforms that offer small loan amounts are fake. Sometimes, it is because you didn’t meet all the requirements or you have a poor credit score. If you want to know more about credit scores, check out some of my articles.

For fake loan apps, you may have a good credit history, an appropriate credit score, and even fill in your correct info, yet you’d be offered a small loan amount. Apps like this are fake.

5. Crazily High Interest Rate: 

As earlier mentioned, a crazy high-interest rate is one of the easiest ways to recognize fake loan apps. They are desperate to extort people and they need people to fall into their traps. This is a big red flag, you should run.

For example, if you want to take a loan of 8000 NGN; fake loan apps may add an interest fee of 7000 NGN. They are that desperate.

Interest rates like this one should be a warning for you. Don’t fall for their scam.

People who are in dire need of a loan often fall into the hands of these scammers, this should not be.

6. Fake Office Address:

Guess what? The internet has made this easier!

 It may not be easy and it is in fact a waste to try to visit each address physically.

Every Loan platform has an address that can be traced online. Check out their so-called address and you’d know if they’re fake or not.

7. The Loan Company Is Unregistered:


Don’t bother downloading.

There are many unregistered Loan companies out there and all they need is to set their hands on desperate Nigerians who are in tight financial Issues.

This is another reason why you should do your research well before going ahead to download any loan app.

8. Short Loan Repayment Time:

Have you come across loan apps that won’t give you more than 7 days to repay the loan? High interest, short loan repayment time, plus small loan amount. 

That’s like 3 red flags in one. Don’t go for it, they’ll benefit from you way more than you will from them and they will pressure you so much if you don’t meet up with the deadline.

9. Notifications: 

It is okay for loan apps to notify you when your loan is close to the payment date. But fake loan apps start reminding you of your payment date immediately after you borrow. You get notifications every minute about how much you’ve borrowed and the payment date. It’s a red flag! Don’t even get to this stage, check reviews to avoid downloading the app in the first place.

10. Card Verification Fee:

May look like a small fee but it’s a perfect way to extort. Imagine charging a card verification fee of 50 naira to 7000 people. Do the math. Red flag!

That is not all. Other mild factors can also point out that something is fishy with a loan platform. They include:

  • Loan services or platforms sanctioned by financial authorities.
  • Loans platforms that request advance payment before the due date.
  • Requests for passwords and sensitive information.

What Apps Are Fake Loan Apps in Nigeria?

The Fake loan apps mentioned in this article should be avoided like the plague, don’t even check them out at all. We’ve done that for you.  

An investigation, last December, revealed how these platforms offer short-term loans (some with crazy interest rates) to help individuals meet urgent needs, but resort to unprofessional measures of harassment, cyberbullying, and breach of data privacy of their customers who may have defaulted in loan repayment.

Here’s a list of them:

  • Okash 
  • Kashkash
  • EasyCredit 
  • GoCash  
  • Speedy Choice
  • Easy Moni.
  • Cash Mall
  • CashLion
  • FastMoney
  • LendCash
  • BorrowNow
  • LCredit
  • NairaPlus
  • 9ja Cash
  • Cash Wallet
  • GGMoney
  • 9Credit
  • Sokoloan
  • Ease Cash
  • ForNaira
  • GotCashger
  • NCash
  • GotoCash


If you put all of these factors to mind, there is no way you fall for fake loan apps.

You may have, at one time, come across apps like this. Don’t ever borrow from them. They are fake loan apps that are just trying to extort ignorant individuals. 

Now that you know what to do, don’t be a victim.