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See List Of Fake Loan Apps In Nigeria



Below is a comprehensive list of the top 20 fake loan apps in Nigeria for 2022.

The majority of these fake loan apps in Nigeria have tenures ranging from 7 to 14 days, which violates Google’s policy on loan apps hosted on its Play Store and local laws in Nigeria. Hear what Google has to say about loan duration:

As a customer or borrower, you are not supposed to be duped, threatened, or defamed. Simply avoid the fake loan apps in Nigeria mentioned in this article like the plague, and you will be safe in all of your transactions. If you need a quick cash loan, you can use any of our recommended .

List Of Top 20 Fake Loan Apps In Nigeria 2022

The top 20 fake loan apps in Nigeria are listed below. Borrowers and customers should avoid them at all costs. Many people have been scammed and defrauded, and their bank accounts have been illegally debited as a result of these fraudulent digital lending apps. Please be cautious!

How to identify fake loan apps
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. These are a few red flags you should look out to identify a fake loan app.

Small loan amount
Crazily High-interest rate
Fake office address
The loan company is unregistered
Short loan Repayment time
The loan company pressures you to act immediately
Fake or insecure Lender’s website
Card verification fee
Cash Mall
9ja Cash
Cash Wallet
Ease Cash
KashKash is the first application on our list of fake loan apps in Nigeria. It claims to provide flexible online loan products to consumers across the country, adding that all you have to do is download the app from the Google Play Store and apply for the loan.

Claim on a KashKash Loan

Loan Amount: ₦3,000 ~ ₦200,000
Loan Term: the shortest is 91 days, the longest is 365 days
Interest rate: With a minimum of 0.1% up to 1%
Origination Fee: Range from NGN 1,174 – NGN 6,000 for a one-time charge
Annual interest rates from 36.5% to 300%.

The interest rate is calculated on a daily basis.
No hidden charges;

However, almost all of these claims have been proven to be false or dubious. KashKash is one of Nigeria’s most popular fake loan apps. They never give out loans of N200,000, and all of their loans are for 7 days with very high astronomical interest rates, despite their promise of low interest.

KashKash will shame you if you default on their meager loan. The lending platform is a loan shark, and it was recently shut down in Lagos and is about to be prosecuted.

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How Fake Loan Apps in Nigeria Carry Out Their Business
Recently, there has been an increase in the number of predatory, fraudulent fake loan apps in Nigeria, with the sole purpose of scamming poor and hapless borrowers and swindling them of the little money they have with them, or becoming loan sharks, requesting incredibly high interest rates and illegal down payment before getting a loan.

These fake loan apps in Nigeria either demand an illegal security deposit from their potential customers or ask them to pay loan processing fees. Some people enjoy threatening and blackmailing customers at every opportunity, as well as insulting and using derogatory language on them.

9ja Cash
9ja cash is another bad loan app that you should avoid. Sokoloan, a lending app that has been banned by Nigerian regulators, owns and manages the app.

9ja cash has all the hallmarks of a totally fake loan app written all over it. The platform charges an exorbitant interest rate on each loan and restricts loan tenure to 7 days rather than the required minimum of 60 days. They also slander their borrowers with threats and defamatory messages, which extends to your phone’s contacts. An act that violates user privacy

NairaPlus is probably the number one loan app everyone should stay clear of. It is one of the quick loan apps that always pop up on advertisements promising mouthwatering loans until you give them a try. Once you decide to deal with them, you should know that they have no regard for data privacy of their users and you should expect blackmailing and threatening messages if you default in repaying even for just a day.
Sokoloan is one of the most popular quick loan apps in Nigeria and it is one of the worst apps to borrow from. Based on our research, we discovered that Sokoloan has about three other mobile loan apps offering the same service under different names. Sokoloan has a bad reputation that precedes them, it is one of the most unprofessional platforms out there. The platform does not declare its charges until they give you a loan and they only give you 7 days to repay your loan. Actually, it’s more or less 6 days long. Sokoloan was fined by National Information Technology Development Agency (NITDA) when a significant number of customers reported them for invading their privacy and sending threats and curses even without an outstanding debt.

A major decision was taken against bad loan apps in Nigeria in August 2021, when NITDA fined Soko Lending Company the sum of N10 million for invading the privacy of their users and for sending threatening messages to borrowers, a practice regarded as a privacy invasion.

9Credit is one of the bad loan apps in Nigeria that you should never collect money from. Besides the fact that they give 7 days to repay, they go to the extreme to recover their money. Imagine your boss or your family member telling you they got a message like the one below.


This is to notify you that name; temitope victor obembe Phone: 081650-**** / 08147-3**** is an INCONSIDERATE PERSON, THIS PERSON has PROVEN to be a CRUEL/HARD HEARTED DEBTOR, also we DISCOVERED that this PERSON IS A PERPETUAL/UNREMORSEFUL DEBTOR known ALL OVER THE FINTECH COMPANY IN NIGERIA, This DEBTOR goes around COLLECTING MONEY from different fund COMPANY without repaying.

This person has CURRENTLY REFUSED to REPAY the company’s money(NC)and has refused to pick up our calls. Please contact us if you have any information about this person as soon as possible, or else the company will be FORCED to take LEGAL ACTION to RECOVER THIS fund, Kindly be INFORMED that this person provided us with all your details STATING that YOU both AGREE to COLLECT this fund from the US…

If you are not aware of this fund you can as well call the person to delete your information on the APP NOW, because SHORTLY the person’s DETAILS alongside yours will be PUBLISHED in a DRASTIC MANNER.

Google’s requirements to operate a loan app
fake loan apps in nigeria
Loan apps available on the Google Play Store that offer short-term loans are required by Google policy to give borrowers at least 60 days from the date of issue to repay any loan.

The Central Bank of Nigeria (CBN) Consumer Protection Regulation prohibits financial institutions from contacting a loan defaulter’s friends, employers, or relatives unless consent is obtained.



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