List of Fake Loan App You Should Aware Of And How To Identify Them
With the ease of getting the money instantly, many fall into the trap of fake loan apps. The real loan apps indeed usually approve the loan application within minutes. Then the money comes to your account, but the fake ones won’t send anything. Instead, they take away your personal info which could lead to a more serious problem. There have been countless cases of it. To protect you, here is the list of fake loan app and other things you need to know about it.
What is a fake loan app?
A fake loan app seems like a real loan app. It asks you to fill out forms requiring personal and even sensitive info like a bank account, ID, even passwords. After filling them out, users won’t get any transfer but malware/viruses that might hack your devices to gain details more. Others even trick the users to pay advanced payments to claim the loan which won’t ever happen.
They usually become inaccessible once they get fake fees or personal info. Or they can change the domain and name to run away from the users. Even so, people could report it to the authority. Specifically in Nigeria, the Federal Competition and Consumer Protection Commission already make laws and sanctions for the apps. They even ban and remove them from the app store/play store also releasing a list of fake loan app.
How to notice a fake loan app
Before going to the list, it is crucial to understand the signs of the fake loan app. You can spot them in these characteristics.
- It’s too good to be true. For example, it offers a high number of loans with very low to no interest rates. Or it doesn’t care about credit score, or financial status even won’t look at solvency.
- It asks for a prior fee which sometimes is a very big amount. Another way is by asking you to deposit some money as an assurance.
- It’s unregistered by the authority. Check your financial services authorities like NITDA and CBN in Nigeria which list legal finance services including apps. If it’s not there, that’s a red flag.
The fake loan app list
The authorities in Nigeria do not only release the legal finance services but also banned fake ones. They are mostly not available on the app store/play store and here is the list of fake loan app.
- KashKash
- Xcredit
- Borrownow
- Speedy Choice
- CashLion
- NairaPlus
- Rapid Naira
- ForNaira
- Fastmoney
- AngelLoan
- LCredit
- Oxloan
- OKash
- Ajeloan
- Softpay
- GoCash
- Chacha
- Sokoloan
- iCredit
- Monicredit
- Ucredit
- Nowcash
- CashRain
Tips to avoid fake loan app
- Always check their profile including their websites/links, reviews, and even the contact info like physical location.
- Do double-check with the authorities or at least the internet. See whether they are on the list of fake loan app.
- Stop filling out the form if you think the demand ‘too personal’ data.
- Read whole the document that they provide thoroughly. They might insert some ‘hidden’ fee.
- Never pay them first as most loan app includes additional fees in the first or next loan payment.
If you find an interesting loan app, check on the list first. The fake loan app sometimes looks like a real one, so please be aware.
