List of Fake Loan Apps in Nigeria You Should Avoid

Are you in need of quick cash? You might be tempted to download a loan app on your smartphone, but beware of fake loan apps that are becoming increasingly common in Nigeria.

In recent years, the demand for quick and easy loans has increased in Nigeria, leading to the emergence of various loan apps. While some of these apps are legitimate and provide genuine financial services, others are fake and designed to scam unsuspecting individuals. These fake loan apps often promise quick loans with no collateral, low interest rates, and flexible repayment terms.

These apps are designed to deceive people into providing their personal and financial information, leaving them vulnerable to identity theft and fraud.

In this article, we will provide you with a list of 7 fake loan apps in Nigeria that you should avoid, along with tips on how to identify and report them.

How Do Fake Loan Apps Work?

Fake loan apps deceive their victims through a variety of methods. Before they can access the loan, some apps require users to provide personal information such as their name, address, phone number, and bank account information. This data is then used to steal money from the user's bank account or to open fraudulent accounts in their name.

Other fraudulent loan apps charge users a registration or processing fee before they can access the loan. After paying the fee, the user is either denied the loan or given a small amount that is insufficient to meet their financial needs.

List of Fake Loan Apps in Nigeria You Should Avoid

Here are 7 fake loan apps in Nigeria that you should avoid:


Sokoloan is one of the leading fake loan apps in Nigeria, having pioneered the harassment of borrowers in the country.

Sokoloan loans, like the rest of the fake loan apps on this list, have exorbitant interest rates.

This loan app also provides loans for only 7 days until repayment, which violates its lending policies in Nigeria and on the Google Play store.

This loan app claims to offer borrowers up to N300,000, but this is a lie. When you fail to repay the loan, Sokoloan and its agents begin to harass and hound you for their money.

Lend Cash

LendCash is another Nigerian online loan company that is a scam.

Google and the Nigerian government's regulatory body have banned it because of repeated violations of lending regulations.

Sadly, many Nigerian borrowers have fallen prey to Lend Cash, where they often face enticing interest rates and, in some cases, irreparable damage to their reputation.


KashKash is another app on this list of fake loan apps in Nigeria.

This online lending service claims to offer loan amounts ranging from $3,000 to $200,000, loan terms ranging from 91 to 365 days, and interest rates ranging from 0.1% to 1%. The origination fee ranges from N1,174 to N6,000. In addition, the APR ranges from 36.5% to 300%.

Kashkash also claims that its interest rate is calculated daily and that there are no hidden fees.

Kashkash loan amounts do not exceed N200,000, and loan durations are typically 7 days at an extremely high interest rate.


LCredit is yet another fraudulent loan app that was removed from the Google Play Store but later returned. It is distinguished by high interest rates and the disclosure of customers' personal information.

Lcredit was removed from Google Play again after making its way back in, and it now offers its apps for download via an APK file downloadable from its official website.

Cash Mall

Cash Mall presents itself as a legitimate loan app where users can borrow between N2000 and N100,000 for a period of 91 and 365 days. But it has been showed that these are all deceptions.

According to victims of this fake loan app, they only have seven days to make their repayment. If you miss a payment, they will post your personal information on their social media accounts and send slanderous messages to everyone in your contact list.

9ja Cash

9ja Cash, like other fraudulent loan apps in Nigeria, charges borrowers exorbitant interest rates and loan terms.

9ja Cash's business model is to start by offering you small loans that they claim will help you build up a good credit score, which means larger loans and longer loan durations, but after using them up to 7 to 10 times, you discover that they do not keep their end of the bargain and you are left with still small loan amounts and sometimes higher interest rates.

There are claims that 9ja Cash is an affiliate of Sokoloan, the pioneer of fake loan apps in Nigeria.

If you do not repay your 9ja Cash loan, they will send you threats and defamatory messages to your contact list.


NCash is another of the fraudulent loan apps in Nigeria to avoid. It performs the same function as other fake loan applications. Excessive interest rates, short loan terms, and when borrowers fail to repay them, they send derogatory messages to their contacts.

NCashis, like the other fake loan apps we've mentioned, is a lending service designed solely to defraud Nigerians of their hard-earned money. While NCash is now available on Google Play (despite its fraudulent activities), many questions remain unanswered due to the app's fraudulent nature.

How to Identify Fake Loan Apps in Nigeria

1. No physical presence or App on App stores

2. Lack of registration with regulatory bodies

3. Unprofessional website and user interface

4. Inadequate customer support

5. Request for upfront payment

6. Unreasonable interest rate

How to Protect Yourself from Fake Loan Apps

       Research loan apps before patronizing them

       Check for registration with regulatory bodies

       Verify the authenticity of loan apps before downloading them

       Be wary of upfront payment

       Avoid loan apps with unreasonable interest rates


What are fake loan apps?

Fake loan apps are fraudulent apps that claim to offer quick loans but aim to defraud unsuspecting individuals.

How can I identify fake loan apps in Nigeria?

You can identify fake loan apps in Nigeria by checking for their physical presence, registration with regulatory bodies, website and user interface, customer support, and request for upfront payment.

What are the consequences of falling victim to fake loan apps?

The consequences of falling victim to fake loan apps include loss of personal information, blacklisting by credit bureaus, financial loss, mental and emotional stress.

How can I protect myself from fake loan apps?

You can protect yourself from fake loan apps by researching them before patronizing them, checking for registration with regulatory bodies, verifying the authenticity of loan apps before downloading them, being wary of upfront payment, and avoiding loan apps with unreasonable interest rates.

Can a loan app block my BVN?

Yes. Loan companies and loan apps have the potential to blacklist your BVN. It is possible because the Central Bank of Nigeria gives all regulated financial, lending, and credit institutions the authority to mark loans.

Can loan app access my bank account?

They certainly do. Typically, they will lend your money to other banks and charge interest on it, which will give them access to yout bank information.

Can loan app access my contact after uninstalling the app?

No, deleting an app from your phone removes the app's access to your personal information. The company that set up the app will retain any information you provided through the app before deleting it.


In conclusion, the prevalence of fake loan apps in Nigeria is a growing concern for individuals seeking quick and easy access to loans. These fake loan apps are designed to deceive unsuspecting individuals by promising quick loans with no collateral required. However, these apps often deny loans or provide small amounts that do not meet the borrower's financial needs. Additionally, they have been known to charge high interest rates and fees, leaving borrowers with overwhelming debt.

You must be cautious when considering loan apps in Nigeria. Always research and verify the legitimacy of an app before providing personal and financial information. Stick with reputable loan apps and financial institutions to ensure a fair and safe loan experience.

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