List of Fake Loan Apps Blacklisted by CBN

There are list of fake loan apps blacklisted by CBN. These delisted illegal loan apps pose a serious threat to the society. FG has taken a bold step in blacklisting and delisting them and declaring them to be fake. Some of these fake loan apps impose a serious harrassment to its users and victims. These illegal loan apps are not in any way registered with the federal government and they have been banned.

The Rising Threat of Fake Loan Apps

Fake loan apps is a growing concern in today’s digital age. With the increasing popularity of online lending platforms, scammers have found new ways to exploit unsuspecting individuals in need of quick cash.

These fake loan apps often masquerade as legitimate lenders, offering attractive loan terms and easy application processes. However, their main objective is to collect personal and financial information from users, which can be used for identity theft or other fraudulent activities.

These fake loan apps typically target individuals who may have a poor credit history or limited access to traditional banking services. They prey on the desperation of people in urgent need of funds, promising quick approvals and instant cash transfers. However, once users provide their personal information and banking details, scammers can use this data to steal their identity or even empty their bank accounts.

One of the reasons why fake loan apps have become so prevalent is the lack of proper regulation and oversight in the online lending industry. Unlike traditional banks and financial institutions, these apps often operate outside the purview of regulatory authorities, making it easier for scammers to set up fraudulent schemes. Additionally, the anonymity provided by the internet makes it difficult to track down and hold these scammers accountable for their actions.

To protect yourself from falling victim to fake loan apps, it is crucial to exercise caution and conduct thorough research before downloading any lending app. Check the legitimacy of the app by verifying its credentials and reading user reviews. Be wary of apps that ask for excessive personal information or require upfront fees. It is also advisable to stick to well-known and reputable lending platforms that have a proven track record of providing secure and reliable services.

Potential Risks of using Fake Loan Apps

Using fake loan apps can pose several potential risks to individuals. One of the main risks is the possibility of falling victim to identity theft. These apps often require users to provide personal and financial information, such as their name, address, social security number, and bank account details. This sensitive data can be misused by the creators of the fake app or sold to third parties, leading to financial loss and potential damage to one’s credit score.

Another risk is the potential for fraudulent activities. Fake loan apps may promise quick and easy loan approvals without conducting proper background checks or verifying the borrower’s creditworthiness. This can result in individuals borrowing money from illegitimate sources and being trapped in a cycle of debt with exorbitant interest rates and hidden fees.

Fake loan apps may request unnecessary permissions on users’ smartphones, such as access to contacts, messages, or even camera and microphone. Granting these permissions can compromise the privacy and security of personal data, allowing the app creators to collect sensitive information without the user’s knowledge or consent.

Fake loan apps can expose individuals to phishing attacks and malware. These apps may contain malicious links or attachments that, when clicked or downloaded, can infect the user’s device with malware. This can lead to unauthorized access to personal data, financial fraud, or even complete loss of control over the device.

How CBN Identifies and Blacklists Fake Loan Apps

The Central Bank of Nigeria (CBN) employs various methods to identify and blacklist fake loan apps. One of the primary ways is through a thorough investigation and monitoring process. CBN closely monitors the activities of loan apps and scrutinizes their operations to determine if they are engaging in fraudulent practices or violating any regulations.

CBN also relies on reports and complaints from the public. If individuals or organizations come across suspicious loan apps or have been victims of fraudulent activities, they can report them to CBN. These reports play a crucial role in helping CBN identify and blacklist fake loan apps.

Furthermore, CBN collaborates with other regulatory bodies and law enforcement agencies to gather information and intelligence on fake loan apps. This partnership allows for a more comprehensive approach to identifying and taking action against these fraudulent apps.

CBN also conducts regular audits and inspections of loan app companies to ensure compliance with regulations. These audits help identify any irregularities or fraudulent activities, leading to the blacklisting of fake loan apps.

Signs to Watch Out for in Identifying Fake Loan Apps

  • Lack of Proper Licensing and Registration

When it comes to identifying fake loan apps, there are several signs that you should watch out for. One of the first signs is the lack of proper licensing and registration. Legitimate loan apps are required to be registered with the appropriate regulatory authorities, such as the Central Bank of Nigeria (CBN). If an app does not provide any information about its licensing or registration, it could be a red flag that it is not a legitimate lender.

  • Absence of a Physical Address

Another sign to watch out for is the absence of a physical address or contact information. Legitimate loan providers usually have a physical office or at least a valid contact address. If an app only provides a virtual address or no address at all, it could indicate that it is a fake loan app.

  • Poor user Reviews and Ratings

Fake loan apps often have poor user reviews and ratings. Before downloading or using a loan app, it is important to check the reviews and ratings from other users. If you find a significant number of negative reviews or complaints about the app’s legitimacy or unethical practices, it is best to avoid using it.

  • Transparent and Clear Terms and Conditions

Legitimate loan apps usually have transparent and clear terms and conditions. Fake loan apps, on the other hand, may have vague or confusing terms and conditions. It is important to carefully read and understand the terms before agreeing to them. If the terms seem unclear or too good to be true, it could be a sign of a fake loan app.

  • Request of Excessive Permissions

Additionally, fake loan apps often request excessive permissions on your device. Legitimate loan apps typically require basic permissions related to accessing your contact information or verifying your identity. If an app asks for unnecessary permissions, such as access to your camera, microphone, or personal files, it could be a sign that the app is not trustworthy.

List of Fake Loan Apps Blacklisted by CBN in Nigeria 2024

List of Fake Loan Apps

The Central Bank of Nigeria (CBN) has taken a proactive step to protect consumers from fraudulent loan apps by blacklisting several fake loan apps. This comprehensive list serves as a warning to individuals seeking loans to be cautious and avoid falling victim to scams.

Here are the list of fake loan apps that have been blacklisted by the CBN:

  • EasyCredit
  • EasiMoni
  • KashKash
  • Speedy Choice
  • GoCash
  • Soko Loan App
  • Fast Money
  • GetCash
  • Icoin Loan
  • Naira Plus
  • 9jaCash
  • LionCash
  • GMoney
  • Fast Money
  • 9credit
  • Swiftkash App
  • Hen Credit Loan App
  • Cash Door App
  • Joy Cash-Loan App
  • Eaglecash App
  • Luckyloan Personal Loan App
  • Getloan App
  • Easeloan Apps
  • Naira Naija
  • Cashlawn App
  • Easynaira App
  • Crediting App
  • Yoyi App
  • Nut Loan App
  • Cashpal App
  • Nairaeasy Gist Loan App
  • Camelloan App
  • Nairaloan App
  • Moneytreefinance Made Easy App
  • Cashme App
  • Secucash App
  • Creditbox App
  • Cashmama App
  • Crimson Credit App
  • Galaxy Credit App
  • Ease Cash App
  • Xcredit
  • Imoney
  • Naira Naija
  • Imoneyplus-Instant
  • Nairanaija-Instant
  • Nownowmoney
  • Naija Cash
  • Eagle Cash
  • Firstnell App
  • Flypay
  • Spark Credit
  • Luckyloan Personal Loan App

It is important to note that these apps have been identified as fraudulent and are not authorized by the CBN to provide loans. Engaging with these apps can lead to financial loss and potential identity theft.

The CBN’s decision to blacklist these fake loan apps is part of its efforts to safeguard the financial well-being of Nigerians. By publishing this comprehensive list, the CBN aims to raise awareness and educate the public about the existence of these fraudulent apps.

If you need a loan, it is crucial to do thorough research and only engage with reputable financial institutions or licensed loan providers. Avoid downloading loan apps from unknown sources or third-party platforms, as these are often the breeding ground for fraudulent activities.

RECOMMENDED FOR YOU; Top 20 Loan Apps in Nigeria with the Fastest Same-Day Approval

The Legal Action Against Fake Loan Apps: Seeking Justice for Victims

Victims of fake loan apps can seek justice through various legal avenues. They can file complaints with law enforcement agencies, such as the police or the Economic and Financial Crimes Commission (EFCC), providing evidence of their victimization. Victims need to gather as much evidence as possible, including screenshots of conversations, loan agreements, and any other relevant documents. This will strengthen their case and increase their chances of obtaining justice.

In addition to filing complaints with law enforcement agencies, victims can also consider seeking legal representation. Hiring a lawyer who specializes in fraud cases can provide victims with the necessary guidance and support throughout the legal process. The lawyer can help victims understand their rights, navigate the legal system, and build a strong case against the fake loan app operators. This can significantly increase the likelihood of obtaining justice and recovering any losses incurred.

The legal action against fake loan apps not only seeks justice for individual victims but also serves as a deterrent for others. When perpetrators of such fraudulent activities are held accountable and face legal consequences, it sends a powerful message to others who may be considering engaging in similar scams. This can help protect potential victims from falling prey to fake loan apps and create a safer environment for individuals seeking legitimate financial assistance.

Comments
27

Anonymous
18 December 2023

Pearl cash should be added to the list

Anonymous
18 December 2023

Ultra cash loan app should be added to the list of fraudulent loan apps in Nigeria.

Mark Okwoho
23 December 2023

Ultra cash are very fraudulent. They have done to me and I have proof

Kemi
27 December 2023

Ultra cash are the most fraudulent loan app in Nigeria. This fraudsters should be banned in Nigeria. It’s so sad. Broad day light robbery from them. Never seen an app as this.

Annonymous
10 January 2024

Xcross cash should be added to the list

Pearls Irekanmi
17 January 2024

Cashrun and Care Finance should be added.

Nadoo Jennifer
19 January 2024

Hcash
Hccash
Swifund
Creditmoney should be added too

Gracious
19 January 2024

Wecredit, EasyFund and Newcredit should be added to this…
They are life threatening loan apps 😥🥺

Tonye David Briggs
22 January 2024

@kemi and @mark okwoho please how did you deal with them cos I’m going through the same thing now.

Francis
4 February 2024

Thanks to the Government For fighting this online robbers they’re every wicked, Tiger loan and ultra cash should be in the list

olayoriju omowunmi
5 February 2024

kashcash should be added dey will send you money immediately you added your details to the app without you saying the amount that you needed

Dadi Jonathan
8 February 2024

They want to kill me they have been disturbing me busy funding my account I warn them to stop I’ve been paying money to the extent that I sold almost my everything I don’t apply for any loan from them please I need help and they’re busy calling my in-laws and people around me to the extent that I lost my marriage I need justice please.
0704 480 6962,0906 922 9048,0808 683 6819,0814 761 8112,0706 092 4930,0904 295 2881,0703 301 2225,0901 602 1284,0706 858 3739

annonymous
8 February 2024

cashmall and payday loan should be there

Ella
13 February 2024

Galaxy credit
Cashbus
plentycash
kkcash
swifund
ultracash
linkloan
creditpro
wecredit
9money
9credit
carefinance
cashfarm
pearlcash
all these ones comes with character defamation that can make one commit suicide, i wish i can sue them and i need advise like this.

BetaSales
BetaSales
19 February 2024

Hi Ella, do you mind providing us with more details regarding your experience with these apps?
Send an email to admin at betasales.ng

Sarthak
13 February 2024

Thanks for Sharing this info it help me alot

Haruna yusuf
15 February 2024

Other should only included as follows 1. Ncredit, 2.Fitloan 3.Omega .4. Tloan 5.Cashpaddies ,all this named apps are scamming people the duration of there time frame was very shot no way to make any compaints to them no body will attends to your calls, befoe the due date of your payment series of calls from different angles day and night will distubs you lakewise 1 day added is overdue charges plus the higher intrest ,well this is onknown and loan borrower should kindly not to applied for there loan they are fake and liers they are not given any liencence by the CBN, they are dupping and make 419 to the borrowers.thanks to the FCCPC That will deal with this scammers and fradulent thiefs they are calling borrowers thief because of non payback the loan they give all what they need is to calling you family and friends contact saying you run away with there money blackmilling peoples image and dignity for nothing.my advice to all people should be wanned and very vigilant with this fake online loan apps since most of them haven listed and some are yet to be listed out by the federal Government Approval and directives given to CBN to pulish out this deadly dieses of the name online app.

BetaSales
BetaSales
16 February 2024

Thanks Haruna, we will review them and update.

Hassan
17 February 2024

I will see what they can do

SJ
18 February 2024

I’m also a victim of these exorbitant loan apps. I’m still struggling with them and clueless on what to do. They’re already publicizing my info to my contacts. Pls people should be careful of these blood sucking demons.

Dauda yahaya
23 February 2024

Vidous loan app is the latest scammers now in Nigeria, I don’t know where they do get people’s information from but they will start using it to collect money from their family and friends claiming they collected loan from them with their information if they don’t send the money they will be involved in the problems that the debtor is into and if you pay them that’s how they will keep calling everyday demanding for money from you or your picture too will go viral this happened to a close friend of mine just recently

Mercy
29 February 2024

Wecredit should be added to it, they are fraud 😔

simeon adekunle
3 March 2024

i really wish i can sue some of the loan apps but they have refused to tell me their address and contact person.
they used ussd to block my zenith account
after using them.once, they credited my account without any request for loan and started sending me treats and teling me blood will.flow.if u dont oay them.interest on it. after paying back the money immediately and paid the interest, i deleted the app but they crwdited me immediately again. they have been sending me all.sorts since then. inpeesonating cbn, lawyers, and other govt agencies. i have refused to pay anything until i k ow their office.
please add
creditpro
BGloan
wecredit
govash
to the list.
i almost killd myself.if not for the intervention of my wife.

Eldorado
4 March 2024

Please CBN should look into the following loan app, they’re scammer.
1 UltraCash
2 tiger loan
3 kk cash
4 easy Kash
5 swifund
6

Aisha
16 March 2024

Fundy loan app and Fine kudi should be added also. These apps are not on playstore but they send you links to download

Vivian chukwuemeka
31 March 2024

Please CBN and other enforcements should look into these apps
Before people commit suicide because of there deadly threats to life nd family especially
Care finance
Easykash
Tigercred it
Gocash
Credit wise
Plenty money
I don’t understand why their interest is so high within 7 days to pay back even without asking for payment extensions like the fairmoney app does
These listed apps will start insulting, calling u even before the supposed day of payment
It’s very bad
Please we plead for help..so others don’t fall prey to them again

Ismail Yerima
10 April 2024

Please freshmony should be added they’re very fraudulent

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