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Top 20 List of Fake Loan Apps in Nigeria – All You Need To Know



Top 20 List of Fake Loan Apps in Nigeria

Top 20 List of Fake Loan Apps in Nigeria – All You Need To Know

Most of these fake loan apps in Nigeria have terms of 7 to 14 days, which is against both Nigerian law and Google’s guidelines for lending apps housed on the Play Store as we will be walking you through those apps in this article.

According to Google’s opinion on loan duration: You have a right not to be misled, threatened, or defamed as a customer or borrower. You can keep all of your transactions secure by simply avoiding the fake loan apps in Nigeria that were described in this post. Use any of our suggested lenders if you require a quick cash loan.

For the purpose of this article, we will be walking you through 20 fake loan apps, there might still be others out there, but we assure you after going through the ones we will be outlining here, it will give you an insight into how to notice one if you come across them.

You may also want to read List Of Loan Defaulters In Nigeria (Top 20 Loan Defaulters)

Before we go into the business of the day, let’s look at how to identify fake loan apps to help you figure out one when you see them.

How to Easily Identify Fake Loan Apps

An average commercial bank loan in Nigeria carries an annual interest rate of 24 percent. The interest rates on fake loan applications, however, range from 75% to 400%. You should watch out for these warning signs to spot a fraudulent 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

List Of Top 20 Fake Loan Apps In Nigeria 2022

The following is a list of Nigeria’s top 20 fake loan apps. They should be avoided at all costs by borrowers and clients. These fraudulent digital lending apps have deceived and duped several consumers, and they have also improperly debited their bank accounts. Be careful, please!

  1. KashKash
  2. GoCash
  3. Cash Mall
  4. CashLion
  5. FastMoney
  6. LendCash
  7. BorrowNow
  8. LCredit
  9. NairaPlus
  10. 9ja Cash
  11. Cash Wallet
  12. GGMoney
  13. 9Credit
  14. Sokoloan
  15. Palmcash
  16. Ease Cash
  17. ForNaira
  18. GotCash
  19. NCash
  20. GotoCash

You may also want to read How To Transfer NYIF Loan From NPF Microfinance Bank To Your Bank Account


The first app on our list of fake loan apps in Nigeria is KashKash. It states that it offers users all across the nation flexible online loan options and that all you have to do to apply for a loan is download the app from the Google Play Store.

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.

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.”

Top 20 List of Fake Loan Apps in Nigeria

Some Frequently Asked Questions

What is the Google’s requirements to operate a loan app?

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.

How Do Fake Loan Apps in Nigeria Carry Out Their Business?

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.

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