List of Fake Loan Apps in Nigeria

Despite the widespread understanding of how to prevent it, Nigerians continue to encounter fraudulent activity initiated through digital media.

Loan scams, like any other attempt to defraud, are less likely to succeed if you understand what the most frequent loan scams look like, how they work, and how to protect yourself.

How to Identify Fake Loan Apps

If you are looking to borrow funds from a trusted app and not fall prey to fake loan apps, take heed of the below signs and make an informed decision.

1. Learn more about the lender: Is this a well-known brand? Is it a trustworthy brand? Has anyone else looked into this lender? These are the questions you should be able to answer before putting your faith in any of the apps. Make sure to solely trust well-known brands to ensure the legitimacy of transactions.

2. Check the developer section on the App store: To see if an app on the Appstore or Playstore is fraudulent, go to the developer section. A firm website should almost always be listed. If there isn’t one, it’s a big red flag. Many fraudulent loan apps for Android and iPhone do not include a website at all. In rare cases, they may list a fake website, do not install such apps.

3. Check whether the lender’s website is secure: Frequently, the apps list a website, which may or may not be unprotected. A secure website always has https:// typed before the URL. This protects your information from cybercriminals.

4. Confirm that the lender is concerned about your credit history: The first thing any genuine lender wants to see is your payment history. It serves as a foundation for your ability to repay the loan. It is also a factor in determining your loan approval odds and interest rate.

5. Avoid offers with strict deadlines: Fake loan apps have one goal which is to take your money and then disappear. As a result, they may flood you with what appear to be appealing bargains while claiming that they are only available for a limited time. Legitimate lenders will not set such deadlines and will have a set of procedures in place for conducting any type of funds transfer. If you are being pressed to act rapidly, you are being duped and the app is a fake.

6. Go over the reviews: User evaluations can often provide information regarding the app’s legitimacy. If the app has sufficiently irritated a few borrowers, it will receive a review or two. So, before you buy, check the reviews.

Remember, if an offer seems too good to be true, it probably is. It is always best to exercise caution and do your due diligence before applying for a loan through an app or website.