List Of Fake Loan Apps In Nigeria 2023 (How To Identify And Avoid Them)

Have any of your family members or close friends been scammed by fake loan apps? Are you searching for ways you can identify fake loan apps? You’re at the right place.

In this article, we’ll provide you with a list of fake loan apps in Nigeria 2023, and we’ll also give you tips on how to identify them.

Understanding Fake Loan Apps in Nigeria

Before you download any app, it is important for you to understand what a fake loan app is. A fake loan app is an app that looks like a legit app, but is actually created to scam people.

These apps usually require you to input your personal information before you can get a loan. Once they have your information, they will either sell it to other scammers or use it to steal your money.

It is important to be able to identify a fake loan app so that you can avoid being scammed. One way to do this is to look at the reviews of the app. If the reviews are all good, then it is likely that the app is fake. You can also check to see if the app has been listed on scam websites.


How to Identify Fake Loan Apps

So, how do you identify a fake loan app? Unfortunately, there is no one-size-fits-all answer to this question, as each app may have its own unique features that set it apart from the rest. However, there are certain clues that you can look for, which may help you determine whether an app is legitimate or not.

Some of the most common signs of a fake loan app include:

  • Being asked to pay upfront fees before you can apply for a loan
  • Being asked for your personal banking information before you have been approved for a loan
  • Being offered loans that are too good to be true.

If an app seems fishy, it’s best to err on the side of caution and avoid using it. Plenty of legitimate loan apps are available, so there’s no need to take any unnecessary risks.

List Of Fake Loan Apps in Nigeria

The most notorious bogus loan apps in Nigeria are based on Play Store removal, FCCPC punishments, aggressive collection practices, and other illegal vices:

  1. Sokoloan
  2. LCredit
  3. Maxi Credit
  4. Here4U
  5. ChaCha
  6. SoftPay
  7. GoCash
  8. Okash
  9. EasyCredit
  10. Kashkash
  11. Speedy Choice
  12. Easy Moni

Common Warning Signs of a Fake Loan App

Unfortunately, there are no many warning signs. But here are some of the most common ones:


1. The app asks for personal information before granting you a loan.

2. The app has spelling mistakes or poor grammar.

3. The app asks you to pay fees in advance.

4. The loan agreement is vague or contains hidden fees.

5. The company does not provide a physical address or contact information.


6. The website looks unprofessional or is made to look like an official government website.

7. The company asks you to send money through a third party such as MoneyGram or Western Union.

Security Tips for Choosing a Legitimate Loan App

As a borrower, there are some security precautions you can take to ensure you are borrowing from a legitimate loan app.

First, check the app’s reviews and ratings by users. It is also important to read through the terms and conditions of the loan before you sign up for an account.

Another tip is ensuring the loan app has a secure payment system. Look for HTTPS in the URL of the company’s site and recognize that any legitimate loan app should have an encryption system in place to protect your information.


Finally, be aware of any suspicious requests such as asking for your bank details before you even agree to the loan. No legitimate lender will request such personal information before offering a loan. If any of these red flags appear, it is best to avoid dealing with them and look for another lender.

Types of Legitimate Loan Apps in Nigeria

Now that you know how to identify and avoid fake loan apps in Nigeria, what about legitimate ones? Luckily, there are a few popular loan apps that you can trust.

KwikMoney is one reliable app. It offers loans in just a few clicks, with no paperwork, and the funds are transferred directly to your bank account.

Another good option is Branch, which offers short-term loans up to N500,000. They also have a flexible repayment plan so you can choose to pay off your loan as quickly or slowly as you like.

Lastly, There is Lidya, which specializes in providing business loans ranging from N20 000 – N1 million with repayment plans of up to 12 months.


Whatever app you choose, make sure it fits your needs, and be sure to research the lender thoroughly before making any decisions.


The rate of scammers in the country right now is alarming, it’s important to borrow money from the right loan app so you won’t get ripped off your hard-earned money. Keep your eyes out and be vigilant at all times. Keeping your money safe is your duty.

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