List of Fake Loan Apps in Nigeria 2023 & Ways to Identify Them

In recent years, online loans have become popular in Nigeria, but with their rise, so have fake loan apps that prey on unsuspecting borrowers. These fraudulent apps promise quick loans but end up stealing personal and financial information, leading to unauthorized debit, harassment, and other fraudulent activities. To help you stay safe while seeking online loans, we have compiled a comprehensive list of banned loan apps in Nigeria and essential tips on how to identify fake loan apps.

What are Fake Loan Apps?

Fake loan apps are mobile applications that claim to offer quick loans but actually aim to steal vital information from borrowers, such as ATM card details, PINs, bank account numbers, and BVNs. These apps may also contain malware that can harm your device and compromise your privacy.

List of Fake Loan Apps in Nigeria (2023):

  1. Xcredit
  2. CashLion
  3. LCredit
  4. Kashkash
  5. Sokoloan
  6. GoCash
  7. LendCash
  8. BorrowNow
  9. GGMoney
  10. 9Credit
  11. Speedy Choice
  12. Fastmoney
  13. Softpay
  14. Chacha
  15. Ease Cash
  16. ForNaira
  17. Rapid Naira
  18. EasyMoni
  19. EaseMoni
  20. AngelLoan
  21. EasyCredit
  22. OKash
  23. CashRain
  24. iCredit
  25. NowCash
  26. Oxloan
  27. Ucredit
  28. Monicredit
  29. Ajeloan
  30. NairaPlus

How to Identify Fake Loan Apps in Nigeria:

  1. No or Unsecured Website: Legitimate loan apps will have an active and secure website with contact information and a physical office address. Avoid apps with no contact info or unsecured websites.
  2. Unavailability on Google Play Store: Banned loan apps will not be available for download on Google Play Store. Stick to apps with a verified presence on reputable app stores.
  3. Abusive Collection Practices: Avoid apps that use borrowers’ information to harass or threaten them or sell their personal details to third parties.
  4. Bad Customer Feedback: Check the app’s reviews and ratings on Google Play Store and review websites. Negative feedback is a red flag for potential scams.
  5. Sanctioned by Financial Authorities: Verify that the loan app is registered under the Central Bank of Nigeria (CBN) and listed in NITDA’s registry of monitored businesses.
  6. Request for Sensitive Information: Stay away from apps that ask for sensitive information like transaction PINs or ATM card images.
  7. Unreal Interest Rates: Be cautious of apps that promise unrealistically low-interest rates, as they may reveal higher rates after granting the loan.
  8. Hidden Loan Conditions: Avoid apps that hide critical terms and conditions, as they might exploit borrowers.
  9. No Regard for Solvency: Apps that don’t consider your creditworthiness or credit history are likely to be scams.
  10. Advance Payment Demands: Any loan app requesting advance payments before loan disbursement is most likely fraudulent.


Online loans can be a convenient option, but it’s essential to be cautious and avoid falling into the trap of fake loan apps in Nigeria. Stick to reputable and authorized lending platforms, and always conduct thorough research before providing personal information or committing to a loan agreement. Your financial safety and security should always be a top priority.

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