List of worst, bad and fake loan apps in Nigeria - Startuppreneur

List of worst, bad and fake loan apps in Nigeria

There are now many loan companies to take loan from in Nigeria, these loan app target deferent user segment such as personal loan, loan for salary earner, loan for business and others. But as usual when there is original their will surely be fake.

The booming of loan app in Nigeria also see the rise of Worst, bad and fake loan apps or companies in Nigeria. Their main mission is to extort their user though they call themselves Loan Company or how can you justify a loan app that collect #1,000 as processing fee for #30,000 loans isnt that outrageous, they are plain thief.


Though in the next five years everything will be settle, loan industry in Nigeria will be stabilize and the bad egg will be root out but before that time some people will serve as scape goat and it will be good if you are not among the scape goat.

Our definition of fake loan in Nigeria are app that invade their user privacy or app that call out their user on social media, loan company that send shameful message to their customers friends and family


These point and others are what we have in mind as we go about searching for fake loan app in Nigeria, our list is based on research and user survey you might find app that are good to you but bad many other, or loan app that have good review on play store and app store, if a loan is good to only 20% and Bad to 80% what do you call that?

Characteristic of fake loan app in Nigeria
Though we try as much as possible to list all the major fake loan company in Nigeria this list cannot contain all of them, I’m sure somewhere right now another fake loan app is planning to go live, to avoid been a victim we have listed the characteristics that bad and fake loan company in Nigeria usually exhibit, once you see all the clue listed below, make a run.

Characteristics of fake, bad and worst loan apps

High interest rate

This is common for a bad, fake loan app, they charge high interest rate, they don’t want to know where you will pay the money from, to them it is just a business.

Imagine a loan company collecting 40% interest rate on #100,000 with a payback period of a month. Tell me how will the requester pay back, and the most painful part is that people still go ahead to take this kind of loan, well our economic situation could be blame for this.


Payback period

Any loan company that have shorter payback period such as 7 days should be avoided, they just want to milk you, a legit loan company we have at least 30 days as their payback period, is it not because you have no money that make you seek loan how will you now pay back in 7 days, the most funniest part is that this kind of loan app charges higher interest rate.

Customer care

Before taking any loan try to contact them for help if they reply you quickly that means they are legit and good but is if they don’t, you should run from them, if you have problem in the future that is how they will not reply your query.

There has been numerous complain online about loan company in Nigeria not replying their message when they have problem with extra deduction.

Physical location

All company are now online so it no big deal, yeah it is not until you have to make complain that required you visiting their location.

One of the best criteria to know a valid company is the physical location, imaging loan company making extra deduction from your account even after paying all what you owe, you contact them online but they are not relying the next best option is to visit their location with evidence but what to do if they do not have one.

Card verification charges

Any loan app that charge for card verification are bad if they charge below #100 it is still good but anything above #100 is bad it is outright extortion imagine using credit card to pay your loan and anytime you use it they charge #200 and you will use the card to pay back at least 30 times, how much is that in naira, you can do the math.

Credit card verification cost should be borne by the loan app or company not the user.

Loan processing fee

Run form any loan company that request for loan processing fee, no reliable loan app will request for that, most of this company are linker that connect you to other loan company and you know what when there is problem they will abandon you to your faith and you will have no one to contact .

Worst, bad and fake loan apps or companies in Nigeria

Below are the worst bad and fake loan companies in Nigeria. As stated above our list is based on the following

  • Loan company that send obituary message of their user because they default
  • Loan company that send shameful and embarrassing message to their users contacts.
  • Loan company that call out their defaulter on social media
  • Loan company that harass and send provocative message to their user
  • Loan company that charge processing fee and credit fee form their user


The first on our list of fake, bad and worst loan app in Nigeria is sokolaon they are nasty set of people. On their website they say they offer up to #300,000 naira at a go but since their inception I can’t point to some one that got loan of #300,000 from them and their pay back loan can be as short as 7 days imagine paying back a loan you take in seven day if you can get the money in seven days why not wait till that time

Soko loan have more than thee loan app with deferent name, how can a company have deferent name when they suppose to build the brand of one, well they know what they want to achieve with this. This other loan app they operate will be listed before the end of this article.

They are very good in sending provocative message to their defaulter, they also send massage to their friends claiming that they have run with the company money; imagine the length they go to just collect their money back

All in all they are not really to blame for this if not for the harsh economic condition, even with the glaring fact that sokoloan is bad people are still taking loan from them.


Nairaplus are very good at sending defaming message to their defaulter immediately you fail to pay even if just a day, your picture with a defaming message will be sent to your friends and relative.

Most of this message will not be center on loan they will lie that you run away with company money isn’t that bad.

It is a shameful and embarrassing moment for one of my friend that fail to pay back due to error, he reach out to them but it that couldn’t help, in the next day his picture with message that he ran with company money was sent to his friends and relative.

If you want to avoid this kind of emotional trauma, please run from them or always pay back your loan on time.

9ja cash

This is another loan app from solo loan like the parent app it they also go about defaming their defaulter with bad message. Once you install the app and take loan, the app have access to your contact and if you default your name, pics plus defaming message will be sent to your friends and relative.

Also they have one of the highest interest rate among the loan companies in Nigeria and their payback period can be as short as seven days though they say their minimum repayment period is 60 days which is a blatant lie.

On play store, if they are still there you will see 5 star rating which baffled me how this company get this kind of rating and review , surely it is a fake review.

Gmoney loan app

Another company on our list of fake loan apps in Nigeria is Gmoney loan app, like others above their payback period is short while they charge high interest rate you can used them if you are in need of money

urgently but have a repayment plan if you don’t your name and pic will be the joke of the town if you fail to pay back; they will send defaming messages to your friends and relative it can be embarrassing and I’m sure you dont want that.

Fast money loan app

Fast money is actually fast they disburse their loan in minutes once your application is successful but their loan interest rate is high and they have short pay back period. If you default they will also send defamation message to your friends and relative.

Cash wallet loan app

Cash wallet is another fake loan app in Nigeria, remember I stated in introduction that some loan app collect outrageous processing fee before they will give out loan, cash wallet is one of them.

They deduct between #3,000 to #10,000 before they approve a loan request, they call it a down payment. They claim their minimum payback is 92 days which is a lie their pay back is just 7 days and thats if they give you loan.

Others are

Gotocash loan app

Fast money loan app

Ncash loan app

Fornaira loan app

Ease cash loan app

Palmcash loan app

What is government doing?

One of the purpose of government is to regulate company and thanks to a lot of petition government of Nigeria has vow to clamp down on these fake loan app that are out there to extort their user. One of this ongoing clamp down is the fine of sokoloan (10m naira) for invading peoples privacy.


Above are the list of bad, worst and fake loan app in Nigeria, I’m sure there are more out there and you can always identify them with the point listed above.

I will advise you to take loan that you can pay back to avoid embarrassing message and privacy invasion.

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