Known Loan Scam Apps in Nigeria
These apps and entities have been reported by Nigerian users for fraudulent activities. This list is updated regularly based on user reports and investigations.
Types of Loan Scams
🚫
Fake Loan Apps
Apps that collect fees or data but never provide actual loans
Warning Sign: They request upfront payment before loan disbursement
🦈
Predatory Lenders
Real lenders with exploitative terms, excessive fees, and abusive collection practices
Warning Sign: Interest rates above 30% monthly, contact harassment, public shaming
📱
Data Harvesting Apps
Apps designed to steal personal information for identity theft or resale
Warning Sign: Excessive permission requests, especially contacts, photos, and SMS
🎭
Impersonation Scams
Scammers pretending to be legitimate banks or lenders
Warning Sign: Contact via WhatsApp/SMS claiming to be known banks, requesting account details
Reported Scam Apps & Entities
QuickMoney247
Fake App47 reports•December 2024
Reported Tactics:
- ✗Collects upfront fees
- ✗Never disburses loans
- ✗Disappears after payment
InstaCash Loans
Predatory Lender32 reports•December 2024
Reported Tactics:
- ✗Hidden fees up to 50%
- ✗Contacts employer
- ✗Threatens borrowers publicly
Swift Lending NG
Fake App28 reports•December 2024
Reported Tactics:
- ✗Requests BVN before approval
- ✗Debits without consent
- ✗No customer support
NairaBoost
Predatory Lender21 reports•December 2024
Reported Tactics:
- ✗Interest up to 60% monthly
- ✗Harasses contacts
- ✗Posts borrower photos online
FlashCash Pro
Scam App15 reports•December 2024
Reported Tactics:
- ✗Upfront processing fee
- ✗Fake approval messages
- ✗No actual loan disbursement
EasyNaira Loans
Data Harvesting19 reports•November 2024
Reported Tactics:
- ✗Steals contact list
- ✗Identity theft
- ✗Sells personal data
FastMoney NG
Fake App24 reports•November 2024
Reported Tactics:
- ✗Fake CBN license claims
- ✗WhatsApp-only communication
- ✗Requests Western Union payment
CashNow Nigeria
Predatory Lender17 reports•October 2024
Reported Tactics:
- ✗Auto-debits bank account
- ✗Hidden rollover fees
- ✗Threats and harassment
How to Verify a Lender
✓ Legitimate Lenders
- ✓Listed on CBN licensed lenders registry
- ✓Official app on Play Store/App Store with real reviews
- ✓Working customer service line
- ✓Clear terms and conditions displayed
- ✓No upfront fees before loan disbursement
✗ Scam Warning Signs
- ✗Requests payment before loan disbursement
- ✗WhatsApp-only or SMS communication
- ✗Guarantees approval regardless of credit
- ✗No physical office or verifiable address
- ✗Asks for ATM PIN, token, or OTP
Report a Scam or Get Help
Scam Checker Tool
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Steps to recover and report
Verified Lenders
CBN licensed lenders list
Official Reporting Channels
- • CBN Consumer Protection: cpd@cbn.gov.ng | 0700-225-5226
- • EFCC: report@efccnigeria.org | 0800-CALL-EFCC
- • Nigeria Police Force (Cybercrime): 0813-000-0111