List of Fake Loan Apps in Nigeria 2025: Fully Updated List
Through the Central Bank of Nigeria (CBN), the federal government has delisted and blocklisted several loan apps in Nigeria due to unethical practices. Some of the unethical practices by these loan apps include threats, defamation of character, harassment, etc.
These illegal loan apps are not in any way registered with the appropriate authorities in Nigeria, which is one of the major reasons they were blocklisted. The number of fake loan apps in Nigeria has increased significantly in recent years, providing large loans with low interest.
If you need a loan, using reputable and licensed financial institutions or lending platforms is important.
This post provides a comprehensive list of blocklisted loan apps and equips borrowers with indicators to distinguish between legitimate and fake loan apps.
READ ALSO: Best Loan Apps in Nigeria 2025 [CBN Highly Endorsed No. 5]
List of All Fake Loan Apps Blacklisted in Nigeria by CBN-2025
Consumers need to search for the authenticity of a particular loan app to ensure it’s legitimate and not blocklisted before applying for a loan. The following is a list of fake loan apps blocklisted in Nigeria by the Central Bank of Nigeria (CBN).
1. LCredit
2. Galaxy Credit
3. BGloan
4. Tiger credit
5. Sokoloan
6. Maxi Credit
7. Here4U
8. ChaCha
9. SoftPay
10. Creditwise
11. GoCash
12. EasyCredit
13. Kashkash
14. Speedy Choice
15. Easy Moni
16. Getloan
17. Joy Cash-Loan
18. Camelloan
19. Cashlawn
20. Nairaloan
21. Eaglecash
22. Moneytreefinance
23. Made Easy
24. Luckyloan Personal Loan
25. Cashme
26. Easynaira
27. Swiftcas
28. Crediting
29. Swiftkash
30. Firstnell
31. Hen Credit loan
32. Nut loan
33. Cash door
34. Cashpal
35. Nairaeasy gist loan
36. Secucash
37. Creditbox
38. Cashmama
39. Crimson Credit
40. Ease Cash
41. Spark Credit
42. Xcredit
43. Imoney
44. Imoneyplus-Instant
45. Naira Naija
46. Nownowmoney
47. Naija Cash
48. Flypay
49. Yoyi
50. Gmoney
How to Identify and Avoid Fake Loan Apps in Nigeria
In recognizing the need for consumer protection, the following factors provide insight into how to identify and avoid fake loan apps in Nigeria.
1. Aggressive Collection Practice:
Unethical practices such as violation of privacy, harassment, threats, and character defamation have become a common crime among fake loan apps in Nigeria. These fake loan apps in Nigeria use aggressive means with exorbitant interest rates to request repayment shortly after granting a partial loan.
Notorious loan apps like GoCash, EasyCredit, Kashkash, and others faced regulatory action for violating customer privacy in debt collection efforts.
2. Advance Payment Demands:
Fake loan apps in Nigeria exploit desperate users by requesting advance fee payments. Many desperate and inexperienced individuals have fallen victim to this. Individuals should stay clear of these fake loan apps while looking to apply for a loan.
Also, you should note that genuine loan apps do not request advance payment before loan disbursal.
3. Absence on Google Play Store:
Most of these fake loan apps in Nigeria operate on an unofficial platform due to Google’s update on consumer protection. These loan apps are unavailable on the Google Play Store, just another way to spot a fake loan.
On demand from the Federal Competition and Consumer Protection Commission (F.C.C.P.C.), Google has tightened its filters to counteract the increasing number of fake loan apps, removing several.
4. Unsecured Website:
One way to spot fake loan apps is to check whether the website is secured. Legitimate loan apps have “HTTPS” in their URLs, with a padlock symbol indicating a secure website.
The absence of a padlock symbol and “HTTP” without the “S” indicate an unsecured website and may signal a fake loan app, as legal entities must adhere to security standards.
5. Undisclosed Loan Conditions:
Most fake loan apps have hidden terms and conditions, interest rates, and repayment details, an intentional act geared toward exploiting users.
Legitimate loan apps have transparent terms and provide legal documents outlining the entity issuing the loan, its capital, and contact information.
6. Sanctioned by Financial Authorities:
Approval from financial authorities is a prerequisite for loan apps to operate legally. Legitimate lending institutions must be registered with regulatory bodies.
Strict regulations govern credit activities, ensuring compliance and facilitating the detection of fraudulent attempts.
7. Absence of Physical Address:
This is another important way to spot fake loan apps, as they don’t have a physical presence or contact address. Any loan app with just a virtual presence could be considered a fake loan app. Legitimate loan apps operate with physical addresses in major cities or just a central office in a nation’s capital city with a reachable contact address.
Risk Of Using Fake Loan Apps in Nigeria
1. Escaping the Debt Cycle:
Individuals may find themselves borrowing from dubious sources, leading to a relentless cycle of debt characterized by exorbitant interest rates and concealed fees.
2. Unauthorized Access to Personal Information:
Some loan apps may gain access to your contact number and store pictures on your mobile device, raising concerns about privacy and misuse.
3. Misuse of Personal Data:
Misusing contact numbers and images stored on mobile devices poses a significant threat, emphasizing the importance of safeguarding personal information.
4. Exorbitant Interest and Penalties:
Borrowers may encounter loan apps imposing excessive interest rates and penalties, contributing to the financial burden rather than offering a viable solution.
5. Premature Deduction of Interest:
Unscrupulous loan apps may deduct interest amounts before disbursing the loan, raising suspicions about the transparency and fairness of their lending practices.
6. Persistent Harassment and Threats:
Individuals may face constant harassment and threats from aggressive loan apps, creating a hostile environment that adds emotional stress to the already challenging financial situation.
7. Online Harassment Tactics:
The digital realm introduces the risk of online harassment, where borrowers may experience unwarranted intimidation and coercion through various digital channels.
8. Unethical Means of Recovery:
Some loan apps resort to harsh and unethical loan recovery methods, disregarding fair and legal practices and further jeopardizing the borrower’s well-being.
What happens if the online loan is not paid in Nigeria?
You must meet your online loan obligations to maintain your credit score. This, in turn, can affect your ability to secure future loans and financial opportunities.
Lenders may take legal action if payments are not made as agreed in the loan agreement. Understanding the legal implications is vital to making informed decisions about your financial commitments.
What To Do When You Are Unable to Pay Back a Loan?
If you encounter difficulties making a payment, communicate with your lender promptly. Many lenders are willing to work with borrowers to find alternative solutions, such as a revised payment plan, that suit their financial situation.
Can Loan Apps Access My Bank Account?
No, loan apps cannot access one’s bank account unless you give them access to your bank account. Furthermore, customers should carefully review the terms and conditions of a loan before accepting it.
However, you should know that some loan apps can access your bank account illegally using sensitive information you provide to them, although it is against the law. You can address this issue by contacting consumer protection authorities for assistance.
Can a Loan App Block My B.V.N.?
No, loan apps in Nigeria do not have the right to block your B.V.N. As a matter of fact, the sole entity with the authority to impose restrictions on your B.V.N. in Nigeria is the CBN.
If you cannot meet your loan repayment obligations, the consequences extend beyond the loan app. The CBN mandates that instances of loan default be reported to the National Credit Bureau.
The National Credit Bureau categorizes individuals with a history of loan default as high-risk borrowers. This designation can significantly hinder your chances of securing loans from any loan platform in the future.
How Can I Remove My Name from the Credit Bureau in Nigeria?
The first step is to repay the loan. Once payments are completed, you can contact the C.R.C. Credit Bureau with proof of payment, requesting the removal of your name from the blocklist.
How Do I Know If My B.V.N. Has Been Flagged?
If your B.V.N. is blocklisted, you will receive the following notification: “Your B.V.N. is blocklisted. Please visit any bank with further inquiries.”
You can also access the Credit Bureaus of Nigeria website to request a complimentary credit analysis report or dial this U.S.S.D. Code *565*8# on your mobile phone to get instant Credit reports from C.R.C. Credit Bureau.
How Do You Check If There is a Loan in Your Name?
You can check if there is a loan in your name by visiting the credit bureau website or office and doing a C.R.C. self-inquiry.
According to C.R.C. Credit Bureau Limited, C.R.C. Self Enquiry is a report of a person’s credit activities across all sectors of the economy. It shows a history of loans the person has taken, whether cash loans, auto loans, or other post-paid services.
Conclusion
The surge in fake loan apps in Nigeria has led to the blocklisting of several unethical lenders by the Federal Government and the Central Bank of Nigeria (CBN). This article unveils the updated list of blocklisted loan apps and equips borrowers with insights to avoid fraudulent practices. Borrowers should stay informed and safe with these essential guidelines.
