Home Loans & Insurance List Of Fake Loan Apps in Nigeria To Avoid

List Of Fake Loan Apps in Nigeria To Avoid

If you’re looking for a loan in Nigeria, be careful. There are several fake loan apps out there that are designed to trick unsuspecting individuals into giving away their personal information and hard-earned money. In this blog post, we will provide a comprehensive list of these dangerous and fake loan apps in Nigeria so that you can avoid them and stay safe.


LoanGarage is a fake loan app that promises to provide quick and easy loans to individuals in Nigeria. It is designed to look like a legitimate lending app, but in reality, it is a scam.

The app requires users to provide personal information, such as their bank details, contact information, and even their BVN (Bank Verification Number), which can be used to commit identity theft.

Once users submit their personal information, they are told that their loan has been approved and that they need to pay a certain amount of money upfront before the funds can be disbursed. However, after the payment is made, the loan never materializes.

LoanGarage is just one of many fake loan apps in Nigeria that prey on unsuspecting individuals who are in need of quick cash. It is important to be vigilant and only use reputable lending apps that have a track record of providing reliable loans without upfront payments or hidden fees.


Another fake loan app to watch out for in Nigeria is LoanAP. This app claims to offer quick and easy loans with no collateral needed, but in reality, it is just a front for scammers looking to steal your personal and financial information. 

Like many other fake loan apps, LoanAP requests access to your personal information, including your contact list, SMS messages, and device ID. This information is then used by scammers for identity theft and other fraudulent activities. 

Additionally, LoanAP requires users to pay an upfront fee before the loan can be granted, which is a major red flag. Legitimate loan providers will never ask for money before approving a loan. 

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If you have downloaded LoanAP, it is important to uninstall it from your device immediately. 

Also, be sure to change any passwords or login information associated with the app, and monitor your bank accounts and credit reports for any signs of fraudulent activity. 

Remember, if a loan app seems too good to be true, it probably is. Always do your research before downloading any financial apps and never provide personal information or payment details unless you are sure that the provider is legitimate.


PayLaterNow is yet another fake loan app that has managed to scam unsuspecting individuals looking for financial assistance. This app operates just like the others on the list by requesting access to users’ bank accounts, credit card information, and personal data under the guise of providing them with quick cash loans.

Many victims have reported losing huge amounts of money to PayLaterNow after receiving loan offers that seemed too good to be true. Once users agree to the terms and conditions, the app deducts registration fees and other hidden charges from their accounts, leaving them with little or no money left to cover their expenses.

In addition to charging exorbitant fees and interest rates, PayLaterNow also collects sensitive information from users that can be used for identity theft or other fraudulent activities. The app has since been flagged by several authorities and blacklisted by many loan review platforms due to its unethical practices.

To avoid falling victim to fake loan apps like PayLaterNow, users must always carry out due diligence before submitting their personal and financial information online. It is crucial to research loan providers thoroughly, read reviews from past users, and verify their registration with relevant authorities before applying for any loan online.


ClickCredit is yet another fake loan app that has made its way into the Nigerian market. It claims to offer quick loans to individuals and businesses, but in reality, it’s a scam.

The app operates by asking for your personal information such as bank account details, BVN, and other sensitive data. After this, it requests you to pay a certain fee before your loan can be processed.

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Unfortunately, this is just a ploy to extort money from unsuspecting victims.

Many users have reported that even after making payments, they still do not receive the promised loan. 

ClickCredit has also been accused of draining the accounts of some users who shared their bank details with the app.

It’s crucial to exercise caution when downloading loan apps. Always carry out extensive research on the app and the company behind it before sharing any sensitive information. Additionally, check if the app is registered with the Central Bank of Nigeria before making any payments or signing up for loans.


Loan4Now is another fake loan app in Nigeria that is designed to scam unsuspecting individuals who are in need of quick financial assistance. This app claims to offer easy and fast loans to Nigerians, but in reality, it is a fraudulent scheme that preys on the vulnerable.

Just like other fake loan apps, Loan4Now uses enticing advertising to lure unsuspecting victims into its trap. It offers loans with no collateral, no credit checks, and low-interest rates. However, when an individual applies for a loan, they are required to pay a certain amount of money as a processing fee, which is never refunded. 

Once the victim pays the processing fee, Loan4Now goes silent, and the individual never receives the loan they applied for. Unfortunately, many people have fallen for this scam, losing their hard-earned money to these fraudsters.

It is essential to do thorough research before applying for a loan with any app or financial institution in Nigeria. Do not be lured by promises of quick and easy loans without proper documentation. Always remember that if it seems too good to be true, it probably is. Stay vigilant, and do not fall victim to these fraudulent schemes.


Another loan app that Nigerians need to watch out for is QuickCredit. It has gained popularity in recent times due to its attractive loan packages. QuickCredit promises to provide users with quick loans without collateral, documentation, or guarantors. However, it is not as genuine as it seems.

Reports have shown that QuickCredit engages in unethical practices. The app collects personal data from its users and uses it for malicious purposes. Also, its interest rates are ridiculously high, making it almost impossible for borrowers to pay back.

QuickCredit may seem like an easy solution to financial problems, but users need to exercise caution when using it. It is best to stay away from the app and explore other credible loan options.


FastCredit is another loan app in Nigeria that claims to offer quick and easy loans to borrowers. However, like other fake loan apps, FastCredit is known for collecting borrowers’ personal information and using it for fraudulent activities.

FastCredit also promises to provide loans without collateral and within a short period of time. But once borrowers apply for the loan, they are required to pay certain fees and charges before their loan is processed. In most cases, the loan never materializes, and the borrower ends up losing their money to fraudsters.

Furthermore, FastCredit has been reported to engage in harassing borrowers and using unethical practices to recover their money. Therefore, it is advisable to stay away from FastCredit and other fake loan apps in Nigeria and opt for reputable lenders that are registered with the Central Bank of Nigeria (CBN).


Another fake loan app to watch out for is PaylaterNG. This app may seem legitimate at first glance, but it’s important to note that it has been linked to several fraudulent activities.

One red flag to look out for is the app’s lack of a physical office or customer service number. Users have reported difficulty in getting in touch with the company when they have issues with their loans.

Additionally, the app has been known to request sensitive information such as bank account details, which is a major cause for concern. Users should always exercise caution when it comes to sharing personal and financial information online.

It’s important to note that there is a legitimate loan app called Paylater, which was rebranded as Carbon in 2019. However, PaylaterNG is not affiliated with this company and is instead a fraudulent copycat.

If you have already downloaded PaylaterNG or any other suspicious loan app, it’s important to delete it immediately and monitor your financial accounts for any unauthorized activity. Always do your research and only use trusted and verified loan providers.

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Another fake loan app that Nigerians should be wary of is FastLoan4Me. Like many other fraudulent loan apps, FastLoan4Me promises quick access to loans with minimal requirements and high approval rates. 

However, once you submit your personal and financial information, the app may request for additional fees or request for access to your bank account. These red flags are indicative of a scam, and you should immediately discontinue any communication or interaction with FastLoan4Me.

To avoid falling victim to this or any other fake loan app, you should always do your due diligence before providing any sensitive information or funds. Check the credibility and legitimacy of the lender by researching reviews online or checking with relevant regulatory bodies. Additionally, be wary of apps that request access to your bank account or charge exorbitant processing fees.

Ultimately, the onus is on you to protect yourself from fraudulent activities in the financial industry. So, always stay informed and vigilant.


KwikCash is another loan app that Nigerians should be cautious about. The app promises quick and easy loans to its users. However, the app has been flagged by several users as fraudulent.

One of the major red flags is the app’s high-interest rate. 

KwikCash charges interest rates of up to 15% on loans, which is significantly higher than what is offered by other legitimate loan apps.

Furthermore, several users have reported that KwikCash does not disclose all the fees associated with taking out a loan. 

Users have been surprised by additional fees that were not initially disclosed to them.

Additionally, there have been reports of unauthorized deductions from users’ accounts by KwikCash. Many users have complained about being charged for loans they did not apply for or receive.

It is important for Nigerians to be cautious when using KwikCash and other loan apps. Users should carefully read the terms and conditions of the loan and ensure that they fully understand the fees and interest rates before accepting any loan offer. It is also advisable to conduct thorough research on the app before downloading and using it.


Which loan apps were banned in Nigeria?

Several loan apps were banned in Nigeria in 2020 by the Central Bank of Nigeria (CBN) for engaging in unethical practices and violating the country’s banking laws. Some of the banned apps include Opay, Carbon, Palmcredit, and Fairmoney. However, some of these apps have since been reinstated after making changes to comply with CBN regulations.

How do I stop the loan app from accessing my contacts?

You can prevent loan apps from accessing your contacts by going to your phone’s settings and revoking the app’s permission to access your contacts. On Android devices, go to Settings > Apps > App Permissions > Contacts and find the loan app you want to revoke access from. On iPhones, go to Settings > Privacy > Contacts and find the loan app you want to revoke access from.

Can loan apps blacklist BVN?

No, loan apps cannot blacklist BVN. BVN is a unique identification number issued by the Central Bank of Nigeria to every bank account holder in the country, and it is used for verification purposes. Loan apps may require you to provide your BVN as part of their verification process, but they cannot blacklist it.

Which loan apps are registered with the CBN?

The CBN regulates financial institutions in Nigeria, including loan apps. Some loan apps that are registered with the CBN include Carbon, Fairmoney, Renmoney, and Aella Credit. It is important to check if a loan app is registered with the CBN before applying for a loan to ensure that it is a legitimate lender.

Which loan app gives 50000 instantly?

Several loan apps in Nigeria offer instant loans of up to 50000 naira. Some of these apps include Branch, Carbon, Fairmoney, and Palmcredit. However, the amount of loan you can get and the repayment terms may vary depending on the app and your eligibility criteria. It is important to carefully review the terms and conditions of the loan before applying.


It’s important to be cautious when downloading loan apps, as there are unfortunately many fake loan apps out there. These apps can not only scam you out of your personal information but also steal money from you. 

Make sure to do thorough research and only download apps from reputable sources, such as the Google Play Store or Apple App Store. And remember, if an offer seems too good to be true, it probably is. Stay safe and informed