Nigeria’s most notorious bogus loan applications, 2022:
This article offers a list of the most notorious fake loan applications to stay away from in Nigeria in 2022, along with reliable warning signs that may be applied on their own in the future.
Both the number of online lenders and the number of con artists using phony loan apps to exploit Nigerians’ need for cash have significantly increased over the past several years.
These fraudulent loan apps advertise high loan amounts and cheap interest rates. They accomplish this by turning the demands of their victims and the online anonymity against them.
This page provides borrowers with a list of warning indicators that can help them distinguish between a legitimate loan app and a phony one in addition to providing a lengthy list of fake loan apps in Nigeria.
The most well-known bogus loan apps in Nigeria are based on being removed from the Play Store, having issues with the FCCPC, employing aggressive collection techniques, and engaging in other criminal activities:
How to spot fake loan applications in Nigeria
For ratings and reviews of your lending institution, search online.
Previous users of the loan app frequently provide reviews of goods or services on review websites such as the Google Play Store. You might gain knowledge about the kind of loans that your lender offers by paying attention to the feedback that consumers leave. Take into account the Google Play Store ratings that each app has received as well.
It is a wise idea to look up a lender’s ratings and client reviews online before deciding whether to engage with them. Reading evaluations that have been placed on reliable websites will give you a sense of how the lender functions. Additionally, you will be informed of any unethical behavior on the part of the lender that previous borrowers have brought to their attention.
To what extent is the lender demanding access to your personal information, check.
Some lending applications have the capacity to ask for permission to access the gallery and contact information in order to carry out authenticity checks and underwriting. It should not be surprising that respectable lenders would treat such information as confidential and refrain from disclosing it to any third parties.
Lenders can now undertake underwriting using their own thoroughly verified collecting methods thanks to advances in fintech technology, which removes the need for them to have access to your gallery and connections. Any fraudulent activity is effectively stopped when a lender has these tools at their disposal.
Competent online lenders also regularly check the operation of AI systems and audit their information security procedures to guarantee the protection of their customers’ data. You must conduct your due research on the company before providing the lender with any of your personal information.
Additionally, the loan application is probably a fraud if your lender fails to disclose crucial facts on the loan, such as the interest rate.