Home Finance List of Fake Loan Apps in Nigeria

List of Fake Loan Apps in Nigeria

It’s undeniable that accessing funds has become easier, but lurking beneath the surface lies a hidden danger called fake loan apps. These apps promise instant solutions to financial problems, but their offers often prove too good to be true.

The problem is clear, many individuals seeking financial aid find themselves falling victim to these deceptive applications, facing not only monetary losses but also a potential threat to their personal information.

Fortunately, there is a Pragmatic solution to this 

In this article, we’ll show you the list list of fake loan apps and their problems. Let’s go.

The Problem with Fake Loan Apps

Fake loan apps operate under the guise of legitimate financial services, enticing users with promises of fast approvals and minimal documentation. 

These apps often employ deceptive tactics to lure users into providing sensitive information, such as bank details and personal identification.

 Once armed with this information, scammers can engage in identity theft, unauthorized transactions, and other fraudulent activities. As a result, users may find themselves trapped in a cycle of debt, struggling to regain control of their finances. 

List of the fake loan apps

  • ChaCha
  • EasyCredit
  • Kashkash
  • Speedy Choice
  • Easy Moni
  • Maxi Credit:
  • SoftPay


One of the notorious fake loan apps in Nigeria is ChaCha. Despite its user-friendly interface, ChaCha has been reported by numerous victims for its deceptive practices. 

Users have complained about hidden fees, exorbitant interest rates, and misleading terms and conditions. To avoid falling victim to ChaCha, it’s essential to carefully review the app’s reviews and conduct research to determine its legitimacy.


EasyCredit, another popular loan app in Nigeria, claims to offer seamless borrowing experiences. 

However, numerous users have experienced the opposite, facing delayed disbursements and unauthorized withdrawals. 

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The app’s aggressive marketing strategies and constant push for higher loan amounts are also red flags for potential scams. Users should report any suspicious activities and exercise caution when dealing with EasyCredit.


Kashkash operates as an instant loan app, targeting individuals in urgent need of funds. However, users have reported that the app gains unauthorized access to their contact lists and harasses friends and family when borrowers default on payments. To safeguard personal information from Kashkash scammers, users must scrutinize the app’s permissions and consider alternative, reputable loan providers.

Speedy Choice

Speedy Choice promises a quick and straightforward loan application process, but its hidden fees and high-interest rates reveal its deceptive nature. Users have shared harrowing stories of predatory lending practices and aggressive debt collection methods employed by Speedy Choice. 

To avoid falling victim to this scam, users must carefully read the fine print and verify the app’s legitimacy through official channels.

Easy Moni

Easy Moni claims to offer hassle-free loans, but the experiences of users tell a different story. Borrowers have faced unexpected charges, and customer service has proven elusive when seeking resolution.

 To protect themselves from Easy Moni’s deceptive practices, users must prioritize due diligence and gather information about the app from credible sources.

Maxi Credit

Maxi Credit markets itself as a reliable loan service but conceals hidden charges that drive borrowers into debt traps. Negative reviews from users highlight the predatory nature of Maxi Credit’s lending practices. To protect their finances, users must stay alert for warning signs and promptly report any fraudulent activities related to Maxi Credit.


SoftPay operates under the guise of a genuine loan app but has been involved in fraudulent activities. Users have complained about unauthorized access to their bank accounts and misuse of personal information. 


Here4U Here4U targets individuals in dire financial situations, offering quick loans with minimal background checks. However, the app’s hidden terms and high late fees have trapped many users in debt. 



Is Okash real or fake?

Okash is a real company that provides loans to individuals in Nigeria. It is registered and regulated by the Central Bank of Nigeria (CBN). 

However, in July 2022, the CBN ordered the shutdown of Okash and other loan apps for violating customer privacy. The CBN said that the apps were collecting and sharing sensitive customer data without their consent.

Which loan apps can I use without BVN?

There are a few loan apps in Nigeria that you can use without providing your BVN. These apps typically use other methods to verify your identity, such as your phone number, email address, and bank account information. Read our article about this 

How do I delete my loan account?

The steps on how to delete your loan account will vary depending on the loan app you are using. However, here are some general steps that you can follow:

  • Log in to your loan app account.
  • Go to the “Account” or “Settings” section.
  • Look for the option to “Delete Account” or “Close Account.”
  • Follow the instructions on the screen to delete your account.
  • In some cases, you may need to contact the loan app’s customer support team to delete your account. They will be able to help you through the process. Do you want to deactivate either your Opay or Palmpay, kindly click on those links. 

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