Loan Apps You Should Avoid in Nigeria

Sometimes you may be short of funds, and you need some little cash of N5,000. Voila!, those loan app companies that have been bombarding you with a juicy amount of loan within five minutes will come into your mind once you have tried all avenues.

Many financial service companies are now issuing out loans to prospective customers with different interests and conditions.

As you open the AppApp, they request information up to your Bank Verfification Number (BVN) and credit card number to use in crediting the account and auto debiting when it’s time to pay the money.

But most of these new companies go deeper than that with their applications on Google Play Store mostly. The likes of Branch, RenMoney, etc., had opened the market and maintained a high level of professionalism in the business. The way they even approach a customer that has defaulted shows some level of decorum and maturity.

However, most of these new companies have proven to be otherwise. This is how they usually start; they will keep sending you messages to apply for a loan up to the tune of 100,000 in five minutes. After clicking on the link that will take you to Google Play Store to download the App, you download the AppApp and enter your data.

With the expectation that you are likely to get a loan of about N100,00 (which you are yet to know the interest), they will ask for your details, details of the guarantor, confirm your location by prompting you to on your GPS, have access to your gallery, and contact.

Afterward, they tell you to wait for few minutes to check the amount you are due for. Once that is done, you will be shocked to your bone marrow that you are only eligible to borrow around N5000 with a stringent condition that the money must be returned in seven days with an interest rate even up to N1500. 

Even if one wants to do a business, imagine a company that you will put N4500 into and record a profit of N1,500 within seven days. The worst part of it is that you need the money for the week as a salary earner, with the hope that your salary will arrive in the next seven days, which could be the 27th.

Before releasing the money into your account, they will call to confirm if you are making the application, which is good. But the worst part is to call your guarantor that you are about to take a loan, failing to specify the amount they are about to give you.

Apart from what the money was meant for, you will be sorry for making such a decision with some of these companies listed at the end of this write-up.

Two days to the due date, they will normally send you a message ahead, reminding you of the due to have money in your account for them to auto-debit or use the same AppApp to pay back. They will further give a helping hand to do a direct transfer to a particular account provided to ensure you don’t default.

A day before the due date, you will get a call from them, persuading you to pay that so that they can increase your credit limit. The worst part is that they will communicate with you in your local language (especially if you are in Yoruba).  

For instance, on a due date, this was the type of message someone got from an App called Easy Credit: 

Good morning 

Greetings from Easycredit, this is to notify you that your loan is due for payment today…..

Kindly make your payment through the AppApp or bank transfer to our bank account so as to be able to get another loan after 30mins of payment…..

Starting from tomorrow, your loan will be increasing everyday day by day with 2% interest, you will be a *defaulter*and it will show that You ain’t creditworthy, your loan limit will be reduced drastically. so make your payment on or before 2 pm today to prove to the management that you are credit-worthy. They just testing you with a little token to see for themselves before they can increase it Cus it’s strictly business. so you need to make your payment to avoid been flagged for defaulting so the system won’t decline you from applying again, the system has been programmed to auto-debit and Also decline any customer who doesn’t make his/her payment on their due date which is today. so you can easily apply for a new loan anytime you want same today after your repayment. Paying and reapplying for a new loan same today helps increase your credit limit.

Thank you.




Account number : 1211846373.

Bank Name : ZENITH BANK.

Send a screenshot proof of payment for clarification.

Please try and make your payment on or before 2pm


Imagine a loan company that was smiling with you when you were about to take the loan, telling you to pay on or 2 pm of the due date; what happened to 11:59 pm of that day?

At exactly 1:59 pm, the loan officer called to confirm if the loan has been paid. After no response, he sent this:

FROM THE MANAGING DIRECTOR. Have u made ur repayment as promised now, or should we help you out with that, cus we’ve been patient enough. Please don’t complain o, they will auto-debit n decline you now, just a click, it’s done. cus its time. Whats so difficult to return money we loan you, you will still want another one, you want the loan to be upgraded, this small loan given to you its just a test, we watching your attitude to repayment right now. Please do the needful now if you really want to enjoy easy credit.note: don’t default

When you send this to a client that is yet to default, what message will a defaulter get?

According to reviews on Google Play Store, Palm Credit (Easy Buy), Soko Loan, 9credit, and the likes also do these to their clients. 

This is what most of the newly set up financial service companies in Nigeria do to people who apply for their loans. 

Reviews even show they exploit their customer further by making sure the AppApp doesn’t work immediately, the client is about to pay back the loan, and they won’t respond on time, saying the time giving to the clients has elapsed.

Some even said they were debited twice, and their money was never refunded.

They even go further ahead in sending messages to all your contacts, describing you as a fraudster, prompting them to call you to pay the loan.

Therefore, it is important that the Central Bank, as the lender of the last resort, do the needful to address these problems clients face from the Small and Medium Scale companies that are just coming up.

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