Worst Loan Apps in Nigeria: 5 You Should Avoid

Quick loan apps in Nigeria can seem like lifesavers during emergencies.

They promise fast cash at your fingertips, but some come with hidden dangers: astronomical interest rates, privacy violations, and aggressive debt collection tactics.

Before you borrow, here are five loan apps Nigerians should think twice about using.

1. NairaPlus

• Why avoid it: Breaches user privacy and sends threatening messages to contacts if repayment is delayed.

• User complaints: Many report harassment and misleading loan terms.

• Regulatory notes: Has been flagged by authorities for unethical practices.

2. BorrowNow

• Why avoid it: Excessive interest rates, extremely short repayment periods, and intimidation tactics.

• User complaints: Borrowers report being shamed via messages to friends and family.

• Regulatory notes: Banned by Google and flagged under Nigerian lending laws.

3. LCredit

• Why avoid it: Spying on users by accessing SMS, photos, call logs, and recordings.

• User complaints: Privacy violations and lack of transparency.

• Regulatory notes: Removed from Google Play for breaching user privacy.

4. Maxi Credit

• Why avoid it: Aggressive debt collection and high-interest rates with hidden fees.

• User complaints: Harassment calls and messages to contacts.

• Regulatory notes: Investigated by FCCPC for violating consumer protection laws.

5. Easy Credit

• Why avoid it: Accesses personal contacts without consent and unclear loan terms.

• User complaints: Confusing repayment schedules and privacy concerns.

• Regulatory notes: Delisted from Google Play for non-compliance with Nigerian regulations.

Tips for borrowing safely

• Always check if the loan app is CBN-approved.

• Avoid apps that ask for unnecessary permissions (contacts, messages, photos).

• Carefully read the interest rates, fees, and repayment terms.

• Be wary of apps that use threats or harassment to collect debt.

Final thoughts

While loan apps can provide quick cash, using disreputable ones can lead to financial and emotional strain. Stick to regulated, trustworthy platforms and borrow responsibly. Remember: convenience today shouldn’t come at the cost of safety tomorrow.