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Loan apps to avoid in Nigeria

by The Economy

Since 2015, when loan apps set in on the Nigerian credit space, hundreds of loan apps have flooded the app stores. As Nigerians face harsher economic realities, the need to get a loan to overcome a prevailing cash crush keeps rising, especially as a new loan is taken to offset an older one.

Many lending apps are known to sweet-talk customers into taking loans, but once they default, a great deal of pressure is put on them to pay. Most times, the lenders’ approach at loan recovery is very embarrassing and leaves much to be desired.

In the light of the foregoing and some legal issues, the Nigerian government has delisted 37 loan apps from the Google Play Store and Apple App Store.

The delisting comes after the Federal Competition and Consumer Protection Commission (FCCPC) shook up the digital money lending industry.

The commission claims that Google permanently removed delisted loan apps from the Play Store.

According to a Bussinessday report, the delisted apps were found to engage in illegal activities such as charging exorbitant interest rates, collecting late payment fees, and using abusive language with borrowers.

Delisting these apps is a welcome development as it will help protect consumers from being exploited by unscrupulous lenders.

Here are the names of the 37 delisted loan apps: Swiftkash App, Hen Credit Loan App, Cash Door App, Joy Cash-Loan Up To 1,000,000 App, Eaglecash App, Luckyloan Personal Loan App, Getloan App, Easeloan Apps, Naira Naija, Cashlawn App, Easynaira App, Crediting App, Yoyi App, Nut Loan App, Cashpal App, Nairaeasy Gist Loan App, Camelloan App, Nairaloan App, Moneytreefinance Made Easy App.

Others include: Cashme App, Secucash App, Creditbox App, Cashmama App, Crimson Credit App, Galaxy Credit App, Ease Cash App, Xcredit, Imoney, Naira Naija, Imoneyplus-Instant, Nairanaija-Instant, Nownowmoney, Naija Cash, Eagle Cash, Firstnell App, Flypay, and Spark Credit.

The government has also created a task force to investigate other illegal lending apps. The task force will comprise representatives from the Central Bank of Nigeria, the Securities and Exchange Commission, and the National Information Technology Development Agency.

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