Which loan apps are banned by the Nigerian government?

The Nigerian government, through the Federal Competition and Consumer Protection Commission (FCCPC), has banned a number of loan apps for operating illegally or engaging in predatory lending practices.

Here is a list of 10 banned loan apps:

● Getloan: Was banned for harassing Nigerians.

● Camelloan: Was banned for harassing Nigerians.

● Cashlawn: Was banned for operating illegally.

● Nairaloan: Was banned for operating illegally.

● Eaglecash: Was banned for operating illegally.

● Moneytreefinance Made Easy: Was banned for operating illegally.

● Luckyloan Personal Loan: Was banned for operating illegally.

● Cashme: Was banned for operating illegally.

● Easynaira: Was banned for operating illegally.

● Swiftcas: Was banned for operating illegally.

These loan apps were banned for a variety of reasons, including

• Operating without a license from the FCCPC

• Engaging in predatory lending practices, such as charging exorbitant interest rates and fees

• Harassing and intimidating borrowers

• Sharing borrowers’ personal information without their consent

Why the Nigerian government is banning loan apps

The Nigerian government is banning loan apps in an effort to protect consumers from predatory lending practices.

Many of these loan apps charge exorbitant interest rates and fees, and they often engage in aggressive and intimidating collection tactics.

The government is also concerned about the privacy and security of borrowers’ personal information.

FAQs

What should I do if I have borrowed money from a banned loan app?

If you have borrowed money from a banned loan app, you should contact the FCCPC to report the loan app and get advice on how to proceed. You should also stop making payments to the loan app.

How can I tell if a loan app is legitimate?

There are a few things you can do to tell if a loan app is legitimate:

Check to see if the loan app is registered with the FCCPC. You can do this by visiting the FCCPC website and searching for the loan app in the list of registered digital money lenders.

Read the loan app’s terms and conditions carefully. Make sure you understand the interest rates, fees, and repayment terms before you borrow any money.

Be wary of loan apps that promise quick and easy loans with no credit checks. These loan apps are often predatory and may charge exorbitant interest rates and fees.

What can I do if I am being harassed by a loan app?

If you are being harassed by a loan app, you should report the loan app to the FCCPC and to your local police station. You should also block the loan app’s phone number and email address.

What other options do I have if I need a loan?

There are a number of other options available to Nigerians who need a loan. You can borrow money from a bank, a credit union, or a microfinance institution. You can also borrow money from friends or family members.