Soft loans have become one of the fastest-growing sectors in the fintech industry with over 20 billion in turnovers from 2019 to 2021, Nigerian have embraced the technological opportunities of having access to short-term loans via mobile applications. So many have dumped the traditional banks and now using these micro-lending firms to attend to their urgent needs and even business.
As this technological innovation begins to grow, it has now become a deadly parasite in the society we find ourselves in today, it has broken homes, caused all forms of death via suicide, depression, hypertension, and any form of embarrassment one can imagine.
There are no strict rules guiding lending companies from uploading and deploying phony apps on the mobile store thereby encouraging digital crimes, spoofing, information theft among other forms of criminal activities. This development has called attention to reasonable members of the public over those behind these platforms.
The National Information Technology Development Agency (NITDA) sanctioned popular lending company Sokolending Company Limited (Sokoloan) of about N10 million for privacy information theft in 2021 which goes against the guidelines guiding lending companies. This company runs about 6 if not more, mobile apps primarily for lending, and they’re popularly referred to as Loan Sharks.
With the outrageous interest rate of over 60% within a minimum of 7-14 days, many have become a victim of their illegal and inhumane activities. There are several many of them who are involved in these criminal acts of downloading and spoofing user data e.g contacts, images, and bank information where users are unable to meet up with payment deadlines, they use these pieces of information against them.
The federal government through the minister of digital media, Dr. Patami Ismali has declared these organizations as criminals, thereby officially making them illegal lenders.
Devastating Loan Apps You Should Avoid In 2022
So I have drafted a list of illegal money lending apps on the mobile store and you should avoid these devastating loan apps so as to keep your information secured.
- Get Cash
- G Money
- Easy Credit
- Kash Kash
- DIdi Cash
- Naira Naija
- Cycle Cash
- Cash Rain
- Xcross Cash
The above-mentioned platforms go as far as sending out an obituary flyer threatening users’ contacts to make the payment or reach out to them and disassociate themselves with their debtors they call chronic. Using all forms of forged legal and police documents threatening them to make payment.
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Many of these platforms are said to be ruined by some Chinese syndicates involved in money laundry and racketeering, a majority don’t have registered offices or licenses to run a lending company.