• Wednesday, February 28, 2024
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List of loan apps to avoid

List of loan apps to avoid

The Nigerian government has delisted 37 illegal loan apps from the Google Play Store and Apple App Store.

The delisting comes after persistent harassment of Nigerians by the lenders, and 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.

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.

Read also: FCCPC approves 154 loan apps, takes action against unethical practices

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.