The Nigerian fintech space is growing exponentially, attracting the attention of both foreign and local investors and drawing new entrants into the diverse sub-sectors within the ecosystem. A good number of them have struck gold offering loans with collateral to Nigerians albeit at eye-popping interest rates. A significant number of these loan app operators now send embarrassing short messages service (SMS) and WhatsApp messages to the close contacts of their loan defaulters with the intention of shaming the defaulters, tagging them with terms like ‘criminal,’ ‘fraudster,’ and ‘terrible debtor’ among others. In some cases, the full names, phone numbers and pictures of the alleged loan defaulters are shared with their contacts like religious leaders, members of churches and mosques, close friends, bosses, colleagues and family members.

The following are Loan Apps to avoid by all means possible
1. Sokoloan
2. EasyCredit
3. Ncredit
4. 9Credit
5. GoCash
6. LionCash
7. 9ja Cash
8. GetCash
9. Lion cash
10. fast money

How to identify bad lenders (bad loan apps)
I repeat being bad doesn’t mean that you can’t get a loan from them but how they operate is the real issue and if you care about your respect and peace of mind, then avoid them. Below are the signs of a bad loan

Higher interest rate
Shorter loan duration like (7-14 days)
Bad lenders will create a service fee and interest differently
They treat their customers like trash
They send out abusive messages to all your contacts when you default even for a few hours.
Can start a fight even before the loan expires
They charge for card verification before approving a loan
Some don’t offer a loan but refer you to other apps and charge for services fees[i][/i]


IF YOU MUST BORROW, USE

1. fair money
2. branch
3. carbon


thank you.

These loan companies are cashing out these days due to the current economic hardship.

Always use fake contacts when applying for a new loan for the first time
Steps:
1. Backup ur contacts using supercontactsbackup and delete all the contacts,
2. Download contacts generator from playstore and generate like 1000 fake contacts.
3. Apply for your loan from a new loan
app.
4. Delete the loan app after obtaining the loan.
5. Delete the fake contacts and restore your contacts.
6. If u default in repayment for one reason or the other, they can't tarnish your image.
Note: This works if you are applying for the first time, they already have your contacts if you have applied before now, so it's for new loan apps that are coming up on Google play store every day

9credit is a scam loan borrower tarnishing ones image is nothing to them even if u owe them 100 they will their latest way now it cropping your pic and editing to put Fraud on it.. I think they need to sue to court for tarnishing of image. Even their customer service is zero.....