It is common knowledge that the Nigerian government has recently announced the approval of over 173 online loan apps to legally operate in the digital lending space. Among these apps, 119 were granted full approval, while 54 received partial approval.

To aid Nigerians in making informed decisions when choosing online loan apps, this article aims to list all the approved loan apps that have been certified to operate. This is important due to past complaints about these digital apps, which have been accused of blackmail, intimidation, harassment, and defamation towards customers who are unable to pay on schedule.

According to Punch News, the Federal Competition and Consumer Protection Commission established a framework to regulate the operations of online loan apps in the country. This was necessary due to the proliferation of illegal apps that were operating without jurisdiction, and therefore, could not be held accountable for their nonchalant attitude towards retrieving back loans.

Under the new framework, all lending apps, including those in Google Play Store and those using official websites, were mandated to register with the government to continue operating. Some online banks were barred by the government as well.

It is essential to differentiate between regulated and unregulated loan apps accurately to avoid bad lending companies, otherwise known as loan sharks. Unregulated loan apps have caused significant harm to their customers, as they tend to disregard their loyalty once they default on loans.

Therefore, it is advisable to stay away from unregulated loan apps and refer to the list of approved loan apps by the federal government to make an informed decision.

Read more: https://financehq.com.ng/list-of-online-loan-apps-approved-by-the-federal-government-of-nigeria/

I don't know if it's good or bad cos loan apps here are criminals with unrestic charges