Except you’re not a customer of loan apps in Nigeria, you’ll likely agree that you’re familiar with at least one of HelaCash, Sokoloan and CashExpress.

But as loan apps dominate the online lending space in Nigeria, it is important to draw the attention of intending borrowers to the loan apps they should avoid at all costs.
We delved into thorough research about HelaCash, Sokoloan and CashExpress. Based on reliable findings, our verdict is that none of the three loan apps is worth patronizing. As you read further, you’ll not only find out the reasons for this verdict, but also discover the various ways you can identify a fake loan app.

HelaCash

HelaCash is one of the loan apps that seem to have attracted lots of negative reviews. It has been found among the loan “sharks” that commonly lure in unsuspecting borrowers by dishing out fake promises to them. Negative user reviews, especially when they far outweigh the positive user reviews, constitute the yardsticks for assessing the legitimacy or reliability of a loan (app) company. With HelaCash having failed in this regard, it suffices to list it among the loan apps Nigerian borrowers should avoid at all costs.
Perusing a number of customer reviews about HelaCash, we found that the operation of the loan app is fraught with irregularities including delay in updating repaid loans, wrong loan disbursements, and deduction of interests prior to loan disbursements. In the case of wrong loan disbursements, for instance, some individuals faulted HelaCash for sending them loans they never applied for.
One of HelaCash’s worst downsides, and which is probably the commonest drawback of unworthy loan apps, is high interest rates. Not only has HelaCash been faulted for attaching extortionate interests to its loans, the loan app is also disliked for setting relatively short repayment periods, and for its delay in increasing customers’ loan limits.

Delay in increasing customers’ loan limits is a disturbing drawback because it is probably the opposite of what HelaCash claims to offer. A particular user claimed that HelaCash parades itself as a provider of higher loan limits in order to lure in customers. The user added that after HelaCash has succeeded in this regard, i.e. by getting the customers to “pay”, the loan app begins to falter, and it becomes difficult for the customers to use.
Another user labeled HelaCash a scam, and backed up the claim by saying that the loan app doesn’t eventually send customers the loan amounts that were initially agreed upon. In other words, HelaCash disburses a loan amount lower than the agreed amounts. This is unfortunate because during loan repayment, customers might have to pay more than the amounts they are supposed to pay. This same user also condemned HelaCash for having extremely poor customer service.


Sokoloan

Sokoloan is a common name in the Nigerian online lending space. However, it is one of the loan companies that should be avoided by wary Nigerian borrowers at all costs. One of the red flags about Sokoloan is hiding under different loan apps to perpetrate its exploitative lending scheme. This puts borrowers in the risk of falling into the hands of Sokoloan again and again, without even knowing that they are still dealing with Sokoloan.
All of the loan apps controlled by Sokoloan operate in deceptive and exploitative ways. If you’re using a loan app where you seem to experience the sort of extortion you experienced while using Sokoloan, it is very likely that you’re still using Sokoloan.
There’s no doubt that Sokoloan is well known, and that you’ll find user reviews claiming that Sokoloan is a favourable or good loan app to use. The reason for such “positive” reviews is that Sokoloan is said to have paid some people to deceptively portray the loan company in good light.

If you’re serious about doing away with Sokoloan, you should be ready to make your findings about a newly found loan app before applying to it for loans. Through such findings, you’ll easily learn about the features/offerings of that loan app as well as the honest user reviews available for it. If users of the app claim to have had the same unworthy experience that you had while using Sokoloan, this is likely a hint that the newly found loan app might be another Sokoloan in disguise.

Sokoloan is also said to be guilty of embarrassing loan defaulters by composing derogatory messages and sending them to the contacts of the loan defaulters. This is undoubtedly one of the practices by terrible loan apps in Nigeria. A good number of Sokoloan users have reported being defamed by Sokoloan following their failure to repay loans on due dates. We’ve seen a whole lot of messages in which Sokoloan describes specific loan defaulters as criminals under police investigation for having run away with company’s money.
Sokoloan reveals the name and the phone number of a given loan defaulter along with a derogatory claim such as the earlier-stated one.


CashExpress

CashExpress is another terrible loan app operating in Nigeria. Just like Sokoloan and HelaCash, CashExpress has been condemned not only for misleading customers, but also for operating in an abysmal manner. Ranging from customer service down to loan disbursement, several things about CashExpress are bad. As regards loan disbursement, some users have labeled CashExpress a scam for disbursing loans without the customers’ approval. A particular customer claimed that after signing up for CashExpress, they received a loan disbursement that they never applied for.

Also, users of CashExpress claimed that after sending loans without customers’ approval, CashExpress issues threatening messages whenever customers complain about receiving loans that they never applied for. A particular user claimed that after complaining in this regard, CashExpress didn’t admit any irregularity or error; the loan app instead threatened them to repay the actual loan amount as well as the associated interest.


Read more on users bad below

https://ccnworldtech.com/top-3-loan-apps-to-avoid-in-nigeria-helacash-sokoloan-and-cashexpress/