Money is very important when it comes to having a great life, at some point, we find it difficult to solve our problems when it comes to financial predicaments. What if I tell you that taking loans can get you into trouble.

Some people will disagree with that but I'll try and explain to you want I meant by that and how you can avoid taking a loan every time you face any difficult situation.

Loans somehow give us a sense of relief most especially when we're able to solve our current financial problem, but at some point, it creates more problems for us in the long run.

In as much as it creates a temporary relief at the moment, it creates a monster in the long run that can give you sleepless nights, affect your finances and also create dependency on loans for survival.





Why Taking Of Loan Will Get You Into Trouble


What Are the Effects Of Taking Loans
Taking of loan all the time can create a physical and mental state of unrest if you're not able able to get out of your debt.

Below are common effects of taking loans from financial institutions


Post-traumatic stress disorder
According to Wikipedia, post-traumatic stress disorder is a mental and behavioural disorder as a result of exposure to traumatic events. This comes with symptoms such as disturbing thoughts, feelings or dreams. This can create suicidal thoughts in the mind of the victim.

When people take loans that are way more than their income it begins to create some sought disorder in their financial life.

when their bills and upkeep has been taken care of, they're sometimes left with nothing. A situation like that begins to create post-traumatic stress disorder as it will put their body and mind in a state of unrest because the borrower knows full well that the loan he took can lead to losing his properties and businesses most especially when the loan is taken from financial institutions like the bank who always ask for collateral before they can offer a huge amount of loans for business and personal use.

Here is a story about a young lady "Stella", not a real name. She was having financial difficulty, she contacted different family relatives to ask for help but they were all complaining of not having money. Someone introduced her to a loan shark company that charges 30% for a 7 days loan. Due to desperation, she took the loan.



After 7 days, she couldn't pay back the loan. The company started threatening her with all manner of threats, telling her they will broadcast her information on social media, telling the world she is a fraud.

She had to call the customer care of the company and pleaded with them that she is trying everything possible to raise the complete money and pay them back. The company went ahead and send a series of heartbreaking messages to her colleagues and boss at work that she is a fraud.

The lady couldn't take all of that, she went ahead and committed suicide. Stella was a healthy lady with no records of suicidal attempts or illness. She lost her life as a result of post-traumatic stress.


Financial Instability
Taking loans can create financial instability in the life of a borrower when he finds it difficult to balance the income and expenses. As a result of a debt or loan, you might find it difficult to take care of your needs such as paying electricity bills, water bills, school fees for kids, clothing and eating a good meal etc.

You will find yourself cutting down expenses and denying yourself some important things all in the name of trying to pay back your outstanding bills.


Dependency
Having debt can lead to dependency on other lending companies to pay back outstanding loans. Debtors are good at taking loans from other lending companies to settle their debts most especially when they're having a good credit score.

Using loans to settle loans will only take you back as you'll be surviving on loans, that you cannot do forever.



How To Avoid Taking Loans
You can avoid taking loans by observing by doing the following



Cultivate a Saving Attitude
Having a great savings will help you avoid taking loans from financial institutions. As humans, a lot of unexpected things happens every day which requires some money to solve.

If you have a saving you can comfortably use from that to solve any unforeseen circumstances

Create a Budget Sheet
Create a budget sheet that will contain how you intend to spend your money every month. By following that budget, you'll avoid any unnecessary spending that will affect you financially or even lead you to borrow money from financial institutions like the bank.
To do this properly, you can use excel to properly create a budget sheet which you're going to use every month for proper record keeping.

Invest In a Business
Investing in any physical business will serve as a backup plan for solving any financial problem that may arise in the future.
When you set up a business of your choice, you can now invest some percentage of your money into the business every month. By so doing, you can build a business that can help you financially when you're desperately in need of money.


source: https://www.deloanspot.com.ng/2021/12/why-taking-of-loan-will-get-you-into.html

Have you been hearing of the Kuda Bank Overdraft and you're kind of wondering what the Kuda Bank Overdraft is and how it works? If that is what you're looking for, then you're in the right place.

In this article, you'll learn everything about kuda bank and how you can leverage the opportunity available in kuda bank overdraft.

Kuda Bank Overdraft allows you to take a quick loan without having to use any of your assets as collateral. In case you're looking for a loan without collateral, you can read our post where we talk about the different lists of mobile apps that offer loans without collateral.

Before I proceed, let me explain what a Kuda Bank Overdraft is.







What Is Kuda Bank Overdraft?
Kuda Bank Overdraft is a short term loan to help you in keeping your financial life moving smoothly.

The overdraft allows you to borrow money from your Kuda Bank Mobile App to cover your expenses.

The Kuda Bank Overdraft is very good for salary earners or people who use the app as their main bank.

If you're a Kuda Bank App regular user, the app will evaluate your account using machine learning technology to know how much you're eligible to get on your overdraft balance which you can move automatically to your main balance whenever you need urgent cash to solve any financial problems

Also Read: How to apply for CBN graduate loan



How To Apply For Kuda Bank Overdraft
Open the Kuda Bank Mobile App and tap or swipe to your Borrow account.
Click Borrow.
Click Get Your Overdraft.
Click Next.
Type in the amount you want to borrow then click on Done.
Confirm with your transaction PIN, fingerprint or Face ID.
Click Okay and you can spend from your account.
How To Get Kuda Bank Overdraft?
Kuda Bank Overdraft is automatically placed by the app in the overdraft balance. This process does not need any configuration from you. As I have mentioned above, the Kuda Bank App creates the overdraft for your account based on the algorithm it gets through machine learning technology by evaluating your account and determining how much you're eligible to get on the overdraft balance.
If you've defaulted on any loan before, you will always see your overdraft balance showing N0.0 all the time.

To be qualified for the Kuda Bank Overdraft, You Must actively use the Kuda Bank Mobile App as your main bank account or better still, make sure you're actively using the Kuda Bank Mobile App for all of your transactions.

When your account has not passed through the verification process of Kuda Bank which has to do with adding your BVN and facial verification where you have to record a video of yourself moving your head in a clockwise direction, the bank will not activate the overdraft feature on your account.

How Much Is The Maximum Overdraft You Can Get?
Kuda Bank Overdraft does not have a maximum amount. The amount you see on your overdraft balance depends on the inflow and outflow of money in your account. The Kuda Bank App will now use an Ai tech to evaluate how much that will be credited into your overdraft balance.

Let say, for example, if you're always having a regular income of over 50,000 Naira monthly, the app will evaluate your inflow and determine the percentage of how much you can get in your overdraft balance.

How To Pay Back Kuda Overdraft?
Paying back the Kuda Bank Overdraft is very simple. For you to pay back your overdraft balance, all you need to do is to fund your Kuda Bank Account. Kuda Bank App will automatically deduct the money from your main balance to clear the overdraft balance.

If you don’t have enough money in your Spend account to repay the entire overdraft when it’s due, repayment will be made in bits every time money is added to your account until everything you owe has been repaid.

How Much Is The Fee For Kuda Overdraft?
Kuda Bank Overdraft has no fee or any other cost when applying for an overdraft. According to kuda bank, they may charge some fees if you're applying for an overdraft. This fee will be charged for running a credit check to ensure that you're qualified to get an overdraft.
What Is The Interest Rate For Kuda Bank Overdraft
Kuda Bank Overdraft comes with an interest rate of 0.3% daily on any amount you borrow. This interest of 0.3% will keep accumulating until when you pay back the overdraft.

The interest count of Kuda Bank Overdraft will start counting after 24 hours of you borrowing the money. For any reason, if you were able to pay back on the same day you collected the overdraft, you'll not be charged 0.3%.



Why You Should Use Kuda Bank Overdraft
According to Kuda Bank, around the 4th of June,2021. The bank recorded over 90,000 users enrolled for the Kuda Bank Overdraft. The bank is out there to help people get loans easily without having to pass through the stress of paper works just like the traditional banks we see every day.

Kuda Bank is the best app as of 2021 for getting quick loans without collateral because they will never call you to embarrass you or call your contacts to let them know that you are defaulting on any loan.

The interest rate will only keep accumulating daily with a 0.3% daily until you pay back the loan. The beautiful thing about how Kuda Bank Overdraft works, you can pay back the loan at your own pace and convenience without any form of pressure



Source: https://www.deloanspot.com.ng/2021/11/kuda-bank-overdraft-all-you-need-to-know.html

Loan apps are becoming popular in Nigeria and every day as we see a lot of people looking for loans without collateral.

To tell if a loan app is genuine can sometimes be a difficult task as a result of different technics which fraudsters are using to siphon money from customers.

It is advisable to conduct an online investigation to ensure that an online money lending app is genuine before using the app. You can read reviews online from Google, Facebook and Google Playstore to know what others are talking about the loan app.

The Central Bank Of Nigeria has been quiet regarding the activities and regulation of these online money lending apps that claim to be companies. This fraud has become rampant as of 2021 and it seems to be increasing every day.

We realise that getting loan scripts is now very easy which makes it possible for anyone to have access to them. As a result of this, anyone can wake up and claim to be offering instant loans.

In this article, we're going to talk about the major things you shouldn't give to a loan app if you're not sure they are genuine.







Details You Shouldn't Give To a Loan App If You Don't Trust Them

BVN (Bank Verification Number)

The BVN is a piece of very important information that is meant to be confidential. You should not share it without anyone or a loan app if you don't trust them. It serves as means of interconnecting different accounts and linking them to a single individual who owns them.
The CBN introduced the Bank Verification Number to fight against money laundering, but at the same time, it is what different loan apps use in knowing their customers.

The loan apps use the BVN to evaluate their customer's credit scores to know if they are eligible to take loans through the help of artificial intelligence and machine learning technology.

Before giving out your BVN, make sure that you trust the loan app requesting for it, if you're not sure then conduct your research or avoid them.


Details Of Your Atm Card

The ATM card is a personal card that is meant to be accessed only by the owner of the card, which the owner can use for making payments online. Most loan apps usually ask customers to bind their cards to the loan app so that they can use that to automatically deduct their money from the linked card when payments are due.

This same card is a gateway that scammers can use in getting access to your money. If you take a loan from a fraudulent app and you linked your card to their app, they can wipe every penny in your bank account within a twinkle of an eye.

For any loan app to have full access to your ATM card, they will need some confidential information about your cards. These details are

The 16 digits at the front of the ATM card
The expiry month and year
The Security number of the card (The 3 digit number at the back of the card)

Before you supply your card details to any loan company, be rest assured that they will have access to your account. If for any reason, you don't trust the app, for your safety kindly stay away from that app.



One Time Password

For whatsoever reason, never give anyone your one-time password (OTP). The OTP is authentication encryption that is used to secure an ATM card when the user tries to make an online payment.

If any loan app is asking you to provide your OTP, don't do that unless you trust the app to be a legit and reliable lending app. Once you apply for the OTP, you have granted the app instant access to your card and all the money in the ATM card.


Atm Pin Number

Your ATM pin is a secret pin that should be known by you alone. No, any loan app has the right to ask you for your ATM pin for whatever reason. If any loan app is asking you to provide your secret pin, avoid that app as fast as you can. It is a FRAUD!!



Conclusion

Your BVN, ATM PIN, OTP and CARD DETAILS should remain confidential at all costs. A lot of money lending apps in Nigeria are becoming scams now. Right now it is difficult to tell which one is legit or scam.
Be careful with most of these loan apps offering loans without collateral.

If you have any questions you can drop them in the comment section, we'll try as much as possible to answer your questions as fast as we can.
If you find this post helpful, kindly share. This will encourage us to post more helpful articles every day. Thanks for reading.

Source: https://www.deloanspot.com.ng/2021/11/scam-alert-loan-apps-are-becoming-scam.html

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Have you been scammed by a fraudulent loan application on Google Playstore? and you're thinking of reporting the app to Google playstore so that the app can be taken down for the safety of others? If yes, then you're in the right place.

Google playstore is one of the largest android app stores where you can download any app of your choice. The Google Playstore uses its own security known as play protect to filter out malicious apps that carry malware or virus to ensure the safety of its user.

Before an app developer can upload his app on playstore, it must pass through the verification process for google to be sure that your app is safe for download.

But that question remains, how will google know if an app is a scam or fraud? The answer is simple. Just report it and ensure that you give it a one-star and a negative review.

In this article, I'll be discussing how you can report a fraudulent loan application on playstore so that google can take it down.

There are best ways to report a fraudulent loan app to Google Playstore so that it can be taken down as fast as possible. If you read the article to the end, you'll learn the easiest and the best way to take down a fraudulent application from the playstore within 24 hours.




How to remove fraudulent loan apps from playstore.

A lot of loan apps that offer loans without collateral can be found on google playstore and most of them end up becoming frauds or scams. But due to the high number of downloads, these apps still remain on the Play Store which gives more room to scam new users who're downloading the app for the first time. Most people don't usually check reviews before downloading an app which is one of the major reasons why they fall victim to online loan scams.

If you're a regular reader at Deloanspot, you must have come across one of our articles on how a young man almost go his life destroyed by HalooCredit or HCredit.

The activities of these loan sharks have remained unchecked and the central bank of Nigeria is doing nothing about all of these loan sharks who claim to be giving out loans without collateral.

We've seen different loan applications that end up becoming scams with the like of Borrow Now Loan App. Apps like this have been tormenting their customers and sending all manner of disgusting text messages to their customers who default even for just one day.

To cut the story short, let us dive into how you can report any fraudulent loan application on playstore and get it removed.

Note: Before you go ahead and report any application which you believe is into fraudulent activities to Google playstore, make sure that you have enough proof to justify your claim. Google will make use of the information you provided to conduct their investigations before they will remove the app.

If you find any application on playstore violating any of your rights or google terms of service, do not hesitate to report such an app. Your contribution will help Google to cleanse the store and make sure that only genuine and legitimate apps are found on the Play Store.

You can also read Google Content Policy for apps hosted on playstore

How To Take Down Fraudulent Loan App From Play Store
Step by step process to report a fraudulent application to playstore.Visit the Google Legal removal page and create a request. Before making the request, make sure that you have flagged the app on PlayStore.

To report or flag a loan app for policy violations such as stealing data without your consent, sending threats or blackmailing messages to your contacts, CLICK HERE.

On this page, you will need to select the google product that is violating the Google Terms of service.

Select one of the products you're having issues with. See image below


select google app to report




Step 1
Select any of the following infringement that is related to your report

Below is the list

Sexual content
Graphic violence
Hateful or abusive content
Harmful to device or data
Spam
Gambling
Third-Party Payment
Ads
Unlawful activities
Other objection


Step 2

You'll be required to explain why you think the app should be removed from playstore
Briefly explain why you want Google to take down the loan app. In this stage, you need to be specific and detailed using a maximum of 1000 words to explain what happened exactly.

Step 3

You need to justify your claim by attaching a screenshot

Attach an image or screenshot that can help to justify your claims regarding the removal of the application. Google takes this removal seriously and you're advised not to abuse the service.

Step 4

Google will ask you to confirm if the application is still on playstore

Select "YES"

Step 5

Supply your name and application package name before you can submit

Step 6

locate the application package name from the URL. Add it and submit

Also Read: How to know if a loan company is legit
Conclusion

If you find this post helpful, don't forget to share. For any questions, you can drop them in the comment section. We'll answer them as soon as we can. thank you for reading

Source: https://www.deloanspot.com.ng/2021/11/want-to-take-down-fraudulent-loan-app.html

Try as much as possible to always avoid all of these loan sharks. Their mission is to frustrate you until you pay them their money knowing full well that you might not get a means of paying back in 7 days.

If you read the full article you will see why I regard them as a scam. Just in case you didn't read it, let me explain

Borrow Now are using a new technique for defrauding innocent Nigerians of their hard-earned money. It came to our notice that Borrow Now is now imposing loans on their customers even without them requesting loans.
This is a deliberate and criminal act. As a lender, you're allowed to give out a loan only when a customer is willing to request that loan. This is a breach of customer details on their app.

The most annoying part of all is when they start calling the customer, sending all manner of threats and disgusting messages to their customer's contact claiming that the customer is a criminal who has refused to pay them their money. Such actions can cause depression or even suicide most especially when a customer has no idea of what to do.

The activities of the Borrow Now Loan App has remained unchecked and no one is doing anything regarding their scamming activities.

A lot of Nigerians are falling every day to this loan Shark just because they are ignorant about all of these fake loan apps.

Borrow Now Loan App Claims to offer quick loans without any form of collateral or paperwork. This has been one of the major reasons why a lot of Nigerians are falling for these frauds being perpetrated by these criminals.

When a Nigerian hears the word loans without collateral, he quickly falls for that. Most companies that give out such loans rely on the interest which we have seen some of them ranging from 7% to 30%. But the case of the BORROW NOW LOAN APP is different. They charge exorbitantly and still siphon your money.

Here at Deloanspot, we're on the mission to cleanse the internet of all these loan sharks and to create a safer environment where people can have access to financial knowledge and opportunities on loans, mortgages, credit cards and many more.

Read Full Article

https://www.deloanspot.com.ng/2021/11/borrow-now-loan-app-is-scam-avoid-them.html

The loan sharks are becoming too much now. I think CBN has no standard or requirement needed to become a money lender. People now find it easy to install app and website scripts for lending then use them for fraud.
How will someone start a lending business without a verifiable address or CAC registration?

Have you been thinking of taking an instant loan from Haloo Credit? If yes, I'll advise you not to try that unless you're ready to be scammed.

Fraudsters are now engineering different scamming techniques to defraud innocent people and I'm very sure they have found a new way to steal from people.

Different lending companies are starting their business in Nigeria and the CBN has been quiet regarding the regulation of these businesses. Most of these companies are imposing exorbitant charges or interest on their loans. These activities have remained unchecked and we're seeing more of these frauds going on every day.

How will a loan company charge over 30% interest for a loan of 7 days, isn't that stealing?. In today's article, I'll be discussing Haloo Credit and the reason why I believe the company is operated by fraudsters or yahoo boys in Nigeria.

Read Complete Article

https://www.deloanspot.com.ng/2021/11/haloo-credit-or-hcredit-is-scam-lending.html

In other to effectively use fidelity bank, you'll need to create a pin that you will use for authenticating each and every transaction such as buying of airtime, data, money transfer and many more.

Fidelity Bank is known for its numerous top-notch services such as Mobile Banking, Online Banking, SME Banking, Digital Banking, Personal Banking, Corporate Banking and Private Banking.

However, fidelity bank has proven to be among the most secured banks when it comes to USSD mobile service.

The bank uses advanced encryption to secure its platform from hackers. So be rest assured that your money is safe with the bank.

As a customer of fidelity bank, it is advisable to use a password that you can remember easily, this password is going to serve as the user authenticator before any transaction can be initiated on your account.

I always advise people to avoid using passwords such as date of birth or year. passwords like that can be easily guessed by an unauthorized person. If you expose your password to a third party, your account can be compromised.







Read Full Article
https://www.deloanspot.com.ng/2021/10/create-fidelity-bank-mobile-transfer-pin.html

Ghana is one of the fastest rising countries in Africa today due to its rapid economic growth. This has led to different companies trying to penetrate the Ghanaian market in other to reach more customers and establish their businesses.

Different money lending companies are now moving to the Ghanaian market to start their business. As individuals, we all know how cumbersome it can be when it comes to getting loans in the bank. This process can be annoying and frustrating because of the processes involved when trying to acquire a loan.

When the word loan is mentioned in an average African setting, the first thing that comes to mind is trouble or collateral. Most of the time when people put their assets as collateral, some of them end up losing their property due to the strict policies of the traditional banks.

But today the story is entirely different because you can now[b] get a quick loan without any form of collateral.[/b]

Loan without collateral has become a greatly welcome development in Ghana as people now have access to quick long term and short term loans without having to follow through with any paperwork procedure that is time consuming and discouraging.

This article will talk about 6 different loan companies in Ghana that offer quick long term or short term loans without collateral.

This post is going to be a lengthy one as I'll be covering almost everything you need to know regarding [b]how you can secure your first loan in less than 5 minutes [/b]without having to follow through with any paperwork. All you need to secure this loan is just a smartphone, PC and internet connection to get started.

Read Article
https://www.deloanspot.com.ng/2021/10/online-loans-in-ghana-without-collateral.html

There are two major loan sharks in Nigeria operating and defrauding people through what I'll call shady lending which is created to steal from the innocent Nigerians who are looking for a loan without collateral.

The activities of most loan companies have remained unchecked by loan regulatory bodies in Nigeria. As a result of this, different loans companies are now using that opportunity to reap innocent Nigerians their money by taking advantage of their predicaments for their own selfish interest.

These unchecked activities of these loan sharks have been giving me the cost to worry, not until recently when I read a very heart touching story of a young man that fell into the trap of these loan sharks which almost destroyed his life.

You can read the story of the young man from nairaland. I was so touched that I had to write about all the loan sharks in Nigeria so that I can help innocent people from falling victims or prey to these loansharks defrauding people of their hard-earned money.

Read the full article

https://www.deloanspot.com.ng/2021/10/loan-sharks-in-nigeria-avoid-such.html

How Do I Know If A Loan Company Is Legit?

Knowing if a loan company is legit can sometimes be tricky as fraudsters are engineering different techniques to defraud people.

A lot of people ask this question "How do I know if a loan company is legit?". With the rapid increase of fraudulent activities taking place on the internet which most of them remain unchecked. As a result of this fraud being perpetrated by criminals, people are beginning to lose confidence in legit loans companies that are genuinely giving out loans.

With different fintech companies emerging every day, a lot of money lending companies are coming up and most of them usually offer loans without collateral.

How to know a fake or legit loan company
Fraudsters have now come up with new methods of siphoning money from innocent people using dubious means such as the cloning of websites.

In this article, I'll show you the things you need to spot out in other to know if a loan company is legit or a scam.

So the question now is;

How Do I Know If A Loan Company Is Legit?

For you to know if a loan company is legit, here are the major things you need to look out for;

Website asking for an Upfront Processing Fee?
Website is not having an SSL Certificate or the correct URL?
The company is not registered with CAC or IRS
Company has no Online Presence
The lender has no Verifiable Address
Loan company showing no interest on your credit score
The company is not transparent about its fees
Are they asking for an upfront processing fee?


Loan companies have the sole responsibility to loan you money, that is one of the reasons you are using their platform. But in a scenario when you are asked to pay some upfront fee before they grant you a loan, then there is every possibility of that company being a scam.

We have seen cases where loan companies, apps or websites ask people to pay an upfront fee before their loans will be disbursed.

Here is how this fraudster makes their money. when you sign up on their platform (website or App), they will offer you a huge amount of loan, something you cannot resist.

when it gets to the stage where you will receive your money, they will now ask you to pay a little fee before they can process your loan.

For example, you can be offered something like 2000$ to pay a 20$ disbursement fee. Because of how desperate you are, you might likely go ahead and pay the $20 upfront fee.

Once you pay the disbursement fee, they have successfully scammed you. Try as much as possible to stay away from such companies.




Check If Website Is Using an SSL Security Or The Correct URL
An SSL security is website encryption that ensures hackers don't steal sensitive information from you. If a website is not having SSL security, it is with no doubt that the website is there to steal your credit card information or any sensitive details about you. So try to avoid such a website!

Most fraudsters who likely use such scamming methods are probably hackers with knowledge of web development and phishing.

When they find a company that is offering loans, they will go ahead and create a clone of that website or app.

For example, if a website is www.loanoffer.com, they will go ahead and create their own version with a domain name like www.lcanoffer.com. sometimes as a result of haste, you might not be able to spot the difference.

Once you perform any transaction on the website, they can automatically steal your information or credit card details which they will go ahead and use on the real website to impersonate you.



The company is not registered with CAC or IRS

If you're living in a place like Nigeria, you'll be familiar with the word CAC. CAC simply stands for cooperate affairs commission. It is a body responsible for the registration and reservation of businesses in the country.

The same applies in places like the United state where IRS is responsible for tax return processing, taxpayer service, and enforcement. The IRS also conducts criminal investigations and oversees tax-exempt organizations and qualified retirement plans.

The CAC and IRS have the sole responsibility of ensuring that every business being registered are not in the market to defraud people. As a result of the strict measures associated with business registration and reservation. Most fraudsters will likely not register their business as lenders with the government.

Before you embark on applying for a loan with a business you're sceptical about, make sure you confirm the legitimacy and the authenticity of that business on the CAC or any government body responsible for business registration in your country.

Looking up a business all varies from country to country. Make you confirm the body responsible for business registration in your country.

Once you can not find the lending company as a registered business try as much as possible to avoid such a website or company. They are scammers!

Company Has No Online Presence

No matter how new a company might be, there should be an online presence about that company. As a fintech or new lending company, there should be written content about the business by popular news websites or tech websites with reputable authority such as Tech Crunch or Tech Cabal.

If for some reason you can't find any online presence showing that the company is legit, you can copy the URL of the website and do a proper look up on ICAN LOOKUP.

This lookup will reveal sensitive information about a company such as the age of the domain and the details of the registered owner.

This lookup helps in identifying websites that are created for the sole purpose of defrauding people. But in some cases, some websites are hidden from public lookup. When you notice that website information is hidden from ICAN lookup. kindly stay away from such kind of lending company.

Another great way of checking on businesses is using Trust Pilot or Better Business Bureau (BBB)

Lender With No Verifiable Address

Every business needs a physical address where people can visit to get access to the services being offered by the company. Some fake lenders can put up a fake or non-existing address on their website.

So, how will you know if the website or business address is true?

what you need to do is to use Google Maps to verify the address of the business. Google has been known to be a great source for verifying businesses.

If you are still not satisfied with the information you're getting from Google Maps, you can go ahead and use google earth to confirm how the head office of the lending company looks like. With google earth you can see a real-time image of an address you searched for.

For any reason, if a lender address can not be verified, please stay away from such lending companies, they might be scammers.



Loan Company Has No Interest In Your Credit Score

When a company is not interested in knowing your credit score then there must be something fishy about such a company. It is the responsibility of a lender to check the credit score of its customers before giving out a loan.

In a country like Nigeria, lenders use what is known as Bank Verification Number (BVN) to evaluate their customer's credit scores.

The BVN allows the lender to check everything regarding your financial status. For other countries, I believe they have their own way of verifying the credit score of customers.

When you notice that the loan company is not interested in knowing your credit score using BVN or any other verification means then know that they are in to scam you.



Company Is Not Transparent About Its Fees

Transparency is very important when it comes to the loan business. Every lender tries to make its fees and interest as transparent as possible. This is one of the ways they use in enlightening the public that they have better service than their competitors.

If for any reason, if a loan company is trying to play smart by not being clear about its fees and interest rate, then you should have a second thought about the kind of information you give out to such a company. They might likely be scammers!



Popular Scams By Fraudsters regarding Loan Offer

You Just Won a Loan

That sounds dumb, right?

But a scammer can think he is smart when he tells you that you have won a loan. Some of them are lucky to get victims who fall for their scam. people don't win loans, they qualify for a loan and most loans should be granted based on request.

If for any reason you receive a call from anyone claiming to be a loan company or officer, try as much as possible to avoid such calls. They are scammers

Loan Company Asking You To Claim Loan with Gift Card

Gift card has been one of the most popular ways scammers use in siphoning money from their victim. They usually ask their victim to fund an Amazon gift card, Walmart gift card or any popular gift card before they can get a loan.

Please kindly note that no legitimate loan company will ask you to pay them with a gift card before they can disburse your loan.




Source: https://www.deloanspot.com.ng/2021/10/How-to-spot-fake-lenders.html

Being a graduate in Nigeria is sometimes difficult most especially if you don't have a job. With the high cost of living and the high rate of inflation in the country, a graduate from a poor background can sometimes find it difficult to start from the bottom without any financial backing.

With this rapid increase in unemployment and underemployment, the CBN (Central Bank Of Nigeria) has decided to introduce a scheme known as TIES.

What Is the TIES scheme by CBN?

TIES simply means Tertiary Institutions Entrepreneurship Scheme. It is a scheme introduced by the central bank of Nigeria to tackle unemployment and underemployment of Nigerian graduates in the country by offering them loans to start up their businesses.

The central bank of Nigeria, recently announced that they will start offering loans to university and polytechnic graduates who are willing, ready and capable to start a business of their own to combat poverty, unemployment and underemployment in the country among varsity graduates.


What Is The Aim Of The CBN TIES Loan?

The aim of TIES Loan is to encourage and build the spirit of entrepreneurship among Nigeria graduates in other to reduce the rising number of unemployment and underemployment of university graduates in Nigeria.

The government believe that the scheme will create a paradigm shift of graduate of university and polytechnic seeking a white-collar job to employers of labour in the country.



Objective Of Tertiary Institutions Entrepreneurship Scheme (TIES).

The objective of TIES is to increase access to finance for graduates of university and polytechnics who are entrepreneurship driven and business-minded in areas like agriculture, information technology, creative industry, science and technology.

This scheme is aimed at;

1. Providing an enabling environment where the innovative ideas can turn into reality through mentorship and development

2. Promote gender equality in entrepreneurship through capacity development and improved access to startup funds.

3. Boost the economy through Non-Oil sectors.






Areas Of Business ELIGIBLE for TIES CBN Loan

Science and tecnology
Creative Industry
Information Technology
Agric Business



What Is The Requirement To Apply For CBN TIES Loan?

For you to apply for a TIES CBN loan, you need to ensure you have the following documents which must be originals.

First Degree Certificate (Original).
NYSC Certificate ( discharge or exemption certificate).
Not more than 7 years post-NYSC.
Valid mobile phone number and email address (linked to your NIN, BVN, TIN).
Evidence of business registration with the CAC (Corporate Affairs Commission).
Corporate bank account number of business.
Must be a graduate of university or polytechnic in Nigeria

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What Is The Interest Rate Of TIES CBN Loan?

The TIES CBN Loan comes with an interest rate of 5% per annum from October 2021 to February 2022.

Every eligible business is expected to start paying back the loan after 12 months which must be remitted within 5 years

How Much Can I Get From TIES CBN Loan?

As a beneficiary of the central bank of Nigeria TIES Loan, you're eligible to get N5 million for individual/sole proprietorship/small company projects and N25 million for partnerships/company projects.


TIES Loan Category And Tenor
The CBN TIES Loan has two major categories which are
Sole Proprietors TIES Loan
Small Company / Enterprise TIES Loan.


1. Sole Proprietors: [/b]Businesses owned by one person can access up to N5 Million loans under the Loan Scheme.


[b]Loan Duration (Tenor): 5 years


Interest Rate: 5% from October 2021 to February 28, 2022 ( and 9% from March 1, 2022)


Moratorium: Maximum of 12 months (dependent on the type of business)


2. Small Company / Enterprise: Group-owned businesses must be registered with the Corporate Affairs Commission (CAC) and certified true copies (CTC) of relevant forms submitted.


The group can access up to N25 Million loans under the TIES Loan Scheme.


Loan Duration (Tenor): 5 years


Interest Rate: 5% from October 2021 to February 28, 2022 ( and 9% from March 1, 2022)


Moratorium: Maximum of 12 months (dependent on the type of business)


Investment Period
The investment made shall be for a maximum period of ten (10) years (not exceeding December 31, 2031).

There shall be a 3-year lock-in period before exiting to encourage value creation and boost the managerial capacity of the business.




How Do I Apply For CBN Graduate Loan?


For you to apply for the CBN TIES Loan click visit Visit https://cbnties.com.ng/register

Note: Don't apply through a third party claiming to be working for or with the CBN. We found out that some fraudsters are now parading themselves as employees of CBN just to defraud people.


Repayment For TIES CBN Loan

Interest payment and principal repayment shall be made on a monthly or quarterly basis by the obligor depending on the established cash flow cycle and in line with the approved repayment schedule.


Step-By-Step Guide For Applying for TIES CBN Loan
Step 1

Visit https://cbnties.com.ng/register
Step 2
Select loan type (Tier 1 or Tier 2)

Step 3
Submit NYSC certificate number

Step 4
Select the year you did your NYSC

Step 5
Select the year of graduation

Step 6
Insert your name, email and password

Step 7

Submit your application

Source: https://www.deloanspot.com.ng/2021/10/cbn-graduate-loan.html