• 

  Nicenaira

  Category: Mild Loan

  Interest rate: 35%

   

  1. They’ll send SMS blasts to your contacts, claiming you owe them money.
  2. Be ready for a flood of nasty WhatsApp messages if you’re even a day late.
  3. Their repayment windows are ridiculously short—just 6 to 14 days—making it nearly impossible to repay on time.
  4. Expect daily overdue interest rates between 5% and 7%, pushing you deeper into debt.
  5. Once they’ve trashed your reputation, paying them back is pointless—they’ve already hit their goal.
  6. Since they’re unlicensed, they can’t take legal action. Ruining your name is their only weapon.
  7. Don’t borrow from other loan apps to clear your debt—it’ll only dig you into a deeper hole.
  8. Use Truecaller to block their calls and protect your peace of mind.
  9. The best way to beat loan sharks? Stop borrowing altogether.
  10. Block them on WhatsApp and report them to both WhatsApp and Google Play Store to stop others from falling into their trap.
• 

  Frimoni

  Category: Dangerous Loan

  Interest rate: 40%

  Protect Yourself When Dealing with Unregistered Loan Apps: A Guide for Frimoni Users

  If you're managing loans from unregulated loan providers like IMoney, it's essential to understand certain key aspects of repayment and how to safeguard yourself. Here’s what you need to know when dealing with such platforms:

  1. Unregistered Loan Apps

  IMoney is not a registered loan app, meaning it does not adhere to the legal guidelines set by Nigerian financial authorities. This lack of regulation can lead to unethical practices, so proceed with caution if you're involved with such services.

  2. Dealing with Derogatory Messages to Your Contacts

  If IMoney has sent offensive or embarrassing messages to your contacts in an attempt to pressure you into repayment, do not panic. While this tactic is harmful, it’s a strategy used to coerce borrowers. You are not legally obligated to repay under duress. If they persist, calmly inform them that you’re ready to address the matter in court, which often dissuades further harassment.

  3. Defamation and Reputational Harm

  If your reputation has already been damaged by IMoney through defamatory messages, repaying them will not necessarily undo the harm caused. Once your reputation is affected, the damage is done, and paying them back may not restore it. Focus on protecting yourself from further harassment instead.

  4. Install TrueCaller to Block Spam Calls

  Install the TrueCaller app on your phone to help identify and block spam calls, including any harassing calls from IMoney. This app provides an extra layer of protection against unwanted contact.

  5. Block Auto Debit from Your Bank Account

  To prevent IMoney from automatically withdrawing money from your bank account, it’s essential to block your bank card. Visit your bank and request a new card to ensure they can't access your funds through auto-debit.

  6. Block and Report on WhatsApp

  If IMoney contacts you via WhatsApp, block their number to stop receiving their messages. Additionally, report their number to WhatsApp to alert the platform about their behavior, which may lead to their account being flagged or suspended.

  7. Report the App to Google Play or iOS App Store

  If IMoney is listed on the Google Play Store or iOS App Store, report the app to the platform. This not only helps alert other users to their unethical practices but may also result in the removal of the app from these stores, protecting future borrowers.

  Take Action to Protect Yourself

  By following these steps, you can safeguard yourself from further harassment and protect your finances. Whether it's blocking calls, reporting the app, or preventing unauthorized withdrawals, you have control over how to respond to unethical loan providers like IMoney.

  Remember, Frimoni provides a safe and transparent loan process, so you can avoid these pitfalls with our reliable service. Always choose trusted, registered loan apps to protect your peace of mind.

• 

  Swiftnaira

  Category: Dangerous Loan

  Interest rate: 55%

  They'll shoot off SMS to your contacts, saying you owe them money.

  Brace yourself for a barrage of nasty WhatsApp messages if you're just a day late.

  Their repayment plans usually last between 6 to 14 days, making it a real struggle to pay up.

  Expect overdue interest rates of 5% to 7% per day, pushing you deeper into debt.

  Don't bother paying them back once they tarnish your name. They've already got what they wanted.

  Since they're not licensed, they can't take legal action against you. Their only weapon is to smear your reputation.

  Avoid borrowing from other loan apps to settle your debts; you'll only dig yourself into a deeper hole.

  Use Truecaller to screen and block their calls, sparing yourself unnecessary stress.

  The best way to break free from loan sharks is to stop borrowing altogether.

  Block them on WhatsApp and report them directly to WhatsApp and Google Play Store to protect others from falling into the same trap.

   

• 

  Rocket Loan

  Category: Mild Loan

  Interest rate: 30%

  No Public Shaming, But Gentle Nudges: They won't blast your contacts like some loan sharks, but expect friendly (or not-so-friendly) reminders to pay up. Remember, open communication is key, so talk to them about your repayment plan if needed.

   

   

   

  Overdue Fees: Pay or Don't, It's Up to You: Like most loan apps, they charge extra for late payments. But here's the twist: once you pay the original loan and regular interest, you don't have to pay the late fees. Sounds good, right? Just remember, paying them all off helps your credit score.

   

   

   

  Block Annoying Calls (But Maybe Don't): If their reminders feel like harassment, use Truecaller to block their numbers. However, blocking completely might shut off potential repayment solutions.

   

   

   

  Say NO to the Debt Spiral: This one's crucial! Only use Rocket Loan if you're 100% sure you can repay on time. Borrowing from another app to pay them is a recipe for disaster!

   

   

   

  Truecaller for Selective Blocking: You can use Truecaller to identify and block their calls if needed. But remember, clear communication is often better than shutting them out completely.

   

   

   

  Your Options Are Wide Open: Don't feel pressured to borrow if you're not comfortable. Explore other solutions like budgeting, finding extra income, or seeking financial advice before jumping into any loan, even one with "secure savings" in the name.

   

   

   

  Your Well-being is Top Priority: Remember, your financial peace of mind and good credit score are crucial. Use Rocket Loan responsibly and only if you understand their terms, interest rates, and repayment options. It's always best to borrow what you can truly afford to pay back.

   

   

   

  In the end, there's no magic app for instant wealth. Be cautious, make informed decisions, and remember, you have options beyond loan apps!

   

• 

  Rocket Loan(Nigeria Loan)

  Category: Dangerous Loan

  Interest rate: 35%

  Online loan apps may seem like a quick fix when you're in need of cash, but they often come with hidden dangers and risks that can harm your financial and personal well-being. Here are 10 crucial tips to keep in mind when dealing with these apps:

  1. Only Download Loan Apps from Official Sources

  To protect yourself from malicious apps, only download loan applications from trusted sources like the Google Play Store or Apple App Store. Avoid third-party websites, as apps from unofficial sources often misuse personal information, leading to cyberbullying or privacy breaches. Some rogue apps may even access your contacts without permission.

  2. Be Ready for Harassment if You Miss Payments

  Loan apps are notorious for aggressive tactics. If you're even a day late with repayment, you could receive numerous threatening and unpleasant messages, particularly on platforms like WhatsApp. If this happens, don't hesitate to block the sender. Protecting your mental peace is essential during these situations.

  3. Watch Out for Short Repayment Periods

  Most loan apps offer very short repayment windows, typically between 6 and 14 days. These brief periods make it challenging for borrowers to repay in time, trapping them in a cycle of debt. The pressure to meet such tight deadlines often leads to further borrowing from other loan apps, creating a downward spiral of financial stress.

  4. Prepare for High Overdue Interest Rates

  If you miss a payment deadline, expect the overdue interest rates to be punishing—often ranging between 5% and 7% daily. This means that even a small overdue amount can snowball into a significant debt, making it even harder to get back on track.

  5. Reputation Damage as Leverage

  Loan apps often resort to reputation damage as a form of leverage. They may send embarrassing or threatening messages to your contacts, tarnishing your image. Unfortunately, once your reputation has been damaged, some borrowers decide not to repay the loan since the harm has already been done. If you face this, creating a legal disclaimer or publicly denying false claims could help mitigate the damage.

  6. Avoid Borrowing from Other Loan Apps to Repay Existing Debts

  It's tempting to borrow from another loan app to repay an existing loan, but this only worsens your financial situation. You could end up in a deeper cycle of debt, making it nearly impossible to break free. Focus on finding more sustainable solutions to repay your debts.

  7. Use Truecaller to Block Harassing Calls

  If you're receiving harassing calls from loan apps, Truecaller is an effective tool to help you identify and block such numbers. This can shield you from unwanted stress and give you some breathing room to focus on your financial recovery.

  8. Break the Borrowing Cycle

  The best way to free yourself from the clutches of predatory loan apps is to stop borrowing altogether. While it might seem difficult, breaking the cycle of dependency on these apps is crucial to gaining control over your finances.

  9. Report and Block Harassers

  If loan apps resort to harassing you on platforms like WhatsApp, report and block them. You can also report abusive apps to the Google Play Store or Apple App Store to prevent others from becoming victims of the same practices.

  10. Avoid Loan Apps Altogether

  In many cases, the best advice is to avoid loan apps entirely. They are often designed to trap you in a cycle of debt, exploit your financial difficulties, and misuse your personal information. Consider more secure and legitimate financial alternatives such as credit unions, community banks, or trusted lending platforms.

• 

  Kashloan

  Category: Dangerous Loan

  Interest rate: 35%

  We will review the apps within the next 48 hours and provide detailed information and also do our background checks

  10 Commandments for Dealing with Loan Sharks

  
  

  1. Ignore Harassing Messages: If loan sharks have already contacted your friends or family, don't worry. You don't owe them anything more. Move forward and focus on your life.

  
  

  2. Unlicensed Apps Are Helpless: Loan apps resorting to defamation aren't legitimate. They can't legally harm you. Their only tool is to shame you.

  
  

  3 Your Contacts Can't Save You: Most of your contacts won't be able to assist you, and they're likely aware of the shady tactics loan sharks use.

  
  

  4 Beware of Short-Term Loans: Loans with short durations and high interest rates often lead to threats and defamation. Avoid loan sharks. If you must borrow, choose licensed lenders.

  
  

  5 Debt Leads to Bankruptcy: Borrowing from these apps can wreck your finances and push you towards bankruptcy. The best solution is to stop borrowing altogether.

  
  

  6 Avoid Overdue Interest: If you've already paid back the principal and initial interest, ignore any demands for overdue interest.

  
  

  7 Don't Cycle Debts: Taking a loan to pay off another leads to a cycle of debt. Loan sharks have multiple apps, and you'll end up deeper in trouble

  
  

  8 Use Truecaller to Block: Install Truecaller on your phone to identify loan shark calls and block them. Also, report them on WhatsApp and Google Play Store.

  
  

  9 Break Free from Loan Sharks: The only way to escape loan sharks is to stop borrowing from them. You survived before they came into your life. Don't let them tarnish your reputation.

  
  

  10 Stay strong, and prioritize your financial well-being: Remember, health is wealth. Do not allow loan sharks to jeopardize your future!.

• 

  Vibe Cash Ultra(Fast Cash)

  Category: Mild Loan

  Interest rate: 35%

  Loan apps can provide quick, accessible credit with minimal documentation and fast approval. However, many come with high-interest rates, hidden fees, and even predatory practices. Here’s how to avoid loan apps and protect yourself when using them.

  How to Avoid Relying on Loan Apps

  1. Build an Emergency Fund: Save up enough to cover 3-6 months of essential expenses to avoid needing quick loans.
  2. Create and Stick to a Budget: Track your spending, prioritize necessities over wants, and allocate funds wisely to avoid financial shortfalls.
  3. Explore Alternative Credit Sources: Consider reputable options like banks, credit unions, or peer-to-peer lending platforms with more favorable terms.
  4. Improve Your Credit Score: A strong credit score can open doors to lower-interest borrowing options.
  5. Cut Down on Unnecessary Expenses: Reduce discretionary spending to lessen the need for loans.

  Precautions When Using Loan Apps

  1. Review Terms and Conditions Carefully: Understand interest rates, fees, repayment timelines, and any penalties to avoid surprises.
  2. Verify Lender Legitimacy: Check the lender’s reputation, licensing, and regulatory compliance before borrowing.
  3. Borrow Only What You Need: Limit borrowing to essential needs to avoid excessive debt.
  4. Set Realistic Repayment Goals: Plan your repayment strategy to avoid late penalties and high-interest charges.
  5. Monitor Your Credit Report: Keep an eye on how loan app transactions affect your credit profile.

  Smart Strategies for Loan Repayment

  1. Make Timely Payments a Priority: Paying on time helps you avoid penalties and additional interest.
  2. Develop a Repayment Plan: Break down debt into manageable amounts that fit your budget.
  3. Use Automatic Payments: Set up automatic transfers to ensure payments are made on time.
  4. Consider Debt Consolidation: Combine multiple debts into a single loan with a lower interest rate to simplify repayment.
  5. Communicate with Your Lender: If you’re experiencing financial difficulties, reach out to discuss potential extensions or revised payment plans.

  What to Do in a Financial Crisis

  1. Seek Professional Financial Advice: Consult with a financial advisor or credit counselor for guidance.
  2. Prioritize Essential Expenses: Focus on covering necessities like rent, utilities, and food.
  3. Negotiate with Creditors: Discuss the possibility of payment extensions or reduced payments with lenders.
  4. Explore Government Assistance Options: Look into programs like unemployment benefits or financial aid for temporary relief.
  5. Consider Debt Restructuring: Work with a credit counselor to explore debt reorganization options.

  Red Flags to Watch for When Using Loan Apps

  1. High-Interest Rates: Interest rates above 36% APR are generally considered predatory and should be avoided.
  2. Hidden Fees: Be cautious of fees for origination, late payments, or prepayment penalties that can inflate costs.
  3. Unclear Repayment Terms: Ensure you fully understand payment schedules, amounts, and potential penalties.
  4. Lack of Transparency: Avoid lenders who don’t provide clear, detailed information about their terms.
  5. Aggressive Marketing Tactics: Be wary of loan providers who use pushy or deceptive advertising.

  Additional Tips for Safer Loan App Use

  1. Know Your Regulators: Familiarize yourself with relevant regulatory bodies, like the Central Bank of Nigeria, to report suspicious lenders.
  2. Research Loan App Reviews: Check feedback from multiple sources to gauge a lender’s reputation and practices.
  3. Build Financial Knowledge: Educate yourself on personal finance basics and responsible borrowing to make informed decisions.

  By staying informed and cautious, you can navigate loan apps responsibly, protect your finances, and make better borrowing decisions.

Join our Facebook Group

What you should know

• 

  Any loan sharks that defame are never linked to the credit bureau in anyway and all they say to you are lies.

• 

  Loan shark money cannot help solve anybody matter to better 40% - 70% in 7 days, they are simply misery compounders!! Do away with them.

• 

  Loan Apps major aim is to make outrageous profit from people and render people bankrupt. Dont be a victim