• 

  FlashCredit, Lairaplus, Nicekash, Gogetcredit, Goget credit, Cash9ja, CashRun, CashRun VIP, V Swiftnaira, SilkLoan, EaseMoni, VidusLoan, Hi credit, CashRepute.

  Category: Dangerous Loan

  Interest rate: 0%

  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!.

• 

  HiCredit

  Category: Dangerous Loan

  Interest rate: 37%

  Loan apps offer quick and accessible credit with minimal documentation and fast approval. However, they often come with high-interest rates, hidden fees, and predatory practices. Here’s how to avoid relying on loan apps and protect yourself when using them.

  How to Avoid Relying on Loan Apps

  1. Build an Emergency Fund: Save enough to cover 3-6 months of essential expenses to avoid needing quick loans. This financial cushion can help you manage unexpected costs without resorting to high-interest loans.
  2. Create and Stick to a Budget: Track your spending, prioritize necessities over wants, and allocate funds wisely. A well-planned budget can help you avoid financial shortfalls and reduce the need for loans.
  3. Explore Alternative Credit Sources: Consider reputable options like banks, credit unions, or peer-to-peer lending platforms. These sources often offer more favorable terms compared to loan apps.
  4. Improve Your Credit Score: A strong credit score can open doors to lower-interest borrowing options. Pay your bills on time, reduce outstanding debts, and regularly check your credit report to improve your score.
  5. Cut Down on Unnecessary Expenses: Reduce discretionary spending to lessen the need for loans. Focus on essential expenditures and avoid splurging on non-essential items.

  Precautions When Using Loan Apps

  1. Review Terms and Conditions Carefully: Understand the interest rates, fees, repayment timelines, and penalties associated with the loan. This can help you avoid surprises and make informed decisions.
  2. Verify Lender Legitimacy: Research the lender’s reputation, licensing, and regulatory compliance before borrowing. Ensure that you are dealing with a legitimate and trustworthy lender.
  3. Borrow Only What You Need: Limit your borrowing to essential needs to avoid excessive debt. Taking out more than necessary can lead to financial strain.
  4. Set Realistic Repayment Goals: Plan your repayment strategy to avoid late penalties and high-interest charges. Make sure you can afford the repayments before taking out a loan.
  5. Monitor Your Credit Report: Keep an eye on how loan app transactions affect your credit profile. Regular monitoring can help you detect errors and potential fraud.

  Smart Strategies for Loan Repayment

  1. Make Timely Payments a Priority: Paying on time helps you avoid penalties and additional interest. Set reminders or use automatic payments to ensure you don’t miss any due dates.
  2. Develop a Repayment Plan: Break down your debt into manageable installments that fit your budget. Stick to this plan to systematically pay off your loan.
  3. Use Automatic Payments: Set up automatic transfers to ensure payments are made on time. This can help you avoid missed payments and associated penalties.
  4. Consider Debt Consolidation: Combine multiple debts into a single loan with a lower interest rate. This can simplify repayment and reduce the overall interest burden.
  5. Communicate with Your Lender: If you’re experiencing financial difficulties, reach out to your lender to discuss potential payment extensions or revised payment plans.

  What to Do in a Financial Crisis

  1. Seek Professional Financial Advice: Consult a financial advisor or credit counselor for expert guidance on managing your finances and debts.
  2. Prioritize Essential Expenses: Focus on covering necessities like food, rent, and utilities. Cut back on non-essential spending to free up resources for essential expenses.
  3. Negotiate with Creditors: Discuss payment extensions or reductions with your creditors. Many lenders are willing to work with borrowers who communicate their financial difficulties.
  4. Explore Government Assistance: Look into programs like unemployment benefits or financial aid that can provide temporary relief during a financial crisis.
  5. Consider Debt Restructuring: Work with a credit counselor to reorganize your debt in a more manageable way. This can include negotiating lower interest rates or extended repayment terms.

  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 origination fees, late fees, or prepayment penalties that can significantly increase the cost of the loan.
  3. Unclear Repayment Terms: Ensure you fully understand the repayment schedules, amounts, and potential penalties. Avoid lenders that do not provide clear information.
  4. Lack of Transparency: Be wary of lenders with unclear or misleading information. Transparency is key to making an informed decision.
  5. Aggressive Marketing Tactics: Be cautious of loan providers who use pushy or deceptive advertising. Legitimate lenders typically do not need to resort to aggressive sales techniques.

  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 any suspicious lenders.
  2. Research Loan App Reviews: Check feedback from multiple sources to gauge the lender’s reputation and practices.
  3. Build Financial Knowledge: Educate yourself on personal finance basics and responsible borrowing. The more informed you are, the better decisions you can make.

  By staying informed and cautious, you can navigate the world of loan apps responsibly and make better financial decisions.

• 

  mintbag

  Category: Dangerous Loan

  Interest rate: 35%

  Prepare for an onslaught of SMS messages sent to your contacts, claiming you owe money.

  Be prepared for a flood of aggressive WhatsApp messages if you're even a day late.

  Their repayment periods usually range from 6 to 14 days, making it extremely difficult to settle the debt.

  Expect exorbitant daily interest rates of 5% to 7%, pushing you further into financial trouble.

  Once they tarnish your reputation, there's no point in repaying them. They've achieved their goal.

  Since they lack proper licensing, they cannot pursue legal action against you. Their only recourse is to damage your reputation.

  Avoid borrowing from other loan apps to repay these debts; it will only exacerbate the situation.

  Utilize Truecaller to filter and block their calls, sparing yourself unnecessary stress.

  The most effective way to escape loan sharks is to refrain from borrowing altogether.

  Block them on WhatsApp and file reports directly with WhatsApp and the Google Play Store to prevent others from falling victim to the same scheme.

• 

  CreditBag

  Category: Mild Loan

  Interest rate: 30%

  While loan apps may appear to provide a quick fix for financial issues, they often carry considerable risks. Here are ten essential tips to consider when using these online lending platforms:

  1. Expect Intense Communication for Late Payments
     Even a single day of delay in your repayment could result in aggressive messages, particularly on messaging apps like WhatsApp. If you encounter such harassment, don’t hesitate to block the sender for your own peace of mind.
  2. Refrain from Borrowing from Multiple Sources
     Turning to other loan apps to cover existing debts can ensnare you in a vicious borrowing cycle. This strategy typically exacerbates your financial difficulties rather than alleviating them.
  3. Be Cautious of High Penalty Interest Rates
     Late payments can trigger daily interest penalties ranging from 5% to 7%. These rates can rapidly inflate your debt, making it even harder to repay.
  4. Download Apps Only from Reputable Sources
     Always download loan apps from reliable platforms like the Google Play Store. Obtaining apps from unofficial sources can jeopardize your personal information and expose you to fraud or harassment.
  5. Consider Alternatives to Loan Apps
     Many loan apps are designed to entrap users in cycles of debt, often jeopardizing their financial well-being and privacy. It might be wiser to seek out safer, more reliable financial alternatives.
  6. Be Mindful of Short Repayment Terms
     Some loan apps may impose repayment periods as brief as 6 to 14 days, complicating timely payments and increasing your risk of falling into further debt.
  7. Safeguard Your Personal Reputation
     In certain instances, loan apps may contact your friends or family to publicly shame you. While the damage can be disheartening, avoiding the loan is a more prudent choice than succumbing to pressure.
  8. Cease Borrowing to Regain Control
     To break free from predatory lenders, stopping further borrowing is crucial. Though it may be a challenging step, it’s essential for regaining control of your financial situation.
  9. Utilize Call Management Applications like Truecaller
     Truecaller can effectively block unwanted calls from loan apps, helping to alleviate stress and minimize harassment from lenders.
  10. Report and Block Threatening Messages
      If you receive menacing messages, especially through platforms like WhatsApp, take prompt action by blocking the sender and reporting them to WhatsApp and the Google Play Store. This helps safeguard others from similar harassment.
• 

  Topcredit

  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!.

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