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  9 Credit

  Category: Dangerous Loan

  Interest rate: 35%

  1. They will send SMS messages to your contacts, claiming that you owe them money.

  2. Prepare yourself for an onslaught of unpleasant WhatsApp messages if you are even a day late.

  3. Their repayment schedules typically range from 6 to 14 days, making it extremely challenging to settle your debts.

  4. Anticipate daily overdue interest rates ranging from 5% to 7%, pushing you further into debt.

  5. Once they tarnish your reputation, there is no need to repay them. They have already achieved their goal.

  6. Since they lack a license, they are unable to pursue legal action against you. Their sole tactic is to damage your reputation.

  7. Avoid borrowing from other loan apps to clear your debts; this will only worsen your situation.

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

  9. The most effective way to break free from loan sharks is to cease borrowing altogether.

  10. Block them on WhatsApp and report them directly to WhatsApp and Google Play Store to prevent others from falling victim to the same scheme.

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  9Money

  Category: Dangerous Loan

  Interest rate: 46%

  Let's discuss 9Money and its operations. Firstly, it's important to note that this platform is owned by Sokoloan company and is notorious for sending defamatory messages to your contacts.

   

  Instead of directly informing you of your outstanding debt, they resort to sending SMS messages to your contacts, informing them of your financial obligations. Moreover, they escalate their tactics by sending derogatory messages via WhatsApp, starting as early as one day after your repayment deadline.

   

  9Money typically offers repayment plans spanning from 6 to 14 days, which can pose a significant challenge for borrowers to fulfill. Adding to the burden is their exorbitant overdue interest rates, ranging from 5% to 7% per day, which can swiftly spiral borrowers into deeper debt.

   

  It's imperative not to succumb to their demands for repayment once they besmirch your reputation. Their primary leverage stems from defamation, as they lack legal authorization as loan apps. Attempting to borrow from other loan apps to repay them only exacerbates your financial predicament, as you might inadvertently find yourself borrowing from them again, perpetuating a cycle of indebtedness.

   

  To shield yourself from their incessant harassment, consider installing Truecaller on your mobile device to identify and block their calls. Additionally, take proactive measures by blocking them on WhatsApp and reporting their activities directly on WhatsApp and Google Play Store.

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  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.

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  Xcash

  Category: Dangerous Loan

  Interest rate: 42%

  Xcash, a leading financial service provider, operates under the umbrella of New Edge Finance, a renowned financial institution with an extensive portfolio. Notably, New Edge Finance also owns Easybuy and boasts a diverse range of apps, including Palmcredit, Xcrosscash, Newcredit, and many more, available on Google Play Store.

  One distinguishing feature of Xcash is its commitment to fair and respectful borrower relations. Borrowers can repay their loans gradually without fear of defamation or negative consequences from the platform, fostering a trusting and supportive environment for borrowers.

  To ensure a smooth repayment process, borrowers are advised against paying overdue interest once the normal interest and capital amounts have been settled. This practice helps borrowers manage their finances effectively and avoid unnecessary financial strain.

  In the event of persistent communication from Xcash via calls or WhatsApp messages, borrowers have the option to block their contacts and WhatsApp numbers. This proactive step enables borrowers to maintain their privacy and peace of mind, minimizing potential disruptions.

  It is strongly recommended that you refrain from borrowing from other loan apps to settle dues with Xcash. Doing so may exacerbate financial challenges and lead to a cycle of debt accumulation.

  For enhanced control over communication channels, you can leverage Truecaller by installing it on their mobile phones. Truecaller empowers you to identify and block spam calls, including those from lenders like Xcash, providing an added layer of security and convenience.

   

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  CashRun

  Category: Dangerous Loan

  Interest rate: 35%

  Important Information for CashRun Users:

  Downloaded the App Outside the Play Store?
  If you downloaded the CashRun app from any platform other than the Play Store, you might have given the app access to your contacts by granting permission. In this case, you should consider generating your own disclaimer to protect your privacy. For assistance, visit: Generate Your Own Disclaimer.

  Beware of Loan Agents Scamming on Social Media
  Loan agents may attempt to scam you in groups or on social media. Before falling victim, read about the latest tactics they are using to deceive people on platforms like Facebook: Read How Loan Agents Are Scamming.

  Can Contacts Be Cleared from Loan App Databases?
  No one can completely erase your contacts from loan app databases. Learn more about the reality of clearing your contacts here: Clearing Contacts from Loan Apps.

  Ignore Harassing Messages
  If loan agents have already contacted your friends or family, don't stress. You don't owe them anything beyond what’s legally required. Focus on moving forward with your life.

  Unlicensed Loan Apps Have No Real Power
  Loan apps resorting to harassment or defamation are often unlicensed and lack any legitimate legal authority. Their only weapon is public shaming, which they cannot enforce legally.

  Your Contacts Can't Save You
  Even if they contact your friends or family, most people won’t be able to help, and many are already familiar with the manipulative tactics used by loan sharks.

  Avoid Short-Term Loans with High Interest
  Loans with extremely short repayment periods (such as 7 days) and high interest rates often result in threats or defamation. Stick to licensed lenders if borrowing is absolutely necessary.

  Debt Can Lead to Bankruptcy
  Unregulated loans from such apps can spiral out of control, pushing you towards financial ruin. The best strategy is to stop borrowing from these sources altogether.

  Avoid Overdue Interest
  If you've already repaid the principal and agreed-upon interest, ignore demands for any overdue interest. Stay focused on paying what’s fair.

  Don’t Get Caught in a Debt Cycle
  Taking one loan to pay off another creates a dangerous cycle. Many loan sharks operate across multiple apps, leading borrowers deeper into financial trouble.

  Block Loan Sharks with Truecaller
  Install Truecaller to easily identify and block calls from loan sharks. You can also report them via WhatsApp or the Google Play Store.

  Break Free from Loan Sharks
  The best way to escape the cycle of loan sharks is to stop borrowing from them entirely. Remember, you lived without them before—they don’t define your life or reputation.

  Prioritize Your Financial Well-being
  Stay strong, and don’t let loan sharks jeopardize your future. Remember, your health and financial well-being are far more important than any short-term loan.

  Stay informed and make choices that protect your financial future!

• 

  AidaCredit

  Category: Mild Loan

  Interest rate: 30%

  Loan apps offer quick and convenient access to credit, often with minimal documentation and fast approval. However, they can be notorious for high-interest rates, hidden fees, and predatory lending practices.

  How to Avoid Loan Apps

  1. Build an emergency fund: Save 3-6 months' worth of expenses to avoid needing quick loans.
  2. Create a budget: Track expenses, prioritize needs over wants, and allocate funds wisely.
  3. Explore alternative credit sources: Consider banks, credit unions, or peer-to-peer lending platforms with more favorable terms.
  4. Improve credit score: A good credit score can help you qualify for lower-interest loans.
  5. Avoid unnecessary expenses: Cut back on discretionary spending to reduce the need for loans.

  Precautions When Using Loan Apps

  1. Read terms and conditions: Understand interest rates, fees, repayment terms, and penalties.
  2. Check lender legitimacy: Research the lender's reputation, licenses, and regulatory compliance.
  3. Borrow only what you need: Avoid taking more than necessary to minimize debt.
  4. Set realistic repayment expectations: Plan to repay on time to avoid penalties and interest.
  5. Monitor your credit report: Ensure loan app activities are accurately reflected.

  How to Pay Loan Apps

  1. Prioritize repayment: Pay on time to avoid penalties and interest.
  2. Create a repayment plan: Break down debt into manageable installments.
  3. Use automatic payments: Set up automatic transfers to ensure timely payments.
  4. Consider debt consolidation: Merge multiple debts into a single, lower-interest loan.
  5. Communicate with lenders: Inform them of financial difficulties to negotiate payment extensions or reductions.

  What to Do in a Financial Crisis

  1. Seek professional help: Consult a financial advisor or credit counselor.
  2. Prioritize essential expenses: Focus on necessities like food, rent, and utilities.
  3. Negotiate with creditors: Discuss payment extensions or reductions.
  4. Explore government assistance: Look into programs like unemployment benefits or financial aid.
  5. Consider debt restructuring: Work with a credit counselor to reorganize debt.

  Red Flags to Watch Out For

  1. Exorbitant interest rates: Rates above 36% APR are considered predatory.
  2. Hidden fees: Look out for origination fees, late fees, or prepayment penalties.
  3. Unclear repayment terms: Ensure you understand repayment schedules and amounts.
  4. Lack of transparency: Be wary of lenders with unclear or misleading information.
  5. Aggressive marketing: Be cautious of lenders with pushy or deceptive marketing tactics.

  Additional Tips

  1. Regulatory bodies: Familiarize yourself with local regulatory agencies, such as the Central Bank of Nigeria, to report suspicious lenders.
  2. Loan app reviews: Research reviews from multiple sources to gauge lender reputation.
  3. Financial education: Continuously learn about personal finance and responsible borrowing.

  By being informed and cautious, you can navigate loan apps wisely and make better financial decisions

• 

  Lilycash

  Category: Dangerous Loan

  Interest rate: 35%

  Navigating Repayment Issues with Lilycash: What You Should Know

  When using the Lilycash app, it’s essential to be aware of certain repayment aspects. Here’s a guide to help you navigate potential challenges:

  Unregistered Status

  Lilycash operates without proper registration, which means it may not adhere to the legal guidelines and regulations established by financial authorities.

  Inappropriate Communication

  If Lilycash has sent disrespectful or offensive messages to your contacts, know that such behavior can be damaging and embarrassing. However, the situation has already occurred, and they have received their funds through these actions. You are not obligated to repay them; if they demand payment, inform them that you are prepared to address the matter in court.

  Reputation Damage

  If Lilycash has harmed your reputation by sending derogatory messages, repaying them may not rectify the damage done. Once your reputation is tarnished, paying them back may offer little benefit.

  Utilize TrueCaller

  To help manage unwanted communication, consider installing TrueCaller. This app is effective for identifying and blocking spam calls, allowing you to filter out unwanted contact from Lilycash.

  Prevent Automatic Withdrawals

  To stop Lilycash from automatically debiting your bank account, it's essential to block your bank card. Visit your bank to request a new card to prevent unauthorized transactions.

  Block on Messaging Platforms

  You can block Lilycash's contact on platforms like WhatsApp to halt any incoming messages. Additionally, report them to WhatsApp to notify the platform of their inappropriate behavior.

  Report to App Stores

  If Lilycash is listed on Google Play Store or the Apple App Store, take the initiative to report the app. This action helps warn other users about their practices and may lead to the app being removed from the store.

  Conclusion

  Taking these steps is crucial in protecting yourself from further harassment and ensuring your peace of mind when dealing with Lilycash. Stay informed and safeguard your interests.

• 

  Kkcashvip

  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!.

• 

  Palmcredit

  Category: Mild Loan

  Interest rate: 33%

  Palmcredit is a reputable lending platform that prioritizes borrower satisfaction and provides valuable financial assistance. Here are some essential aspects to consider when engaging with Palmcredit:

  After 30 days you'll stop receiving calls and messages from them

  Respectful Repayment Approach: Palmcredit upholds a respectful approach towards repayment. They do not engage in defamatory practices if borrowers opt to repay gradually until the full amount is settled. This allows borrowers to manage their repayment schedule at their own pace without facing any negative consequences from the platform.

  Interest Payment Guidelines: Borrowers are advised not to pay overdue interest after clearing the normal interest and capital amount. Following this guideline helps borrowers avoid unnecessary financial strain and ensures a smoother repayment process.

  Communication Management: In cases where borrowers experience persistent communication from Palmcredit via calls or WhatsApp messages, it is advisable to block their contacts and WhatsApp numbers. This proactive step empowers borrowers to maintain their peace of mind and minimize potential disturbances.

  Avoid Borrowing to Repay: It is strongly discouraged to borrow from another loan app to settle dues with Palmcredit. Engaging in such practices may lead to a cycle of debt and financial instability, exacerbating existing financial challenges.

  Utilize Truecaller for Blocking: Installing Truecaller on a mobile phone can be beneficial for borrowers looking to block unwanted calls from Palmcredit. Truecaller allows users to identify and block spam calls, including those from lenders, thereby providing an additional layer of control over communication channels.

  By adhering to these guidelines and leveraging Palmcredit's transparent and borrower-centric approach, individuals can effectively manage their financial obligations and maintain a positive relationship with the platform.

What you should know

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

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

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