Loan apps are quite rampant in Nigeria, this article tends to explore the list of loan apps banned in Nigeria and also elaborate why these apps were banned.
When it comes to loan apps, many ask questions as to what they are, their mode of operation and their aim.
Loan apps are mobile applications created, for individuals to obtain monetary loans in time of need. This loan is taken to be paid on a later date with its associated interest.
Most of the loan apps operating on Nigeria make mouthwatering offers to customers and individuals who are looking to secure a loan to suit their immediate needs.
One of the most popular offers created by popular loan companies in Nigeria includes the no collateral loan.
For this single offer (No collateral loan) many individuals have secured a loan even when they need it not.
The need to take loans by an individual may be due to some number of reasons, some of which include,
- Bills
- Entertainment
- Food
- Education and more…
The above are some of the basic reasons why one may want to take a loan.
It is not a crime to obtain loans from loan apps, but it should be noted that there are illegal loan apps in Nigeria, these are loan apps that have been banned in the country.
Hence it is important for one to be informed about the loan apps banned in Nigeria in order not to be a victim of circumstances in a nation with different circumstances.
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List of Banned Loan Apps in Nigeria and Why They Were Banned
Below is the list of loan apps banned in Nigeria.
- Sokoloan
- GoCash
- Easy Moni
- OKash
- Kashkash
- EasyCredit
- Speedy Choice
As the list stated above includes the loan apps suspended in Nigeria, some of the reasons why these loan applications were banned include,
- Unregulated interest rate policy, one which is in violation of lenders ethics
- Their method of ensuring loan repayment, which included the defamation and privacy invasion of the party who obtained the said loan
The above reasons are the primary reasons why the previously list loan apps have been banned in Nigeria
Thanks for reading.
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