The economic situation in Nigeria can be said to be a major contributor to the proliferation of loan apps all over the Google Play store. And like any industry with loose regulations, these apps have gone on to become bigger than they should be.
From ripping off customers, to charging unbelievable percentages, and what-not, Loan apps have become the bane of existence of many Nigerians who need quick cash for some of their needs.
These loan apps have developed a habit of calling and texting abuses and threats at customers, hacking personal information and posting incriminating content about their hapless borrowers. Fortunately, the complaint from both users and the public have gotten the attention of the Federal Government who have finally take a sever decision on them.
The first move by the Federal Government was to delist two loan apps that became quite notorious at harassing Nigerian borrowers. These culprits are the Getloan and Camelloan apps from digital lenders Sycamore Integrated Solutions Ltd and Orange Loan and Purple Credit Ltd.
Many of these lenders do not have full approval to operate as digital lenders which makes their activities illegal. As harsh as the economic realities in Nigeria have become, many citizens are still in the habit of borrowing from these loans apps, both approve and unapproved.
Nigerians are advised to show a bit of restraint before choosing a digital lender to take a loan from. Strict observance of checks for lending approval will reduce incidents of poor lending practices and recovery methods.
The Nigerian regulatory body, FCCPC took up the charge to straighten the digital money lending industry after numerous reports of terrible practices from lenders by Nigerians. It is therefore, with a good dose of confidence that we can say that there will be a major turnaround in the digital lending space.
The FCCPC has gone on to ban the blacklisted loan apps and delisted and deleted their apps permanently from the Google Play store. And from all indications, there will be no reinstating any of these apps on the Playstore.
Below are a list of loan apps that have been delisted from Google’s app store. There are about 37 of them that have been noted as being notoriously bad at managing customers. These digital lenders offer loans at outrageous interest rates making hard for borrowers to pay back easily.
“Swiftkash App, Hen Credit Loan App, Cash Door App, Joy Cash-Loan Up To 1,000,000 App, Eaglecash App, Luckyloan Personal Loan App, Getloan App, Easeloan Apps, Naira Naija, Cashlawn App, Easynaira App, Crediting App, Yoyi App, Nut Loan App, Cashpal App, Nairaeasy Gist Loan App, Camelloan App, Nairaloan App, Moneytreefinance Made Easy App
Here are more loan apps that have been delisted as well:
“Cashme App, Secucash App, Creditbox App, Cashmama App, Crimson Credit App, Galaxy Credit App, Ease Cash App, Xcredit, Imoney, Naira Naija, Imoneyplus-Instant, Nairanaija-Instant, Nownowmoney, Naija Cash, Eagle Cash, Firstnell App, Flypay, and Spark Credit.
Borrowers can be rest assured that incidents of harassments from these digital loan sharks are at an end. If you loved this writeup, you will like our post on How to Make Money Online With Your Smart Phone in 2023
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