Loanssmall businesses


For few months, loan apps have taken their tents on Play store claiming to be good lending apps for android users and for people to borrow loan without collateral. Most of these loan app offer fast disbursement of loan to people even if you don’t seek any loan from them. They make lot of adverts both on social media and other electronic media like on TV, Radio, billboard but they have overshadowed the internet with their ads especially on Google play.  

These loan apps offer fast disbursement of loan for a short period of time like 7 days to 14 days which make me ponder on how reliable these apps are. Because I know a loan period of 7 – 14 days is actually not realistic and also against financial code of conduct. These loan apps also offer no collateral for their customers but the loan period seems is too short. 

But the bone of contention here is their loan recovery method which seems unethical and unprofessional like sending messages to contacts that knows nothing about the initial loan, defaming characters of their customers by sending fake criminal report and obituary report of loan defaulters all because you want to collect your money and also forcefully withdrawal of funds from people’s account and many more. All these have been discussed in some of our previous post which you will find the link as you read on with this post.


Let get down to business, let look at some common questions on the activities of loan apps and the answers as well reasons you need to avoid some of these loan apps like sokoloan, Lcredit, Gocash etc

1.Do Loan apps send messages to contact? Yes loan apps like Lcredit gocash, ncash, kashkash, ncredit etc all call your contacts when you default for few days.  They not only send messages to contacts but send messages to your whatsapp contact defaming you that you owe them, that you are a criminal, and many more. 

This is enough for you to do away with loan apps. But some loan apps which are recommended and they are just three don’t do that, they don’t call your contacts or relatives and these loan sites or apps are Fairmoney, Branch and Carbon. Fairmoney will never call your contact or send defamatory messages to your whatsapp contact just like Branch and Carbon. 

2. Are Loan apps legal? Most of the loan apps are not legit except the big 3 which are highly recommended and trusted (Branch, Carbon, Fairmoney). The Government through FCCPC storms the office of some of these apps and notice that many of these apps are not even registered and they operate illegally in the country because they were not properly monitored. I can’t even find some of them on Google play-store anymore like sokoloan, gocash, ncash, kashkash etc

3. Can loan app send messages to contact even after uninstalled? Yes most of the loans apps calling contacts can still send messages to contact even after you’ve uninstall their app because you have given them permission already when you seek loan the first time and it has been fetched and saved on their database. Some said Lcredit and Sokoloan send messages to contact even after the app has been uninstalled due to the fact they have a database of your contacts on their system or server. 

4. Can loan app access money in the account? Yes, loan apps like sokoloan, Lcredit, Gocash etc can access your card and withdraw money on the card simply because you have granted them permission to do so during the time of registration and first disbursement of loan to you. They have the records of your card like CVV, card pin, card number, name on card, BVN number and some other information. 

But what you can do in this kind of situation is to block your card, get another card, or change your transaction pin. Doing this won’t make them have access to the money in your bank account anymore. 

5. Do loan apps have my pictures: Yes they do, they already have some of your pictures the first time they grant you access to their loans. Some even requires you to take a live picture of yourself and its being stored on their server which can be used for over a long period of time. They used those pictures to send defamatory messages to your list on Whatsapp or social media, tell people about you that you owe them or do some funny things. 

6. Do loan apps have access to my location: Yes they do, because each time you login or request for loan, they bring the location button for you to switch it on before you can be given a loan. This makes them have history of your location on their database. You can clear the existing one by clearing your location history on Google or you switch off you location but they won’t grant you loan if you do this. 

7. Do they breach people’s privacy? Of course they do especially when you default on your loan. Some of them are very violent when they call on phone, they call your contacts, your boss, your family members, and even send untrue messages to them saying you are a thief and a criminal. All these are invasion of privacy and the Government also has warned against all these loan apps and also stating that people should stay away from them. 

8. Can Loan apps send messages to Whatsapp contacts after uninstall? Like I said earlier before, loan apps can still send messages to your contact list after uninstalling them because they already have some of the Whatsapp numbers at the earlier stage when you granted them permission to contacts. So they fetch those numbers, saved them and can continue to send messages even if you think they can’t. That is why its better avoid them if you haven’t any transaction with them before and if you have, let your contact know is scam. 

9. Can Loan apps blacklist my BVN? No its not possible. No loan app can blacklist your BVN but only Government institution can do that like the Central Bank although they can blacklist your account or BVN on their own platform or similar apps because many of these apps operate together even in a building. 

10. Can loan app report to credit bureau? Yea it’s possible for the loan sharks to report you to credit bureau department which reduces or limit you from taking loan from other apps or site. But their report may be limited and valueless to some loan agency. 

11. Can loan app block my Atm? No loan apps can block your Atm card because they not registered or issuing bank. But they may have access to your Atm card when you take loan from them and during the time of repayment because you have granted them permission and provided information for them to do so. 

12. Are loan apps banned? Yes, the Government have banned some of these loan app and many of them have been removed from the Playstore as ordered by the Government due to illegal activities 

There are some of the common questions people seek on loan apps and I hope might learn one or two points from this. If you borrow money or loan from any of these apps, please pay up your loan but if you’ve been defamed through their loan recovery agents or scam, then you know what to do. Do not panic or commit suicide because of loan, information is life and what is needed. You can use the comment box below to get across to us and we will respond to your questions as fast as possible. Thanks

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  1. Fair money and Branch app don't do all these rubbish. I owe fairmoney and I have been paying little by little.

  2. Gocash, sokoloan, nairaxredit can't find them on playstore but LCredit still defaming people. Come and collect your money then

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