List of Fake Loan Apps 2022 To Avoid

Don't Be Scammed: List of Fake Loan Apps to Avoid

List Of Fake loan apps are all over the internet these days, and many people get scammed because they don’t know what to look out for.

That’s why this list of fake loan apps is so useful it provides you with tips on identifying and avoiding these fraudsters, so you can make smart decisions about your money.

 

If you follow the tips on this list, you won’t have to worry about getting scammed by any of these fake loan apps. Remember that if it seems too good to be true, it probably is!

 

So before we start listing some of our discovered list of fake loan apps 2022.

below are some tips for you to notice and avoid being scammed by any loan app:

 

1. Know the name

The name is always a good place to start. You can check if an app you’re considering is legit by doing some essential Google sleuthing:

Search for reviews, browse through customer complaints and look at any news stories that might mention it.

Also, while you’re reading up on your potential lender, be sure to note whether they’re offering loans in your state;

most are not allowed to make loans within a certain number of miles from where they’re licensed. And most importantly, if anything seems off or too good to be true—just walk away.

It probably is. If you see red flags like inflated interest rates, steep upfront fees, or vague repayment terms, move along.

Remember, even legitimate businesses want their money back—they don’t want to lose customers over fees and defaulted loans.

So take a step back and ask yourself why anyone would give you money without demanding something in return.

If there’s no clear answer here, then keep looking. No one should have to jump through hoops just to get a loan.

 

2. Use Common Sense

Lenders don’t advertise themselves as scams—they’re not going to give you a heads up. If you think something seems too good to be true, it probably is.

Never share any personal or financial information unless you are 100% sure that you are dealing with a legitimate lender. When in doubt, don’t do it.

 

3. Use Google/Bing

Google and Bing are great resources for learning more about companies that advertise themselves as lenders.

Do an Internet search using company name + reviews or company name + scam if you want to see what others have experienced dealing with them.

If a company has a bad reputation online, it’s probably best to avoid it.

You can also check out Ripoff Report and search for companies by name there (you’ll find most companies on both sites).

Finally, if you want your money back, submit a report through BBB Scam Tracker it should be free, but some outfits charge up-front fees for their services.

Read>>The Best Loan Apps for Single Parents Trying to Make Ends Meet

4. Ask Questions On Forums

If you’re at all suspicious about an app, your first step should be to post a question on a forum.

Ask other users whether they’ve heard about or used it, and if so, what their experiences have been.

If you’re feeling brave (or extra-paranoid), take it one step further and ask for screenshots and any other evidence people may have.

Forums aren’t just helpful for checking out dubious apps; sometimes people ask for help in finding jobs with specific companies or getting approved for loans that are only available overseas.

You never know where your next resource will come from! Here are some good places to start: Topix, Reddit Jobs, Quora, and Glassdoor.

 

5. Look At The Website More Closely

If you’re looking for a loan, be sure to research any companies that come calling.

It should go without saying, that spam emails and unsolicited phone calls from private lenders are to be avoided at all costs.

Many loan scams prey on students who don’t know their rights.

If someone promises you a great interest rate and there are no strings attached like credit checks or application fees that’s probably a sign that it’s too good to be true.

And if you’re being asked to wire money to receive your loan? That’s a scam.

 

6. Check Other Reviews, Even YouTube ones

It’s not enough to just do a Google search for reviews. Make sure you check out outside sources and ask your friends if they’ve heard anything about it.

Most scams rely on large platforms or influencers and use fake testimonials.

If someone comes across a loan app that has no reviews, run away! You may also want to check if any authorities are investigating them because if an app is being investigated, it’s likely a scam.

For example, if you’re looking at a debt consolidation loan, look up your state’s attorney general they’ll be able to tell you whether or not it’s being investigated. If it is, don’t waste your time with it.

 

Few list of fake loan apps:

 

1. Cash Mall declares to be a top-of-the-line, on-the-go, simple loan app with efficient and customer-friendly features that offer immediate loan access at any time and from anywhere.

The lending platform promises that borrowers’ private data are safe and secure, claiming that it never shares customers’ information with anyone without consent.

These claims are untrue. Of the many loan app scams in Nigeria, Cash Mall is number one on our list.

In case you ever miss a single payment, its tough collection policy will share your data publicly and threaten messages sent to your contact list.

It should be said that its loans start at NGN 2,000 and may go up to NGN 100,000. That is not true. It gives little or no credit to customers, that’s according to customers.

 

According to some surveys and customer reviews, below are some included scam loan apps:

 

  1. Sokoloan
  2. Palmcash
  3. Ease Cash
  4. ForNaira
  5. GotCash
  6. GGMoney
  7. 9Credit

 

Conclusion

So, even if your car breaks down unexpectedly, or a family member gets sick and needs expensive treatment, there’s no need to panic.

Keep in mind that each bank is different and has unique lending practices.

While they are unlikely to reject you outright for a single adverse mark on your credit report, you should plan on an uphill battle if it’s in poor shape.

So where do you go for help? Start by reaching out to your credit union or a local bank; some may offer small loans with little paperwork and lower interest rates than their larger competitors.

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