Albert Thelma However, Monzo customers are being alerted . His main beats include VPN services and antivirus. What ForNaira app claims as its features: If you click "File Save As" your web browser will download a complete copy of this page. What can they realistically do with all those unread email newsletters? All Nigerian consumers to boycott the services of NairaPlus loan app as it has consistently failed to comply with local laws and Google policies. 9ja Cash which is owned and managed by Sokoloan Lending Company. This is unethical. Those we have gotten evidence of their infringement and violating the data right of Nigerians we have blacklisted them and advised customers across the nation to boycott their service. For example: Only the UK government can get domains ending with .gov.uk, Websites using the .cat top level domain, must have content in the Catalan language. Powered by Discourse, best viewed with JavaScript enabled. It might also be a completely different URL, with Monzo included after the domain name. Join the official community forum at community.monzo.com . They are all actionable wrongs but usually the owners of these quick loan companies are unknown or miragy. So keep your email password extra safe! Below are the infractions of the scam loan app. Please avoid Gotcash, its a fake loan app. Always take a good look at the link to decide if you trust it. As an Agency focused on using its mandate to empower Nigerians and make them active players in the digital economy, NITDA is very concerned about the worrisome effect the nefarious activities of the money lending companies is having on families, friends, and the society at large. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The link isn't a website you normally go to, but it does have "HMRC" in it. Initially ForNaira quick loan app was hosted Google Play Store but has been permanently banned and blacklisted after the giant network discovered it was fake and scam. Does not declare its real charges in the sense that, they display amount of loan to be given and what they give actually is far lesser. And no other bank or reputable financial institution or retailer will ask you to do this either. Your email account is the gateway to the rest of your online life. Apple has won a new laurel in India operating the countrys largest electronics retail store by sales.The iPhone makers first two own stores in India have grossed monthly sales of over 22-25 crore each, well over two times what could be the highest revenue for an electronics store in the country during non-Diwali period, according to two industry executives aware of the details. Our Financial Services Register number is 730427. The loan app is an Nigerian loan application that allows you to get short-term loans that range from N3000 to N50000. Right now the advocacy is getting stronger and the Federal Government of Nigeria is already looking at sanctioning some of them that have violated the data privacy rights of the citizens. Does not give loan up to #300,000 Weve seen the Text of Complaint by Shyam Raj: I had applied for a loan of Rs. Some others are fond of threatening and blackmailing customers at every given opportunity, insulting and using derogatory language on them. Once you own a root domain, you can create as many "sub-domains" and "paths" as you like. Check App and Developer Name 4. Loan Product: QUICK LOAN ARENA is at the forefront of the campaign against loan sharks and fake loan apps in Nigeria for their several unethical and untoward practices towards their customers and their contacts list which is beginning to gain momentum as the Federal Government is beginning to pay close attention to their activities. After that I swore that would never happen again! This credit card offers 7.5% discounts on Myntra, 5% cashback on others, Aadhaar card fraud: Follow this tip to prevent misuse, Earn 8% interest rate on this Canara Bank special FD. If there arent any, thats yet another sign the text message is fraudulent. Log into your account and check for messages. The rest of the list is a bit less obvious though. The police called and asked me to make a payment. Look at the various professional websites that review various loan apps time to time, it is a good way to find out if a lender is trustworthy. Just remember, if you don't see a warning, that doesn't mean the site's real. If you set up 2FA, even if you fall for a phishing scam and tell a fraudster your password, they still won't be able to log into your account! This was of course a red flag on the now blacklisted lending app. 100% online process Existing customers can get help via the app. PNB reduces FD interest rate on this tenure, ET Wealth Edition: The digital version of your money management guide is available online now, ICICI Bank reduces interest rates on these loans, Shopping online? And the victims are mostly too embarrassed to seek remedy against them in court. Andy Akporugo Jr, Legal Practitioner. For charging customers dubious high interest. Is it a scam? Sadly, no. Ive explained all the steps and gone into depth, why I did the stupid thing I did. Palmcash is fraudulent and contravenes Nigerian law. Nigerians should avoid it like a plague. Here are 5 signs a lender may be a fraud. Like others, 7 days loan starts counting the moment you receive money in your account and what you see on your dashboard immediately is 6 days remaining. Horrible to be scammed, I got scammed by a loan shark many years ago. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. Reddit and its partners use cookies and similar technologies to provide you with a better experience. 09446231). If someone else has access to your emails, they could reset your passwords for your other online accounts and log in there as well. We have to coordinate with the companies running the website to make sure they're taking it down for legitimate reasons. FRAUD ALERT: PHISHING SCAMS This will alert our moderators to take action. Unfortunately it is still hosted on Google Play Store. Hackers are also still sending fake emails that look similar to those from Monzo with the golden link that logs you into your account, so be vigilant if you receive one of those, too. The "root domain" is a series of letters, numbers, and dashes. Reading reviews of the app's users and clients online is one approach to do this. Norton 360 Deluxe can, as can The following form our list of top 15 fake loan apps in Nigeria. It sends threat and horrible messages to you and your contacts whenever they believe you are owing them and insult you with every curse word possible. LCredit is a fake loan app and Nigerians should avoid them by all means. For example: "tax-refunds.org/hmrc.gov.uk". It never gives gives loan. Borrowers Beware! QUICK LOAN ARENA warns borrowers and customers to beware of this notorious lending app so as to avoid sad tales of public disgrace which the EasyMoni is known for. Share your complaint on social media for wider reach. Notify me of follow-up comments by email. But of all the people that Ive seen post on here to say this has happened to them, all have got their money back. As per the Google Play listing, Wonder Loan is developed by the Thai Nadu Fint Group, which has been active for just two months and has only one app Wonder Loan listed on Google Play, as per app data platform AppBrain. Last year, QUICK LOAN ARENA exclusively reported that LCredit, Rapid Transfer and some yet to be identified quick loan apps have been removed by Google from its Play Store for violating its operational policies. Required fields are marked *. Affordable interest cost NairaPlus Loan App Required fields are marked *. Many have been scammed and defrauded, and their bank accounts illegally debited by these fraudulent digital lending apps. Two months on from that Twitter warning, the text messages continue to arrive and play on your fear of losing the money in your account to tempt you to click on the link to check whats going on. 6. Monzo Bank Limited is a company registered in England and Wales (No. We do not allow apps that promote personal loans which require repayment in full in 60 days or less from the date the loan is issued (we refer to these as short-term personal loans.. I had uploaded my Aadhaar and updated my Bank details. 1Sending money abroad for education? Loan Term: minimum 92 days maximum 365 days/ (FALSE. I thought past that. Because they know so much about you, they can seem very credible. . Getting your money back can be very difficult if youve been scammed into sending it to another account. See below what a leading lawyer has to say about Palmcash and other similar fake loan apps that are scamming Nigerians. We understand this is in breach of their customers data privacy policy which the different loan apps vowed to adhere to during registration and hosting on Google Play Store. Google discovered that LCredit app was trying to spy on phone contacts, recordings, Photos and other private content on the android devices of its users, contracy to Google laid down privacy policy. click here! A lender's phone number, email address and physical address should be readily available on the website, even if it's an online-only lender. Urgent loan apps that are displaying their wares for Nigerians are presently uncountable and the result of this are the different fraudulent practices exhibited by majority of these fake apps. Text of Complaint by Praful Dattu shinde: I had been applied loan monzo loan app as well as I had been updated my adhar no and account no also into the app, I had been requested to cancell but they demanding to pay 10percent of loan amount pls do the needfull. Hong Kong CNN . The Nigerian government has actually concluded plans to enforce regulatory laws and prosecute fake loan apps and lending platforms such as Fast Money, NowCash, Sokoloan, 9credit, LendCash, and others that are breaching the data privacy of their customers by sending threatening and blackmailing messages to them and their contact lists. The internet can be an amazing place. This is also required by local laws for any loan app or lending company operating in Nigeria. (Your legal guide on estate planning, inheritance, will and more.). Fraudsters make their sites look as close as possible to the real thing, so you don't get suspicious when they ask you for your sensitive details. Copyright 2023 Bennett, Coleman & Co. Ltd. All rights reserved. As Monzo has pointed out in its thread on Twitter, the red flags are always there and shouldn't be too difficult to spot. Some top level domains can only be used by specific people. Check Downloads, Reviews, and Release Date 5. I know thats easier said than done. It may have a full stop after it, or might be spelled incorrectly. These loan apps are set up in our view to swindle unsuspecting Nigerians, asking them to make deposits before loan approval, deducting upfront service fees from their debit cards, and they charge interest rate as much as 100%, many times request repayment within 7 days. September 7, 2021. GoToCash Loan App It is designed with a an easy and smooth interface for users and utilizes AI to evaluate your credit score on the basis of the information you provide . Wish me luck! This certainly looks authentic: it's clearly to do with tax refunds and it also includes "hmrc," which you'd expect. So next time you come across a scam, you'll know how to spot it. In the list of blacklisted loan apps in Nigeria, NairaPlus is gaining the first entry. This is Ease Cash digital lending app on Google Play Store, the new loan app that replaces EasyMoni The clearer you can demonstrate that you thought the transaction was genuine, and show the scam hit all the markers of being an APP scam, the greater the chances of recovering your money. same sorts of messages sent to Lloyds customers, and there are But you should be on your guard no matter which bank(s) you use. 4. Take a look at these websites. NITDA has therefore found the FCCPC as a key stakeholder in its efforts to rein in the activities of some micro-money lenders who have formed a penchant for abuse of personal data of Nigerians. Their manner is to threaten you with defamatory messages including the people in your contact list. Some of the complainants had contemplated suicide, indicating that government needed to do more to protect vulnerable Nigerians. This is our no 5 on our compilation list of fake loan apps in Nigeria. An unofficial forum to discuss Monzo Bank. The clearer you can demonstrate that you thought the transaction was genuine, and show the scam hit all the markers of being an APP scam, the greater the chances of recovering . The digital lending app is found of terrorising and blackmailing Nigerian borrowers for a long while and has been in violation of customer data privacy. The proliferation of fake loan apps in Nigeria is fast endangering and threatening the financial and digital space which has in greater terms facilitated financial inclusiveness of many citizens who have hitherto been inaccessible to the traditional banking system, and except regulatory authorities check their operations, more crisis may be ahead, do you have any more details on the scam? I have evidence. It might be disturbing to realise just how sophisticated some fraudsters can be. With no fees to do so 09446231). As with other similar scams, the messages range from convincing to downright obviously fake, with some scammers even failing to spell Monzo or other words correctly. And they can actually choose any name they want! The Monzo Bank Personal Loan charges 11.7% APR representative on loans between 10,000 and 25,000. Loan Amount: 3,000 100,000 (FALSE. We advise all Nigerian loan seekers to boycott the services of 9Credit loan app for unethical and untoward practices. With your card number, expiry date, and CVC in hand, fraudsters can go on an online shopping spree and buy anything they want with your money. Someone manipulates you to send funds to their account through spoofing the banks phone number. Came here to say this. Answer (1 of 6): In the world of the digital banking system, most of the fintech companies present as app based loan providers in the GOOGLE PLAY STORE and APPLE STORE are real and genuine as they have to pass through different levels of due diligence to get themselves registered. The plan is to trick someone into sending you money, by pretending to be from their bank. This wont be Monzos official website (which is simply monzo.com). So in this post we are going to tell you how to check online loan apps and find whether it was real or fake. Unfortunately not, my scam was quite unusual, I was spoofed by a Barclays number but when messaging Barclays live chat they were slightly negligent on updating me on potential scams when letting them know I received a random call from their number. LCredit Loan App One of such is Folafaith on October 22, 2021 at 6:48 am told us: Truly LCredit do spy on person account, phone storage, contacts, messages and start calling your contacts and message them on WhatsApp and through normal messaging. Another of such fake loan apps is Rapid Naira and Cash Club, etc. thanks. Monzo loan rates at a glance. URGENTLY TREAT!! How To Identify Fake Loan Apps In Nigeria Is Hcash Loan App legit? Vivian on October 21, 2021 at 2:21 pm says I cant find LCredit app on goggle again, what really happened? In the same way, scammers also sometimes add "paths" onto root domains to mimic credible websites. NCash is another fake loan app that is still hosted in Google Play Store as at the time of publishing this article. As these numbers continue to grow, awareness about such loan frauds can help one to prevent falling for them. McAfee Total Protection. It's extremely unlikely that the site you're visiting is real. Ive had the same number for well over 10 years too. Monzo is far from the only bank the scammers are targeting. Wed never send you a link to verify your account via text, or ask you to log in to a website to confirm any account details. As the clock ticks down toward an unprecedented US debt default, the world's second- and third-biggest economies are watching in fear. MONZO is an app-based challenge bank, best-known for its bright coral pink bank card and the spending reports it sends to customers via the mobile app. At Monzo, we scan about 12 million websites every single day to find and get rid of phishing sites! But most top level domains are available for anyone to buy (just as long as someone else doesn't already own it). How to avoid 20% TCS. 8. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. And as you can see, spotting if a link is safe can be very tricky. information collected from or about a user, including device information). If you turn on 2FA, whenever you log in to your email account, you'll need to give two pieces of information to log in: another piece of information, like a code that your email provider will text you, or one that you can generate with an app on your phone. Even their interest is excessively high and they charge illegal service fees. Wonder Loan has a Google Play rating of 4.9 stars, with over 46,000 user reviews. Can you rest easy knowing you didn't enter your card details or give up any passwords? Many years ago them in court `` root domain, you can see, spotting if a is... Opportunity, insulting and using derogatory language on them very tricky horrible to be from their.... To say about Palmcash and other similar fake loan apps in Nigeria NairaPlus! 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Club, etc are scamming Nigerians have to coordinate with the companies running the website to make a payment technologies! I had uploaded my Aadhaar and updated my bank details a website you go! Create as many `` sub-domains '' and `` paths '' as you like email account the! The scammers are targeting to make a monzo loan app is real or fake Required fields are marked * APR representative on loans between and! Flag on the now blacklisted lending app manner is to trick someone into sending you money, pretending. We advise all Nigerian consumers to boycott the services of NairaPlus loan app as it has consistently failed to with! A lender may be a fraud banks phone number 46,000 user reviews lawyer has to say about Palmcash other! What a leading lawyer has to say about Palmcash and other similar fake loan apps in is! Prevent falling for them information ) on the now blacklisted lending app taking it down for legitimate.... Social media for wider reach % online process Existing customers can get help via the app & # ;. Following form our list of fake loan app or lending company operating Nigeria. Unread email newsletters services of 9Credit loan app is an Nigerian loan seekers to boycott the services of NairaPlus app... Apr representative on loans between 10,000 and 25,000 this article as at link. The first entry companies running the website to make a payment bank Limited is a company registered England. Domains are available for anyone to buy ( just as long as someone else does n't already it! It does have `` HMRC '' in it all rights reserved to Identify fake apps! Use certain cookies to ensure the proper functionality of our platform services of NairaPlus loan app clients online is approach... Over 10 years too via the app their manner is to trick someone into sending you money, pretending.