Online Loan Apps: List of Crimes Against Nigerians by Sokoloan, LCredit, etc.


After years of lamentations, the federal government has finally heard the cries of Nigerians. Therefore, the crackdown on loan sharks began.

The Federal Competition Commission for Consumer Protection, in conjunction with the Independent Corrupt Practices and Other Related Offenses Commission, the National Information Technology Development Agency and the Nigerian Police, on Friday raided some illegal financial institutions operating in Opebi Road, Ikeja, Lagos.

After years of lamentations, the federal government has finally heard the cries of Nigerians. Photo: FCCPC
Source: UGC

Some of the affected loan sharks are: GoCash, Okash, EasyCredit, Kashkash, Speedy Choice, Easy Moni.

However, some Nigerians are unaware of the crimes perpetrated by these loan sharks against their fellow citizens.

To enable these groups of Nigerians to better understand the situation, Legit.ng lists some of the crimes and atrocities committed by these loan sharks.

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Online Lending Apps: List of two actions FG took against Sokoloan, NowCash, etc.

  1. Most of them are unregistered and not Nigerian companies

2. Their interest rates violate the ethics of lending

3. Invasion of privacy

4. Name and humiliate/put obituaries of their clients/declare them wanted criminals

5. Impersonation of security/media agencies

Online Lending Apps: List of two actions FG took against Sokoloan, NowCash, etc.

Recall that Legit.ng previously reported that the Federal Government of Nigeria has finally started cracking down on online loan applications posing as lenders in Nigeria.

According to the government, online lending companies have caused a lot of damage in the country by invading people’s privacy, breaking Nigerian data laws among others.

Accordingly, the Federal Government, in a bid to protect the interests of Nigerians from these online loan applications and their illegal practices, has listed two important things that it is implementing against them.

Source: Legit.ng

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