Loan Sharks In Nigeria (Avoid Such Lenders)

There are two major loan sharks in Nigeria operating and defrauding people through what I’ll call shady lending which is created to steal from the innocent Nigerians who are looking for a loan without collateral.

The activities of most loan companies have remained unchecked by loan regulatory bodies in Nigeria. As a result of this, different loans companies are now using that opportunity to reap innocent Nigerians their money by taking advantage of their predicaments for their own selfish interest.

These unchecked activities of these loan sharks have been giving me the cost to worry, not until recently when I read a very heart touching story of a young man that fell into the trap of these loan sharks which almost destroyed his life.

You can read the story of the young man from nairaland. I was so touched that I had to write about all the loan sharks in Nigeria so that I can help innocent people from falling victims or prey to these loansharks defrauding people of their hard-earned money.

It is well known that most Nigerians are ignorant when it comes to reading the terms and conditions of companies before using any of their services. Terms and conditions are there to help you know the mode of operation of a company and it is a document that shields companies when you sue them to court. These terms and conditions are sometimes bulky, have too much legal language and are lengthy. This has discouraged a lot of people from taking their time to go through this before using the services of a company.

The most annoying part of all is the part where they don’t make these terms clear for a layman to understand. Why use terms that will confuse your users when you know that most of them are people who are just looking for stipends to solve their current predicaments.

If you’re thinking of taking a loan from these companies, I’ll advise you to rethink your decision unless you’re ready to get depressed or humiliated and treated like a criminal.

How will a loan company start sending messages to your colleges and friends that you’re a criminal because you defaulted for just 24 hours? It is really annoying and humiliating to be labelled as such because of just some stipends.

To cut the story short, I’ll be talking about two major loan sharks that have been defrauding people through their loan app.

Loan Sharks In Nigeria (Avoid Such Lenders)

List Of Loan Sharks In Nigeria

  • Haloocredit (Hcredit)
  • Soko Loan

Haloocredit (HCREDIT)

Haloocredit is the new scam loan app in Nigeria. This app is operated by criminals also known as Yahoo Boys in Nigeria.

I still don’t know how they were approved as lenders, that alone baffles me. You can check out the app on PlayStore.

Why You Should Avoid Haloocredit Loan App

Haloocredit or Hcredit uses a smart fraudulent means to siphon money from innocent customers looking for urgent loans without collateral.

When you download the haloocredit app, you will be given loan offers of 5000 Naira to 10000 Naira to pay 30 per cent in 7 days. This is a bait they use in capturing customers. As soon as you request the loan, they will disburse the money almost instantly without any form of delay.

They will use that to present themselves as a reputable company. Fast forward to the last day when you’re supposed to pay them back their loan, they will start calling you reminding you of your loan offer. As a debtor, you might not find any issue with that but after 24 hours that is when the scamming begins.

Haloocredit will send messages to all your contacts because their app can copy all of your contacts without your consent. The app will steal every sensitive information from your phone without you knowing what is actually happening in the background.

This group of scammers and fraudsters will start calling you and threatening you with all manner of messages and calls. The most annoying part is where the app will refuse to receive your payment when you’re trying to pay back your loans.

Their customer service will ask you to make a transfer to their bank account. once you make payment, they will not clear your debt from the app while their interest keeps accumulating. They won’t stop calling and sending messages to your contacts telling them you’re a criminal owning them money, they will keep blackmailing you even after sending them the money. Once you put any money into the account, they will automatically withdraw it from your account, which means they are collecting the payment twice from you.

The most annoying part of it is the fact that the lenders have no verifiable address to contact them. This is one of the common traits of scam loan companies. You can also read how to know a scam loan company and know how to avoid them.

The app is still in business even at the time of writing this post, if you’re looking for a quick loan, you can read my recommendation for the best loan apps in Nigeria that offer loans without collateral.

The next app is;

Soko Loan

This is another no go area if you’re seeking for an urgent loan without collateral. sokoloan are known for their exorbitant charges and criminal acts.

How will you charge almost 30% for a loan of 10 days?

Isn’t that a way of stealing and taking advantage of poor Nigerians looking for loans without collateral? I remember someone who took a loan from them some months ago. He is a teacher and he was supposed to receive his salary on the 29th of the month but his loan was due on the 27th day of the month. This salary detail was unusual as the school usually pay before that day.

When the customer care called his line, he explained to them that he is aware that the loan is overdue and he will pay them as soon as his salary is paid.

Can you believe what this young lady told him?

” I will frustrate you if you don’t pay us our money” she even went ahead to send so many disgusting messages to his contact profiling him as a criminal being wanted by the antigraft agency for committing fraud.

That was how he went and look for money by selling his phone to pay back the money. I’m still wondering why the Nigeria Central bank or other authorities not looking into the activities of these loan sharks that are defrauding innocent people all in the name of lending them money.

I believe their services are traps that are meant to capture innocent people who they are going to destroy in the name of giving out loans.

If you’re out there thinking of getting a loan from sokoloan, I’ll advise you to rethink your decision because the damages they are going to create is worst than what you can ever think of.


If you have any questions regarding these loan sharks, drop them in the comment section and also don’t forget to share.

Thank you for reading


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