Scam Alert! Loan Apps Are Becoming Scam In Nigeria (Don’t Give Out Your Details)

Loan apps are becoming popular in Nigeria and every day as we see a lot of people looking for loans without collateral. 

To tell if a loan app is genuine can sometimes be a difficult task as a result of different technics which fraudsters are using to siphon money from customers.

It is advisable to conduct an online investigation to ensure that an online money lending app is genuine before using the app. You can read reviews online from Google, Facebook and Google Playstore to know what others are talking about the loan app.

The Central Bank Of Nigeria has been quiet regarding the activities and regulation of these online money lending apps that claim to be companies. This fraud has become rampant as of 2021 and it seems to be increasing every day.

We realise that getting loan scripts is now very easy which makes it possible for anyone to have access to them. As a result of this, anyone can wake up and claim to be offering instant loans.

In this article, we’re going to talk about the major things you shouldn’t give to a loan app if you’re not sure they are genuine.

Also Read: Aella Credit Fraud

Sensitive details you should never give a loan app

Details You Shouldn’t Give To a Loan App If You Don’t Trust Them

BVN (Bank Verification Number)

The BVN is a piece of very important information that is meant to be confidential. You should not share it without anyone or a loan app if you don’t trust them. It serves as means of interconnecting different accounts and linking them to a single individual who owns them. 

The CBN introduced the Bank Verification Number to fight against money laundering, but at the same time, it is what different loan apps use in knowing their customers.

The loan apps use the BVN to evaluate their customer’s credit scores to know if they are eligible to take loans through the help of artificial intelligence and machine learning technology.

Before giving out your BVN, make sure that you trust the loan app requesting for it, if you’re not sure then conduct your own research or avoid them.

Details Of Your Atm Card

The ATM card is a personal card that is meant to be accessed only by the owner of the card, which the owner can use for making payments online. Most loan apps usually ask customers to bind their cards to the loan app so that they can use that to automatically deduct their money from the linked card when payments are due.

This same card is a gateway that scammers can use in getting access to your money. If you take a loan from a fraudulent app and you linked your card to their app, they can wipe every penny in your bank account within a twinkle of an eye.

For any loan app to have full access to your ATM card, they will need some confidential information about your cards. These details are

  • The 16 digits at the front of the ATM card
  • The expiry month and year
  • The CVV number of the card (The 3 digit number at the back of the card)

Before you supply your card details to any loan company, be rest assured that they will have access to your account. If for any reason, you don’t trust the app, for your own safety kindly stay away from that app.

One Time Password

For whatsoever reason, never give anyone your one-time password (OTP). The OTP is authentication encryption that is used to secure an ATM card when the user tries to make an online payment.

If any loan app is asking you to provide your OTP, don’t do that unless you trust the app to be a legit and reliable lending app. Once you apply for the OTP, you have granted the app instant access to your card and all the money in the ATM card.

Atm Pin Number

Your ATM pin is a secret pin that should be known by you alone. No, any loan app has the right to ask you for your ATM pin for whatever reason. If any loan app is asking you to provide your secret pin, avoid that app as fast as you can. It is a FRAUD!!

Also Read: Loan sharks in Nigeria


Your BVN, ATM PIN, OTP and CARD DETAILS should remain confidential at all costs. A lot of money lending apps in Nigeria are becoming scams now. Right now it is difficult to tell which one is legit or scam.

Be careful with most of these loan apps offering loans without collateral.

If you have any questions you can drop them in the comment section, we’ll try as much as possible to answer your questions as fast as we can.

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