In recent times, loan apps that call your contacts have gained popularity in Nigeria as a quick and accessible way to obtain loans using mobile devices. While these apps offer convenience, it’s crucial to understand the potential drawbacks. This article sheds light on 25 such apps to be cautious of and provides insights into why they request access to your contacts, how they use this information and steps to protect your privacy.
Table of Contents
- List of 25 Loan Apps to Avoid
- How Loan Apps Access Your Contacts
- Reasons Behind Contact Access
- Why Loan Apps Call Your Contacts
- How to Prevent Contact Access
- Stopping Loan Apps from Messaging Contacts
- Conclusion: Navigating Loan Apps Safely
List of 25 Loan Apps to Avoid:
Nigeria’s lending market has seen a rise in loan apps that call your contacts. Here’s a list of 25 such apps that you should stay away from:
- LCredit
- Xcredit
- PalmCredit
- Nkash
- ForNaira
- GoCash
- Cashrain
- KashKash
- 9credit
- ICoin
- Sokoloan
- LionCash
- CashLion
- Okash
- EasyCredit
- Oxloan
- Ease Cash
- Speedy Choice
- FastMoney
- GetCash
- 9ja Cash
- Softpay
- Rapid Naira
- Monicredit
- Ucredit
How Loan Apps Access Your Contacts:
Upon installing certain loan apps, you may be prompted to allow or deny access to your contact list. Granting access means lending companies could access all your contacts. It’s important to carefully review the app’s privacy policy and terms of service before permitting contact access.
Reasons Behind Contact Access:
Loan apps request contact access for several reasons:
- Identity Verification: Accessing contacts helps verify user identity and the accuracy of provided contact information.
- Connecting with Lenders: Some apps may connect users to other lenders, requiring contact access to identify potential lenders.
- Credit Assessment: Contact information might be used to assess creditworthiness and determine qualified loan amounts.
Why Loan Apps Call Your Contacts:
Loan apps call your contacts for various purposes, including:
- Identity Verification: Calls help confirm the authenticity of user identity.
- Loan Violations: Apps may contact your contacts to report loan term violations.
- Promotion: They might promote their services to your friends and family.
- Guarantor Requirement: Some apps may call contacts to request guarantors for loans.
Preventing Loan Apps from Calling Your Contacts
To prevent contact access and unwanted calls, follow these steps:
- Deny Access: In your device settings, navigate to the app, click on permissions, and deny access to contacts.
- Uninstall: If you no longer wish to use the app, uninstall it from your device.
- Block Numbers: Block unwanted numbers through your phone settings.
- Report to Authorities: Report unauthorized calls to the authorities.
Stopping Loan Apps from Messaging Contacts
To halt messages from loan apps to your contacts:
- Revoke Access: In your device settings, navigate to the app and revoke contact access.
- Uninstall: Remove the app if you no longer need it.
- Block Numbers: Block messaging numbers in your phone settings.
- Report: Report unauthorized messaging to relevant authorities.
- Check Permissions: Adjust permission settings to restrict messaging access.
FAQs
Why do loan apps in Nigeria call my contacts?
Loan apps in Nigeria often contact your friends and family as part of their loan approval process. They use this as a way to verify your identity and increase the chances of loan repayment. These apps typically ask for permission to access your phone contacts during the loan application process, with the understanding that they may contact them in case of delayed payments or default.
Is it safe for loan apps to call my contacts in Nigeria?
While the act of calling your contacts can be concerning, it is typically outlined in the loan app’s terms and conditions. However, this practice has raised privacy concerns, and some apps may misuse this feature. It is important to carefully read the app’s privacy policy and understand the permissions you grant before applying for a loan.
Can I prevent loan apps from calling my contacts?
Most loan apps will only contact your contacts if you fail to repay the loan within the agreed time frame. If you prefer not to have your contacts called, some apps may allow you to disable this feature in the app’s settings. Alternatively, you can choose not to grant permission for the app to access your contacts during the application process.
What should I do if a loan app calls my contacts without my consent?
If a loan app calls your contacts without your consent or in a manner that feels like harassment, you can report it to the app’s customer service team and file a complaint. You may also want to review the app’s terms and conditions to determine if the action was against their policy. If the issue persists, contacting regulatory bodies such as the Nigerian Financial Technology Association (NFTA) or the Consumer Protection Council (CPC) can be a next step.
Conclusion
While loan apps offering contact access can provide quick financial solutions, potential risks should not be ignored. Before using any loan app, thoroughly research its terms and conditions, and understand how they handle your data. Prioritize your privacy and make informed decisions to navigate loan apps safely in Nigeria’s lending landscape.
Also Read: 15 Best SME Loans Without Collateral in Nigeria (2024)