The rising trend within Nigeria’s lending market involves loan apps that call your contacts. These applications empower individuals to promptly and effortlessly apply for loans via their mobile devices. A common requirement of these apps is that users provide contact details of friends or family members who can serve as references.

While these loan apps offer a convenient avenue for credit access, it’s crucial to remain vigilant regarding potential hazards. Vigilance involves carefully reviewing the loan’s terms and conditions prior to acceptance. Moreover, it’s important to acknowledge that the interest rates attached to these loans can be significantly high. Another aspect to consider is the potential infringement on privacy that arises from contacting references.

Prudent and thoughtful usage of these contact-calling loan apps in Nigeria is of utmost importance. One should meticulously weigh the possible advantages against the risks prior to initiating a loan application on such platforms.

Curated by FinancedHub, presented here is a comprehensive list of 25 loan apps in Nigeria that engage with your contacts. It’s prudent to avoid these apps if you seek assurance in your loan dealings:

  1. LCredit
  2. Xcredit
  3. PalmCredit
  4. Nkash
  5. ForNaira
  6. GoCash
  7. Cashrain
  8. KashKash
  9. 9credit
  10. ICoin
  11. Sokoloan
  12. LionCash
  13. CashLion
  14. Okash
  15. EasyCredit
  16. Oxloan
  17. Ease Cash
  18. Speedy Choice
  19. FastMoney
  20. GetCash
  21. 9ja Cash
  22. Softpay
  23. Rapid Naira
  24. Monicredit
  25. Ucredit

Understanding How Loan Apps Gain Access to Your Contacts: Upon installing specific loan applications, users are typically prompted to grant or deny access to their contact lists. Should the user choose to ‘Allow,’ the lending companies could potentially gain access to all contacts within the user’s device.

READ ALSO:  How to get 500K Loan in Nigeria easily in 2023

Although this might raise concerns about privacy, most loan apps include this access clause within their terms and conditions. Hence, it’s of paramount importance to meticulously read the app’s privacy policy and terms of service before consenting to contact access.

Reasons Behind Loan Apps Seeking Contact Access: Several reasons underpin the request for contact access by loan apps:

  1. Identity Verification: By accessing user contacts, these apps can authenticate user identities and verify the accuracy of provided contact details.
  2. Facilitating Connections: Some loan apps might facilitate user connections with other lenders, necessitating contact access to identify potential lenders.
  3. Creditworthiness Assessment: User contact information might be utilized by certain loan apps to assess creditworthiness, thereby determining the eligible loan amount.

It’s worth noting that in some instances, user consent is pivotal for contact access. Users can also rescind this permission at any point via their device settings.

The Rationale Behind Loan Apps Calling Your Contacts: Loan apps within Nigeria opt for contact interaction due to the following reasons:

  1. Identity Validation: Such calls serve to validate the authenticity of the user’s identity.
  2. Enforcement of Loan Terms: Calls to contacts might be made to report violations of loan terms.
  3. Promotional Outreach: These apps utilize calls to promote their lending services among the user’s friends and family.
  4. Guarantor Requirement: Certain apps necessitate a loan guarantor; consequently, contacts might be contacted to assess their willingness to fulfill this role.

In instances where a guarantor is required, the loan app might initiate contact with the user’s contacts to ascertain their willingness to act as guarantors.

READ ALSO:  How to use EaseMoni Loan Code to borrow money in 2023

Ceasing Contact-Related Activities by Loan Apps: To prevent loan apps from contacting your contacts, consider the following steps:

  1. Deny Contact Access: Navigate to your device’s settings, locate the concerned app, access permissions, and revoke contact access.
  2. App Uninstallation: If the loan app is no longer desired, uninstall it from your device.
  3. Number Blocking: For undesired contact, calls stemming from the loan app, block the corresponding phone number(s) through your device’s settings.
  4. Authority Reporting: If unsolicited contact occurs, users can report the issue to relevant authorities.

It’s important to acknowledge that rescinding contact access might impair the app’s intended functionality, potentially limiting one’s ability to utilize the app or seek loans.

Putting an End to Contact-Initiated Messages by Loan Apps: To prevent loan apps from sending messages to your contacts, consider these measures:

  1. Revoke Contact Access: Access your device settings, locate the relevant app, and revoke contact access.
  2. Uninstall the App: If the app is no longer desired, uninstall it from your device.
  3. Number Blocking: For unwanted messages from the app, block corresponding phone numbers through your device settings.
  4. Authority Reporting: If unauthorized messages persist, users have the option to report the issue to appropriate authorities.

Additionally, users can verify the app’s permission settings to selectively control the app’s access to different areas of the device, including messaging services.

Concluding Remarks: While Nigeria’s contact-calling loan apps present a convenient method for swift financial access, it is vital to remain cognizant of potential risks. These apps might share personal and financial information with third parties. In instances of loan default, the user’s contacts could be contacted for repayment.

READ ALSO:  Branch Loan Requirements in Nigeria 2023

Thorough research and a careful review of the terms and conditions of any loan app are paramount before utilization. Borrowing should only transpire within affordable limits. Furthermore, these apps should be a last resort, with alternative avenues explored before resorting to loans.

Categorized in: