Fraudulent loan apps in Ghana you should never deal with

Fraudulent loan apps in Ghana 2023

In recent years, both the number of online lending companies and the number of criminals exploiting the financial necessities of Ghanaians to commit fraudulent operations through fake loan apps have increased significantly.

Weaponising the needs of their victims and the anonymity provided by the network, these fake loan apps offer quick and stress-free loans with high interest and allow a shorter period of payment like within 7 days or 14 days.

In addition to compiling a list of fake loan apps not registered in Ghana as the Bank of Ghana recently released a statement concerning such fraudulent loan apps, this post also provides borrowers with a set of indicators to distinguish between a legitimate loan app and a fake one.

Although there are a few good online loan apps in Ghana, there are bad apples among these loan apps which is why we have compiled a list of fake loan apps in Ghana you should avoid if you want your reputation and finances in good health.

As a customer or borrower, you do not have to be scammed, threatened or defamed anymore.

Simply avoid any of the fake loan apps in Ghana mentioned in this article like a plague and you would be safe in all your transactions.

The Ghanaian regulatory authorities have advised the public against dealing with such loan apps as many of them are breaching the data privacy of their customers by sending threatening and blackmailing messages to them and their contact lists.

Read Also: Tips To Gain Easy Online Loans For People With Bad Credit

The proliferation of these fake loan apps in Ghana  is indeed endangering and threatening the financial and digital space which has in greater terms facilitated the financial inclusiveness of many citizens who have hitherto been inaccessible to the traditional banking system, and except regulatory authorities check their operations, more crisis may be ahead


These fake/fraudulent loan apps/digital lending mobile applications can be found on Google Play Store or may be shared as Android Package files(APK) via social media.

These unregistered loan apps or digital lending mobile companies are operating illegally in Ghana and do not have physical offices.

How these loan apps operate (Modus Operandi)

These loan apps offer loans at high-interest rates and shorter payment periods.

When customers default in repayment, they are threatened by the owners of these digital lending Apps with having their identities published as wanted persons or fraudsters on various social media platforms and to their contacts.

In some cases, the app owners follow through with their threats.

Some victims who have not even taken loans from such apps receive threat messages.

How Fake Loan apps get customers’ contacts and other personal details from their phones

Customers of these fraudulent loan apps would typically grant these apps permissions during installation (unknowingly or without proper scrutiny), to access their data and personal identifiable information example name, phone number, Ghana Card ID number, contacts, photos, location etc.

A Bank of Ghana’s recent notice states that it has not licensed any company to provide digital lending services of such nature to the public.

In addition, these digital lending apps have not met the compliance obligations of the Data Protection Commission (DPC) and hence their access and use of the data and PII of users are In violation of the Data Protection Act,2012(Act 843).

How to identify fraudulent loan apps 2023(Fake loan apps)

Below are the signs of a bad loan app/fraudulent loan app:

  • Higher Interest rate
  • Shorter loan duration like (7-14 days)
  • Bad lenders will create a service fee and interest differently.
  • They treat their customers like trash
  • They send out abusive messages to all your contacts when you default even for a few hours.
  • Can start a fight even before the loan expires
  • They charge for card verification before approving a loan
  • Some don’t offer a loan but refer you to other apps and charge for services fees
  • They ask to grant access to phone contacts, location, messages and other personal details on your phone.

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List of Fraudulent Loan apps in Ghana 2023 ( List of Fake Loan Apps in Ghana 2023 )

Here’s the list of some fraudulent loan apps in Ghana.

We advise borrowers and customers to avoid them at all costs. Many have been scammed and defrauded, and their bank accounts illegally debited by these fraudulent digital lending apps.

Many have been embarrassed and cyberbullied by these fraudulent loan apps.

Please be warned!

Below is the list of fraudulent loan apps in Ghana you should avoid:

  1. Loan finder
  2. LoanPro
  3. Ali Loan (Akwaabah Cash)
  4. Pop Cash
  5. Cediboom
  6. New Loan
  7. Saga Loan
  8. SikaBus
  9. Ganaloan
  10. Momoloan
  11. Mach Loan
  12. Mikash Loan
  13. CediHelp
  14. CediPro
  15. 4Cedi
  16. OnLOan
  17. RapidCedi
  18. FourCredy
  19. EaseMoni
  20. ProKash
  21. HappyLoan
  22. GhanaCredit
  23. Ultraloan
  24. Date Cash
  25. GHLending
  26. Mbosea
  27. Kudicredit etc.
  28. SmatLoan
  29. Zip Loan

Note: Some of these loan apps keep changing their names on the Google Play store after they are exposed. We will keep updating this list.

Recommendation: The public is advised against dealing with these fraudulent loan apps since they are not sanctioned by the Bank of Ghana and the Data Protection Commission.

Individuals who patronise their services do so at their own risk.

Also, make sure to review access permissions for mobile applications carefully before installing them.

However, if you still want to borrow money online we recommend Fido Loan app as it is the only registered loan app in Ghana and has a physical office in Accra and other locations in Ghana.

You can also borrow from MTN Quick Loan or Vodafone Ready Loan.

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