Scam Loan Apps

CashClub Loan App Review: This app is not legit

There is a proliferation of scam loan apps that target unsuspecting borrowers on Google play store. These apps take advantage of the economic situation in Nigeria – most people turn loan apps to meet their immediate financial needs. Unfortunately, scammers are now feeding fat on the little money most of these borrowers have, one of the apps they use in perpetrating such scam is called CashClub loan app on Google play store.

CashClub advertises itself as a secure and instant online loan app, and so far has over 100k downloads.

It says if you you downloan the APP and register an account, you can get a loan between NGN 20,000~~NGN 300,000.

The app further gives details of it’s loan as follows:

Loan Amount: ₦20,000 ~ ₦300,000
Loan Term: the shortest is 91 days, the longest is 365 days
Loan interest: It depends on the customer’s risk profile and loan period. The interest rate is from 12% to 25% per annum.
Service charge: 0%.

For example:
If you apply for a loan of ₦30,000, the term is 180 days and the annual interest rate is 15%.
So the daily interest rate=15%/365=0.041%, the interest for 180 days =₦30,000×15%/365×180= ₦2,214, the totally repayment=₦30,000+₦2,214= ₦32,214.f you choose a 12-month loan and borrow NGN 20,000, Naira Hub charges an interest rate of 2.08% per month. And the interest rate is 25%, we would charge you GNN 5,000 as interest of 12-month repayment period. Total amount of repayment is NGN 25,000.

These claims are all untrue, CashClub does not give loans to customers, rather they collect your details and refer you to other loan companies by advertising them to you. The app is a waste of time according to what customers who have downloaded report on play store reviews.

Pay attention, here is how the scam works; when you download the app you will be prompted to provide your KYC details like every other loan app, then you will be asked to bind your ATM card to your account as a means of repayment. The app will then make you a loan offer that is too good to be true but also ask you to pay a loan disbursement fee.

This is the part where you get scammed, the disbursement fee is usually a small amount compared to the loan you have been approved for – say pay a fee of 4k to get 100k loan. Ones you make the payment the app will start to malfunction and will not take you any further instead it will redirect you to the advert of other loan apps.

Is CashClub loan app legit?

No, CashClub app is a scam, it doesn’t give loans to customers, the app has all the known features of a scam app. The app asks you to make upfront and refer you to other money lenders.

Most of the reviews of the app on Google play store are fake, it is not from genuine users which is why most of it is 5 stars. The address on the app is also fake, and it has no functional customer service contact.

How to detect a fake loan app

Note that loan apps in Nigeria operate unregulated, they are mostly unlicensed by the CBN and Google play store does not carry out verification before allowing them on it’s platform, you will most likely come across this app because those behind it run paid advertisements on the app store. So you are responsible for your own security when you download and use them. You can stay safe by looking out for the following red flags:

  • Loan apps asking for KYC information including your BVN and asking you to bind your ATM card to your account is normal, but when an app is asking you to make upfront payments or pay a processing fee, such an app is most likely a scam.
  • Always read other customer’s review on play store or read reviews on websites like this before downloading any loan app.
  • If an app does not have a contact phone number, or the phone number is not functional, that is a redflag.
  • Pay attention to fake reviews on Google playstore, most of this apps pay spammers to write reviews for them. Most of the reviews will be from foreign accounts and will mostly give the app a five star without any reasonable comment.
  • Dont part with money for what ever reason before getting your loan.
  • It cannot be overstated that the Nigerian government does not regulate online loan apps. You are entirely responsible for your own safety when you use them.


A writer! Columnist and an academic researcher


  1. I just filled my informations on th3 cashclub loan app including my BVN . I hope my BVN is safe ? Although I have not bind my card yet .

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