Dangerous Loan Apps With Hidden Charges in Nigeria [Quickash, PO Cash, Urgent Money, Hi Credit, Top Chance, Best Cash, Ivy Credit]

With the rise of digital lending platforms in Nigeria, quick cash loans are now just a few taps away. While this sounds convenient, many loan apps charge extremely high interest rates, harass borrowers, and put financial well-being at risk. Before you rush into borrowing, it’s important to know the true cost. For example, a ₦10,000 loan at 35% interest means you’ll repay ₦13,500 in as little as 7–14 days — a steep price for short-term relief.

In this article, I’ll review some loan apps Nigerians are currently using — Quickash, PO Cash, Urgent Money, Hi Credit, Top Chance, Best Cash, and Ivy Credit — with details on their interest rates, repayment practices, and hidden traps.

1. Quickash Loan App

• Category: High-Risk Loan
• Interest Rate: 35%

Quickash is notorious for short repayment windows and aggressive debt recovery. Borrowing ₦20,000 at 35% interest means you’ll repay ₦27,000 within 14 days. Missing deadlines often triggers harassing calls and messages to your contacts.

Why You Should Avoid It: Quickash is unlicensed, meaning they can’t legally sue you. Their major weapon is public shaming.

2. PO Cash Loan App

• Category: Very Dangerous Loan
• Interest Rate: 55%

PO Cash is among the harshest apps. Their repayment period is as short as 6–14 days, with daily overdue penalties of 5–7%. For instance, if you borrow ₦15,000 at 55%, you’ll pay back ₦23,250. Delay by just 3 days and you could owe almost ₦25,000.

Why You Should Avoid It: Beyond high rates, PO Cash bombards your WhatsApp and contacts with defamatory messages if you default even for a day.

3. Urgent Money Loan App

• Category: High-Risk Loan
• Interest Rate: 35%

Like Quickash, Urgent Money thrives on harassment. A ₦10,000 loan comes with a ₦3,500 interest fee, meaning you repay ₦13,500 within 7–14 days.

Why You Should Avoid It: Borrowers often end up in a debt cycle — taking loans from one app to pay another.

4. Hi Credit Loan App

• Category: Dangerous Loan
• Interest Rate: 35%

Hi Credit uses the same tactics: high short-term interest and intimidation. Borrow ₦30,000 and you’ll owe ₦40,500 within two weeks.

Why You Should Avoid It: The app is not linked to any official credit bureau. Once your reputation is damaged, paying back won’t fix it.

5. Top Chance Loan App

• Category: Risky Loan
• Interest Rate: 35%

Top Chance has been reported for sending derogatory SMS to borrowers’ contacts. For example, if you borrow ₦25,000 at 35%, you’ll pay ₦33,750 in less than 2 weeks.

Protect Yourself: Block their auto-debit attempts by requesting a new bank card and report them on Google Play Store.

6. Best Cash Loan App

• Category: Slightly Safer but Expensive
• Interest Rate: 35%

Best Cash markets itself as a safer alternative, but the interest is still high. A ₦10,000 loan will cost you ₦13,500 in repayment.

Note: While harassment is less reported compared to others, the short repayment window makes it just as stressful.

7. Ivy Credit Loan App

• Category: Dangerous Loan
• Interest Rate: 35%

Ivy Credit mirrors the same exploitative model. A ₦20,000 loan quickly balloons into ₦27,000. Borrowers report constant threats and privacy violations.

Why You Should Avoid It: Just like other unlicensed lenders, they rely on intimidation and shame tactics.

How to Protect Yourself From Loan Sharks

1. Never cycle loans – borrowing from one app to pay another only traps you further.
2. Block harassment – use Truecaller to block numbers and report them on WhatsApp or Play Store.
3. Prioritize licensed lenders – borrow only from apps registered with the CBN or recognized banks.
4. Focus on budgeting – sometimes, reducing expenses is safer than rushing into short-term loans.

ALSO READ: Best Loan Apps in Nigeria for Safer Borrowing (Migo, Newcredit, Quickash, Tloan, Alend