At PayCredit, your financial safety matters. That’s why we’ve compiled the key red flags to watch out for before saying yes to any loan.
1. No Contact Information
Scam lenders often hide behind anonymous apps or websites. If you can’t verify their contact line, or registration details, don’t trust them.
2. Too-Good-to-Be-True Offers
“₦50,000,000 in 5 minutes, no collateral, no questions asked.” If it sounds unbelievable, it probably is. Genuine lenders do basic checks before lending.
3. Pressure Tactics
Scammers often use fear or urgency like: “Offer ends today, apply now or lose your chance.” Real lenders don’t threaten customers to take loans.
4. No Proper Documentation
A loan without an agreement or contract is a major red flag. Without clear terms (interest rate, repayment plan, penalties), you’re being set up.
5. Unregistered or Fake Apps
Some apps appear on social media but aren’t registered with relevant financial authorities. Download only from official app stores and check reviews before trusting them.
How to Stay Safe
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Verify the lender’s registration (e.g., with CAC and FCCPC in Nigeria).
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Ask questions until you fully understand repayment terms.
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Stick with trusted, credible lenders like PayCredit.
Final Word from PayCredit
Loan scams thrive on desperation and ignorance. By spotting these red flags early, you can protect yourself and your money. At PayCredit, we stand for safe, transparent, and reliable lending — because your trust matters more than anything.
