The loan industry in Nigeria is over-saturated with so many loan sharks, this alone is a nightmare of its own in the country and it seems little has been done about it. Fundy Loan App is one of the loan sharks we're going to talk about and how they have been destroying the loan industry with their shady collateral-free loans. 

This is my first-hand experience with this Shady Loan App and it was one of my most regretted actions ever.

These loan Sharks are good at swindling their victim and making them take action against their will, which at the end of the day, puts the victim in a web of disaster that can emotionally hurt the victim.

According To a Publication By Punch. On the 22nd of December 2022, the House of Representatives of Nigeria made a motion to investigate all of these loan sharks and their activities. They received several complaints about the illegal activities of these financial technology loan apps and companies who threaten their debtors when they default on any of their loans even just for a day.

The house mandated its committee on Banking and Currency; Financial Crimes; and Telecommunications to “investigate the alleged sharp practices and abuses by FinTech and online mobile digital loan apps and companies in Nigeria and report within four weeks.”

This resolution was based on the unanimous adoption of a motion  of urgent public importance moved by a member of the House, Ahmed Satomi, titled ‘Urgent Need to Investigate Sharp Practices by Unregulated Online Fintech Lending Companies and Abuse of Mobile Digital Loan Apps in Nigeria.’

Satomi decried the proliferation of online loan apps across Nigeria “by some fraudulent and unscrupulous profiteers affecting many low-income Nigerians, who are coerced to borrow and get trapped in the web of sham loan apps hosted on Google Play Store by individuals and companies to swindle the low-income earners.” You can read more about the probe of these online illegal fintech loan apps threatening Nigerians.

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Fundy Loan App Review ( My Experience With Shady Loan Shark)

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Fundy Loan App Nigeria (Overview)

If you've come across a fundy loan app, you'll realize that they are claiming to be an online money lending platform in Nigeria offering collateral-free loans to individuals. The loan app claims to provide you instant loans once you fill in their form with your details by providing your name, taking a selfie picture, and allowing them access to your phone data such as contact, images, and sms.

This loan app claims to offer you a loan of up to 30 days which is not true. Those are just marketing techniques to get the victim to request a loan.

Besides that, they don't do any background checks using the BVN of the victim to know if they are bad debtors due to the fact that they know they have a technique that puts their customers or victim in depression. With this technique, they rest assured that the victim will surely look for any means to pay them while they keep the profit of almost 40% in 7 days loan tenor.

What Is Fundy?

Fundy is a scam and illegal company operating as a money lending platform in Nigeria. The company is operated by criminals with no identity and any means of being contacted by phone call or physical address.

As I have mentioned above before, the company claims to be an online money lending platform that offers loans. This is true, but in a shady and illegal approach that is against the way the money lending business is operated in Nigeria.

They harvest the details in the phone of their victim by enforcing permission in their mobile app which forces their victim to grant them access to camera, contact, sms, media, etc.

Is Fundy Loan App Legit?

Fundy Loan app is a scam and a fraudulent loan shark that takes up to 40% as interest for a 7 days loan tenor. The app operates in a shady way by forcing loans with high interest on their victim. After the victim has taken the loan, they begin to threaten the victim and all his contacts.

They are good at tricking their customers using different techniques, once the customer falls for that and apply for a loan, they'll approve it in less than 30 minutes and after 7 days they start attacking the borrower.

What Does fundy Loan App Offer?

They offer a credit limit of ₦10,000 up to ₦100,000. The victim of the loan app can borrow any amount within that range and pay it back in 7 days.

Their loans are collateral free as claimed. the truth is, they're using the contact of their victim as collateral because they can easily blackmail that customer using different techniques that can depress their customer which will force them to find any means to pay the loan.

Fundy Loan Apk

The fundy loan apk file can be downloaded on the Google Playstore once you have an android phone with an operating system of 4.2 and above. 

The Fundy Loan Apk can be downloaded from Once you click on the link, you'll be able to see so many negative reviews about the Fundy Loan App. I'm still wondering why the app is still on Google Playstore despite all the bitter negative reviews from the play store.

Fundy rates and fees

The Fundy Loan App is having a whopping interest of 40% for a 7 days loan. 

One thing I noticed about the fundy app is the daily increase in loan repayment amounts. Let say you're to pay 30,000. On day 5, the money will start increasing to N31000, this means that on the 7th day you'll end up paying N32,000 or more. This alone is a criminal act because it is a breach of the agreement.

Steps to get a loan on the Fundy Loan App

  • Download and install the Fundy Loan app on your device.
  • Register on the app by putting your credential.
  • Apply for a loan and fill in the necessary information (including your phone information and bank details).
  • Submit the application and wait for the audit review.
  • Receive your loan into your bank account.

My Experience With Fundy Loan App

"I was on my own when one of their telemarketers called me to advertise the loan app to me. At that time, I was not having enough cash on me and besides that, I was curious to know more about  the loan app so I decided to listen to them and that was when the damages started "Say Kambili

When they come to approach their victim, they speak in a calm and polite way, after successfully luring their victim into taking such a loan, they use all manner of approaches to emotionally break their victim.

At first, they make it look like it's a collateral-free loan, which is not true. What they use as collateral is the contact on the phone of their victim. Most of these people have contact of their boss, family members, church members, clients, customers, business associates, connections, and so many important people.

Once these Loan Sharks get their hands on these contacts, which they actually download into their database. They will start sending stupid and annoying messages to these contacts.

One of the popular ones they use is creating a banner having the picture of the victim on it, with a very huge inscription saying "Wanted For Fraud". On this banner, it carries the name of the victim, age, phone number, and sex, with a text that says "This person is wanted for committing fraud and stealing from a loan company, the person is a drug dealer, rapist, and is having HIV"

A message like this being sent out to the victim's contact is enough to break the victim emotionally which can lead to different suicidal thoughts and many other bad things.

How to contact Fundy

According to the fake and fraudulent app, they claim you can contact them from the address below.

Fundy office address: 6 Harold Shodipo Crescent Ikeja Lagos Nigeria.

I decided to visit Ikeja to see for myself, all to find out that the loan company address does not exist as they claim.


In whatever you do, kindly make sure you avoid Fundy Loan App or Fundy Company. This is not a legitimate company. They operate from unverifiable and untraceable locations.

I still don't know how the Nigeria Apex bank (CBN) has not trampled on this illegal business that is operating from some hidden location.

They're growing every day and their network of telemarketers is growing too. This is a big threat to the lending industry and I strongly believe that a lot of Nigerians will probably fall depressed due to all these loan sharks' activities.

I still don't know how they get their way around to the extent of even listing their mobile apps on Playstore. What they usually do is lie that their Fundy Loan App is offering 91 days and above loan tenor. This is all lies!

Their intention is to find a way of bypassing play store security by ensuring that they formulate so many lies. I know Playstore is always a large market and store of android apps and there might not be room for manual verification of these apps.

In a nutshell, my candid advice is that "If you love your mental health, avoid Fundy Loan App" at all costs because their mission is to destroy everything you have worked so hard for.

If you find this article helpful, don't forget to share, this will save other people from falling victim to the Fundy Loan Scam, and together we can make the internet safe.

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