SpyLoan apps are everywhere, and yet people keep falling for them. They promise easy loans with flexible repayment, but what they actually do is steal your personal data, including contacts, sensitive images, and files. The moment you take a loan, they start blackmailing you using your own data against you. Some of these apps do not even bother giving loans. They just grab your data and start the harassment. One such app has been making the rounds on the Play Store, racking up over 100,000 downloads and putting thousands of Android users at risk of blackmail and extortion.
How SpyLend malware spreads and leads to scams and extortion
SpyLend spread by posing as a credible financial management tool, “Finance Simplified,” on the Google Play Store, as reported by BleepingComputer. It attracted financially vulnerable individuals by offering fast loans with minimal documentation.
The app surged from 50,000 to 100,000 downloads in a single week despite red flags in user reviews about harassment and blackmail.
Once downloaded, the app requested excessive permissions far beyond what a typical financial app would need, including access to contacts, SMS messages, call logs, photos, and location data. This allowed the malware to silently collect personal information from users’ devices.
The stolen data fueled a vicious cycle of scams and extortion. SpyLoan apps like SpyLend lure users with attractive loan terms, only to exploit their data for predatory lending practices. If users failed to meet repayment demands, the operators weaponized their information by harassing them, blackmailing them with threats of leaking private photos or contacting their friends and family, and creating a climate of fear and coercion.
In some cases, the extortion escalated to public shaming or even deepfake creation using stolen images, amplifying the psychological and financial toll on victims.
We reached out about this incident, and a Google spokesperson told us, “The app has been removed from Google Play. Android users are automatically protected against known versions of this malware by Google Play Protect, which is on by default on Android devices with Google Play Services. Google Play Protect can warn users or block apps known to exhibit malicious behavior, even when those apps come from sources outside of Play.”
However, it is important to note that Google Play Protect may not be enough. Historically, it isn’t 100% foolproof at removing all emerging malware from Android devices.
BleepingComputer
ANDROID BANKING TROJAN EVOLVES TO EVADE DETECTION AND STRIKE GLOBALLY
Sensitive data stolen by the app
SpyLend is a serious threat because it steals a huge amount of personal information. It digs into contact lists and call histories, reads text messages including banking alerts, and grabs photos and videos from storage.
It also collects device details like the model and OS version, tracks location in real-time every three seconds, records past locations and IP addresses, and even saves the last 20 copied texts from the clipboard. On top of that, it gathers financial data like loan histories and banking SMS messages.
This stolen data is not just used for blackmail, as it is often sold to cybercriminals. By preying on people already struggling financially, SpyLend puts nearly every part of their digital lives at risk.
ANDROID BANKING TROJAN MASQUERADES AS GOOGLE PLAY TO STEAL YOUR DATA
6 ways you can stay safe from SpyLoan apps
1) Avoid suspicious loan apps: Stick to apps from well-known banks, credit unions, or lenders registered with the Consumer Financial Protection Bureau (CFPB) or other regulatory bodies.
2) Install strong antivirus software: Use strong antivirus protection on all your devices to detect and prevent malicious apps. This can also protect against phishing emails and ransomware scams. The best way to safeguard yourself from malicious apps is to have antivirus software installed on all your devices. This protection can also alert you to phishing emails and ransomware scams, keeping your personal information and digital assets safe.
My top pick is TotalAV, and you can get a limited-time deal for CyberGuy readers: $19 your first year (80% off) for the TotalAV Antivirus Pro package.
3) Download apps from reliable sources: It’s important to download apps only from trusted sources like the Google Play Store. You might say I am contradicting myself, but Play Store is still safer than other options out there. They have strict checks to prevent malware and other harmful software. However, even with the security measures provided by Google Play, downloading apps from the store does not guarantee 100% protection against malware or harmful software. Avoid downloading apps from unknown websites or unofficial stores, as they can pose a higher risk to your personal data and device. Never trust download links that you get through SMS.
4) Review app permissions carefully: If an app asks for unnecessary permissions—like access to your contacts, call logs, or storage—do not install it. A legitimate loan app should only require essential permissions related to financial transactions.
5) Check reviews and red flags: Before installing any financial app, read user reviews carefully. If multiple people report harassment, blackmail, or excessive permissions, avoid the app entirely.
6) Report and uninstall suspicious apps: If you encounter a SpyLoan app, immediately uninstall it and revoke its permissions. Report it to the Google Play Store, cybersecurity authorities, and financial regulators to help prevent further victims. If you’ve shared sensitive information, consider changing passwords and securing your accounts. Consider using a password manager to generate and store complex passwords. One of the best password managers out there is NordPass. It is secure, user-friendly and uses zero-knowledge and military-grade XChaCha20 encryption to protect your data. It supports Windows, macOS, Linux, Android, iOS, and major browsers while offering unlimited password storage, secure sharing, password health reports, data breach monitoring, auto-fill, and emergency access.
Get more details about my best expert-reviewed Password Managers of 2025 here.
THE HIDDEN COSTS OF FREE APPS: YOUR PERSONAL INFORMATION
Kurt’s key takeaway
The promise of quick and easy money can be tempting, especially during tough times, making it easy to fall for these scams. However, there are safer and more reliable ways to take loans. As a general rule, it is best to avoid borrowing money through online apps unless they are from well-known financial institutions. Google also needs to take responsibility for allowing SpyLoan apps on the Play Store, even when user reviews clearly indicate they are malicious.
Do you think Google is doing enough to crack down on predatory loan apps? Let us know in the comments below.
FOR MORE OF MY SECURITY ALERTS, SUBSCRIBE TO MY FREE CYBERGUY REPORT NEWSLETTER HERE
Copyright 2025 CyberGuy.com. All rights reserved. CyberGuy.com articles and content may contain affiliate links that earn a commission when purchases are made.