Mynaira loan app review; Interest rate, how to apply and is it legit - Startuppreneur

Mynaira loan app review; Interest rate, how to apply and is it legit

Mynaira loan app will give you instant loan in Nigeria without collateral or paper work, you don’t need to visit any location, with your smart phone you are good to go. With Mynaira loan app you will obtain up to #50,000 Naira loan at a go.

Requirement to obtain loan form Mynaira loan app

Below are the requirement you must meet up with before you can obtain loan from this app, they are


Have good credit score

Have bank account and bvn


Be above 18 years of age

Have source of income

Have smart phone with which to download the loan app

How to apply for Mynaira loan

The first step to take is to head over to play store and download the loan app


Launch the app and register with your name, bvn and other details

You will be ask to bind your ATM card which might attract #30 fee, do so and proceed

After the registration you will be login to your dashboard

On your dashboard locate and click on loan
There you will see amount of loan you are eligible to obtain

Click it and wait for disbursement

How much you can obtain from Mynaira loan app

My naira loan app is new kid on the horizon, they are new and as such the maximum amount of loan you can obtain from them is #50,000 in fact if you are a first timer you will not be able to obtain up to this, but as you continue to to take loan and pay back regularly the amount of loan you can obtain will be increase

Mynaira loan interest rate and repayment period

Their interest rate is between 15% to 30% per year depending on the amount of loan secure. Their repayment period is between 7 days to 1 year. I don’t think it is up to a year. Their actual interest rate is between 7 days to 90 days.

If you are obtaining loan for the first time, your Interest rate will be high and your repayment will be short but as you continue to use the app, this will improve.

Paying back your Mynaira loan

This loan app follow the same procedure

Logging to your dashboard

Locate and click on loan rewound

There you will see deferent option to pay backing such as ATM, bank transfer and others

Chose one and make payment

Once you make payment, it will reflect on your dashboard

If it does not you should contact them asap.

What will happen if I default or refuse to pay back

If you default you will be punish with increase in your loan interest rate. If you then refuse to pay back they might send defamatory message to your contact which I think it worth it.

Also they will send your name and BVN to credit bureau for blacklisting which means, you will not be able to obtain loan again in Nigeria until you settle your debt and clear your name with credit bureau.

Is mynaira loan legit

Yes, mynaira loan app is legit, they will surely give you loan but they are not license by CBN nor insure by NDIC.

Our verdict on mynaira loan app

As stated above mynaira loan app is legit, they will surely give you loan. They have good review on play store perhaps because they are still new.

They have more than 10k download. The only thing I didn’t like about this loan app is that their processing fees is outrageous which is between 6% to 24%, haba! It is too much. Well they compensate it with Interest rate which is 0.5% per month.


Above is how to obtain loan from mynaira loan app. As you can see this loan app mean business they will surely give you loan but you should take loan that you can pay back to avoid had I know and embarrassment.

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