Naira loan app: Interest rate, how to apply, Is it legit

Naira loan will give you Instant loan in Nigeria without collateral or paper work and you don’t need to visit any location before you will obtain the loan , with your smart phone you are good to go. With Naira loan app you can obtain up to #500,000 loan at a go.

Requirements to obtain loan from Naira loan app

To obtain loan from Naira loan app you must meet up with some requirement, which are

Have bank account and bvn

Have source of income

Reside in Nigeria

Have smart phone with which to download the loan app

How to apply for Naira loan in Nigeria

To apply for Naira loan head over to play store and download the app

Launch it and register with your name, bvn and order details

You will be ask to bind your ATM card which might attract #30, 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 Nairaloan app

With Nairaloan app, you can obtain up to #500,000 at a go. If you are a first timer you will not be able to obtain up to this, your loan eligible might not be more than #50,000 but as you continue to use the app this will improve.

Naira loan Interest rate  and repayment period

Nairaloan interest rate is between 5% to 18% depend on the amount of loan obtain. The repayment period is between 7 days to 190 days also depend on the amount of loan obtain.

As a first timer your interest rate will be high while your repayment period will be short as you continue to use the app this will improve

Paying back your Naira loan app

To pay back your Naira loan head over to your dashboard

locate and click on loan repayment

There you will see deferent option to pay back your loan

Click on one and make payment

Once you make payment, it will reflect on your dashboard

If it does not you should contact them

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 which is usually 2%.

If you abscond, your name, bvn and other details will be sent to credit bureau for blacklisting, which means you will not be able to take loan again in Nigeria until you pay back.

They might also send defamatory message to your contacts.

Is Naira loan app legit

Yes, the loan app is legit, they do give out loan to people but they are not license by CBN nor insure by NDIC

Our verdict on Naira loan app

Naira loan is legit, the have good review on play store as at the times of writing this article.

They do not defame their customer and they don’t charge for processing fee. Since they are not license by CBN, exercise caution when taking loan from them.

Conclusion

Though there is now a lot of loan app in Nigeria, that does not mean you should hop from one loan app to another. Take loan that you can pay back, try as much as possible to avoid embarrassment.

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