Nairabag loan app review: how to apply, Interest rate, is it legit - Startuppreneur

Nairabag loan app review: how to apply, Interest rate, is it legit

Nairabag loan app is one of the loan platform that give instant loan in Nigeria. You don’t need to visit any location, with your smart phone you’re good to go.

Their loan processing is very fast once your application is successful, your account will be credited. You can obtain more than #100,000 from this app at a go.


Requirement to obtain loan from Nairabag

Below are the requirement you need to meet up with before you can obtain loan from this app

Have good credit score


Have bank account and bvn

Have source of income

Be above 18 years of age

Have smart phone with which to download the app


How to apply for Nairabag loan

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

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

Once you are done with registration you will be login to your account

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 nairabag loan

With nairabag loan app you can obtain up to #100,000 at ago but as a first timer you might not be able to obtain up to this, your eligible loan might not be more than #30,000 but as you continue to take loan from this loan app, this will increase.

Nairabag loan Interest rate and repayment period

Their interest rate is between 5% to 20% depending on the amount of loan obtain. Their repayment period is between 7 days to 90 days.

For first timer your Interest rate will be high while your repayment period will be short, as you continue to take loan from this app this will improve.

Paying back your Nairabag loan

To payback your laon head over to your dashbaord

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 by Increase in your loan Interest rate which might be up to 2%.

If you abscond, your name and bvn will be send to credit bureau for blacklisting which means you will not be able to obtain loan again in Nigeria until you pay back and clear your name with credit bureau.

Is nairabag loan legit

Yes, they are legit they have given loan to many people in Nigeria but they are not license by CBN, nor insure by NDIC.
Our final verdict on nairabag loan

Nairabag loan will surely give you loan, they don’t send defamatory to their customer contacts. On play store they have lot of positive review which shows that they know what they are doing.

But they are not license by CBN nor insure by NDIC, I will advice you to exercise caution when dealing with them. Do not take more than you can pay back.


Nigeria is now blessed with many loan app, with just a click on your phone you will obtain the loan without leaving your location.

But I will advice you to obtain loan that you know you can pay back to avoid embarrassment and had I know.

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