NiceNaira Loan App Review: interest rate, is it legit, how to apply - Startuppreneur

NiceNaira Loan App Review: interest rate, is it legit, how to apply

Nicenaira is one of the loan app that give instant loan in Nigeria, with Nicenaira loan you don’t need to visit any location, every thing will be done on the app. Their loam processing is fast within 2 hours of submitting your application your account will be credited. With Nicenaira loan you can obtain up to #50,000 loan at a go.

Requirement to obtain loan from Nicenaira

Like other loan app, you need to meet up with some requirement before you cab obtain loan from Nicenaira, these requirement are.


Have bank account and BVN

Have source of income


Reside in Nigeria

Have good credit score

You must not ave defaulted on any on before

Have smart phone with which to download the app


How to apply for Nicenaira loan

Head over to plays store and download the app

Lyauch it and register with your name 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 cab obtain form Nice naira loan

Since they are just starting you can’t obtain more than #50,000 loan from loan app. If you are a first timer it will be less than this but as you continue to use the app the amount you can loan will increase.

Nicenaira loan interest rate and repayment period

Nicenaira interest rate is between 5% to 25% depending on the amount obtain and the repayment period. The repayment period is between 7 days to 2 months.

For first timer your interest rate might be high and your repayment period will be short. It will improve as you continue to take loan and payback regularly.

Paying back your Nicenaira loan

You can pay back your loan with ATM card or ask them for their account number and transfer to it. When making transfer ensure you have their correct account to avoid storey that touch

Logging to your dashboard

Locate and clock on loan repayment

There you will see deferent method to payback

Click on one and make payment

When you make payment it will reflect on your dashboard if not constant them.

What will happen if I default.

If you default your loan interest rate will be increase, if you decided not to pay back at all, your name and other details will be send to credit bureau for black listing.

Which means you will not be able to take loan from any where again in Nigeria until you pay back your loan and clear your name with credit bureau.

Is Nicenaira loan legit

Yes they are legit, they do give out loan to people in Nigeria bit they are not license by CBN so take caution when dealing with them

Our verdict on Nicenaira loan

Nicenaira loan is a legit loan app, they have good review and average rating on play store, the only problem i have with them is that they are not license by CBN but let see what become of them in the coming days.

Right now there is no news f them sending defamatory messages to their customer’s contacts.


Nice naira loan will give you instant loan in Nigeira but know that they are not license by CBN if anything goes wrong it will take time before CBN will interfere. Take loan that you know you can pay back to avoid embarrassment.

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