Loan apps are fast becoming the go-to institution for many Nigerians in the midst of the economic depression in the country. Many Nigerians are now falling back on loans from loan apps to make ends meet.
In fact, some of the most downloaded apps in Nigeria today are loan apps and that is one of the reasons the Fintech market in the country is currently flourishing.
A very popular loan app on the Google play store today is Naira loan; In this article, we will be talking extensively on Naira loan and its basics.
What is Naira Loan App?
Naira loan is a loan app available to Nigerians on the Google play store. The loan app offers loans as low as N1,500 and as high as N500,000 to Nigerians with relatively low interest rates.
Naira loan app was launched on the Google play store in 2021 and has since then garned over 500k downloads and 8k reviews.
How Does Naira Loan App Work?
Naira loan app functions pretty much like every other Nigerian loan app. The platform requires users to download the mobile app from the Google play store.
Once downloaded, the next step that brings you closer to getting a loan from Naira loan is to sign up on the app. Registration on Naira loan is quite easy and can be done in less than 5 minutes. The only detail needed for registration on Naira loan is just your phone number.
After successfully registering on Naira loan, you would be allowed to apply for loans based on your calculated loan limit. You cannot borrow above your loan limit on Naira loan except on subsequent loan applications after it has been increased.
You are required to pay back your loans on Naira loan on or before the due date to avoid paying overdue charges and constant harassment from the platform.
Is Naira Loan App Legit?
Yes, Naira loan app is legit. The platform is true to its claims and have been providing financial services to its customers since 2021 till date
How to Download and Get Started on Naira Loan App
The Naira loan app is available for just android users and can be downloaded on the Google play store. To get the Naira loan app on your mobile phone, follow these steps;
1. Open your Google play store
2. Search ‘Naira loan app’
3. Go through the search results and download the right one.
4. After downloading the app, wait for it to automatically install then launch it.
How to Sign up on Naira Loan App
To sign up on Naira Loan App, follow these steps;
1. Open the app .
2. Grant the app permission to some features on your phone.
3. Provide your phone number and the OTP that will be sent to it and you are done! Signing up on Naira loan is that easy.
How to Borrow Loan on Naira Loan App
After you have installed and signed up on the Naira loan app, you can now apply for their loans, but how?
To apply for a loan on Naira loan app, follow these steps;
1. Open and sign up on the app.
2. On the home page, click “apply now”.
3. Provide the requested information.
4. After filling the forms, your loan limit will be calculated, the calculation takes less than a minute.
5. Your loan limit will be displayed on your screen, click “apply now” to get the loan.
How to Repay Loan on Naira Loan App
Naira loan app loans have a duration of 91 to 1 year depending on the loan amount you borrowed.
Here’s how to repay your Naira loans;
1. Login to the app.
2. On the homepage, click on the home icon.
3. Click on “repayment bill” and follow the onscreen instructions to initiate a transaction.
Pros of Naira Loan App
The following are the pros of Naira loan app;
1. The app is easy to use with a very user-friendly interface.
2. The registration process on the app is equally easy and takes less than a minute to complete.
3. The platform has different repayment plans that allows you repay your loans bit by bit until fully paid.
4. Naira loan does not request for your BVN before registration or loan approval .
Cons of Naira Loan App
The following are the cons of Naira loan app as observed;
1. Naira loan app harasses and threatens users who fail to promptly repay their loans.
2. The customer care line of the platform is sometimes unreliable and cannot be reached.
3. The app has some network issues that may interfere with loan repayment.
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Frequently Asked Questions and Answers
Is Naira Loan app available for iphones?
No, Naira loan app is only available to android users and can be gotten on the Google play store.
What are the loan eligibility criteria on Naira loan app?
1. You must be a Nigerian.
2. You must be between 20- 55 years of age.
3. You must have a source of income.
How much can I borrow on Naira loan?
The lowest you can borrow on Naira loan is N1500 and the maximum is N500,000.
What is the interest rate on Naira loan app loans?
The maximum interest rate on Naira loans is 18.5%.
What happens if I fail to repay my Naira loan on time?
You might not be allowed to borrow money on the platform again, you might also be reported to the credit bureau which may also mar your ability to borrow from other loan apps.
Final Verdict
Naira loan app is one of the simplest loan apps available to Nigerians on the Google play store. The app is easy to use and grants loans based on your income level. The platform does not need collateral or even BVN to grant your loan request. If you are looking for a good personal loan app, we recommend the Naira loan app.
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