NairaMine loan app is an Nigerian micro lender offering rapid and safe loans. The mobile app lets customers to take out up to N80,000 unsecurely with no collateral or documents.
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Unsecured loans are one type of loan that doesn’t require collateral or a downpayment to get. It’s usually short-term and has extremely high rates of interest.
Nairamine loan app will be able to assist business owners in the expansion of their business and aid individuals who have urgent needs like utility bills that are not paid or car repairs emergency situations in the family. You can address the urgent requirements with their instant credit facility.
On Nairamine loan app there’s no long waiting and no long line and there is no need for collateral. You just need an iPhone to be able to access the instant money , which is then deposited directly to your account at the bank.
Don’t borrow money from an online loan application to pay for your lifestyle. The short-term loan is useful for situations of emergency, but they can be quite costly in comparison to longer-term loans. They should be treated with care.
The NairaMine loan app helps you get personal loans easy making use of the information on your phone that includes your details to confirm your identity as well as create credit scores.
A loan in Nigeria through banks and other official sources is long and time-consuming. It requires documents like collateral, which many people do not have. That’s why services like this are extremely beneficial particularly in times of need.
While the app is quite new, the customer’s feedback is positive. The app has been downloaded more than 50k times on Google Play Store, with mixed reviews. It utilizes a loan software to collect information from prospective customers such as phone numbers, bank transactions, and BVN and credit rating of every borrower.
In order to be eligible for greater amounts, make sure you keep a record of your bank transactions on your mobile and don’t have any outstanding loans with loans from other lenders!
How to download APK and receive an loan from the NairaMine loan app
- Download the personal loan NairaMine App on the Google Playstore and install it on the Android phone.
- Make an account by entering your mobile number.
- The preferred phone number that is connected to the BVN as a unique password will be provided to the BVN to verify your identity.
- Input your basic Know-yourcustomer KYC details, which include your residential address, your next of kin, and your employment information.
- Additionally, you will be asked to submit you with your Biometric Verification Number BVN.
- It will cost you N30 to tie the ATM debit card on your account in order to improve your chances of getting more money.
- One-time security code OTP is sent directly to you mobile to verify your information.
- Following the submission of an application for a loan, program will examine your credit score. The final results will be displayed in the application.
- The final result should be available within less than 2 minutes. If you’re eligible for a loan, the amount will be deposited to your bank account in approximately five minutes.
- You must ensure that you’re using a quality phone with sufficient memory capacity as you’ll be required to snap an authentic live selfie for identification.
It is important to note that affixing your ATM card by using N30 does not assure you that you’ll be able to receive a loan. However, you still must get a credit score.
The N30 that is charged to bind the ATM credit card with your bank account can be refunded It can take between 7 and 12 business days for the funds to be returned in your banking account.
Your BVN is tied with your credit rating. So should you have an outstanding loan with another lender or failed to pay any other lender on time you can expect to be denied.
Credit score a summary of previous loans as well as the amount of time you pay your bills and cash transactions that go in or out of the bank accounts and other data.
After downloading this app, you will need to agree to it in order to gain access to your phone book contacts which can serve as your guarantors. Also, you can use the text messages to view your banking transactions, and applications on your phone that check how you’re using different loan applications, and other information it utilizes to increase the credit score.
While NairaMine offers loans to certain customers, there have been complaints that the app revoked funds from their accounts after the binding of their ATM cards. So be cautious when you use this loan app.
Is the NairaMine loan app legitimate or a scam?
The NairaMine loan app is a legitimate loan application that offers micro and medium term loans that can reach N80,000 to its customers. However, it is a bit expensive in terms of interest and bugs that impede easy registration. Be cautious before applying for any loan online. Be sure to read reviews from other customers prior to applying for loans in Nigeria.
It is important to be aware that these loans aren’t registered or controlled through CBN, CBN or any other government organization within Nigeria. You are accountable for your security when you make transactions using them, and you are not able to claim redress for bad service to customers.
Additionally, its presence in the Google play store doesn’t ensure that transactions made on it are safe. The play store is an opportunity to download and you are accountable for your own security making use of loan apps in Nigeria.
- Registration is simple and effortless.
- It is not a way to denigrate clients when they fall short of repaying their loans. This is in contrast to other loan applications that operate in Nigeria.
- Students can use this in the event of an emergency
- It’s real, it’s been confirmed by the admin that they actually offer loans.
- Absolutely online, no need for collateral.
- A large loan amount, as high as 80K.
- A short loan period, specifically for those who are new to the loan, begins with just 7 days.
- High interest rates for very small amounts of loans.
- High rate of rejection.
- The app is only compatible with Android smartphones.
- Problems with networking that could hinder card binding
When you take out a loan, be aware of the repayment schedule. If you are taking an 60-day loan with two installments of repayment it could be that the app tries to debit your account automatically at the due date of the first installment, and may make overdue charges prior to the expiration date of your 60 days.
You can modify your ATM card’s password to stop auto debit. The app was reported to purposely auto debit customers, even after they’ve completed transactions through bank transfers.
Since there are no laws in Nigeria the majority applications are loansharkers. They could threaten to send out messages to family members of yours calling you a fraudster when you fail to pay your loan. Avoid these apps if there are other alternatives.
If you’re being harassed or bullied by a loan sharks in Nigeria check out the following Group on Facebook in which you can get help and read about the experiences of others who have been victimized by loan applications.
What do other borrowers have to say about Nairamine loan app?
Tejiri Uwuseba posted “This app has nothing to do with anything more than an illegal app. How do you obtain a loan of 6500, and repay 10,000 in only 7 days? You are paying more than 50% interest on 6500 in 7 days time frame… These individuals are fraudulent and should be reported CBN …. It’s nothing but exorbitant.. I’m sure the people providing positive reviews here are employees and not their clients… It’s most hilarious part is when they begin calling you and pestering customers to make payments even though the loan isn’t due. 1 star is way too much for you folks.”
Ahmed Sule Ayogho wrote, “The interest is too high pls look into it.”
Odesanmi Temitope wrote “This app is good.”
Rate of interest?
Loanable amount: N 5,000 – N 50,000-Loan term: 91-180 days
The minimum annual rate of interest is 21%, and it’s maximum (APR) will be 26 percent (no additional charges)
-Daily rate: 0.06%-0.07%
For instance, if it is NGN 10,000, the loan will have a duration of 120 days and an interest rate of 21 percent
The amount of the payment is calculated using the following formula:
Amount of loan * Interest rate/number of days * Amount of loan (10,000 * 21%/ 120 * 365 + 10,000) = NGN10,690
For instance, if the amount of the loan is NGN 10,000 with a tenure of 91 days, and an interest rate of 26 percent
The amount of the payment is calculated using the following formula:
Amount of loan * Interest rate/number of days * Amount of loan (10,000 * 26 percent / 365 * 991 + 10,000) = NGN10,648
Be aware that this rate of interest and loan term is only an example. Expect your actual loan amount and duration to be less however you can increase the quality of your loan by paying back the loan in time and maintaining a good credit score.
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