Flashnaira Loan is an online lending company that is new in the game of granting personal loans to Nigeria without documents.
FlashNaira is a Loan Platform that provides Nigerian mobile users with convenient lending services. Users can access collateral-free loan products which is a 100% online process.
This app is relatively new in the loan business with over 10k downloads on the Google Play store and uses loan software to collect prospective customers’ information including phone records, banking transaction alerts, and BVN to build the credit score of each borrower.
To qualify for a loan or higher amounts, be sure to keep good bank transaction messages on your phone and not have outstanding debts with other loan apps!
The application is simple, just download the app from the Google play store, and provide some information about yourself, the algorithm will analyze your information, calculate your credit score and make you a loan offer Within a few hours.
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How to Download APK and Apply for FlashNaira loan
- Download the FlashNaira loan App exclusively available on the Google Play store and install it on your Android phone.
- Register an account with your phone number.
- Preferably the phone number connected to your BVN as a one-time password will be sent to it for verification.
- Fill in basic information, including your residential address, next of kin, and employment details
- You will also be required to provide your Biometric verification number BVN.
- Bind your ATM card to your account to increase your chances and get a higher loan amount.
- A one-time password OTP will be sent to your phone to confirm your details.
- After the submission of your loan application, the software will analyze your credit score and the final result will be shown in the APP.
- The result should be displayed in less than two minutes and if you qualify for a loan, the loan amount will be disbursed into the bank account directly.
Is the FlashNaira loan app legit or a scam?
Tho still relatively new on the PlaStorere, the FlashNaira Loan app is legit and does give out loans to customers but with extremely high-interest rates most especially for first-time borrowers. Always read other customers’ reviews before you apply for a loan in Nigeria.
You should know that these loan apps are not registered or regulated by the CBN or any government agency in Nigeria. You are responsible for the security of your transactions with them and there is no way to seek redress for poor customer service.
Also, its availability on the Google play store does not make transactions performed on it secure. The play store merely provides an avenue for download, you are responsible for your security while using loan apps in Nigeria.
What FlashNaira loan app can improve?
First-time borrowers usually don’t get above N5000 loans to pay back N8000 within 7 days. The tenure is too short and the interest rate is just ridiculous. Though the app promises to give you a revolving loan with a higher amount and higher tenure on your subsequent loans, there is no guarantee you’ll be approved.
FlashNaira also takes hours to review applications and credit bank accounts. This is not an instant loan app. You might find yourself waiting for credit several hours after your loan application has been approved.
This app also charges a loan disbursement fee and has plenty of hidden charges. One customer had a loan if N17,000 was approved for them only N11,000 was disbursed to their account with the rest calculated as a service fee, the customer was asked to pay back the full N17,000 within 7 days.
Because there are no regulations in Nigeria, most of these apps are loan sharks who will threaten to send messages to your family members calling you a scammer if you default on your repayment. It is best to avoid these apps if you have other options.
FlashNaira loan app interest rate?
Loan time tenure: from 91 days to 365 days.
Loan amount range: from ₦5000 to ₦ 500,000.
Loan interest: the total interest range is from 2% to 24%. The equivalent monthly interest is from 1% to 2% and APR is from 12% to 24%.
If you choose a 91-day loan and borrow ₦5,000, the interest rate is 5% per month and the interest rate is 15%, we would charge you ₦750 as interest of the 91-day repayment period. So the total amount of repayment is ₦5,750.
This interest rate and tenure is just an example, expect your loan amount and period to be significantly lower if you’re borrowing for the first time. You can increase your amount by keeping good records and paying back loans on time.
What are the requirements?
- Be a Nigerian citizen or Legal Resident.
- Be at least 18 years old.
- Have a Monthly income source.
- Bind your ATM card to your account
- Provide details of two of your next of kin including their phone numbers.
- Have a good credit score with no outstanding loans from other lenders.
- Have an active Nigerian bank account.
What will happen if I don’t repay my loan or pay my loan late?
Late loan repayments automatically incur a fee of 2% per day. It is therefore advised that one does not exceed the due date. Repaying the loan by its due date allows you to access larger loan sizes. Late repayments will affect your ability to get subsequent or larger loans. If you are very late on your payments, you will be reported to the First Central Credit Bureau. Blacklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders.
FlashNaira loan app customer service number
Address: No 30 Adeola Odeku VI, Lagos