For Naira loan app offers Nigerian customers with short-term cash loans to help meet their urgent requirements.
It is a popular app on the Google Play Store with more than 100k downloads but mixed reviews. It offers no-collateral online loans that help customers meet their financial needs for a variety of needs, such as the purchase of mobile phones to medical bills, and more.
The For Naira Loan App makes use of AI to gather potential customers’ details, including phone numbers and alerts about banking transactions and BVN in order to create scores on the creditworthiness of every creditor.
To be eligible for loans or other amount, ensure you keep a record of your bank transactions on your smartphone and don’t have any outstanding loans with other loan applications!
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How do I download and apply for a For Naira Loan App
- Install for the For Naira loan app only available through the Google Playstore and install it on the back of your Android phone.
- Create an account using your telephone number.
- Input basic information including your address, the next of kin, and your employment information.
- Additionally, you will be asked to supply the Biometric confirmation number BVN.
- Connect your ATM card onto an account in order to improve the chances and obtain a larger amount of loan.
- One-time security code OTP is sent directly to you mobile to confirm your account details.
- Following the submission of your loan application the algorithm will evaluate your credit score. The final results will be displayed in the app.
- If it is approved, the loan amount will be paid into the bank account in a direct manner.
- The loan disbursement process on ForNaira is quick and instantaneous.
- You can be reimbursed after completing your application, and if the conditions of the loan are not acceptable to you.
For Naira Loan App Requirement
You must be you are a Nigerian citizen or a legal Resident.
Age between 22 .
You should have a monthly source of income.
Attach your ATM card onto your account
Please provide the names for two immediate relatives including their telephone numbers.
Have a credit score that is good and no unpaid loans with other creditors.
Maintain an active Nigerian bank account.
How can ForNaira loan app could be improved?
Many loan applications that operate across Nigeria have been labelled as loan sharks, and For Naira Loan App is not any the exception. It offers loans with terms of repayment of less than seven days. If you fail on the payment they’ll call you with threats and send text messages to your friends and family accusing you of being a fraudster. Be extremely cautious before making an application for an loan!
The most bizarre feature of this app is that when you fill in an application, you are credit with a high interest rates regardless of whether you agree to the conditions or not.
The loan term for new customers is seven days. You are required to repay the loan with interest in seven days.
Customers have complained about getting loans automatically following repayment, without submitting an application. This application is a loan shark that is able to trap you into the debt trap.
ForNaira loan app interest rate?
The loan time period is from 90 days up to 365.
The range of loan amounts is between N5000 and N 500 000.
The total interest range ranges from 24% to 2 percent. The average monthly interest ranges between 1% and 2percent and the APR ranges from 12 to 24 percent.
If a customer takes out a loan of $9,000 in 180-days (6 months) then the APR is 18%.
Thus, the total interest would be 9000 NGN. 18 percent180/365 equals 799 NGN.
The monthly installment will be (9000 NGN plus 799 NGN )/6 = 1633 NGN.
The total amount of repayment will be 9799 NGN
The interest rate and duration is only an example. You can expect the amount and duration of your loan to be much shorter in the event that you’re borrowing your first time. You may be able to increase the amount by keeping records in order and paying the loan back in time.
Is For Naira loan app legit?
Absolutely, For Naira Loan app is legitimate and offers loans to clients, however with exceptionally high interest rates especially for first-time customers. Be sure to read customers’ reviews prior to applying for loans in Nigeria.
It is important to know that these loan applications are not regulated or registered with The CBN or any other government institution in Nigeria. You are accountable for the security of your transactions using them , and there’s no remedy for poor customer service.
Additionally, its presence in the Google Play Store does not guarantee that transactions conducted on it will be safe. The play store is the possibility of downloading and you are accountable for your security when making use of loan apps in Nigeria.
What happens if I fail to repay my loan, or make my payment on time?
In the event of late loan repayments, they automatically accrue the cost of 2percent per day. It is advised to not overpay the date of due. The loan that is paid back by the due date will allow you access to larger loan amounts. In the event of late repayment, it will impact the ability of you to obtain future loans or bigger ones. If you’re extremely in arrears with your payments, you’ll be identified by the First Central Credit Bureau. The blacklisting process of the First Central Credit Bureau may impact your ability to obtain loans from other lenders.
ForNaira Loan app Customer Service Number
Address:2ND FLOOR WING A ADEOLA ODEKU STREET, VICTORIA ISLAND LAGOS. (Lagos, LAGOS)
If you have any further questions, it is best to ask via app.