ForNaira Loan is an online lending company that is new in the game of granting personal loans to Nigeria without documents.
The ForNaira loan app gives Nigerian customers short-term loans to meet their emergency needs. The app is relatively popular on the Google play store with over 100k downloads and mixed reviews. It provides collateral-free online loan services to meet customers’ financial needs for various requirements ranging from the purchase of mobile phones, medical needs, bill payments, etc.
The ForNaira app uses AI 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
Table of Contents
How to Download and Apply for ForNaira Loan
- Download the ForNaira loan App exclusively available on the Google Play store and install it on your Android phone.
- Register an account with your phone number.
- 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 algorithm will analyze your credit score and the final result will be shown in the APP.
- If approved, the loan amount will be disbursed into the bank account directly.
- Loan disbursement on ForNaira is instant.
- Note that you can be credited after filling out your application and the loan terms are unacceptable to you
What are the requirements?
Be a Nigerian citizen or Legal Resident.
Be between the age of 22 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 ForNaira loan app can improve?
Most loan apps that operate in Nigeria are loan sharks and ForNaira is no different. This app gives loans with repayment tenure of less than 7 days, should you default on your repayment they will call you with threatening calls and send messages to your family and friends calling you a fraudster. Be very careful before applying for a loan!
The weirdest thing about this app is ones you fill out an application you get credited with a high-interest rate whether you accept the terms or not.
The loan tenure for all new customers is 7 days. You will be required to pay back whatever you borrow with interest within 7 days.
Some customers have also complained about getting automatic loans after repayment without making a request. This app is a loan shark and can easily trap you in a circle of debts.
For the Naira 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 a customer borrows ₦9,000 for 180 days (6 months), the APR is 18%
So the total Interest would be 9000 NGN 18%180/365 = 799 NGN.
The monthly payment would be (9000 NGN +799 NGN )/6 = 1633 NGN.
The total repayment amount would be 9799 NGN.
This interest rate and tenure are 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.
Is the ForNaira loan app legit or a scam?
Yes, the ForNaira 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 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.
ForNaira loan app customer service number
Address:2ND FLOOR WING A ADEOLA ODEKU STREET, VICTORIA ISLAND LAGOS.(Lagos, LAGOS)
If you have further questions you should submit an enquiry in the app.