MaxNaira Loan gives quick, instant loans to Nigerians without collateral or any form of a document, download the app, and extremely easy to apply.
MaxNaira provides a cash-on-payday online company that offers loan collateral free in Nigeria for up to 100,000. The loan is available only to Android phones and the application process is completely online.
MaxNaira loan application is very new to the market and has only about 10k downloads to date on Google Play Store, with mixed reviews. It utilizes loan software to collect information from prospective customers such as phone numbers, bank alerts on transactions, and BVN to build the credit score of every borrower.
If you want to be eligible for a loan or a greater amount, ensure you keep a record of your bank transactions on your mobile and don’t have any outstanding loans with other loan applications!
It’s easy to use, just download the application from the Google Play Store and enter certain details about yourself The algorithm will then analyze the information you provide and calculate your credit score and offer you an offer to lend money within a couple of hours.
Table of Contents
How do I download APK and receive a loan from the MaxNaira’s loan application
- Get MaxNaira, the MaxNaira loan app exclusively through the Google Play store, and install it on an Android phone.
- Make an account by entering your mobile number.
- It is recommended that the number you have linked to the BVN as a one-time password will be provided to the BVN to verify your identity.
- Input your most basic KYC details, which include your residence address, your next of kin, and the details of your job
- Then you will also have to submit your Biometric Verification Number BVN.
- It will cost you N30 to tie the ATM debit card to your account to improve your chances of getting a higher amount.
- One-time security code OTP can be registered to your mobile to verify your information.
- Following the submission of an application for a loan, the program will evaluate your credit score. The final results will be displayed in the app.
- The results should be visible within less than two minutes. If you’re eligible for an advance loan, the amount will be paid to your bank account immediately.
- Be sure to use a quality phone with sufficient memory capacity as you’ll have to take an unobstructed live selfie to identify.
- The time for loan repayment can range from a few minutes to 3 days or more.
Your BVN is connected with your credit rating, therefore should you have an outstanding loan with another lender, or did not pay your other lenders in full when they were due you can expect to be denied.
The credit score you have is a summary of previous loans as well as the amount of time you pay and cash transactions coming into or out of the bank accounts and other details.
Once you download this application, it gives you access to all your phone book’s contacts as well as SMS as well as other data it uses to improve the credit score.
Do you think the MaxNaira loan app is legitimate or a fraud?
The MaxNaira Loan app is indeed legitimate, and the app can provide loans, however, caution must be exercised before applying for any loan online. Read reviews of other customers before applying for loans in Nigeria.
It is important to know that these loans are not regulated or registered through The CBN or any other government organization in Nigeria. You are accountable for the security of your transactions using these loans and there is no remedy for poor customer service.
Additionally, its presence as a feature on the Google play store doesn’t guarantee that transactions conducted on it will be safe. The store is merely an opportunity to download and you are accountable for your security by making use of loan apps in Nigeria.
What MaxNaira loan application can you improve?
The loan process on MaxNaira can take as long as three days. This is inadequate for an instant loan application. The rejection rate is also extremely high. A majority of customers complain that their applications are rejected without a valid reason.
The application also has some code errors You may have difficulty registering your BVN through the app because it’s prone to frequent crashes. Card binding can be also difficult since you might not be able to locate your bank’s details in the app.
The customer support for the application is also extremely poor. Their contact numbers rarely arrive and Whatsapp messages sent to the numbers are usually not responded to.
There is no regulation in Nigeria the majority of app developers are loan sharks that could threaten to send out messages to family members of yours calling them scammers in the event of a default on your loan. Avoid these apps if there are other alternatives.
MaxNaira loan app interest rate?
Period for loan: From 90 days to one hundred and 365 days. Loan amounts range from N5000 to N 500 000.
Interest on loans: the total range of interest is 24% to 2 percent. The monthly equivalent interest ranges between 1% and 2 percent and the APR ranges from 12 to 24 percent.
Example of Interest calculation
If the loan amount is N20,000 throughout 91 jours (3 months) The APR of 20%. and the total amount and interest to be paid at the due date are
Interest: N 20,000 * 20% / 365 * 91 = N 997
Principal repayment = N20,000
The total amount of repayment N20,000 + N997 = N20.997
The repayment period is 3 months:
Monthly repayments are N20,997 / 3 = N6,999
The interest rate and duration is only an example. You can expect the amount of your loan and its duration to be considerably shorter when you’re borrowing for the first time. You could increase your loan by keeping records in order and repaying the loan promptly.
What are the rules?
- You must be a legal citizen or a resident of Nigeria
- You must be at minimum 18 years old.
- You should have a monthly source of income.
- Attach your ATM card to your account
- Give the details for two next of kin including their contact numbers.
- A good credit score without any outstanding loans from lenders.
- Maintain a bank account.
- Your phone number should be the same as your BVN.
- You must have a valid government-issued ID card.
What happens if I do not repay my loan? Or pay it off late?
In the event of late loan repayments, they automatically accrue the cost of 2 percent per day. It is advised to not overpay by the date of due. The loan that is paid back by the time of the due allows access to larger loan amounts. The late payment will limit your ability of you to obtain future loans or bigger ones. If you’re extremely in arrears with your payments, you’ll be recorded to the First Central Credit Bureau. The blacklisting process of the First Central Credit Bureau may impact your ability to obtain loans from other lenders.
MaxNaira customer service for loan app number
Working Time: 9:00 -18:00
Address:Room 201, Japaul House, Plot 5 Dr. Nurudeen Olowopopo Way, Central Business District, Ikeja, Lagos, Nigeria