Nairabox Loan App gives instant loan to applicant to solve business, personal and every day financial needs
We provide reviews and details on a variety of loan applications here. Due to the current economic conditions in Nigeria the majority of people turn to loan apps to cover their financial requirements. The majority of them provide cash in a short time which can be paid back after you receive your next pay check.
However, with the rise of loan applications they have created an opportunity for fraudsters to target unsuspecting lenders. One of these apps that they utilize is the Nairabox , a loan application on Google Play Store.
Nairabox is described as an online quick loan application that it has so far had more than 10k downloads.
The app states that if take out a loan through the app and create with an account you will be able to receive a loan ranging from NGN 20,000 to NGN 300,000.
The app provides further information about the credit as follows:
Loan Amount: N20,000 ~ N300,000
The shortest loan term is 91 days. The most expensive is 365.
The rate of interest on loans is based on the risk profile of the client and the loan term. The rate ranges between 12% and 25% per year.
Service fee Rate: Zero percent.
For instance:
If you want to apply for a loan in the amount of N30,000, the period is 180 days. The Annual interest is set at 15 percent.
So the daily interest rate=15%/365=0.041%, the interest for 180 days =N30,000×15%/365×180= N2,214, the totally repayment=N30,000+N2,214= N32,214.f you choose a 12-month loan and borrow NGN 20,000, Naira Hub charges an interest rate of 2.08% per month. The rates of interest are 25%.. we’ll charge you GNN 5,000 for interest for the 12-month payment period. The total amount to be repaid amounts to NGN 25,000.
These claims are fraud, Nairabox does not offer customers loans, but they take your personal information and connect you with other loan providers by promoting their services to you. The app is a waste time, based on what users who downloaded it have to say in the play store reviews.
Here’s the method used to deceive you: after you download the app, you will be required to supply your KYC information, just like other loan application, and then you are asked to link the ATM credit card with your bank account for the purpose for repayment. After that, the app is going to offer you a loan proposal that seems too appealing to be true, but you will be you will be asked to pay an initial payment to cover the cost of the loan.
This is what Nairabox does, when you pay your upfront fee, the app will then begin to fail and won’t go any further, instead it will direct you to an advertisement for other loan applications.
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Is Nairabox loan legit?
It’s not true, Nairabox doesn’t give loans to customers. However, the app comes with all the characteristics of a fraudulent application. The app demands that you take out a loan upfront and to offer you other money lenders.
The majority of reviews for this app in the Google Play Store are fake, and not genuine reviews that is why the majority reviews are five stars. The app’s address is also fake and there is there is no official developer contact can be found on the app.Nairabox loan application should not be confused with Nairabox.com The latter is a genuine app and website that functions as a payment service for movie tickets, as well as other services.