Nairavenue loan is an online loan application that gives quick and instant loans to Nigerians to solve personal and other financial problems.
If you’re an Android user, you may apply for a collateral-free loan that starts at N5,000 and goes up to a maximum loan of N100,000 with only minimal documentation.
It was released in December 2020. the app has now racked up over 10k downloads to date on the Google Play Store, with mixed reviews. It utilizes loan software to gather information about prospective customers including phone numbers, banking alerts for transactions, and BVN to build the credit score of every borrower.
If you want to be eligible for loans or other amounts, make sure you keep your bank transaction information on your smartphone and you don’t have outstanding debts on other loan applications!
The application is easy, simply download the application from the Google play store, enter certain details about yourself The algorithm will then analyze your data and calculate your credit score, and then make you an offer to lend money within a matter of hours.
Table of Contents
How do you download APK and take out the loan through the Nairavenue loan app
- Get Nairavenue Loan, the Nigeriavenue Loan App exclusively through the Google Play store and install it on the back of your Android phone.
- Make an account by entering your mobile number.
- The preferred phone number that is connected with your BVN as a unique password will be provided to the BVN to verify your identity.
- Complete your essential Kwow-your customer KYC details, such as your residence address, your next of kin, and your employment information.
- Then you will also need to submit your Biometric confirmation number BVN.
- It will cost you N50 to tie the ATM debit card to your account to increase your chances of getting a higher amount.
- One-time username and password OTP can be sent via your mobile to verify your information.
- Following the submission of your application to borrow, the application will examine your credit score. The final score will be displayed in the application.
- The final result should be shown within less than 2 minutes. If you are eligible for a loan, the amount will be paid directly into your bank account.
- Be sure to use an excellent phone that has enough memory as you’ll need to capture a crisp and live selfie to prove your identity.
Your BVN is tied to the credit score you have, therefore when you’re in the middle of a 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 and the time you pay cash transactions coming into as well out of your account and other data.
After you download the app, it will have access to all your phones book’s contact information as well as SMS and other information it utilizes to improve your score on credit.
Are Nairavenue Loan apps legit or fraudulent?
The app for loans from Nigeria is legitimate, and the app can provide loans, however, caution must be exercised before taking any loan online. Be sure to read reviews from other customers before supplying loans in Nigeria.
It is important to be aware that these loan applications aren’t regulated or registered through The CBN or any other government organization in Nigeria. The responsibility lies with you for the security of your transactions using these apps and there isn’t any remedy for inadequate customer service.
Its availability as a feature on the Google play store doesn’t ensure that transactions made on it are safe. The store is merely an opportunity to download but you are ultimately responsible for your security when using loan applications in Nigeria.
What app for a loan at Nairavenue could be improved?
The Nairavenue app has a high rate of rejection, and you may have struggled to complete your application only to have the application say that you should come back within 7-30 days with no reason. Many users have also reported issues when registering, particularly not being able to tie ATM cards.
The duration of loans is extremely short and loan amounts are also very small, starting at N4000 and you usually only have 8 days to pay back the loan, plus interest. While the app claims to offer higher amounts of loans with longer terms for customers who have been repeat customers, there’s no guarantee that you will get more time to repay your loans.
The interest rate is also extremely high and is not explained well to the customers. One person was able to obtain a loan amount of N5,000, but only for N3,000, which was then transferred to their bank account with the rest being calculated as interest and service charges. There is a chance that you will not receive the entire amount that was that you want, however, the loan also comes with a service fee and additional hidden charges.
Since there are no laws in Nigeria the majority of applications are from loan sharks that may threaten to send texts to family members, warning you that they are scammers in the event of a default on your loan. It is recommended to stay clear of these apps if there are alternatives.
The interest rate of Nairavenue’s loan app?
The loan period is from 90 days to the full 365 days. Loan amount: From N5000 to N 500 000.
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 percentage.
Sample Loan Calculation
You’ll need a loan of N 50 000 for 365 days. Then you will have to repay the loan plan.
The first thing to note is that your total interest rate is N50,000 + 20% = N10,000.
Second, the monthly rate of interest is (N50,000 20 x N50,000) * 12 = N833.
So your total repayment: N50,000 + N50,000 x 20% = N60,000.
Monthly repayment: (N50,000 + N50,000 + 20 percent) + 12 = N5,000.
This rate of interest and time 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 the amount by keeping accurate records and repaying loans on time.
What are the conditions?
- You must be a legal citizen or a resident of Nigeria
- At minimum 18 years old.
- You should have a monthly source of income.
- Attach your ATM card to your account
- Please provide the names of the two kin including their contact numbers.
- A good credit score and no outstanding loans from lenders.
- You must have a valid bank account.
- Your phone number should match that of your BVN.
- Be sure to have a valid government-issued ID card.
What happens if I do not repay my loan? Or make my payment on time?
Repayments that are late automatically result in a cost of 2 percent per day. It is advised to not overpay the deadline. The loan that is paid back by the due date allows you access to larger loan amounts. The late payment will limit your chances of getting future loans or bigger ones. If you are extremely late with your repayments, you’ll be recorded to the First Central Credit Bureau. The blacklisting of the First Central Credit Bureau may impact your ability to obtain loans from other lenders.
Nairavenue app for loan customer service number
Office address: 56 Adeola Almaroof St, Ijegun 102213, Lagos, Nigeria