Rapid Naira Loan is an online quick and instant loan application in Nigeria that provides you access to over 100k to solve personal needs.
Rapid Naira loan application is a handy personal loan application for Nigerian Android phone users. It offers collateral-free loans that require only the minimum documents.
If you’re an Android user, you could apply for a collateral-free loan that starts at N5,000 and goes up to a maximum loan of N500,000, with only minimal documentation.
Rapid Naira loan application has already accumulated more than 10k downloads in the Google play store but with mixed reviews. It makes use of loan software to gather information about prospective customers such as phone numbers, bank notifications of transactions, and BVN and credit scores of every borrower.
To be eligible for loans or another amount, ensure you keep a record of your bank transactions on your mobile and you don’t have any outstanding debts on other loan applications!
The application is easy, simply download the application from the Google Play Store, and provide your personal information and the app will review your data and calculate your credit score and offer you an offer to lend money within a couple of hours.
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How do you download APK and take out the loan you need via the RapidNaira loan app
- Install the Rapid Naira Personal Loan App only available in the Google Play store and install it on the back of your Android phone.
- Create an account using your telephone number.
- The preferred phone number that is connected with your BVN as a one-time password will be provided to it to verify.
- Complete your most basic KYC details, which include your residence address, next of kin information, and details about your job.
- It also needs to supply you with your Biometric confirmation number BVN.
- It will cost you N50 to tie an ATM account to the bank account to increase your chances of getting a higher amount.
- One-time security code OTP can be delivered to your mobile to confirm your account details.
- Following the submission of an application for a loan, the program will evaluate your credit score. The final score will be displayed in the app.
- The results should be visible within less than two minutes. If you are eligible for a loan, the amount will be deposited to your bank account immediately.
- You should ensure that you’re using an excellent phone that has enough memory as you’ll need to capture a crisp and live selfie to prove the verification of your identity.
The N50 that is charged to bind the ATM credit card with your bank account is refundable however, it can take anywhere from 7 to 12 days for the money to be returned to your account in the bank.
Your BVN is tied to your credit rating, therefore when you’re in the middle of a loan with another lender or failed to pay any other lender on time you can expect to be denied.
The credit score you have is the result of previous borrowings and the time you pay your bills and cash transactions that go in or out of the bank accounts and other data.
After downloading this app, you will need to agree to it to gain access to your phone book contacts which can serve as your guarantors. You can also use text messages to view your banking transaction history, applications on your phone that observe how you are using different loan apps and other information it utilizes to improve your score on credit.
Are you sure that the RapidNaira Loan app is legit or fraudulent?
The answer is yes, the RapidNaira Loan app seems legitimate, however, the app is only new to the Play Store. it offers loans to its customers, but care is required before obtaining any loan online. Be sure to read reviews from other customers before applying for a loan in Nigeria.
It is important to be aware that these loan applications are not regulated or registered through The CBN or any other government institution in Nigeria. You are accountable for the safety of your transactions through these apps and there isn’t any recourse to redress poor customer service.
Additionally, its presence as a feature on the Google Play Store does not ensure that transactions made on it are safe. The store only provides the possibility of downloading but you are ultimately responsible for your security when using loan applications in Nigeria.
What Rapid Naira loan application could be improved?
The majority of reviews posted on the page for the play store are fakes, hence the red flag. When app owners buy fake reviews for their apps, it is typically because the app is being used to make money, but some buy fake reviews to boost confidence. We did discover one user who was offered money, but other users complained about not being able to be able to register.
Many users complain of a glitch that prevented them from logging in with their bank information and other complaints.
Since there are no laws in Nigeria the majority of applications are from loan sharks. They may threaten to send texts to your family members, calling them scammers in the event of a default on the repayment. It is recommended to stay clear of these apps if there are other alternatives.
RapidNaira loan app interest rate?
Rates for loans and charges
Loan Amounts: N 5,000 to N 500,000
One-time service or interest charge between 2% and 35 percent
Maximum Annual Percentage Rate (APR): 66.21% – 270.44%
The late fee is a one-time payment equal to 8% of the amount due
The minimum period of repayment offered = is 61 days
The maximum term of repayment is 180 days
If a borrower avails an N 40,000 loan over the 61 days they will be charged a service or interest fee at a minimum of 14 percent, which is N 5600 in total, which is a payment in the amount of N 45,600.
N 40,000 (principal) + N 5600 (service /interest cost) = 45,600 (total)
The interest rate and duration are just an example, you can expect your loan amount and duration to be considerably shorter if you’re borrowing your first time. You may be able to increase the amount by keeping accurate documents and repaying the loan promptly.
What are the rules?
- You must be a legal citizen or a legal Resident of Nigeria
- You must be at minimum 18 years old.
- You should have a monthly income source.
- Make sure you connect your ATM card to your account
- Please provide the names of two kin including their contact numbers.
- A good credit score without unpaid loans with other creditors.
- You must have a valid bank account.
- Your phone number must match that of your BVN.
- Be sure to have a valid government-issued ID card.
What happens if 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. Therefore, it is recommended to make sure that you do not go over deadlines. Paying the loan on its due date permits you to obtain larger loan amounts. The late payment will limit your ability of you to obtain future loans or bigger ones. If you are extremely late with your payments, you’ll be recorded to the First Central Credit Bureau. The blacklisting process from the First Central Credit Bureau may hinder your ability to get loans from other lenders.
RapidNaira customer service for loan app number
Customer Service Hotline: 07088953673
Address: 2-1 EDE STREET 1285 APAPA NIGERIA