The UltraNaira lending app offers 24/7 simple online cash loans to Nigerians. The loans are unsecured, which means there is little or no documentation needed and no need for security.
You can apply for this online loan directly from your Android phone using only your BVN number. However, avoid taking out an online loan to support your lifestyle because they are only appropriate for usage in emergencies and have very high interest rates.
This loan application is still quite new, and it has received mixed reviews while amassing over 10,000 downloads on Google Play. It gathers data on potential customers using loan software, including phone records, banking transaction alerts, and BVN, to create credit scores for each borrower.
It’s easy to apply. Just download the app from Google Play store and provide some information about you. The algorithm will analyze your data, calculate your credit score, and offer you a loan within a few hours.
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How to download APK and apply for Ultra Naira Loan App
- Install the Ultra Naira personal loan app exclusively on the Google Playstore.
- Register with your phone number to create an account
- For verification, it is preferable that you use the phone number associated to your BVN.
- Please fill in your Know-your customer KYC information. This includes your residential address and next of kin details.
- Your Biometric verification number BVN will also be requested.
- To bind your ATM card with your account, you will be charged N50. This will increase your chances of getting a loan amount that is higher.
- To confirm your details, a one-time OTP password will be sent to you.
- After you submit your loan application, the software will evaluate your credit score. The final result will appear in the APP.
- You should see the result in less than 2 minutes. If you are eligible for a loan the amount will be transferred directly to your bank account.
- You will need to take a clear selfie of your identity so make sure your phone has enough memory.
It can take between 7 and 12 business days for the N30 that was charged to link your ATM card to your account to be returned to your bank account.
Your BVN is connected to your credit score, so if you owe money to other creditors or have a history of late payments, your application will likely be declined.
Is Ultra Naira Loan App legit?
Ultra Naira Loan App is a legit loan app. However, the app is still new to the Play Store. It does offer loans to customers, but it is important to be cautious before applying for an online loan. Before you apply for a loan in Nigeria, make sure to read reviews from other customers.
These loan applications are not registered with the CBN nor any other government agency in Nigeria. They are responsible for your transactions and you cannot seek redress for bad customer service.
Its availability on Google Play store does not guarantee that transactions made on it are secure. You are responsible for your security when using loan apps in Nigeria through the play store.
Download Ultra Naira Loan App And Apk
Download Ultra Naira Loan App and the Apk by click on DOWNLOAD
How can the Ultra Naira App improve your cashflow?
The majority of clients complain about unadvertised fees and interest rates during the application process. Others reported that they only received a portion of the money they were promised during registration, with the remainder being calculated as interest.
On this app’s play store website, the majority of the 5-star ratings are purchased fakes. Real user reviews on loan apps should always be permitted since this will reassure other potential users.
Interest rate for CashFarm loans
Rates and fees for loans
Loan amounts: N 5,000 to n 50,000
Service / Interest Fee: 2% – 35%
Maximum Annual Percentage Rate (APR), 66.21% – 2740.44%
Late fee: One-time fee of 8.8% of the outstanding amount
Minimum repayment period: 61 days
Maximum repayment period: 180 days
Here’s an example of interest calculation for a loan:
Principal: 100,000.00
Lender Interest: (APR: 30%)
Tenor: 4 Months
Annual Interest (: 100000 * 0.3) :30,000 Naira
Total Interest for 4 Months: 100000 *0.3 *4/12:10,000 Naira
Monthly Interest: 2,500 Naira
Monthly Repayment (principal and interest): 27,500 Naira
Total Repayment :110,000 Naira
As an example, the interest rate and tenure are lower if you borrow for the first time. By keeping good records and repaying the loan on time, you can increase your amount.
What are the requirements?
- You can be a Nigerian citizen or resident.
- At least 18 years of age
- A monthly income source.
- Attach your ATM card to the account
- Give details about two of your closest relatives, including their telephone numbers.
- You have a high credit score and no outstanding loans from any other lenders.
- Maintain an active bank account
- Your BVN must have your phone number.
- You must have a valid ID card issued by the government.
What happens if I fail to repay my loan on time?
Late loan repayments are subject to a 2% daily fee. Therefore, it is important to adhere to the due date. You will be able to get larger loans if you repay the loan on time. You will not be eligible to receive larger loans or any other loan products if you make late repayments. You will be reported to First Central Credit Bureau if you are late with your payments. The First Central Credit Bureau could blacklist you, which may impact your ability to borrow money from other lenders.
What other borrowers are saying about UltraNaira loan app
The Google Play store users who wrote these reviews.
The worst loan application I’ve ever seen, according to obomate Odimabo: “I borrowed 3200 to pay 4100 yet I was credited 2870 to pay 4387; I don’t know how or why it happened that way. When they called me on the phone, they sounded quite unpleasant. I used the loan app to make my payment before it was due, however the transaction failed even though my account was debited. To threaten me, they resorted to WhatsApp.
As far as I’m concerned, it’s the worst loan app, wrote Jennifer Marcus. I’ve used you before, and you offered me a loan option that I didn’t choose. After I filled out the required form, I received notice that I would be receiving $20,000 to repay $20,000, but instead I got a notice for $14,000. 1 star is what this app deserves.
“This is clearly a fraudulent loan application,” Idris Asimi remarked in a message. Before downloading the app, I read the user reviews, but I had no idea they would continue to defraud me. On your home page, you stated that you charge 1% per day and that for my initial request, you will lend me $2100 for 7 days. For a week, interest on #2100 will be $147. I then applied for a loan. You sent #1470 in place of #2100 and demanded that I pay back #2270, which was not stated on your application when I applied.
Customer service number for Ultra Naira Loan App
Service Hotline: 08105582958 (9am – 6pm(Mon-Fri), Sat-9am-5pm)Email:ultranairaapp@gmail.com
Address: 56C Olorunlogbon St, Lago
I apply for your loan after my application you did not give me the loan