UltraNaira Loan App Review: Cash online loan app in Nigeria
UltraNaira loan app provides easy-to-get online cash loans to Nigerian citizens 24/7. The loans are unsecured, which means they do not require collateral and have minimal documentation requirements.
With just your BVN number you can get this online loan straight from your android phone. But do not take an online loan to fund your lifestyle, they are short-term loans with very high-interest rates that should only be used for emergencies.
This loan app is relatively new and has so far gained over 10k downloads on the Google play store with mixed reviews. It uses loan software to collect prospective customers’ information including phone records, banking transaction alerts, and BVN to build each borrower’s credit score.
How to Download APK and get a loan from UltraNaira loan app
- Download the UltraNaira personal Loan App exclusively available on the Google Playstore and install it on your Android phone.
- Register an account with your phone number.
- Preferably the phone number connected to your BVN as a one time password will be sent to it for verification.
- Fill in your basic Know-your-customer KYC information, including your residential address, next of kin and employment details
- You will also be required to provide your Biometric verification number BVN.
- You’ll be charged N30 to bind your ATM card to your account to increase your chances and get a higher loan amount.
- A one-time password OTP will be sent to your phone to confirm your details.
- After the submission of your loan application, the software will analyze your credit score and the final result will be shown in the APP.
- The result should be displayed in less than two minutes and if you qualify for a loan, the loan amount will be disbursed into the bank account directly.
- Make sure you’re using a good phone with enough memory space as you will be required to take a clear live selfie for identity.
The N30 charged to bind your ATM card to your account is refundable, but can take anywhere from 7 to 12 business days for the money to be refunded back to your bank account.
Your BVN is linked to your credit score, so if you have an outstanding loan with other lenders or didn’t pay other lenders as at when due, expect your application to be rejected.
What UltraNaira loan app can improve
Most customers complain of hidden charges and interest rates that were not disclosed upfront during the application. Some also complained that they did not get the full amount that they were promised during registration, instead a part of it was calculated as interest.
Most of the 5-star reviews on this app’s play store page are bought fake reviews. Loan apps should always allow real user reviews as that will give confidence to other potential customers.
What other borrowers are saying about UltraNaira loan app
These reviews are from users on the Google play store.
obomate odimabo wrote, “The worst loan app I’ve ever seen I borrowed 3200 to pay 4100 but I was credited 2870 to pay 4387 which I don’t know how and why it happened that way. The called me on phone and was sounding so rude to me. I made my payment before it was due through the loan app but the transaction wasn’t successful but I was debited. They came to WhatsApp to threaten me.”
Jennifer Marcus wrote, “As far as am concerned its is the worst loan app. I have ever use u gave me a loan option I didn’t pick after filling the form required I received a notice that am to receive 20,000 for me to repay 20100 only for to receive an alert of 14000 how come and and to pay in 3days .this app deserve on 1star.”
Idris Asimi wrote, “This is totally scam loan app I have never come across in my life. I red the comments of the people before I downloaded the app without knowing that they will still scam me. You guy told on your front page that you charge 1% per day and for my first request you will lend me #2100 for 7days. The interest of #2100 for seven days will be #147. Then I requested for the loan. Instead of sending #2100 you sent #1470 and you wanted me to payback #2270 which is not State on your app before I applied.”
What are the requirements?
- Be a legal citizen or legal Resident of Nigeria
- Be at least 18 years old.
- Have a Monthly income source.
- Bind your ATM card to your account
- Provide details of two of your next of kins including their phone numbers.
- Have a good credit score with no outstanding loans from other lenders.
- Have an active bank account.
- Your phone number must be the one connected to your BVN.
- Have a valid government issued ID card.
Interest rate
Loan Product
APR: Up to 36% according to customer’s credit score
Loan Tenure: 91 days ~ 180days
Service fee: 0~10% according to customer’s credit history
Eligibility：Between 18-60 years old
Loan Calculation Example
Loan amount: NGN. 10,000, APR: 30%, service fee: 0%, loan tenure: 91 days.
The total amount to pay on the due date is
Interest: 10,000 x 30%/365 x 91 = 748
Service fee: 20,000*0% = 0
Total amount disbursed: 10,000 (10,000 – 0)
Total amount to repay: 10,748 (20,000 + 748)
Monthly amount to repay:3,583 (10,748 / 3)
Note that this interest rate is just an example, your actual interest rate on the app will depend on your credit score and how much information the app can get from your device. Keep banking SMS records on your phone to increase your chances of getting a higher loan amount.
UltraNaira loan app customer service number
- Service Hotline: 08105582958 (9am – 6pm(Mon-Fri), Sat-9am-5pm)
- Email:[email protected]
Address: 56C Olorunlogbon St, Lagos
