iloveNaira Loan App Review: Instant loan app in Nigeria

iloveNaira loan app is an instant personal loan platform that uses AI to assess a customer and offer fast micro and medium loans to Nigerian residents. The Android app allows users to borrow up to ₦80,000 unsecured with no collateral and minimal documentation. When a customer makes the online application, the computer will check their credit score and make them an offer, thereby giving customers 24/7 access to loans.

An unsecured loan is a type of loan that does not require collateral or a downpayment to obtain. It is usually short-term with very high-interest rates.

Do not borrow from an online loan app to fund your lifestyle. Short-term loans are helpful in emergencies but can be quite expensive and should be used with care.

This app has so far gained over 100k 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 the credit score of each borrower.

Because lending decisions are made by the computer, to qualify for higher amounts, be sure to keep good bank transaction messages on your phone and not have outstanding debts with other loan apps!

How to Download APK and get a loan from iloveNaira Loan app

  • Download the iloveNaira Loan App 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 in about 5 minutes.
  • Make sure you’re using a good phone with enough memory space as you will be required to take a clear live selfie for identification.

Note that binding your ATM card with N30 does not guarantee that you will get a loan, you still have to pass the credit score check.

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.

Your credit score is a record of your previous borrowings, how early or late you make your payments, cash transactions going in and out of your bank account among other information.

When you download this app you have to consent to it to get access to your phone book contacts that will serve as your guarantors, SMS to see your banking transaction records, apps on your phone to see how you use other loan apps and other details it uses to build your credit score.

Although this app gives some customers loans, others have complained that the app deducted money from their banks after binding their ATM cards, be careful when using this loan app.

Is iloveNaira loan app legit or a scam?


Yes, iloveNaira loan loan app is a legit loan app that gives micro and medium term loans up to a maximum amount of N50,000 to borrowers, but has really high interest rates and bugs that prevents smooth registration. caution should be taken before taking any online loan. Always read other customer’s reviews before you apply for a loan in Nigeria.

You should know that these loan apps are not registered or regulated by the CBN or any government agency in Nigeria. You are responsible for the security of your transactions with them and there is no way to seek redress for poor customer service.

Also, its availability on the Google play store does not make transactions performed on it secure. The play store merely provides an avenue for download, you are responsible for your security while using loan apps in Nigeria.

Requirements to obtain an iloveNaira loan

  • Have a bank account and bvn; your eleven-digit BVN will be used to check your credit score.
  • Have source a of income
  • Have a good credit score; if you have a history of late payments with other loan apps you might be denied a loan or be given a very high-interest rate.
  • Reside in Nigeria
  • Have a smart phone with which to download the app; the app is only available on the Google play store accessible only with an Android smartphone.

Because there is no regulations in Nigeria, most of these apps are loan sharks who might threaten to send messages to your family members calling you a scammer if you default on your repayment. It is best to avoid these apps if you have other options.

If you’re being threatened or bullied by any loan shark in Nigeria, see this Facebook group where you can find support and read about the experience of others who have suffered bullying from loan apps.

What other borrowers are saying about iloveNaira loan loan app

Jerry Nosa wrote, “I have one time used your app for a loan n I deeply regret the outcome. The app really submerge me into further debt after auto debiting me from someone money I kept when isn’t yet time for the loan to elapse. Anyway, I was able to ough out after deep considerations. But you guys offering loan via online are thieves who used outrageous interest different from the one set by you. One paying 1k loan with 5h interest such plot is tricking n unbelievable when you tabulate the interest yourself.”

Ubok-Udom Joseph wrote, “The app is user-friendly, minimum requirements, disbursement is less than 5 minutes but the interest rate is too high. Thus, 3 stars from me.”

Olayiwola Temileyi wrote, “What’s you people’s problem…. Your keep sending messages to me as if I received alert… Saying I’ve been given 30k to borrow but on getting to the App to try out I was able to see 10k even that the interest would be deducted from what I’m borrowing which I’ll be receiving around that’s not a liee to lure people to get their information not to fulfill what you said to them ….. It’s a very bad App Not recommend for anyone trying to clear urgent bill because the interest is too high.”

Interest rate?

iloveNaira provides personal instant loans range from NGN 10,000 to NGN 80,000
👉Tenure: 91 – 360 days (shortest 91 days, longest 360 days)
👉Interest Rate (APR): 12% – 18% (12% minimum, 18% maximum)
👉Processing Fee: 0% (no any other hidden fees)
– Borrow NGN 5,000 at an APR of 12% (per annum) with tenure of 180 days
– Interest = NGN 5,000 * 12% / 365 * 180 = NGN 296
– Processing Fee = 0
– Total cost of the loan = NGN 296
– Total amount disbursed will be NGN 5,000
– Total amount to repay will be NGN 5,296 (NGN 5,000 + NGN 296)

Note that this interest rate and loan duration is just an example, expect your actual loan and duration to be much lower, but you can improve it by paying back your loan on time and keeping a good credit record.

iloveNaira loan app customer service number

  • Consumer hotline: 09162827890
  • Customer Service Email: [email protected]
  • Office: No.86 Hakeem Balogun St. Alausa Ikeja, Lagos


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