Naira Hub loan Review

Naira Hub describes itself on Google play store as a quick online loan app.

It says if you you downloan the APP and register an account, you can get a loan between NGN 20,000~~NGN 300,000.

The app further gives details of it’s loan as follows:

Loan Amount: ₦20,000 ~ ₦300,000
Loan Term: the shortest is 91 days, the longest is 365 days
Loan interest: It depends on the customer’s risk profile and loan period. The interest rate is from 12% to 25% per annum.
Service charge: 0%.

For example:
If you apply for a loan of ₦30,000, the term is 180 days and the annual interest rate is 15%.
So the daily interest rate=15%/365=0.041%, the interest for 180 days =₦30,000×15%/365×180= ₦2,214, the totally repayment=₦30,000+₦2,214= ₦32,214.f you choose a 12-month loan and borrow NGN 20,000, Naira Hub charges an interest rate of 2.08% per month. And the interest rate is 25%, we would charge you GNN 5,000 as interest of 12-month repayment period. Total amount of repayment is NGN 25,000.

Loan Eligibility:

  1. Nigeria Resident
  2. 20-55 years old

Is Naira Hub loan app legit?

Yes, Nairahub does give loans to customers, care should be taken when collecting loans from online loan apps and you should always read other customers reviews and experiences before proceeding.

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 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 own security while using loan apps in Nigeria.

What Nairahub can improve

Loan processing and disbursement on this app can be slow, some customers have complained of inability to bind their ATM card to their account during registration.

Loan tenure and amount doesn’t improve much on Nairahub even after taking and repaying loans multiple times.

You might also experience delays in clearing your dashboard after you’ve repaid your loan. When this happens, just keep your proof of payment Handy in case you’re asked to pay a late fee.

Most of the reviews of the app on Google play store are fake, it is not from genuine users which is why most of it is 5 stars. The address on the app is also fake, and no functional developer contact on the app.

How to detect a fake loan app

  • Loan apps asking for KYC information including your BVN and asking you to bind your ATM card to your account is normal, but when an app is asking you to make upfront payments or pay for processing fee, such an app is most likely a scam.
  • Always read other customer’s review on play store or read reviews on websites like this before downloading any loan app.
  • If an app does not have a contact phone number, or the phone number is not functional, that is a redflag.
  • Pay attention to fake reviews on Google playstore, most of this apps pay spammers to write reviews for them. Most of the reviews will be from foreign accounts and will mostly give the app a five star without any reasonable comment.
  • Dont part with money for what ever reason before getting your loan.
  • there are a lots of loan sharks operating without regulation in Nigeria, know that Playstore does not rigorously verify this apps, it is up to you to do your research before doing business with them.


A writer! Columnist and an academic researcher

One Comment

  1. You’re absolutely right. the reviews for nairahub are fake cuz though you have to be Nigerian to qualify the 5 star reviews are from Indian or American users.
    I paid my loan yet they debited me still my dashboard has not been cleared, also no contact number.

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