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%.
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.
- Nigeria Resident
- 20-55 years old
But these claims are very misleading, Nairahub does not give loans to customers, rather they collect your details and refer you to other loan companies by advertising them to you. The app is a waste of time according to what customers who have downloaded report on play store reviews.
Is Naira Hub loan legit?
No, Nairahub doesn’t give loans to customers, the app has all the known features of a scam app. Tho the app doesn’t ask you for money, it just collects your details and refer you to other money lenders.
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.
Statistician with interests in finance, risk management, loan products and market surveys. I also write on crypto currencies, Forex and a variety of financial instruments.