Naira Way Loan App is a Scam: don’t fall for it

We review a lots of loan apps and fintech apps on this website – that’s what we do, we are a business and finance website. Unfortunately, every so often we come across dubious people trying to steal other people’s money, one of such is an app on Google play store named Naira Way loan app.

The app has been on Google for a while now and has more than 10k downloads already but we can authoritatively tell you that Naira Way loan app is not legit but an app designed by scammers to steal other people’s money.

When you first download the app like other legitimate loan apps, they will ask for some basic KYC information including BVN number to run a check on your credit score and determine your credit worthiness.

Loan apps asking for BVN is standard practice and they can’t use that information alone to access your funds. See what loan apps do with your BVN and how they make lending decisions based on the information linked to it.

Naira Way however, does not stop there. The app will ask you for your bank information and ask you to make some deposit in other to receive higher loans. This is the scam, loan apps are not supposed to ask for deposits before disbursing loans.

A lots of would be borrowers have fallen for this trick and lost the little they have to these scammers. Read their reviews on Google play store.

You might be wondering why such an app is still on Play store. We’ve reported it, you can report it too. What the scammers do is go write lots of fake reviews on the apps review section. They’ve created multiple fake accounts with fake names just for the purpose of writing such reviews and giving themselves five stars. When you see multiple names that don’t sound Nigerian on an app’s review, that is a good sign the app is probably fake.

Loan apps are of great help to most people, especially in this trying economy. They provide easy access to funds before month end when most people expect to get paid. There are a lot of legitimate once out there. Naira Way loan app is not one of them.


A writer! Columnist and an academic researcher
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