Nairabox Loan App Review: Is this app a scam?

We review and provide information about a lot of loan apps here. With the economic situation in Nigeria, most people turn to these loan apps to meet their immediate financial needs. And most of these loan apps do provide quick cash that can be repaid when you get your next paycheck.

But with the proliferation of these loan apps, it has created an avenue for fraudsters to prey on unsuspecting borrowers. One of such apps they use is called Nairabox loan app on Google play store.

Nairabox describes itself as a quick online loan app, and so far has over 10k downloads.

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.

But these claims are a scam, Nairabox 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.

Here is how the scam works; when you download the app you will be prompted to provide your KYC details like every other loan app, then you will be asked to bind your ATM card to your account as a means of repayment. The app will then make you a loan offer that is too good to be true but asked to make an upfront part payment of your loan.

This is the scam Nairabox does, ones you make your upfront payment the app will start to malfunction and will not take you any further instead it will redirect you to the advert of other loan apps.

Is Nairabox loan legit?

No, Nairabox doesn’t give loans to customers, the app has all the known features of a scam app. The app asks you to make upfront 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.

Nairabox loan app should not be confused with, the later is a legit app and website that serves as a payment gateway for movie tickets and other services.

Unfortunately, almost a year since we first discovered these scammers, they are still on the play store scamming innocent victims. Do not pay any money for verification as Nairabox loan app is a scam!

How to detect a fake loan app

Note that loan apps in Nigeria operate unregulated, they are mostly unlicensed by the CBN and Google play store does not carry out verification before allowing them on it’s platform. So you are responsible for your own security when you download and use them. You can stay safe by looking out for the following red flags:

  1. 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.
  2. Always read other customer’s review on play store or read reviews on websites like this before downloading any loan app.
  3. If an app does not have a contact phone number, or the phone number is not functional, that is a redflag.
  4. 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.
  5. Don’t part with money for what ever reason before getting your loan.

READ THESE: What to Consider Before Applying for a Loan with Cashfarm?

Loan app vs. traditional Bank loans: Which one is better for Nigerians?


A writer! Columnist and an academic researcher


      1. This nairabox app just collected my money telling me to pay upfront vat payment which i taught it is real ,since it is fake why still allow them exist ,bcos so many persons might still fall on dis prare .

        1. Eyya, we’ve reported them on play store, you should also report them as well. If enough people make a report, maybe Google will remove the app

  1. Nairabox loan operates an account in Wema bank. It is WEMA banks business to to know her customers and their business. If this is not done, then WEMA bank be liable for aiding and abetting a fraudulent customer. It is time to rid our space of such scammers who destroy people’s confidence in online digital interfaces.

  2. This is scam ! I saw the app and download it then apply for a loan of 170,000 ,immaculately my information required have been access ,i received a massage from “safe token”*do not disclose a pending debit of N4,399,after some hours 5 times of the amount was debited,(21,995) even to allow me have access to the loan they are verifying since more than 5 days now .

  3. I am already a victim. Thanks for this eye opening information. Please how can I secure my bank details I have already filled in the app to avoid external interference without my knowledge. Please I need response

  4. I just applied for a loan right now. And I also paid 5,699 through WEMA Bank account details, all for me to be seeing advert of different loan apps. Telling me they are reviewing and it take 2 to 3 working days, excluding public holidays.

    Exactly what was described about them that I am seeing here.

    Please what do I do now. I have disclosed my card details. What do I do now please to safeguard myself.

    But can’t one get them arrested?

    1. You should have done your research before making payments. you can deactivate your card and report the app on play store as fraudulent. we have already reported it, but maybe when a lot of people reported it Google will remove the app.

  5. This people are really wicked I have fallen victim also …..but Imidiatietely I saw something fishy after the transfer I just changed my pin ….hope I’m safe ?

  6. Nice bro!I am also a victim but t not withstanding I will report their act to Google play to take action.thanls may God protect it citizens

  7. A BIG scam. I transfered #4,700 processing fee to a wema bank account. All they did was advertise other loan apps to me. Fraud

  8. I have just been scared by nairabox loan this night. They removed certain amount of money from my account and my fear now is that since they have assess to card hope they will not do otherwise to my account or I should block it now.

    1. We’ve reported them to Google, you should too. Maybe if enough people make a report Google will remove the app from Play Store.

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