NairaPlus Loan App Review: instant loan app in Nigeria

NairaPlus is a Nigerian loan app that offers you short term personal loans starting from N1000 to a maximum amount of N50000.

The loan is 100% online, with no collateral required and you can apply at anytime, any day of the week. The app does not require you to make any payments before getting a loan, computer AI collects and analyzes your data to determine how much loan you qualify for.

How to Apply for NairaPlus loan?

To get a Nairaplus loan, all you need to do is:

  • Download and install the NairaPlus App from Google play store
  • Register for an account using your 11 digit BVN number.
  • Secure your identity in 3 simple steps through the app.
  • Verify your identity and that the information you’ve entered is correct.
  • Get money sent directly to your Bank account.

How to repay your NairaPlus loan

Each time you Repay on time, you get a higher credit limit up to ₦ 50,000.

Repay your loan online through the payment gateway in app or offline transfer to the company account. You’ll have to call to verify your payment after depositing off line.
You can pay in full or make partial payments anytime before due date.

NairaPlus interest rate

Expect The interest rate offered on your loan to be between 5-30% monthly.
Representative Example of the total cost of the Loan:
-If you apply amount ₦ 4,000 with total 91days (45 days 1st installment & 46 days 2nd installment) loan on 22 Mar 2021.
-You will get the loan amount ₦ 4,000 on 22 Mar 2021.
-The 1st installment due date is 5 May 2021 with amount ₦ 2,000, Interest ₦ 90 and origination fees ₦ 810, due repayment is 2,000+90+810=₦ 2,900
-The 2nd installment due date is 20 Jun 2021 with amount ₦ 2,000, Interest ₦ 46 and origination fees ₦ 414, due repayment is 2,000+46+414=₦ 2,460
-The total repayment should be 1st installment due repayment ₦ 2,900 + 2nd installment due repayment ₦ 2,460 = ₦ 5,360.

Note: expect both your loan amount and loan tenure to be significantly lower as individual interest rate, loan amount and loan tenure are calculated based on the applicant’s credit score and credit worthiness. Keep a good credit score and repay your loan on time to qualify for higher amounts. See how loan apps make lending decisions for first time borrowers and how to increase your loan limits.

NairaPlus online personal loan

Why Choose Nairaplus

  • Loan amount: from ₦5,000 – ₦100,000;
  • Easy and flexible repayment plan
  • Interest rate is 0.013% to 0.05%
  • One time processing fee of 10%
  • Loan term: 91 days – 180 days;
  • Annual interest rates from 14%-20%.

Get revolving credit limit

Revolving credit means Nairaplus will borrow you a higher amount Everytime you repay your previous loans. You just have to pay back your loans on time to qualify

Is Nairaplus loan app legit?

NairaPlus loan is legit. A lot of customers have testified to receiving a loan from them. Read other customer’s reviews on Google play store. However, this app will call your contacts and embarrass you if you default on your loan. NairaPlus needs permission to access your camera, location, storage, and phone contact list. The requested content is meant to provide KYC information (part of which is needed to determine your creditworthiness), due to a lack of a centralized address verification database in Nigeria.

What will happen if I default on my loan?

Late loan repayments automatically incur a fee of 2% per day. It is therefore advised that one does not exceed the due date. Repay the loan by its due date allows you to access larger loan sizes. Late repayments will affect your ability to get subsequent or larger loans. If you are very late on your payments, they report to the First Central Credit Bureau. Blacklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders.

loan eligibility

  • The loan is exclusively for Nigerian citizens or legal Nigerian Residents.
  • You should be aged between 20-60 years old.
  • You should have a verifiable Monthly income source.
  • You should have your 11 digit BVN number ready.

What Nairaplus could improve

NairaPlus is not a scam and the app does give out loans, but there are a lot of things the company could improve on its service.

There’s no guarantee that you’ll get approved for a loan at the offered rate: When you submit an initial application with Nairaplus, you get access to loan offers. But a lots of customers have complained of not receiving the loan that was approved for them or receiving a lower amount.

Borrowers have also complained of extremely high interest rates. One person said they were offered N4000 and asked to pay back N7000 within 7 days.

Then there are also service glitches on the repayment gateway. Sometimes, borrowers can’t repay their loans and the app continues to charge them late fees. If you really need a loan, consider more established lenders like Lendigo for longer-term business loan or Aella and Arvo loans for personal loan.

How much can I borrow with Nairaplus?

NairaPlus will offer you a loan range between N2000 to N50000. Monthly loan payments, interest rates, and loan terms will vary depending on your credit score.

NairaPlus customer care number

For more information,
Message on WhatsApp : +234 7030919031
Office Address: Lekki, Lagos, Nigeria


A writer! Columnist and an academic researcher


    1. Most of these loan shark apps are in a cat and mouse with the government and Google play store. Maybe they have been removed for unprofessional behavior.

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