NiceNaira is a Nigerian digital loan app that provides short-term personal loans among other services. The Android-based app gives collateral-free loans starting from N3,000 to a maximum loan amount of N50,000 with minimal documentation.
NiceNaira loan app has so far gained over 500k downloads on the Google play store with mixed reviews. It uses loan software to collect prospective customers’ information including phone records, banking transaction alerts, and BVN to build each borrower’s credit score.
To qualify for higher amounts, be sure to keep good bank transaction messages on your phone and do not have outstanding debts with other loan apps!
The application process is simple, just download the app from the Google play store, and provide some information about yourself, and the algorithm will analyze your information, calculate your credit score and make you a loan offer Within a few hours.
Do not take an online loan to fund your lifestyle. Online loans can be useful in times of emergencies but can be expensive with very high-interest rates because they are unsecured and require minimal documentation to get.
How to Download APK and get a loan from NiceNaira loan app
- Download the NiceNaira personal Loan App exclusively available on the Google Playstore and install on your Android phone.
- Register an account with your phone number.
- Preferably the phone number connected to your BVN as a one time password will be sent to it for verification.
- Fill in your basic Kwow-your-customer KYC information, including your residential address, next of kin and employment details
- You will also be required to provide your Biometric verification number BVN.
- You’ll be charged N30 to bind your ATM card to your account to increase your chances and get a higher loan amount.
- A one-time password OTP will be sent to your phone to confirm your details.
- After the submission of your loan application, the software will analyze your credit score and the final result will be shown in the APP.
- The result should be displayed in less than two minutes and if you qualify for a loan, the loan amount will be disbursed into the bank account directly.
- Make sure you’re using a good phone with enough memory space as you will be required to take a clear live selfie for identity.
The N30 charged to bind your ATM card to your account is refundable, but can take anywhere from 7 to 12 business days for the money to be refunded back to your bank account.
Your BVN is linked to your credit score, so if you have an outstanding loan with other lenders or didn’t pay other lenders as at when due, expect your application to be rejected.
Your credit score is a record of your previous borrowings, how early or late you make your payments, cash transactions going in and out of your bank account among other information.
When you download this app you have to consent to it to get access to your phone book contacts that will serve as your guarantors, SMS to see your banking transaction records, apps on your phone to see how you use other loan apps and other details it uses to build your credit score.
Is NiceNaira Loan app legit or scam?
Yes, NiceNaira loan app is legit, tho the app is still relatively new on the play store it does give out loans to customers but caution should be taken before taking any online loan. Always read other customer’s reviews before you apply for a loan in Nigeria.
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 NiceNaira loan app can improve?
First, most of the reviews on this app’s play store page is fake. When an app is paying for fake reviews, such an app is usually UpTo no good and care should be taken before giving them your data or doing business with them.
NiceNaira also has some networking issues that prevents some customers from binding their ATM card smoothly among other registration issues. The app is still relatively new and might fix this problem in subsequent versions of the app.
The loan tenure is very small, starting from just 7 days. This is lower than the 30 days minimum tenure recommended by the CBN for short term personal loan providers.
Because there is no regulations in Nigeria, most of these apps are loan sharks who might threaten to send messages to your family members calling you a scammer if you default on your repayment. It is best to avoid these apps if you have other options.
If you’re being threatened or bullied by any loan shark in Nigeria, see this Facebook group where you can find support and read about the experience of others who have suffered bullying from loan apps.
What other borrowers are saying about NiceNaira loan app
These reviews are from users on Google play store.
Ayobami Ajayi wrote, “Haven’t been able to get past the documentation stage. Always saying timeout. Even when I’ve got a really good network connection. So frustrating.”
Vivian Eze wrote, “What is wrong with your app. Has been attempting to login so as to repay my loan since yesterday but all to no avail. It kept displaying “too many password ……..” Am not going to pay any overdue charges o,so kindly look into it.”
Sunday Oladeinde wrote, “The app nothing but a scam they never accept the concluding part of the information needed and they continue to send messages that i should fill in the last part of the information of which they are not accepting please stop deceiving people and stop sending messages to my number u’re nothing but a fraud stop saying what u cannot do.”
NiceNaira loan app interest rate?
Loan rates and fees
Loan Amounts: ₦ 5,000 to ₦ 500,000
One-time service / interest fee: 2%- 35%
Maximum Annual Percentage Rate (APR): 66.21% – 270.44%
Late fee: one-time fee of 8% of outstanding amount due
Minimum repayment period offered = 61 days
Maximum repayment period offered = 180 days
For a borrower who takes a ₦ 40,000 loan for our 61-day term, they would owe service / interest fee as low as 14%, which would be ₦ 5600, for a total payment of ₦ 45,600.
₦ 40,000 (principal) + ₦ 5600 (service / interest fee) = ₦ 45,600 (total payment)
This interest rate and tenure is just as an example, expect your loan amount and period to be significantly lower if you’re borrowing for the first time. You can increase your amount by keeping good records and paying back loan on time.
What are the requirements?
- Be a legal citizen or legal Resident of Nigeria
- Be at least 18 years old.
- Have a Monthly income source.
- Bind your ATM card to your account
- Provide details of two of your next of kins including their phone numbers.
- Have a good credit score with no outstanding loans from other lenders.
- Have an active bank account.
- Your phone number must be the one connected to your BVN.
- Have a valid government issued ID card.
What will happen if I don’t repay my loan or pay my loan late?
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, you will be reported to the First Central Credit Bureau. Blacklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders.
NiceNaira loan app customer service number
• Service Hotline: 2348034063318 (9am – 6pm(Mon-Fri), Sat-9am-5pm)
• Service Email: firstname.lastname@example.org
• Website : http://www.nicenaira.com