RapidNaira Loan App Review: Borrow loan in Nigeria

RapidNaira loan app is a convenient personal loan platform for Nigerian android phone mobile users that provides collateral free loans with minimal documentation.

If you’re an Android user, you can apply for the collateral free loan starting from N5,000 to a maximum loan amount of N500,000 with minimal documentation.

RapidNaira loan app has so far gained over 10k 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 a loan or higher amounts, be sure to keep good bank transaction messages on your phone and do not have outstanding debts with other loan apps!

Application is simple, just download the app from Google play store, provide some information about yourself, the algorithm will analyze your information, calculate your credit score and make you a loan offer all 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 RapidNaira loan app

• Download the RapidNaira personal Loan App exclusively available on the Google Playstore and install it 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 Know-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 N50 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 N50 charged to bind your ATM card to your account is refundable, but can take 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 RapidNaira Loan app legit or scam?

Yes, RapidNaira 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 RapidNaira loan app can improve?

Most of the reviews on this app’s play store page are fake, so there’s that redflag. When owners buy fake reviews for their apps is usually because the app is used for scam though some buy fake reviews to build confidence. We did find one user that was actually given a loan but others complained of not being able to even get past the registration stage.

Most users complain of a bug that prevented them from adding their bank details among other complains.

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.

RapidNaira 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

Example Fees
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.

RapidNaira loan app customer service number

Customer Service Hotline: 07088953673
Email: [email protected]
Address: 2-1 EDE STREET 1285 APAPA NIGERIA