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]


A writer! Columnist and an academic researcher


  1. Hello. I’m Akinwunmi Taibat I took a loan of 9000 but your app is showing that I took 12100. I have sent several emails lodging my complaint but no response. I have proof of the transaction between your app and my bank. I kindly ask that you ratify this before the due date so that I can repay ASAP. and I think you should teach your customers service attendance Ngozi china some manners of approach My loan is not yet due to warrant her harassing me.

      1. Ismaeel, i applied for a #12000 naira loan to repay #13,850 but only #9000 was disbursed to my account. Please, correct this error.

          1. Why it is so! I have the same challenge…mine 8,000 was disturbed instead of 12000 and 1,000 was deducted from my account and am to pay off 12750….i was only given 1week…

      2. I applied for a loan and I was meant to be credited 20100 I saw 14000 and it showing in the app that I borrowed 20100 instead of 14400

    1. Am Obochi Ikechukwu please send me. Details of account number to repay back the loan I took I don’t have it please. Also phone number

      1. You guys a thieves trying to extort from Nigerians. I didn’t apply for any loan. You guys decides to credit me because I put my details and try to indent me..this is the second time

          1. Please I just received money from rapidnaira now meanwhile I never applied for any loan. I need their customer service number to call because I just downloaded the app now and saw the due date will be on the 15th. 21,675 was credited to my account and I’m expected to pay back 30,923 on top the loan I never applied for.

  2. Pls ur agent by name sugar gyal lack manners, is by force, u send me loan I did not apply for n I send a mail to your company to send ur account number that I don’t need d loan n I did not see reply from u guys , now d so called sugar Gyal is telling me to pay for money I did not spend and she started insulting her family saying it will not be well with her family not mine.

    1. Please the same thing happened to me today can I please get someone customer service line please this is my number, 07067540044

      1. I saw alert in my phone from Rapid Nira this morning which I did not request for any loan pls am not going to pay the money back because I don’t request for it you credit me utomatically .

      1. I got a loan I didn’t apply for,I need access to a customer care officer to trash this out thank you..
        Adauba Nwuba

  3. Please my loan is due I need account details to pay the money . Resend the app for me

    I am in Calabar, my name is Veronica

  4. Good afternoon, My Name is Temitope Genty ,on 26th of August my account was credited with 28,070 without applying for it. immediately i got the alart i sent mail requesting for your account number to return your exact money but to my surprise your staff was calling to thretning me to pay with interest and i told him i cant pay with interest by click repayment on your app.
    please kindly sort this issue with your management and send how i will refund your money without interest because i did not apply for any loan. yon can check your email to see our conversation.

  5. I saw an alert in my phone from Rapidnaira this morning,a money I didn’t apply for,I immediately sent an email and called customer care service but the line is not going .
    Please I need this rectified ASAP
    Because I won’t pay for a loan I didn’t apply for .
    I intend to send back the money ASAP,but unfortunately after my last transaction with the app two weeks ago ,I got it uninstalled,and I can’t find it on playstore to reinstall .

    Barr. Adauba Nneka Nwuba

    1. This app is not good at all they are a thief I don’t apply for money nd you guys send money to my account. I don’t have your app in my phone again self pls send me the account number let me return your money to you ooo your 22470

  6. I ddnt apply for any loan from rapidnaira but my acct was credited, the app in no longer on playstore ..anyone with their contact number and email should reply me pls

  7. I ddnt apply for any loan from rapidnaira but my acct was credited, the app in no longer on playstore ..anyone with their contact number and email should reply me pls

  8. Please I want to pay my loan I’m tired of rapid naira disturb how can I repay my loan, the app is not in my phone anymore

  9. Pls me I woke up dis mori to see 15k+ in my account which I did not apply for, can u help with the app apk so I can return dia foolish money back, Have all my possible best to get the app but can’t find it anywhere, I did not request for it so I don’t need it cus I will not be responsible for any fucking interest. Pls help with the app APK. Tnks as u do so

  10. i apply for a loan 67, 900 has beemn approved with repayment 0f 72, 653 but my account was credit 47, 530 for 7 days, i refound the money back to your sterling bank account.
    Because of the charges am not think i will be able to pay the money back

  11. After I have paid the current one yesterday, i apply for another loan on my app I saw 67, 900 with interest charges 4, 753 and to pay back an amount due 72, 653. To my own surprise my bank account was credit 47, 530. instead of 67,900 so i don’t know how am going to meet up to pay this money back with this big charges/ interest in a week, because i want to use the money for medical treatment, so immediately i saw this money i contact one of your representative on whatsapp (08130362870)  and i explain everything to him he ask me to return the money back to the company account STERLING BANK with Account No: 8588666631 which i did immediately and i send mail to you yesterday, please i want your management to clear this mess, because i don’t want any disturbance,  harassment, embarrassment, through your phone call or messages or extra charges because i already remove your app from my phone.
    Because there is no way i can meet up with this kinds of charges.
    i attach all the document for the confirmation of the payment.
    Looking up for your response.
    Thank you for your cooperation

  12. Rapid naira is a fraud, they will send you money without requesting for the money, it is trap, they are trap dont fall for them.

  13. I applied for a loan and the amount on the agreement is not what was given to me.
    I have a balance of 9k
    Let me see who will call me on the due date.

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