The Naira loan is one of the newly introduced loan platforms in the country. Naira loans have gained popularity among citizens because of their fast loan disbursement, ease of application, and, most significantly, low-interest rate.
In this article, we will discuss what a naira loan is about, what makes the loan platform unique, and how to apply for a naira loan. We will conclude this article by answering some of the most frequently asked questions you may have in mind. Stay tuned and pay close attention.
Overview Of Naira Loan
Naira loan is among the best loan platforms in Nigeria. The loan platform is known for being fast in loan disbursement, low requirements, and, most especially, low-interest rates, which come with many flexible options.
The naira loan platform equally has an app that makes it easy for individuals to access loans from the platform. With the app, you cannot only access loans from the platform, but you can also equally perform many other banking transactions such as sending money to someone, transfer of money, payment of bills, and other banking activities.
And, of course, you can use the app to apply for a loan and get approved quickly.
How Naira Loan Platform Works
Every loan platform has principles by which it issues loans to individuals. The naira loan platform is not an exception. The naira loan platform works on integrity and first come, first served principles.
The only way to access a loan from this platform is to make sure you meet all the eligibility requirements and criteria for the loan you wish to obtain from the platform.
However, if two people apply for the same amount of loan under the same condition, the platform will give a loan to the person that applied first, irrespective of the fact that both merited the loan. However, it is most likely that all who apply for a loan on this platform and merit it will be given the loan they applied for.
The Naira Loan App
The naira loan app has developed an app that makes it easy for people to apply for a loan. With the app, you can perform other banking transactions, such as paying bills, transferring money, and buying data.
The naira loan app is very efficient and effective. With this loan app, you can easily apply without going through the hurdles of going to the website.
How To Download The Naira Loan App
To download the naira loan app, make sure you follow the steps below
- Make sure you have enough data connection
- Click on Google play store and open the app
- Search for Niara Loan using the search icon
- It will pop up, click on download, and then click install.
Eligibility Criteria For Obtaining Naira Loan
To be able to access a Naira loan, the following is expected of the applicants;
- You must be a citizen and a resident of Nigeria
- The minimum and maximum age requirement is between 20 to 60; below or above this age is not eligible to apply for a loan on the platform.
- You must have a source of income, and this will enable the platform to access your eligibility for the amount of loan you applied for.
- You must submit your essential details and documents, such as BVN, which will be used to check your creditworthiness to enable the platform to know your eligibility status for the loan you wish to obtain from the platform.
- You should have a valid means of identification.
How To Apply For Naira Loan
To apply for a loan on this platform, follow the steps below;
- Open the downloaded app
- Click on sign up since you’re a new user
- You will be asked to provide some of your essential details, provide them and proceed
- Click on apply for a loan
- Here you will be required to provide more personal details, such as your BVN and bank information, followed by stating why you need a loan.
- Click on submit and wait for it
- If you meet all the requirements, your loan will be credited to your standard bank account within a few minutes
Minimum And Maximum Loan Amount
The loan limit of the Naira loan is relatively considerate. It ranges from ₦1,500 to ₦500,000. This means you can borrow as little and as much as you want, provided you are eligible for it.
What Is The Naira Loan Interest Rate?
The maximum annual interest rate of a Naira loan is 18.25%. That is about 1.6% per month.
If you obtain a credit of ₦10,000 for 91 days, the total interest payable is: ₦10,000*0.05%*91=₦455; Monthly interest payable is: ₦10,000*0.05%*30=₦150; The total amount due is: ₦10,000+₦455=₦10455
What Is the Naira Loan Repayment Term?
The loan repayment term ranges from 90 days to 360 days. However, it is very flexible. This way, you can choose when and how to repay your loan.
Advantages Of Naira Loan
The advantages of a Naira loan include the following;
- Fast loan disbursement
- Easy loan application
- Low-Interest rate
- Low requirements
- No collateral needed
- No paperwork
- And flexible repayment terms
Disadvantages Of Naira Loan
Despite being a fantastic app, the following are the cons of Naira loan;
- The loan you applied for will be given to you based on your eligibility. This means that if you applied for NGN50,000, the platform might give you NGN20,000 based on your eligibility.
How To Contact The Niara Loan Platform
You can quickly contact the Niara Loan Platform through the following means
- Customer Service Email: firstname.lastname@example.org.
- Address: Shobell House 13 Ikogosi Close, Osborne Foreshore Estate, Ikoyi, Lagos, Nigeria.
Frequently Asked Questions
Can I apply for the loan without collateral?
You can easily apply for a naira loan without collateral. Just download the app, sign up, and follow the instructions on the screen to apply for your desired loan.
Does the interest rate depend on the amount I borrowed from the platform?
The interest rate of the platform is constant, and it depends on the amount of loan you obtain from the platform and the duration you choose.
You can not be wrong with a Naira loan. It is one of the relatively easy and fast loan disbursement apps in Nigeria.
Everything you need to know about this loan has been explained above. Yes, the Naira loan app is worth the try!