Nairaplus loan app is one of the best platforms that offer instant personal loans to its eligible users. If you need a quick loan to solve your emergencies, the Naira Plus loan app is what you have.
In this article, we have carefully explained everything you need to know about this loan platform. We encourage you to read down carefully.
Overview Of Naira Plus
NairaPlus is a financial technology platform offering digital loans to qualified applicants without collateral or property paper.
It is one of the newly launched loan apps in Nigeria. This is because of the tremendous increase in loan companies in Nigeria.
Obtaining a Nairaplus loan is simple and does not waste time, provided you are eligible for it.
How Does NairaPlus Work?
Naira plus works like other digital loan companies; however, distinct features make it unique. It is worth noting that almost all loan companies are similar, but despite their similarities, they differ.
If you intend to borrow loans from Nairaplus today or in the near future, you must first download the Nairaplus loan app and then show your evidence of creditworthiness.
Once your eligibility is proven and your application approved, your loan gets disbursed to your bank account.
In the later part of this article, we shall explore those eligibility criteria. Read on!
The Nairaplus Loan App
Nairaplus loan platform offers its instant services through the Nairaplus loan app.
The Nairaplus loan app is one of the highly-rated loan apps on the Google Play Store. It has over 500,000 downloads, 4.5-star ratings, and a review of 17,000 from its users.
The app is easy to navigate through as its interface is user-friendly. To download the Nairaplus loan, you only need 12 MB.
You can borrow a Nairaplus loan from this app. Yes, you can borrow up to NGN50,000; however, as a first-time user, you may not be able o access up to that amount.
Repaying your loan when due, frequenting the loan app, and being faithful to the terms and conditions will increase your credit limit.
How To Download The Nairaplus Loan App
To download the Nairaplus loan app, you must have at least 12 MB. Unfortunately, this app is only available to Android users. It is not available for IOS users.
To download the app from Google Play Store, go to Play Store, type “Nairaplus loan app” in the search box, and click “install” to download the app.
Eligibility Criteria For Obtaining A Nairaplus Loan
To get a loan from Nairaplus, the following requirements and documents must be provided;
- An Android phone (Currently, NairaPlus is not available for iOS devices.
- It would be best if you were within the range of 20 to 60 years old.
- You need to be a citizen and resident of Nigeria before you can obtain a loan from NairaPlus.
- The applicant must also have a stable monthly source of income.
- Your phone number will also be required for registration and confirmation codes.
- The Nigerian bank account through which you will receive the obtained amount.
- Your Bank Verification Number (BVN) will be used to verify your identity and also confirm that you are not owing to other loan providers
- You must have a good and steady source of income.
- It would be best if you were of good character and integrity.
How To Apply For A Naira Loan
There are three simple steps to apply for a Nairaplus loan, they are;
Step One– Download The Loan App
The first and most crucial step is to download the Nairaplus loan app. To do that, head to Google Play Store and search for the “Nairaplus loan app.” Once the app is displayed, click on install to download the app.
Step Two– Create An Account
After downloading the app, proceed to create a Nairaplus account. To open a Nairaplus account, follow the steps below;
- Open the app and wait for the welcome page to display
- Since you are a new user, you should press “Create Your Account.”
- Input your bank verification number to register
- Enter your phone number on the next page
- A verification code will be sent to your number. Enter the code to proceed
- Set your security code so that nobody will be able to obtain loans without your consent
- You will be directed to the main page
Step Three– Apply For A Loan
Once your account is set, and you are directed to the main page, the next step is to apply for your desired loan. The steps below will guide you;
- Press the “Obtain Loan” button from the main page
- Input the amount you want to obtain. You can get between ₦2,000 to ₦50,000 on the NairaPlus app
- Set your repayment plan. You can repay within three months to 12 months (92 days to 365 days)
- Provide your bank account number and submit.
The management team will review your application, and if you tick the boxes right, your application will be approved, and upon approval, your bank account will get credited. You can visit your nearest bank branch or any POS agent stand to withdraw your money.
Nairaplus Minimum And Maximum Loan Amount
Nairaplus only offers personal loans to its customers. Hence, it may not serve business purposes.
You can borrow between NGN2,000 and NGN50,000. This means that the minimum amount of Nairaplus is N2,000, and the maximum is NGN50,000.
What Is Nairaplus Interest Rate?
The Nairaplus interest rate is relatively low. The yearly interest rate ranges from 16% to 21%.
For example ;
If you get a ₦2,000 loan on the NairaPlus mobile app and you set your repayment term to be six months.
- The interest rate will be 1.3% monthly (7.9% in 6 months).
- The interest amount will be ₦158.
- The total amount to be repaid will be ₦2,158
What Is NairaPlus Loan Tenure?
The repayment term of the Nairaplus loan platform is flexible. This means that applicants can choose when and how to repay their loans.
Generally, the repayment term of the Nairaplus loan is three months and 12 months. We advise that you repay your loan when or before due to help increase your credit limit, especially if you are a first-timer.
How To Repay NairaPlus Loan
You can read your Naira loan in two ways, they are ;
- Offline: You have to consult the Nairaplus to get their bank details while you pay directly to their account.
- Loan App: Another means to repay your loan is by opening your Nairaplus loan app and following the screen instructions to repay your loan.
How To Contact Nairaplus Customer Care
To reach out to the Nairaplus loan platform for questions, clarifications, or repayment of the loan, the means below will help you ;
Head Office: Lekki, Lagos, Nigeria.
Frequently Asked Questions
Is NairaPlus Loan Legit?
From our research so far, Nairaplus seems to be worth the try. Although, Nairaplus is having some challenges right now, which we believe will be rectified soon.
What is Nairaplus?
Nairaplus is a fintech company that provides financial aid to eligible applicants without collateral or property papers.
We have come to the end of this article, and we believe that it has been helpful to you.
Feel free to share your thoughts and ask questions in the comments section below.