NairaPlus Loan App: Requirements and How to Get Quick Loan

Ugo Prosper Chibuzor January 3, 2024

0 106 5 minutes read

How does NairaPlus loan app works? — NairaPlus loan App

GoHave you been hearing about popular Nigeria loan app called NairaPlus? NairaPlus is considered as one of the best Nigeria loan platform where users can apply and get quick loan in few steps without having to provide guarantor. Well this company has some criteria that must be met before you can be considered for a loan.

I will tell you everything you need to know about NairaPlus and how to get quick loan in few minutes at ease. Let’s dive deep.

Table of Contents

NairaPlus Loan App Overview

NairaPlus Loan App is a Fintech platform that provides digital loan services just like other loan app in Nigeria. The platform was recently launched and has caught the attention of most Nigeria residents due to their smooth and we’ll structure services and loan format. Just like other loan platform, NairaPlus has criteria that must be met before you would be considered for a loan which we’re going to explore.

How does NairaPlus Loan work?

NairaPlus is a popular digital lending platform, that offers Nigeria residents the opportunity to borrow money and pay back within a given duration with an interest.

The platform offer users the opportunity to borrow money online using their mobile app which is available on Playstore download. Every users who intend to borrow from NairaPlus must first of all download and install the app.

NairaPlus Loan App also offer smooth and fast service which doesn’t require you providing a documents or file.

Eligibility and Requirements for obtaining NairaPlus Loan

Before you can be considered and obtain a loan from NairaPlus Loan App, there are some requirements that must. Here are some criteria that must be met;

You must be a residents or reside in Nigeria.
All applicants must be between an age range of 20 to 60 years of age.
You must download and install the app on your Android phone.
All applicants must have a stable source of income that fetch them money.
A Nigerian bank account number for loan disbursement
A valid Bank Verification Number (BVN) is also required.
A Nigerian phone number will be required for registration.

How to apply for NairaPlus Loan

After you might have met all the criteria listed above, then you should consider or may consider applying for a quick loan. Here are steps to obtain a loan from NairaPlus loan app:

#Step 1: App download and installation

Before you can get a loan from NairaPlus, you must first of all visit Playstore and download the mobile which is between 12MB to 15MB.

NOTE: This app is currently not available for iOS users, maybe at the future but not as for the date of the publication.

#Step 2: Create and Setup an account

Then the next step is to create and setup an account instantly after app download. Here are steps to create an account:

Launch the mobile app and click on “Create an account“
Input your personal details (such as full name, state, occupation and age)
Input your 11 digit Bank Verification Number (BVN)
Navigate to the next page and input your phone number at the blank field
Open your phone SMS and copy the verification code, then go back to the app and paste it.
Next, setup your preferred security code to protect your details from random access
Finally, you will be redirected to your dashboard where you can now apply for a loan.

#Step 3: Apply for a loan

After completing the step 2 of account creation the last step is applying for a loan and below are the steps to apply for a quick loan:

From your dashboard click on “Obtain Loan” and proceed to the next page
Input your preferred loan amount at the given field. It’s important to note that your bank details will be reviewed, so it’s advisable to apply a reasonable amount to increase your chances of getting a loan.
Setup your repayment plan between 3 months 12 months, also bear in mind that your loan duration determines your interest rate, so choosing a longer repayment plan will increase your interest rate.
Finally input your loan disbursement account details.

Upon completion, NairaPlus crew will review your details to check if you meet their requirements. Once your application has been approved, you should expect the loan disbursement within 3 hours time range.

NairaPlus interested rate

This platform has one of the lowest interest rate which ranges between 16% to 21% per year and can be as low as 1.3% per month which is very much affordable for applicants.

NairaPlus Repayment Methods

There are basically 2 repayment method which all users can easily pay back their loans which includes:

Through App – you can easily repay your loan through your NairaPlus loan app, all you have to do is login and click on repay loan, follow this instructions and to pay back your loan.
Offline – You can also repay your loan by contacting NairaPlus customer service, ask them for loan repayment and a random account number will be sent to you, you can then transfer to the given account number.

What happens when I default my NairaPlus loan?

Defaulting your NairaPlus loan is not advisable, like I say draw a clear plan on how to pay back your loan in other to avoid the following consequences:

Poor credit record – when you fail to pay back your NairaPlus loan, your credit record will be ruined which will affect your chances of getting a loan from any loan app.
Report to Credit Bureau – Your BVN will be reported to Nigeria credit bureau.
Automatic debit – You will be debited to any bank account linked to your BVN when you fail to pay back your loan.
Increase your interest rate – Your interest rate will automatically increase for the duration of loan defaulting.

Recommende>>>Kash Kash Loan App: How To Get Instant Loan, App Download

NairaPlus Loan Customer Service

If you have any information, query or clarification then you can use the details below to reach to them:

WhatsApp Number: +2347030919031
Office Address: Lekki, Lagos, Nigeria.

Conclusion

If you’re planning to receive a loan from NairaPlus loan app, also draw a clear strategy on how to pay back in other to avoid loan defaulting and grow your credit record.

NairaPlus loan app seems to a trustworthy and a legitimate platform since we haven’t gotten a negative review. If you have any questions or inquiry about the platform kindly scroll down to the comment section and I will get back to you.