NairaPlus is a loan service in Nigeria that enables users to apply for and get instant personal loans. This post talks about how to get a loan from NairaPlus, how to repay it, the interest rate, repayment terms, and lots more.
What is NairaPlus and how does it work?
The NairaPlus loan service is a financial service provider that offers fast and easy loans for Nigerians between the age of 20 to 60 years.
NairaPlus is also secure and simple to use. All you need to do is sign up and apply for a loan. You will receive the money directly into your bank account.
You don’t need to sign documents or submit collateral before obtaining loans on the NairaPlus app. You just have to fill in the necessary details honestly.
Being a new user, you won’t be able to obtain up to the maximum amount (₦50,000) at first. But as you obtain more loans and pay before/on the due date, your loan limit will be upgraded.
NairaPlus loan requirements
All loan applications on NairaPlus are reviewed by the staff before approval. If you don’t meet up the requirements, your loan application will be rejected.
Most of the requirements needed to get a loan from NairaPlus are things you already have.
- An Android phone (At the moment, NairaPlus is not available for iOS devices)
- You must be 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
How to download the NairaPlus mobile app?
You can download and install the NairaPlus Mobile app directly from the Google Play Store. It has a small size of 12 MB and over 500,000 downloads. It currently has a review rating of 4.5 from over 17,000 users.
How to get a loan on the NairaPlus app
Before you can obtain a loan from the NairaPlus loan service, you have to register an account with them.
You can do that on the mobile app. Follow the steps below.
- Open the app and wait for the welcome page to display
- Since you are a new user, you should press on “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
After creating your account, you will have access to the NairaPlus main page. From this page, you can monitor your loans, apply for loans, repay loans and also do some other things.
To apply for a loan on the NairaPlus app, follow the steps below.
- 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 3 months to 12 months (92 days to 365 days)
- Provide your bank account number and submit
Your loan application will be reviewed by the NairaPlus staff. The loan will be sent to your bank account once it’s approved.
How much loan can you get?
As long as you have the requirements, you can obtain a loan amount between ₦2,000 to ₦50,000 from the NairaPlus.
Loan repayment terms
The NairaPlus loan app is very flexible, allowing users to pay in at once or in installments.
You can repay your loan within 3 months to 12 months (92 days to 365 days).
NairaPlus credit service charges an interest rate of 16% to 21% every year. Here is an example of how the interest and total amount is calculated.
If you borrow ₦2,000 on the NairaPlus mobile app and you set your repayment term to be 6 months, your:
- Interest rate will be 1.3% each month (7.9% in 6 months)
- Interest amount will be ₦158
- Total amount to be repaid will be ₦2,158
Repayment of loans
You can repay your loan through the app or offline payment. To pay offline, you have to speak with a NairaPlus customer support executive to get the account details.
To repay your loan through the app, navigate to the repayment section. Select your loan, and pay through your preferred method.
NairaPlus Head office
NairaPlus has a head office in Nigeria. It is situated at Lekki in Lagos State, Nigeria.
NairaPlus customer care
For questions and issues, you can contact NairaPlus customer support through their WhatsApp account.