NiceNaira Loan app is one of the easiest platforms to borrow money without having to tender collateral. This article will walk you through to enable you to secure a good loan and interest for repayment.
Due to the high demand from SMEs to secure loans that could help boost their businesses. Many loan companies are coming out in larger numbers to offer short-term loans for small business owners to acquire.
It’s not deniable that there are so many loan apps in Nigeria. While some of them are fake loan apps, it is vital to research and gets the right information about a loan app (company) before the procedure to apply.
If you would love to get a loan from Nicenaira, then this article is for you.
About NiceNaira Loan
Nicenaira is a loan company offering as high as ₦50,000 loans to SMEs. The company provide secured and reliable personal loan services for Nigerians who need speedy cash or emergency loans.
They also offer quality customer services and value your data privacy
NiceNaira Loan Offers (Features)
Below is what Nicenaira loan company brings to the table,
1. Credit Limit Loan
Under this feature, you can acquire a loan for as low as ₦3,000 and as high as ₦50,000 in the NiceNaira app
This makes it flexible and convenient for students who may need urgent financial needs in school to meet up
2. Repayment Period
Nicenaira offers 90 days to 360 days repayment period. You can choose a 90 days loan which is close to 3 months, or you can extend the repayment period up to 360 days, depending on the loan amount and credit score.
It is important to know that each repayment period has its own rates and fees.
3. No Collateral
NiceNaira offers loans to individuals (mostly students) without collateral or any paperwork. To successfully get a loan on this platform, you only need to provide phone information and a BVN number and you must be 18 years old and above.
4. Higher Loan After First Repayment
After you have repaid your first loan, NiceNaira will give you the benefit to apply a higher amount of ₦50,000 with a lower interest rate.
5. Multiple Repayment Options
You have multiple choices to repay your loan including card, account transfer, USSD and QR which helps build your credit and unblock higher lending amounts.
Read Also: EaseMoni Loan Registration
- Download NiceNaira Loan app.
- Register with your active phone number.
- Create and complete your profile to enable application for a loan.
- Apply for a loan and get the money credited into your bank account.
How To Apply For Nicenaira Loan
Before you can be successfully granted a loan from Nicenaira, below are some requirements you must meet,
- BVN number
- You must provide evidence of Nigerian residency.
- The borrower must be 18 years old and above.
After getting the App on your phone, below is how to apply
- Fill out your basic information in the app and submit it.
- Apply for the loan amount you need
- Submit and wait for approval.
- Receive the loan directly into your bank account.
Read Also: How To Open Sparkle Bank Account without BVN
NiceNaira Loan Interest Rate
On NiceNaira, the yearly percentage rate ranges from 12% to 30% at NiceNaira. The loan service rate ranges from 6% to 24%. There are no hidden fees, rollover fees, or transaction fees
Additionally, If a borrower opts for the 3-month loan and borrows ₦20,000, The company will charge you 6% in service fees and 0.5% in interest per month, for a total of 12% APR.
You were required to pay a total of ₦21,500 back when the loan was due.
Read Also: EasyCredit Loan Interest Rate
Is NiceNaira Loan Legit?
NiceNaira is one of the best student loan apps without collateral. The app offers you small loans at a considerable interest rate.
The reviews gotten so far prove that Nicenaira is indeed a legit loan company in Nigeria that can give you as much as ₦50,000 loan without collateral.
- Read Also: Is Renmney Loan App Legit?
Is NiceNaira Approved by CBN?
Yes, Nicenaira is approved and fully licenced by CBN to carry out loan services in the form of a microfinance bank
NiceNaira Customer Care Number
For complaints, you can reach Nicenaira customer care by email or phone;
In conclusion, Nice Naira offers one of the most seamless loan services for students and struggling small business owners.
If you urgently need financial assistance, you can borrow from Nicenaira.
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