MaxNaira is an online payday loan service that provides collateral free loans in Nigeria UpTo #100,000. The loan is exclusively available to Android phone users and application process is 100% online.
MaxNaira loan app is still relatively new in the business and has just about 10k downloads so far on Google play store with mixed reviews. It uses a loan software to collect prospective customers information including phone records, banking transaction alerts, BVN to build the credit score of each borrower.
To qualify for a loan or higher amounts, be sure to keep good bank transaction messages on your phone and do not have outstanding debts with other loan apps!
Application is simple, just download the app from Google play store, provide some information about yourself, the algorithm will analyze your information, calculate your credit score and make you a loan offer all Within a few hours.
What MaxNaira loan app can improve?
Loan disbursement on MaxNaira takes up to 3 days, which is just poor for an instant loan app. Rejection rate is also very high, a lot of customers complain that their application get rejected without any valid reason.
The app also contains some coding errors, you might find it difficult to onboard your BVN on the app as it is prone to frequent crashing. Card binding is also difficult as you may not readily find your bank on the app.
The customer service support on this app is also very poor, their phone contacts don’t usually go through and Whatsapp messages left on the numbers is usually unresponded to.
Because there is no regulations in Nigeria, most of these apps are loan sharks who might threaten to send messages to your family members calling you a scammer if you default on your repayment. It is best to avoid these apps if you have other options.
How to Download APK and get a loan from MaxNaira loan app
Download the MaxNaira loan App exclusively available on the Google Playstore and install on your Android phone.
- Register an account with your phone number.
- Preferably the phone number connected to your BVN as a one time password will be sent to it for verification.
- Fill in your basic Kwow-your-customer KYC information, including your residential address, next of kin and employment details
- You will also be required to provide your Biometric verification number BVN.
You’ll be charged N30 to bind your ATM card to your account to increase your chances and get a higher loan amount.
A one-time password OTP will be sent to your phone to confirm your details.
After the submission of your loan application, the software will analyze your credit score and the final result will be shown in the APP.
The result should be displayed in less than two minutes and if you qualify for a loan, the loan amount will be disbursed into the bank account directly.
Make sure you’re using a good phone with enough memory space as you will be required to take a clear live selfie for identify.
Loan disbursement takes anywhere from a few hours to upto 3 days.
Your BVN is linked to your credit score, so if you have an outstanding loan with other lenders or didn’t pay other lenders as at when due, expect your application to be rejected.
Your credit score is a record of your previous borrowings, how early or late you make your payments, cash transactions going in and out of your bank account among other information.
When you download this app it gets access to your phone book contacts, SMS, and other details it uses to build your credit score.
MaxNaira loan app interest rate?
- Loan time tenure: from 91 days to 365 days.
- Loan amount range: from ₦5000 to ₦ 500,000.
- Loan interest: the total interest range is from 2% to 24%. The equivalent monthly interest is from 1% to 2% and APR is from 12% to 24%.
Example Interest calculation:
- If the loan amount is ₦20,000 for 91 days (3 months), the APR is 20%, the interest and total amount to pay on the due date is
- Interest: ₦ 20,000 * 20% / 365 * 91 = ₦ 997
- Principal repayment = ₦20,000
- Total amount of repayment: ₦20,000 + ₦997 = ₦20,997
- As the repayment period is for 3 months:
- Monthly repayment is ₦20,997 / 3 = ₦6,999
This interest rate and tenure is just as an example, expect your loan amount and period to be significantly lower if you’re borrowing for the first time. You can increase your amount by keeping good records and paying back loan on time.
What are the requirements?
- Be a legal citizen or legal Resident of Nigeria
- Be at least 18 years old.
- Have a Monthly income source.
- Bind your ATM card to your account
- Provide details of two of your next of kins including their phone numbers.
- Have a good credit score with no outstanding loans from other lenders.
- Have an active bank account.
- Your phone number must be the one connected to your BVN.
- Have a valid government issued ID card.
What will happen if I don’t repay my loan or pay my loan late?
Late loan repayments automatically incur a fee of 2% per day. It is therefore advised that one does not exceed the due date. Repay the loan by its due date allows you to access larger loan sizes. Late repayments will affect your ability to get subsequent or larger loans. If you are very late on your payments, you will be reported to the First Central Credit Bureau. Blacklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders.
MaxNaira loan app customer service number
- Working Time: 9:00 -18:00
- +234 7030919031
- Address:Room 201, Japaul House, Plot 5 Dr. Nurudeen Olowopopo Way, Central Business District, Ikeja, Lagos, Nigeria
Is MaxNaira loan app legit or scam?
Yes, MaxNaira Loan app is legit, the app does give out loans but caution should be excesissed before taking any online loan. Always read other customer’s reviews before you apply for a loan in Nigeria.
You should know that these loan apps are not registered or regulated by the CBN or any government agency in Nigeria. You are responsible for the security of your transactions with them and there is no way to seek redress for poor customer service.
Also its availability on Google play store does not make transactions performed on it secure. The play store merely provides an avenue for download, you are responsible for your own security while using loan apps in Nigeria.