Nice Naira is one of the most popular loan apps in Nigeria that provides quick access to loans. In this detailed guide, we will discuss everything you need to know about the Nice Naira loan app, including how to download it, interest rates, eligibility criteria, application process, and more.
By the end, you will have a clear understanding of whether NiceNaira is a legit option for getting loans in Nigeria.
What is Nice Naira?
Nice Naira is a fintech startup that was launched in 2019 by Paystack. The goal of Nice Naira is to provide easy and instant access to small loans for Nigerians via their mobile app.
Downloading the Nice Naira app allows users to get loan offers within minutes of applying. Loans range from as low as ₦5,000 up to ₦300,000 depending on the individual’s repayment capacity.
Is Nice Naira Legitimate?
One of the main concerns users have is whether Nice Naira is a legitimate and trustworthy platform. Here are some key points that suggest Nice Naira is indeed a legit loan app:
Nice Naira is Regulated by the CBN
As a financial institution operating in Nigeria, Nice Naira is regulated by the Central Bank of Nigeria (CBN). This means the company has to adhere to strict CBN guidelines and is subject to audits to maintain its license.
Backed by Major Investors
Nice Naira is financially backed by reputed investors like Flutterwave and Octamile. This would not be the case if Nice Naira was involved in any fraudulent activities.
Transparent Fees and Charges
Nice Naira clearly states all applicable fees like processing fees, late payment penalties etc. upfront. There are no hidden charges.
Secured Platform
Data and financial transactions on Nice Naira are protected using bank-grade security protocols like SSL encryption and two-factor authentication.
Based on these factors, Nice Naira can be considered a legitimate source for borrowing loans in Nigeria. However, it’s still important to read all terms carefully before taking a loan.
How to Download the Nice Naira Loan App
Downloading the Nice Naira app is easy and free. Here are the quick steps:
For Android Devices
- Open the Google Play Store on your Android smartphone.
- Search for “Nice Naira” and locate the app.
- Tap the “Install” button to download and install the app.
For iOS Devices
- Open the App Store on your iPhone or iPad.
- Search for “Nice Naira” and tap the download button.
- Once installed, open the app and create your Nice Naira profile.
The Nice Naira app is optimized for both Android and iOS devices to provide a seamless experience across platforms. Ensure you have the latest version installed at all times.
Eligibility Criteria for Getting a Nice Naira Loan
To qualify for a loan on Nice Naira, applicants must meet the following basic criteria:
- Nigerian Citizens aged 18-65 years
- Must have a valid means of ID like BVN, driver’s license, international passport
- Provide valid bank account details
- Minimum monthly income of ₦30,000
- Smartphone with mobile internet access
- Email address and phone number for contact
In addition, Nice Naira will check credit history from various bureaus to assess repayment capacity.
Meeting the eligibility does not guarantee loan approval – the decision depends on risk assessment by Nice Naira.
Loan Amounts, Interest Rates and Repayment Terms
Once approved, you can access loans ranging from ₦5,000 to ₦300,000 based on your profile. Here are more details:
- Loan Amounts – ₦5,000 to ₦300,000
- Interest Rates – 2.5% monthly (30% annually)
- Tenure – Minimum 7 days, maximum 30 days
- No Penalty for Early Repayment
The interest rates may vary marginally based on individual risk profiles. However, 2.5% monthly remains the benchmark rate for most loans on Nice Naira.
The Loan Application Process on Nice Naira App
To apply for a loan, simply follow these steps on the Nice Naira mobile app
- Create your profile by providing basic details
- Link your valid BVN and bank account
- Specify the loan amount required
- Choose your preferred repayment tenor
- Accept Nice Naira’s terms and privacy policy
- Submit your application by uploading required documents
- Expect a decision within minutes – if approved, funds will be credited to your bank account
The entire process from application to loan disbursal takes under 30 minutes for most pre-approved users. You also have the flexibility to reschedule repayments if required.
Customer Support and Feedback
Nice Naira prioritizes good customer service. Users can reach out to their support team via:
- In-App Chat and Call Features
- Email – support@nicenaira.com
- Social Media – Facebook, Twitter, Instagram
Additionally, Nice Naira frequently seeks user feedback to understand pain points and improve products. They are very active on community forums as well. This makes the overall loan taking process simple and hassle-free.
Should You Use Nice Naira for a Loan?
To summarize, Nice Naira is a trustworthy source for instant personal loans in Nigeria due to the following advantages:
- Legitimate license from Central Bank of Nigeria
- Transparent pricing with no hidden costs
- Fast approval and fund disbursal within 30 minutes
- Flexible repayment tenures up to 30 days
- Round-the-clock customer support
- Backed by reputed investors like Flutterwave
However, only borrow what you can comfortably repay on time. Nice Naira charges a high monthly interest of 2.5%. So evaluate your needs, repayment ability and choose the loan amount accordingly. Remember, always read all terms carefully before agreeing.
With disciplined use as a short-term financing option, Nice Naira can be a useful service for Nigerians in urgent cash need. So go ahead and download the app to access your instant loan!
FAQs about Getting Loans from Nice Naira
Is the 9Money loan app legit in Nigeria?
Yes, the 9Money loan app is legit in Nigeria. It is a digital loan company that operates in Nigeria, providing a fast, convenient, and secure way for individuals to access loans. The app is recognized as one of the best loan apps in Nigeria, offering trusted, simple, and fast online personal loan services.
