NiceNaira Loan App Review: secure lending platform in Nigeria

Rating: 3 out of 5.

Nice Naira loan app is a Nigerian lending service that offers you a simple and convenient way to borrow money online without collateral or documentation. The smartphone app allows users to borrow up to ₦50,000 unsecured.

An unsecured loan is a type of loan that does not require collateral or downpayment to obtain. It is usually short-term with very high interest rates. This type of loans should not be used to fund one’s lifestyle, they should only be used for emergencies and in situations of extreme needs.

If you are concerned about loan apps that call their customers’ contact to defame them, then this app might be for you. NiceNaira is professional, has considerate staff that does not defame customers even when they default. You can always speak to the customer service to ask for time extension if you fear you might come short on repaying your loan.

As students and young people, you’ll always find yourself in need of quick cash. But you shouldn’t develop a habit of relying on this online loan apps for money always. Do not borrow to fund your lifestyle. Short-term loans are helpful in emergencies but can quite expensive when compared to long-term loans and should be used with care.

NiceNaira makes getting a personal loan simple by using the data on your phone including your information to verify your identity and create a credit score.

Getting a loan in Nigeria through the banks and other official sources can be time consuming and requires documentation like collateral which most people don’t have. Which is why services like this can be very useful especially during emergency.

The app has so far gained over 100k downloads 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 higher amounts, be sure to keep good bank transaction messages on your phone and do not have outstanding debts with other loan apps!

How to Download APK and get a loan from NiceNaira app

  • Download the NiceNaira personal Loan App exclusively available on the Google Playstore and install it 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 know-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 getting 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 identity.
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Note that binding your ATM card with N30 does not guarantee that you will get a loan, you still have to pass the credit score check.

The N30 charged to bind your ATM card to your account is refundable, but can take anywhere from 7 to 12 business days for the money to be refunded back to your bank account.

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 you have to consent to it to get access to your phone book contacts that will serve as your guarantors, SMS to see your banking transaction records, apps on your phone to see how you use other loan apps and other details it uses to build your credit score.

Is NiceNaira loan app legit or scam?

Yes, NiceNaira loan app is a legit loan app that gives micro loans to a maximum amount of N50,000 to customers, but has really high interest rates and bugs that prevents smooth registration. caution should be taken 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.

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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.


  • Does not defame customers when they come short in repaying their loans unlike most loan apps operating in Nigeria.
  • Can be used by students in times of emergency
  • It’s legit, has been confirmed by admin that they actually do give loans.
  • Completely online with no collateral required.
  • High loan amount, up to 100k.


  • Takes time to disburse loans after approval, some customers take days even weeks before seeing alert.
  • Short loan duration especially for new users, starts at just 7 days.
  • Very high interest rates on small loan amounts.
  • High rejection rate.
  • The app only works on Android smartphones.

When taking loan, be mindful of the repayment plan. If you take a 60 days loan with two repayment installments, the app might attempt to auto debit you on the due date of the first installment and even charge overdue charges before the end of your 60 days tenure.

You can change your ATM card password to prevent auto debit. This app has been reported to deliberately auto debit their customers even after they have made payments via bank transfer.

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.

If you’re being threatened or bullied by any loan shark in Nigeria, see this Facebook group where you can find support and read about the experience of others who have suffered bullying from loan apps.

You can take steps to check and remove your BVN from the credit bureau blacklist after repaying your loans and your loan app did not automatically clear you.

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What other borrowers are saying about NiceNaira loan app

Isa Mamie wrote, “Thank God for the umpteenth time, this is the 5th time I borrowed from this application, it’s still easy, anti-complicated, so addicted to borrowing here, thank you, it’s still fast, it’s not adventurous, the service is comfortable and easy, thanks for the liquid, the cs is really good, so you don’t have to I’m afraid to borrow here, I really recommend it.”

Patrick Blessing wrote, “I have a bad experience with this app, after repaying my loan, I tried applying for another loan, I was told (we could not served you, since your profile was rejected. It was so annoying, even when I wasn’t owing any bills from the app.”

nosa victory wrote, “Honestly i dont know what is wrong with this app, after i have done the registration process and entered my bank details it keeps telling my “account number is invalid” and i have been using this account for more than 6months,i even tried contacting their so called customer service but no response, anyways thanks for wasting my time and effort i put into this process. I actually needed the money urgently to sort out some issues but i think uninstalling will be a good option.” Read more customers’ review here. Note that some apps do pay for fake five star reviews on the play store. you can spot a fake review if they name of the reviewer does not sound Nigerian on a Nigeria only app.

Interest rate?

Loans service rate:6% to 24%, monthly interest 0.5%, the annual percentage rate (APR) on a NiceNaira loan is 12%~30%.

-Example:If you choose a 3-month loan and borrow NGN20,000,NiceNaira charges an service rate of 6% and interest rate:0.5% per month, the APR is 12%. when 91 days due ,you need total amount repayments of NGN21,500.

Note that this interest rate and loan duration is just an example, expect your actual loan and duration to be much lower, but you can improve it by paying back your loan on time and keeping a good credit record.

NiceNaira app customer service number

• Service Hotline: 2348034063318 (9am – 6pm(Mon-Fri), Sat-9am-5pm)
• Service Email: [email protected]
• Website :

Ibrahim Ismail

A passionate and highly skilled individual who has seamlessly blended the worlds of statistics, technology, and finance.


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