The NairaStar loan app is one such loan app. If you wish to know more about this loan app, kindly read through this post. It will be a great ride with us.
In a fast-advancing world, one would see a need for digital lending platforms. In Nigeria, getting a loan from the physical bank is a roller coaster of stress. This gave rise to a tremendous increase in the number of loan apps.
Overview Of NairaStar
NairaStar is an online lending platform that uses its loan app to achieve its purposes. The platform, through its app, makes soft personal loans available to citizens who are eligible for them.
Although NairaStar is a new loan app, it does not affect its reliability and ability to deliver topnotch services
How Does NairaStar Work?
NairaStar works like other loan apps in Nigeria, although it has its uniqueness. Borrowers must first meet the eligibility criteria for obtaining a loan from NairaStar.
This is why we advise applicants to carefully read the terms and conditions and the requirements to be sure of what they are doing.
Again, you must pay a specific interest rate while repaying your loan. Aside from that, there is no service or hidden fees attached to the loan.
NairaStar Loan App
This loan platform is a new app. However, it has gathered about 228 positive user reviews, over a hundred thousand downloads, and a 2.2-star rating on Google Play Store.
To crown it all, the app has a portable size of 7 MB. It was released and offered by Fumilayo Kubra Amaechi on July 19, 2022.
You can borrow up to N60,000 from the NairaStar loan app, provided you are eligible for it.
How To Download NairaStar Loan Apk
The NairaStar loan app is available on Google Play Store and can be downloaded with only 7 MB. To do that, follow the steps below;
- Go to Google Play Store
- Type “NairaStar Loan App” in the search bar.
- Click on “Install” to download the app
- The app is ready to be explored upon successful download.
Eligibility Criteria For A NairaStar Loan
One of the crucial steps in obtaining your desired loan from any loan app is to ensure that you meet the eligibility criteria and requirements. For NairaStar, the following are the criteria;
- You must be a Nigerian citizen or resident.
- You must not be less than 22 years and more than 55 years.
- Your Bank Verification Number (BVN) is required.
- Also, your National Identification Number (NIN)
- An active bank account
- A registered and active phone number and email address.
- A steady source of income.
Please note that NairaStar does not request collateral or guarantor before issuing loans.
How To Apply For A NairaStar Loan
You can secure your desired NairaStar loan in just three steps. Keep reading as we unveil them.
Step One– Download The Loan App
The NairaStar loan app is where NairaStar performs its magic. So to be able to access the NairaStar loan, we encourage you to quickly download the loan app from Google Play Store with not more than 7 MB. Search for “NairaStar” in the search bar for easy download.
Step Two– Sign Up
After downloading the NairaStar loan app, the next important step is to sign up on the app. You must enter basic information about yourself, such as name and number.
After signing up, confirm your details and create a strong password for privacy and security.
Step Three– Apply For A Loan
The NairaStar loan app has a user-friendly interface. At the menu bar, click “loans” and process to follow the screen instructions to apply for a loan.
Submit your application and await approval once satisfied with the information provided. Again, ensure that the details are correct to avoid rejection.
Upon loan approval, the loan will be disbursed to your bank account directly.
How Much Can I Borrow From NairaStar?
One of the drawbacks of NairaStar is its loan limit. Borrowers can only borrow between N10,000 and N60,000 from NairaStar.
NairaStar Interest Rate
The interest rate of NairaStar is a little bit high. The Annual Percentage Rate (APR) is about 36% and 60%.
If you have a term of 120 days, the loan amount is NGN10,000, the APR is 40%, and it has been overdue for three days.
Then, your interest= 10000 ×40%÷365 ×120=1315.07.
Overdue fee = 10000×1%÷3=300.
So total repayment amount = 10000+1315.07+300= N11,615.07.
NairaStar Repayment Term
The NairaStar repayment term is a short one and, at the same time, flexible. However, generally, the repayment tenure is between 91 days and 365 days.
Advantages Of the NairaStar Loan App
The following pros are associated with the NairaStar loan app;
- Quick Loans: NairaStar makes instant loans available to eligible applicants.
- Faster Loan Approval: NairaStar approves loans faster with less documentation. Within a few minutes of application, your loan will be approved, and loan disbursement is fast.
- No Collateral: You do not need collateral or property paper to access a loan from NairaStar.
- The interest rate of NairaStar is relatively competitive, about 36% and 60% annually, depending on the loan amount and repayment pattern.
Disadvantages Of NairaStar
This loan app has its setbacks. Some of them are;
- High-interest rate
- Use of smartphones and internet connection.
- Small credit limit, which is between N10,000 and N60,000.
NairaStar Loan Customer Care Number and Contact Details
To reach out to NairaStar for whatever, follow the following;
Head Address: 81, shobowale street Agege Lagos.
We have come to the end of this article. We believe that this was helpful to you. Also, we believe that NairaStar is worth the try.
Feel free to ask questions in the comments section!