True Naira Loan App: How to Apply, Requirements and Benefits
In recent years, the proliferation of financial technology (fintech) firms in Nigeria has made it easier for individuals to access quick loans without the hassle of dealing with traditional banking institutions.
True Naira is one such app that provides Nigerians with quick access to loans without collateral. In this article, we will discuss how to apply for True Naira loans, the requirements, and benefits of using the app.
How to Download and Install True Naira Loan App
Downloading and installing the True Naira app is easy and straightforward. Here is how to do it:
- Visit the Google Play Store on your Android device.
- Type in “True Naira” in the search bar and hit enter.
- Select “Install” to begin the installation process.
- After installation, open the app and create an account by providing your personal information.
Eligibility Requirements for True Naira Loan
To be eligible for a loan on the True Naira app, you must meet certain requirements. These requirements are put in place to ensure that you are capable of repaying the loan without any difficulty. Here is a more in-depth look at the eligibility requirements for True Naira loans:
- You must be a Nigerian citizen or resident in Nigeria
True Naira is only available to Nigerian citizens or individuals who are residents in Nigeria. You will be required to provide a valid means of identification to confirm your citizenship or residency status.
- You must be at least 18 years old
To apply for a loan on True Naira, you must be at least 18 years old. This is the legal age of adulthood in Nigeria, and it ensures that you have the legal capacity to enter into a loan agreement.
- You must have a steady source of income
True Naira requires that you have a steady source of income to be eligible for a loan. This income could come from employment, business, or any other legal means. The income will be used to determine your creditworthiness and ability to repay the loan.
- You must have an active bank account
To receive your loan disbursement, you must have an active bank account that is linked to your True Naira account. This account will be used to receive and repay the loan.
- You must have a valid means of identification
You will be required to provide a valid means of identification, such as a National ID, Driver’s License, or International Passport, to confirm your identity.
Documents Needed to Apply for True Naira Loan
To apply for a loan on the True Naira app, you will need to provide certain documents and information to verify your identity, income, and eligibility for the loan. Here is a list of the documents you will need to apply for a loan on the True Naira app:
- Valid means of identification
You will need to provide a valid means of identification to verify your identity. This could be a National ID, Driver’s License, or International Passport.
- Bank Verification Number (BVN)
You will need to provide your BVN, a unique 11-digit number that is linked to your bank account and used to verify your identity and financial history.
- Proof of income
You will need to provide proof of income to show that you have a steady source of income that can be used to repay the loan. This could be in the form of pay slips, bank statements, or tax documents.
- Bank account details
You will need to provide your bank account details to receive your loan disbursement and make repayments. This includes your account number and bank name.
- Personal information
You will need to provide basic personal information such as your name, address, phone number, and email address.
Once you have provided all the necessary documents and information, True Naira will process your loan application and determine your eligibility for a loan. If your loan application is approved, you will receive your loan disbursement within 24 hours.
It is important to note that the documentation requirements may vary depending on the loan amount and repayment period.
For larger loan amounts, you may be required to provide additional documentation such as business registration documents, financial statements, or collateral documents.
How to Apply for True Naira Loan
Applying for a loan on True Naira is a quick and easy process that can be completed in a few simple steps. Here is a step-by-step guide on how to apply for a loan on True Naira:
- Download and install the True Naira app
The True Naira app is available for download on the Google Play Store and Apple App Store. Download and install the app on your mobile device.
- Register and create an account
Launch the True Naira app and register by providing your personal information such as name, email address, and phone number. You will also be required to create a password for your account.
- Complete your profile
Once you have registered, you will need to complete your profile by providing additional information such as your employment status, income, and bank account details. This information will be used to determine your eligibility for a loan.
- Apply for a loan
After completing your profile, navigate to the loan section of the app and select the loan amount and repayment period that you want. You will be required to provide additional information such as the purpose of the loan, collateral (if any), and repayment plan.
- Upload required documents
After providing the necessary loan information, you will be required to upload the required documents such as a valid means of identification, proof of income, and bank account details.
- Submit your loan application
Once you have provided all the necessary information and documents, review your loan application and submit it. Your loan application will be reviewed, and you will be notified of the status of your loan application within a few hours.
- Receive your loan disbursement
If your loan application is approved, the loan amount will be disbursed to your bank account within 24 hours.
Loan Amounts, Interest Rates, and Repayment Periods Offered by True Naira
True Naira offers a range of loan amounts, interest rates, and repayment periods to suit the needs of different borrowers. Here is a breakdown of the loan amounts, interest rates, and repayment periods offered by True Naira:
- Loan Amounts
True Naira offers loan amounts ranging from N5,000 to N500,000. The loan amount you are eligible for depends on various factors such as your income, credit history, and repayment capacity.
- Interest Rates
True Naira charges competitive interest rates on its loans, starting from as low as 2.5% per month. The interest rate you are charged depends on the loan amount, repayment period, and your credit score. The interest rate is fixed for the entire loan tenure, so you can plan your repayments accordingly.
- Repayment Periods
True Naira offers flexible repayment periods ranging from 15 days to 6 months. You can choose a repayment period that suits your income and repayment capacity. You can also choose to repay the loan in weekly or monthly instalments, depending on your preference.
It is important to note that the loan amount, interest rate, and repayment period you are eligible for depends on various factors such as your credit score, income, and repayment capacity.
To increase your chances of getting approved for a higher loan amount at a lower interest rate, you should ensure that you have a good credit score, steady income, and a good repayment history.
Benefits of Using True Naira Loan App
There are several benefits of using the True Naira loan app for your borrowing needs. Here are some of the key benefits:
- Quick and easy loan application process
The True Naira loan app provides a simple and straightforward loan application process that can be completed in just a few minutes. You can apply for a loan from anywhere at any time, using your mobile device, without the need for lengthy paperwork or documentation.
- Fast loan disbursement
Once your loan application is approved, True Naira disburses the funds to your bank account within 24 hours, providing you with quick access to the cash you need.
- No collateral or guarantor required
True Naira does not require any collateral or a guarantor to approve your loan application. This means you can access funds quickly and easily, without having to provide any additional security.
- Competitive interest rates
True Naira offers competitive interest rates starting from as low as 2.5% per month. This means that you can borrow money at affordable rates, allowing you to manage your finances more effectively.
- Flexible repayment options
True Naira provides flexible repayment options, allowing you to choose a repayment period and schedule that suits your income and repayment capacity. You can also make repayments online or via bank transfer, making it convenient for you to manage your loan repayments.
- High loan amounts
True Naira offers loan amounts of up to N500,000, which is higher than what many other lending platforms offer. This means you can access the funds you need to finance your business or personal projects, without having to resort to multiple loan applications.
- Credit Score Improvement
True Naira reports your loan repayment behavior to the credit bureaus. Therefore, making timely repayments can help to improve your credit score, making it easier for you to access credit in the future.
Q: Is True Naira legit?
A: Yes, True Naira is a legitimate fintech company registered with the Corporate Affairs Commission of Nigeria.
Q: How long does it take to get a loan from True Naira?
A: Once your loan application is approved, True Naira disburses the funds directly to your bank account within 24 hours.
Q: What is the interest rate on True Naira loans?
A: The interest rates on loans vary between 10% to 35%, depending on the loan amount and the repayment period.
Q: What happens if I can’t repay my loan on time?
A: If you are unable to repay your loan on time, True Naira will charge you an additional fee, and your credit score may be affected.
Q: Can I apply for a loan on True Naira if I have a bad credit history?
A: Yes, you can apply for a loan on True Naira even if you have a bad credit history, but your loan application may be subject to stricter requirements.
True Naira is a reliable loan app that provides Nigerians with quick access to loans without collateral. With flexible repayment options, competitive interest rates, and a fast and easy loan disbursement process, True Naira is an excellent option for individuals who need quick access to funds for emergencies, business expenses, or personal projects.
Remember to read the terms and conditions before applying for a loan to avoid any unexpected fees or charges.