Loannaira is a loan app owned by Rubystar Global that promises to grant quick and instant loans to eligible Nigerians but is it to be trusted? Is Loannaira a legit app? How do you download the Loannaira app? Do they have a contact number? These and many other questions might ring in the heads of users who may be contemplating taking a loan from them.
In this post, we will try to answer some of those questions so you can be well-informed about this loan app before proceeding to take a loan from them. So let’s get started without wasting any time.
Is Loannaira Legit?
Loan Naira is a fraudulent loan app that engages in coercive practices to make people take out loans with them. They will call or text their customers to offer a loan, and if they sense resistance, they may forcefully deposit a certain sum into your bank account.
If you’ve previously borrowed from Loan Naira or any of its affiliated apps and have somehow managed to clear your debt, Loan Naira won’t leave you alone. They will call and tempt you with enticing loan offers, promising minimal interest payments. However, once you succumb to their pressure and apply for the loan, you’ll find that the actual loan amount differs significantly from their initial promises.
For those who are unable to pay back the loan given to them by Loannaira before the due date, this loan shark company will proceed to call all the contacts of the debtor and feed them with lies. They will tag the debtor as a criminal, an HIV-positive individual, a chronic fraudster, or worse still as one who goes around sleeping with dogs.
Loannaira is a scam and a fake loan app that should be avoided by all means.
Loannaira App Customer Reviews
The reviews posted by numerous Nigerians who have genuinely used the Loannaira loan app are far from positive. Many express dissatisfaction with the company’s operations, with some claiming that they were credited with loans they never requested. Others bemoan the exorbitant interest rates associated with Loannaira loans. Additionally, some users report that even after applying for a loan and not receiving any funds, the app incorrectly displays that they owe money. Furthermore, there are complaints about Loannaira loan agents resorting to defamation tactics by contacting individuals from their phone contacts when borrowers fail to repay their loans.
8MagicMoney was able to gather just a few of the reviews, and they are displayed below:
P.S. You may need to zoom out on your phone to view the images properly.
Loan Naira Interest Rates
Loannaira interest rates can be very very high. It can go as high as 50% and above for a loan of just 7 days to two weeks. To put it into perspective, if you borrow 10k using the Loannaira app, you may be asked to pay back at least 15k after 7 days which we find to be ridiculously high.
Loan Naira Customer Care & Whatsapp Number
If for any reason you have to contact the Loannaira agents, you can do so by using any of their contact details below:
Loannaira Phone & Whatsapp number: 0813 995 2611, 0915 386 6602
Email: firstname.lastname@example.org, email@example.com
Unlike some of its “loan shark” counterparts, Loannaira does have a functioning website that looks nice and easy to use. You can access this website at www.loannaira.com at any time.
Loannaira App Download & Login
To download the Loannaira app, no need to look for an APK because you can download it directly from the Google Play store as the app can be still found there at the time of writing this post. Simply head over to the store, type the name in the search bar, and hit the search key. The app will pop up immediately and you can download it and log in if you have an account with them.
Loannaira Loan App Final Verdict & Conclusion
In conclusion, Loannaira is a loan app that promises quick and instant loans to eligible Nigerians but unfortunately, it has been proven to be a fake loan app that operates like a loan shark company. With many negative reviews and complaints about their operations, it is advisable to stay away from Loannaira and not fall victim to their tactics. If you must contact them, their customer care number and email are provided, and the app can be downloaded from the Google Play store. It is important to be well-informed before taking any loans from any financial institution to avoid falling into debt traps.
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