Naira Hub lending app: Illegal service charge, fraudulent reviews

QUICK LOAN ARENA wrote a first time review about Naira Hub lending app yesterday in order to get a feedback from customers and borrowers who have patronized the loan platform. We wrote that if you are a borrower in Nigeria who needs between N20k to N300k instant loan, you may download Naira Hub app and access your quick loan.

The lending app makes the following claim:

Loan Amount: ₦20,000 ~ ₦300,000
Loan Term: the shortest is 91 days, the longest is 365 days
Loan interest: It depends on the customer’s risk profile and loan period. The interest rate is from 12% to 25% per annum.
Service charge: 0%.

Feeback we got from borrowers and customers of Naira Hub shows clearly the all the above claims by the lending app are false and fraudulent.
1. Loan Amount: ₦20,000 ~ ₦300,000
Their loan amount is never what they clai as above. They hardly give you more than N5,000 may be sometimes N10,000.
2. Loan Term: the shortest is 91 days, the longest is 365 days
This is another fraudulent claim by Naira Hub. They give loan for 7 days tenure from the evidence of those borrowers who have patronised them.
3. Loan interest: It depends on the customer’s risk profile and loan period. The interest rate is from 12% to 25% per annum.
Lies. fraud and scam. Run fast. Naira Hub may show you a 0interest rate but charges service charge of about 50% of loan amount.
4. Service charge: 0%. This is a scam. It has a service charge of almost 50% on its loans.
5. The reviews of Naira Hub on Google Play are mostly by hired foreign writers who write good reviews for a fee. Those by genine Nigerian borrowers show he lending app is a scam and makes false claim.
6. Also Naira Hub is from the same family of Sokoloan the rogue and fraudulent lending app that has been terrorizing Nigerians, and blackmailing borrowers if your loan ever falls due by a day.

 

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Disclaimer: Quick Loan Arena is not a loan agency and we do not give out loan to anybody. We however profile and review legitimate and reputable loan agencies and seeks to educate individuals, household and small businesses about loan opportunities and fight for the cause of Nigerian consumers who are daily being oppressed by loan sharks. Our intervention is to help prospective and subsisting loan customers make informed lending decisions.

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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (quickloanarena.com), the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.

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