Ultra Naira Loan App in Nigeria: How to Apply for Loan

Ultra Naira is one of the latest loan apps in Nigeria, offering Nigerians quick and easy access to cash loans online—anytime, anywhere. The platform is designed to provide unsecured loans, meaning you don’t need collateral or lengthy paperwork to apply. All you need is your BVN and an Android phone to get started.

While the app promises fast loan disbursement and a simple application process, it’s important to note that, like many online loan platforms, the interest rates can be quite high. Because of this, it’s best to use Ultra Naira loans only for urgent or emergency financial needs—not for everyday spending or lifestyle upgrades.

Since its launch, the app has been downloaded over 10,000 times on Google Play. However, user reviews have been mixed, reflecting both the benefits and concerns that come with online lending. To determine your loan eligibility and credit score, Ultra Naira collects certain data from your phone, including banking transaction alerts, phone logs, and your BVN.

The more stable your financial record—like keeping regular bank transaction messages and avoiding debts from other loan apps—the higher your chances of receiving larger loan amounts.

In this article, we’ll explain what the Ultra Naira loan app is all about, highlight its key features, and guide you through the loan application process. We’ll also answer some of the most common questions you may have. Stay with us.

1How to download APK and Apply for Ultra Naira Loan App

2Is Ultra Naira Loan App Legit?

3What is the Interest Rate for Ultra Naira Loan?

4What are the Requirements?

5What Happens if I Fail to Repay my Loan on Time?

6Tips for a Successful Ultra Naira Loan Application

7What Reviews are other Borrowers Giving about Ultra Naira Loan App

8What are the Advantages Of Ultra Naira Loan?

9What are the Disadvantages Of ultra Naira Loan?

10FAQs

11Conclusion

12Recommendations

How to download APK and Apply for Ultra Naira Loan App

Follow the following steps to download the Ultra Naira loan app to apply for the loan:

Download the Ultra Naira loan app from the Google Playstore only.
To create an account, enter your phone number while registering.
It is best to utilise the phone number linked to your BVN for verification.
Kindly provide your KYC (know-your-customer) details. This contains your home address and information about your next of kin.
It will also ask for your Biometric Verification Number (BVN).
You will be required to pay N50 in order to link your ATM card to your account. Your chances of receiving a larger loan amount will rise as a result.
You will receive a one-time OTP password to verify your information.
Your credit score will be assessed by the software once your loan application has been submitted. The APP will display the ultimate outcome.
It should take you less than two minutes to see the outcome. The loan money will be deposited straight into your bank account if you qualify for one.
Make sure your phone has enough capacity because you will need to take a clean selfie of your identity.

The N30 that was charged to link your ATM card to your account will be refunded to your bank account after 7 to 12 business days.

Your application will probably be denied if you owe money to other creditors or have a history of making late payments because your BVN is linked to your credit score.

Is Ultra Naira Loan App Legit?

It is legitimate to use the Ultra Naira Loan App. The software is still relatively new in the Play Store, though.

It does provide loans to consumers, however before submitting an online loan application, exercise caution. Make sure you check customer reviews before applying for a loan in Nigeria.

Neither the CBN nor any other Nigerian government agency has these loan applications on file. You cannot hold them accountable for poor customer service because they are in charge of your transactions.

The fact that it is available on the Google Play store does not ensure the security of any transactions performed there. When utilizing loan apps in Nigeria via the Play Store, you are in charge of your own security.

What is the Interest Rate for Ultra Naira Loan?

Rates and fees for loans

Loan amounts: N 5,000 to n 50,000
Service / Interest Fee: 2% – 35%
Maximum Annual Percentage Rate (APR), 66.21% – 2740.44%
Late fee: One-time fee of 8.8% of the outstanding amount
Minimum repayment period: 61 days
Maximum repayment period: 180 days

Here’s an example of interest calculation for a loan:

Principal: 100,000.00
Lender Interest: (APR: 30%)
Tenor: 4 Months

Annual Interest: (100000 * 0.3) = 30,000 Naira
Total Interest for 4 Months: (100000 *0.3 *4/12) = 10,000 Naira
Monthly Interest: 2,500 Naira
Monthly Repayment (principal and interest): 27,500 Naira
Total Repayment: 110,000 Naira

As an example, the interest rate and tenure are lower if you borrow for the first time. By keeping good records and repaying the loan on time, you can increase your amount.

What are the Requirements?

The following are the requirements you have to meet to qualify for the Ultra Naira loan:

You may dwell in or be a citizen of Nigeria.
at least eighteen
a source of monthly income.
Connect the ATM to the account.
Provide information about your two nearest relatives, including phone numbers.
You don’t have any outstanding debts from other lenders, and your credit score is excellent.
Keep your bank account open and active.
Your phone number needs to be on your BVN. If not sure, here is how to check your BVN on your phone.
You must possess a current government-issued ID card.

What Happens if I Fail to Repay my Loan on Time?

There is a 2% daily penalty for loan repayments that are late. As a result, it’s critical to respect the deadline. If you pay back the loan on schedule, you’ll be able to apply for larger loans. Late repayments won’t get you qualified for larger loans or any other loan products.

If you fail to make your payments on time, First Central Credit Bureau will receive a report about you. You can be placed on a blacklist by the First Central Credit Bureau, which would make it more difficult for you to get loans from other lenders.

Tips for a Successful Ultra Naira Loan Application

The following are some insightful pointers to increase your chances of having your Ultra Naira loan application approved:

Document Preparation: Before beginning the application, make sure you have all necessary paperwork, such as your identification card and BVN, available.
Precise information: Complete the loan application form with precision and thoroughness. Your application may be delayed or hampered by any inconsistencies.
Examine the terms and conditions. Examine the terms and conditions of the loan carefully to prevent any surprises later. Recognise the interest rates, terms of repayment, and any additional costs.
Affordability: Only submit an application for a loan amount that you know you can pay back in full within the allotted term. Stress related to money might result from overextending oneself.

Please be aware that since Ultra Naira loan app, not much is known about its dependability or customer support.

It is imperative that you carry out extensive study and due diligence prior to submitting your loan application.

What Reviews are other Borrowers Giving about Ultra Naira Loan App

The Google Play store users who wrote these reviews about the Ultra naira loan app.

The worst loan application I’ve ever seen, according to obomate Odimabo: “I borrowed 3200 to pay 4100 yet I was credited 2870 to pay 4387; I don’t know how or why it happened that way.

When they called me on the phone, they sounded quite unpleasant. I used the loan app to make my payment before it was due, however the transaction failed even though my account was debited. To threaten me, they resorted to WhatsApp.

As far as I’m concerned, it’s the worst loan app, wrote Jennifer Marcus. I’ve used you before, and you offered me a loan option that I didn’t choose. After I filled out the required form, I received notice that I would be receiving $20,000 to repay $20,000, but instead I got a notice for $14,000. 1 star is what this app deserves.

“This is clearly a fraudulent loan application,” Idris Asimi remarked in a message. Before downloading the app, I read the user reviews, but I had no idea they would continue to defraud me.

On your home page, you stated that you charge 1% per day and that for my initial request, you will lend me $2100 for 7 days. For a week, interest on #2100 will be $147. I then applied for a loan. You sent #1470 in place of #2100 and demanded that I pay back #2270, which was not stated on your application when I applied.

What are the Advantages Of Ultra Naira Loan?

The advantages of a ultra Naira loan include the following;

Fast loan disbursement
Easy loan application
Low-Interest rate
Low requirements
No collateral needed
No paperwork
flexible repayment terms

What are the Disadvantages Of ultra Naira Loan?

Despite being a fantastic app, the following are the cons of Naira loan;

The loan you applied for will be given to you based on your eligibility. This means that if you applied for NGN50,000, the platform might give you NGN20,000 based on your eligibility.

FAQs

What is Ultra Naira Loan App?

Ultra Naira Loan App is a mobile application that provides quick and convenient access to loans for individuals in Nigeria.

How do I download the Ultra Naira Loan App?

You can download the Ultra Naira Loan App from the Google Play Store for Android devices. Simply search for “Ultra Naira Loan” and follow the installation instructions.

What are the steps to apply for a loan through the Ultra Naira Loan App?

First, download and install the app. Then, create an account and complete the loan application form by providing necessary personal and financial information. Finally, submit the application for review.

Is there an age requirement to apply for a loan through Ultra Naira?

Yes, you must be at least 18 years old to apply for a loan through the Ultra Naira Loan App.

What documents do I need to provide when applying for a loan?

Typically, you’ll need to provide proof of identity (such as a valid ID card), proof of income (such as bank statements or payslips), and sometimes proof of address.

How long does it take to get a loan approval decision?

The loan approval decision is usually provided within a short time after submitting your application.

What factors determine the loan amount I can receive?

The loan amount you’re eligible for depends on factors like your income, credit history, and repayment capacity. Ultra Naira evaluates these factors to determine the maximum loan amount you qualify for.

Can I apply for a loan if I have a low credit score?

Yes, Ultra Naira considers various factors when reviewing loan applications, not just credit scores. Even if you have a low credit score, you may still be eligible for a loan based on other criteria.