Honest Review: Is Swift Naira Loan App Legit?

We all are looking for loan apps that promise low interest rates and longer loan terms, and actually fulfill this promise. However, some loan apps are aggressive predators who can damage your credit history and must be avoided at all costs. You are here because you want to know the major problems of Swift Naira. Well, this will be an honest Swift Naira review. Is Swift Naira loan app legit or another lending scam? We’ll find out.

Swift Naira is a lending app owned by Finnew Fintech Ltd. They are also the owners of BGloan, FitLoan, NCredit, etc. So, whatever experience you have with Swift Naira typically extends to their other loan apps. Swift Naira is ‘fairly’ legit because it is fully approved by the FCCPC (Federal Competition and Consumer Protection Commission) but still very shady in its lending activities. The address is 125, Olusegun Osoba Way, Oke Ilewo, Abeokuta, Ogun State. The website is h5.swiftnaira.com.

Is Swift Naira Pro Loan App Legit?

Is Swift Naira Loan App Legit

Yes, Swift Naira is fully approved by the FCCPC. However, it doesn’t mean that this loan app is perfect. First, don’t be fooled by fake reviews and false ads that make claims you will never experience. Swift Naira’s idea of offering loans is welcomed but some of its activities are shady and questionable.

This lender, through its staff, will encourage people to take a loan and repay in 2 hours to be able to access more after that. Unfortunately, this is the beginning of a bad customer experience.

Swift Naira charges about 50% in loan interest and wants you to pay back within 6 days. In addition to the interest rate, if you default on this loan, Swift Naira will add approximately 10% interest each day you fail to pay back. Now, that’s predatory.

This lender’s app also has the reputation of forcing a loan on people who do not need it so that Swift Naira gets to prey on your funds.

Let’s see examples. If you borrow 19,200 naira, you’ll have to pay back 30,000 naira in 7 days. What Swift Naira loan does is that you’ll be credited for just clicking to review how much loan you can get.

Now, another major problem with Swift Naira is that the app will display a loan amount of 30,000 naira. However, when you apply for this loan, Swift Naira will disburse only N19,200 naira to pay back 30,000 naira in 6 days. Anyone would be upset by this practice, and it’s unfair to borrowers. For every overdue day, you’ll be charged an additional 1,500 naira—this is extremely predatory.

Swift Naira also has a reputation for contacting borrowers before the due date with unprofessional messages.

Also, if you apply for a loan that is approved but has not been disbursed into your account, Swift Naira will still go ahead and display the loan on your dashboard that you are owing the said amount of money, even if your bank confirms that no such money entered your account. It seems that Swift Naira manually manages the disbursement, and they are very inaccurate with the management which ends up reporting false customer data.

How Does Swift Naira Work?

Swift Naira gives loans from 2,000 naira and above. If you install this app with the hopes of collecting a loan of up to 600,000 naira with a long loan term, that’s giving you false hope. This lender typically gives small loans only.

Swift Naira promises a maximum interest rate of 22% per year with loan terms of up to 91 to 365 days. All false. What you’ll experience is loan interest of up to 40% or more in 6 days, with up to 10% of daily interest if you exceed your due date.

So, if you ask for a loan of 10,000 naira, Swift Naira will likely give you 6,000 naira to pay back 11,000 naira. Swift Naira takes interest up front, as such, it does not disburse the complete loan amount.

How to Use Swift Naira Loan App

Download the Swift Naira app from the Google Play Store.
Open an account with your personal and bank information.
Submit your registration information.
Apply for a loan.

If your loan application is approved, the money will be credited to your bank account. Unfortunately, you won’t be given huge loans by this lender.

As for the eligibility, you have to be resident in Nigeria and more than 18 to 60 years old.

Pros and Cons

Pros

Swift Naira actually gives a loan.
Available on Google Play Store.
FCCPC approved but fairly legit.

Cons

Swift Naira is a loan shark.
Not available on the Apple App Store.
The loan review process takes too long.
Extremely high interest rates.
The loan term is not as advertised. Rather, you typically have only 6 days to repay your loan.
Unprofessional and unhelpful customer service.
Loan amount is very small.
Disturbs borrowers before the due date.
Swift Naira takes interest up front and, as such, does not disburse the complete loan amount.
Loan approval is slow.

Is Your Personal and Bank Data Safe with Swift Naira Lender?

Finnew Fintech Ltd has not had any major customer data abuse reports. However, you cannot trust this loan app with your personal and bank information.

Now, let’s talk about the information it collects. Personal information collected includes your name, age, email address, phone number, personal description, marital status, photograph, username, NIN, and home address (such as utility bill). Bank information collected by Swift Naira includes BVN (bank verification number), debit/credit card number, and bank account number.

When you install the Swift Naira app, information collected from your device, either your permission or no permission, includes your installed apps, device ID, device type, IMEI, GPS information, device operating system, IP address, personal contact numbers, call logs, SMS logs, Facebook friends and other social media accounts, photos, and videos or other digital content. Swift Naira lender can also contact someone in your phone list, SMS, call list, etc.

It’s up to you to make this decision. Swift Naira app may not be a perfect loan app but one thing they can sometimes do is actually give loans, even though they can sometimes be shady.

Verdict

This app is fairly legit because of its current FCCPC status. However, Swift Naira is a shady and misleading loan app with false ads. If you can’t afford the high-interest rates, don’t bother borrowing money from them. In this review, Swift Naira gets a 2 out of 5 rating.