Some loan apps are not worth the storage space of your mobile phone. That’s because they lie about the interest rate, repayment tenure, and other information. In this review, we will scrutinize LairaPlus, one of the instant digital lenders in Nigeria.
LairaPlus is a lending app owned by Grola Tech Credit Limited. It also owns LionCash, CayCredit, TrueNaira, NairaPlus, etc. LairaPlus app is legit because it is fully approved by the FCCPC (Federal Competition and Consumer Protection Commission). The address provided by this lender is 87 Nosamu St, Ajegunle 102103, Lagos (fake address). The website is Lairaplus.ng.
Is LairaPlus App Legit?
LairaPlus is fully approved by the FCCPC. However, it doesn’t mean that this loan app is excellent. Don’t be fooled by fake reviews and false ads with claims you will never experience.
LairaPlus charges about 50% in loan interest and expects you to pay back in 7 days. If you default on your loan, LairaPlus will charge approximately 600 to 900 naira each day you fail to pay back.
This lender currently has eight (8) loan apps to its name, with only two active, which are LairaPlus and CayCredit. This is one of the loan apps that change names every time either because they were banned on the app store or just want to change their identity to hide their bad reputation.
This lender’s app also has the reputation of forcing a loan on people who do not need it so that LairaPlus gets to prey on your funds.
If you borrow 19,200 naira, for example, you’ll have to pay back 30,000 naira in 7 days. What LairaPlus lender does is that you’ll be credited for just clicking to check how much loan you can get.
Now, another major problem with LairaPlus is that the app will display a loan amount of 30,000 naira, for example. However, when you apply for this loan, LairaPlus will disburse only N19,200 naira to pay back 30,000 naira in 7 days.
LairaPlus also has a reputation for contacting borrowers before the due date. Also, if you default, LairaPlus will call your contacts about your debt. To avoid this experience, follow the steps explained here.
As for its physical address, LairaPlus provides a fake address. Google Maps leads us to a building that looks abandoned, which this lender probably only used to bypass its Google address verification.
If you apply for a loan that is approved but has not been disbursed into your account, LairaPlus 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 LairaPlus manually manages the disbursement, and they are very inaccurate with this management.
How Does LairaPlus Work?
LairaPlus gives loans from 5,000 naira and above. Don’t install this app with the hope of collecting a loan of up to 500,000 naira as they claim with a long loan term—you won’t get it. This lender typically gives small loans only.
With LairaPlus loan, what you’ll experience is loan interest of up to 40% or more, with up to 10% of daily interest if you exceed your due date.
If you ask for a loan of 10,000 naira, LairaPlus will likely give you 6,000 naira to pay back 11,000 naira. LairaPlus takes interest up front, as such, it does not disburse the complete loan amount.
How to Use LairaPlus App
- Download the LairaPlus 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 a large sum by this lender due to credit history excuses.
As for the eligibility, you have to be resident in Nigeria and up to 18 years old but not older than 55 years.
Pros and Cons
Pros
- Available on Google Play Store
- FCCPC approved but questionable
- Has a CAC (Corporate Affairs Commission) profile
Cons
- LairaPlus is a loan shark
- Not available on the Apple App Store
- The loan review process takes long
- Loan disbursement is not instant
- High interest rates
- The loan term of 365 days is not as advertised. You have only 7 days to repay your loan
- Loan amount is very small
- Disturbs borrowers before the due date
- LairaPlus takes interest up front and, as such, does not disburse the complete loan amount
- Talks customers into rating their app, which is predatory
- Charges 600+ naira each day after default
Is Your Personal and Bank Data Safe with LairaPlus Lender?
Grola Tech Credit Limited has had many complaints about customer data abuse, including calling borrowers contacts and digitally harassing customers who default. You cannot trust this loan app with your personal and bank information.
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 LairaPlus includes BVN (bank verification number), debit/credit card number, and bank account number.
When you install the LairaPlus app, information collected from your device, either with 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. LairaPlus lender can also contact someone in your phone list, SMS, call list, etc.
It’s up to you to make this decision. LairaPlus app may not be a perfect loan app but one thing they can sometimes do is actually give loans.
Verdict
This app is fairly legit, and that’s because of its current FCCPC status. However, LairaPlus is a misleading loan app with false ads. If you can’t afford its high-interest rates, don’t bother borrowing money from them. In this review, LairaPlus gets a 1 out of 5 rating for false ads, customer harassment and data abuse complaints, and frequently changing names.
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