swift naira loan requirements shows that you need to provide a government-issued ID. This ID is an official document that verifies your identity and can be a National ID card, a passport, or a driver’s license.
Introduction
Swift Naira is a loan app in Nigeria that lets people borrow money quickly. The loan amounts range from ₦2,000 to ₦600,000, and you can borrow for as short as 91 days or as long as 365 days. The interest rate is up to 22% per year, and the processing fee can be between 0.1% and 0.35%.
Here is an example of how a Swift Naira loan works. If you borrow ₦5,000 for 100 days, the interest is 0.05% per day. So, after 100 days, you will pay ₦250 as interest.
The total amount you will have to repay is ₦5,250, which is ₦5,000 plus the ₦250 interest. There are no extra fees in this case, and the processing fee is zero. This seems simple and easy to understand for people who need quick loans.
However, some users are saying bad things about Swift Naira. One customer said that the app was created by fraudsters.
According to the user, when you apply for a loan, the app collects personal information like your BVN, a live video of you, your name, and your date of birth.
The user claims that this information is then used to open bank accounts in your name without your permission. They say that these fake bank accounts are used to steal money from others.
The customer also warned that when the authorities, like the EFCC, try to trace the fraud, they will trace it back to your name because the fake bank accounts were opened with your details.
This means that innocent people could be arrested for crimes they didn’t commit just because they applied for a loan from Swift Naira. This is a very serious accusation and can cause a lot of problems for users.
History and overview
Swift Naira is a loan app that started in 2024. The app is owned by Swift Networks, and the company’s CEOs are Chukwuma Okoye and Charles Anudu.
Swift Naira helps people in Nigeria borrow money quickly, with loans from ₦2,000 to ₦600,000. The app is available on the iPhone store and also as an APK file on some local blogs.
Even though Swift Naira offers quick loans, some people are not happy with the app. They say it acts like a “loan shark.”
This means the app charges high interest rates and can be very harsh when trying to collect money from people who borrowed. Some users have warned others to be careful before using Swift Naira, as they found the terms difficult.
There have also been legal problems. On June 11, 2024, Union Bank filed a legal case against Swift Networks and its Managing Director, Charles Anudu.
The details of the case are not fully known, but this has made more people concerned about the company and its loan app.
While Swift Naira can be helpful for people who need quick cash, the complaints and legal issues have made some users uncomfortable.
If you are thinking about using the app, it’s important to be careful and understand the risks. You should research the app properly and make sure you are okay with their terms before borrowing money.
Requirements
18 years old
means that to apply for a loan from Swift Naira, you need to be at least 18 years old. This is a common requirement for financial services, ensuring that applicants are legally considered adults and are able to enter into contracts.
APk or App
To use Swift Naira, you must be at least 18 years old. You can get the app by downloading it from the iPhone store or by downloading the APK file from local blogs for Android devices.
Bank account
You need to have a valid bank account to apply for a loan with Swift Naira. This means your bank account must be active and able to receive and send money.
Government ID
To apply for a loan with Swift Naira, you need to provide a government-issued ID. This ID is an official document that verifies your identity and can be a National ID card, a passport, or a driver’s license.
The government-issued ID is required to confirm that you are a legitimate individual and to help Swift Naira ensure the security and accuracy of their loan services.