How to Borrow Money from LairaPlus in Nigeria: Access to short-term personal loans in Nigeria has grown rapidly with the emergence of digital loan platforms, and LairaPlus Loan is one of the fast-rising names in the space. Offering loan amounts from ₦3,000 to ₦100,000 and interest rates ranging from 16% to 36% annually, LairaPlus provides short-term credit without the need for collateral, paperwork, or long approval times. Whether you’re facing an unexpected expense, a delay in salary, or just need a small bridge loan to keep your finances afloat, LairaPlus provides a digital lending option with no complicated approval process.
In this comprehensive guide, you’ll learn everything about how LairaPlus works, including current interest rates, qualification criteria, how to apply using your smartphone, how the loan repayment works, and how to contact support if you need help.
Table of Contents
What Is LairaPlus or Lairaplus Loan?
LairaPlus is a mobile-based lending platform that offers quick access to personal credit for Nigerian residents. Designed for both salaried and self-employed users, the platform provides instant loans through its mobile app without any paperwork, collateral, or office visits. Loans are processed based on credit scoring and financial behavior—evaluated using data from your phone and BVN.
It is part of a new generation of fintech apps that aim to simplify loan access for everyday Nigerians using a fully online, app-based model.
LairaPlus Loan Features at a Glance
| Feature | Details |
|---|---|
| Loan Range | ₦3,000 – ₦100,000+ |
| Repayment Term | 91 – 365 days |
| APR (Interest Rate) | 16% – 36% annually |
| Collateral Needed | No |
| Service Fee | ₦0 |
| Disbursement Method | Direct to your bank account |
| Application Method | Via mobile app |
LairaPlus Interest Rate: How Much Do I Pay?
The cost of borrowing on LairaPlus is determined by the Annual Percentage Rate (APR), which varies based on your loan amount and repayment period. While the advertised range is 16% to 36%, the actual rate is determined during your application.
Here’s an example to understand how LairaPlus calculates loan interest:
- Loan Amount: ₦20,000
- Tenure: 180 days
- APR: 16%
- Formula:
Interest = (Loan Amount × Interest Rate ÷ 365) × Loan Tenure= (₦20,000 × 0.16 ÷ 365) × 180= ₦1,578 - Total Repayment: ₦20,000 + ₦1,578 = ₦21,578
Note: LairaPlus does not charge a service fee, which is a plus compared to some competitors.
Eligibility Criteria for LairaPlus Loan
To be considered for a loan on LairaPlus, the following requirements must be met:
- Minimum Age: 18 years old
- Residency: Must reside in Nigeria
- Bank Verification Number (BVN): Mandatory for identity verification
- Bank Account: Personal bank account required for disbursement
- Income: Must have a consistent source of income (salary, business, or freelance)
- Credit History: Applicants with a positive credit record have a higher approval rate and better loan offers
The app may also analyze your phone data (like call logs, SMS, and installed apps) to assess financial behavior, which contributes to your internal credit score.
How to Apply for lairaplus Loan (Step-by-Step Guide)
Applying for a loan on LairaPlus is a mobile-only process, and everything happens within the app. Follow these steps:
- Download the App: Go to the Google Play Store, Search for LairaPlus and click Install to download the app to your Android phone
- Create an Account:
- Launch the app after installation
- Enter your phone number to begin the registration
- Set up your profile by providing details such as name, BVN, and contact info
- Complete the Application:
- Fill out the loan application form
- Provide bank account details, monthly income, and other financial info
- Select your desired loan amount and repayment duration
- Wait for Review:
- Once submitted, LairaPlus automatically processes your application
- Approval can take as little as a few minutes, depending on your credit profile
- Get Paid:
- If approved, the loan amount will be credited directly to your bank account
- You’ll also be shown a repayment schedule inside the app
Is LairaPlus a Legit Loan App?
Yes. LairaPlus is a legitimate loan provider in Nigeria that operates under recognized fintech practices. While it’s not currently licensed as a bank, it follows consumer protection laws and uses BVN-based identity verification, which helps prevent fraud and secure user data.
The platform has gained thousands of downloads on the Play Store and is gradually building trust among users by offering quick loans without demanding upfront fees.
How to Repay a LairaPlus Loan
LairaPlus supports automatic repayment via bank debit as well as manual transfers through your app dashboard. You’ll be reminded before the due date, and failing to pay on time may attract penalties or negatively impact your credit rating.
- Ensure your bank account is funded on the due date
- You can also log in and choose to repay manually if preferred
There are no hidden fees or processing charges outside the agreed interest. However, late payments may attract a fee.
LairaPlus Customer Care and Support
If you need help during or after your loan process, LairaPlus provides multiple support channels:
- Email: support@lairaplus.com
- WhatsApp: +234 703 090 9048
- Office Address: 87 Nosamu Street, Ajegunle 102103, Lagos, Nigeria
Frequently Asked Questions
1. What is the loan amount range on LairaPlus?
LairaPlus offers personal loans ranging from ₦3,000 to ₦100,000, depending on your credit profile and repayment history.
2. What interest rate does LairaPlus charge?
The interest rate ranges from 16% to 36% per annum (APR). Your exact rate is calculated based on your loan amount and repayment duration.
3. Do I need collateral or paperwork to apply?
No. LairaPlus does not require any collateral or physical documentation. The entire process is completed online via the mobile app.
4. Is my BVN required to apply for a LairaPlus loan?
Yes. Your Bank Verification Number (BVN) is required for identity verification and to assess your creditworthiness.
5. How fast is the loan approval process?
Loan approval on LairaPlus usually takes just a few minutes, provided your credit profile meets their criteria.
6. How do I repay my LairaPlus loan?
You can repay automatically via bank debit or manually through your app dashboard. Ensure your account is funded before the due date to avoid penalties.
7. How do I contact LairaPlus customer care?
You can reach LairaPlus via email at support@lairaplus.com, on WhatsApp at +234 703 090 9048, or by visiting their office at 87 Nosamu Street, Ajegunle 102103, Lagos, Nigeria.
Conclusion
If you’re looking for a secure and fast way to access small personal loans without paperwork, LairaPlus provides a digital-first solution that’s both simple and efficient. Its transparent interest rates, no hidden fees, and fast approval process make it suitable for salary earners, entrepreneurs, and freelancers in need of emergency funds.
However, as with any loan, be sure to borrow responsibly and only apply for amounts you can comfortably repay on time. Late payments can affect your future loan chances—not just with LairaPlus, but across multiple digital lenders in Nigeria.
Be sure to check out our other related articles for more insights.