Loan App Interest Rates in Nigeria – Hidden Charges You Must Know (Snappycredit-Momogo, Ajeloan, Loan Naira Review)

If you’ve ever borrowed money from a loan app in Nigeria, you already know the shock that comes with repayment. What looks like quick cash often turns into a financial nightmare once hidden charges, late penalties, and aggressive debt collection tactics kick in. Many of these apps operate without licenses, leaving borrowers exposed to harassment and emotional stress.

In this review, we break down three popular loan apps in Nigeria – Snappycredit-Momogo, Ajeloan, and Loan Naira. We’ll reveal their interest rates, repayment terms, and real examples of how much you’ll pay back if you borrow. This way, you can make informed financial decisions before clicking that “borrow now” button.

Snappycredit-Momogo Loan Review

• Category: Dangerous Loan
• Interest Rate: 50%
• Repayment Period: 6 – 14 days
• Overdue Penalty: 5% – 7% daily

Snappycredit-Momogo is notorious for extremely short repayment windows. For example:

• If you borrow ₦10,000, you’ll be asked to repay ₦15,000 in just 14 days.
• Miss your repayment by one day, and you could face an additional ₦500 – ₦700 daily penalty, quickly turning a ₦15,000 debt into over ₦20,000 in less than two weeks.

Borrowers have also reported WhatsApp harassment, threats, and defamatory SMS sent to their phone contacts. Since this platform is not licensed by the Central Bank of Nigeria, they cannot sue you legally, but they rely heavily on damaging reputations to force repayment.

Verdict: Avoid this app at all costs. The debt cycle is designed to trap you.

Ajeloan Review

• Category: Dangerous Loan
• Interest Rate: 42%
• Repayment Period: 7 – 14 days
• Overdue Penalty: 5% – 7% daily

Ajeloan is another app borrowers need to be wary of. While they promise “fast loans without collateral,” the repayment terms are brutal.

For instance:

• A loan of ₦20,000 becomes ₦28,400 in just 14 days (42% interest).
• If repayment is late, you’ll pay an extra ₦1,000 – ₦1,400 per day, which means a two-week delay could add over ₦14,000 to your debt.

Many users report SMS blasts to family and friends, labeling borrowers as fraudsters. Once your name is smeared, paying back doesn’t stop the harassment because their goal is intimidation, not professionalism.

Verdict: Ajeloan is a classic loan shark — high interest, short tenure, and debt shaming tactics. 

Loan Naira Review

• Category: Dangerous Loan
• Interest Rate: 45%
• Repayment Period: 7 – 15 days
• Overdue Penalty: Hidden charges + harassment

Loan Naira’s repayment system is equally risky. Borrowers often complain of unauthorized auto-debits from bank accounts, along with defamatory WhatsApp messages if repayment is delayed.

For example:

• Borrow ₦30,000, and you must repay ₦43,500 within 15 days.
• If you default, you could lose more through hidden penalties and forced deductions from your bank.

Reports show Loan Naira agents resort to insults, curses, and threats — even sending offensive messages to borrowers’ contacts. Blocking them on WhatsApp and reporting their app to Google Play is often the only way to reduce harassment.

Verdict: Loan Naira is highly unsafe for borrowers. The financial and emotional cost outweighs any benefit.

Final Advice: Breaking Free from Loan Sharks

• Never borrow from one loan app to repay another — you’ll only deepen your financial hole.
• Install Truecaller to block harassment calls.
• Contact your bank immediately to block auto-debits.
• Report abusive loan apps to Google Play Store, CBN, and FCCPC.
• Most importantly, avoid unlicensed lenders altogether and consider safer alternatives like CBN-approved microfinance banks or cooperative societies.

ALSO READ: How to Stop Harassment from Loan Apps in Nigeria