The OKash loan app is one of the most popular loan apps in Nigeria. It is known for offering instant personal and business loans without asking for collateral or guarantor.
OKash loan can be used for emergency cash, business financing, or for personal financial needs. I personally love their loan process because of its fast approval and simple application process.
On this page, you will learn everything about the OKash loan app, interest rates, loan requirements, repayment methods, and how to apply.
OKash is a digital loan app that provides quick personal and business loans to Nigerians via their mobile app.
It allows users to:
Apply for loans online
Get instant approval
Receive the approved amount in their bank account
Repay the loan within stipulated loan duration
Qualify for higher loan amounts
OKash is designed to provide fast and easy access to credit without collateral or paperwork, making it suitable for urgent financial needs.
OKash Lending Company
The OKash operates under Blue Ridge Microfinance Bank Limited, a financial institution licensed to provide lending services in Nigeria. Blue Ridge Microfinance Bank Limited is the mother company of OKash, and Easemoni.
The platform was launched to improve access to financial aid and provide quick loans to individuals who may not easily get loans from commercial banks.
Their app currently has over 10 million downloads from Google Play Store with many positive reviews from, showing its popularity and positive impact in the Nigerian digital lending space.
OKash gives instant loan. Their loan application takes less than 5 minutes. The loan processing time is less than 2 minutes. Users love it because of:
Fast approval, usually within minutes
Access to loan even for first time users
Automated approval system
Automatic credit check system
Fast disbursement to bank account
Inbuilt access to loans for existing Opay users
Everything is processed instan and digitally
2. No Collateral Required
Unlike some other loan apps or bank loans, OKash borrowers do not need to provide:
Guarantor
Collateral
Physical document
Physical passport
Sign paper agreements
3. Flexible Loan Amount
They have something for everyone based on their capacity. If you are high income earner, you have access to high loans, if you are an average earners, there’s still something for you.
So their loan amounts vary based on eligibility, financial status, credit score, creditworthiness, etc., with ability to increase loan limit if you maintain a good repayment.
Minimum amount: ₦3,000
Maximum amount ₦2,000,000
4. Easy Application Process & requirements
Like I said earlier, OKash does not require much documentation before giving you loan, unlike some other loan apps or bank loans.
To access their loan, you only need to provide the following:
Users can borrow between ₦3,000 to ₦2,000,000, with access to maximum limit of ₦5 million for specific users based on income.
The loan amount users qualify for depend on their credit score, income levels, and repayment history.
Interest Rate
Their interest rate ranges from 3% to 15% monthly, with an APR of 36.5% to 360%, with a daily interest rates ranging between 0.1% to 1.2%.
Interest is calculated as:
Principal (the amount you borrowed) x 1.2% (assuming that’s the daily interest rate) x number of days
Example 1: 15-Day Loan
Let’s say you borrow ₦14,000 for 15 days, thus:
Principal amount: ₦14,000
Daily Interest Rate: 1.2%
Duration: 15 days
Interest Calculation: ₦14,000 x 1.2% x 15 = ₦2,520
Total Repayment: ₦14,000 (Principal) + ₦2,520 (Interest) = ₦16,520
Example 2: 91-Day Loan
Principal amount : ₦3,000
Interest Rate: 9.1% (Total for 91 days)
Interest: ₦3,000 x 9.1% = ₦273
Total Repayment: ₦3,000 + ₦273 = ₦3,273
Let’s break it down so you can understand better:
You borrow ₦3,000 from OKash for the 91 days loan repayment terms (about 3 months)
According to them, the interest for the entire 91 days is 9.1% of ₦3,000 which will be ₦273
So you will need to repay a total of ₦3,000 (borrowed amount) + ₦273 (interest accumulated) = ₦3,273
The interest is calculated in roughly 3 monthly installments:
First Month: ₦1,093 (₦1,000 principal + ₦93 interest)
Second Month: ₦1,090 (₦1,000 principal + ₦90 interest)
Third Month: ₦1,090 (₦1,000 principal + ₦90 interest)
As you can see, you’ll be paying ₦273 in interest for borrowing ₦3,000 for 3 months.
Note: Interest is calculated based on loan duration and risk profile. So this means you’ll pay interest based on the loan amount you borrowed, so it’s essential to understand the terms before borrowing.
Hidden Fees:
No hidden fees are mentioned on their app and from users reviews, there are no hidden or service fees applicable.
Rollover Fee:
Failure to repay your loan on time will result in a daily fee charge. OKash usually charge about 2% daily rollover fee on overdue loan.
This feels is charged to automatically extend the loan and it usually starts after a 1-day grace period, then they start charging daily.
Overdue Interest Rate: 2% of the overdue amount, charged daily
Grace Period: A 1-day grace period is provided.
Automatic Extension: Failure to repay the loan triggers an automatic rollover
Impact on your loan profile: after a prolonged non-payment (usually about 28 days) may leads to report to credit bureaus, which can impact your credit score negatively
Eligibility & Requirements
Be a Nigeria Resident.
Must be between 20-55 years old.
Must have source of a monthly income.
Smartphone to download the app
BVN for verification
Active phone number
Bank account (Opay users can use their Opay account)
Documents Required
Depending on your profile risk, OKash may request for:
BVN verification
Identity confirmation
Phone number verification
Device Permission
This is usually needed to help reduce fraud and protect borrowers.
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