If you’ve searched “how to get a quick loan in Nigeria without collateral” or “best loan apps in Nigeria 2025,” chances are OKash popped up on your radar. In this review, we’re going deep into what OKash is, how it works, the pros and cons, and whether it’s worth your time—or money.
What is OKash Loan App?
OKash is a mobile lending app available on Android that offers instant loans to users in Nigeria. Operated by Blue Ridge Microfinance Bank, OKash positions itself as a go-to app for Nigerians needing fast cash for emergencies, business, school fees, or personal expenses.
Whether you're a salary earner waiting on payday or a small business owner needing cash flow, OKash claims to deliver short-term financial solutions with zero collateral.
How Does OKash Work?
To get started with OKash:
- Download the app from the Google Play Store.
- Register using your phone number and BVN.
- Complete your profile by answering a few financial and employment-related questions.
- Apply for a loan—you’ll be shown a loan offer based on your creditworthiness.
Once approved, the loan is disbursed into your bank account within minutes.
Loan Terms and Interest Rates
This is where it gets real.
- Loan Amounts: From ₦3,000 to ₦500,000 (for new users, lower limits apply)
- Repayment Period: 91 days to 365 days
- Interest Rate: Daily rates range between 0.1% to 1%, which translates to an APR of 36.5% to 365%
- Service Fee: Up to 5% of the loan amount
Example: If you borrow ₦10,000 for 120 days at an interest rate of 1%, your total repayment might be around ₦12,400, depending on your risk profile.
Is OKash Legit in Nigeria?
Yes, OKash operates under Blue Ridge Microfinance Bank, which is licensed by the Central Bank of Nigeria (CBN). However, being licensed doesn't automatically mean it's perfect. It simply means they follow legal lending procedures in Nigeria.
Search queries like:
- “Is OKash CBN approved?”
- “Is OKash a scam or legit?”
…are common because of issues some users face (more on that below).
User Experience: The Good, the Bad, the Annoying
Pros:
- Fast disbursement: Money hits your account in under 10 minutes after approval.
- No paperwork: 100% digital loan process.
- No collateral required: Great for individuals with no assets.
- Ease of access: Just a smartphone and BVN is enough to apply.
Cons:
- High-interest rates: Compared to traditional banks, OKash can be expensive.
- Aggressive reminders: Some users complain about OKash calling or texting their contacts if they miss a repayment.
- Customer service issues: Reaching support when there’s a problem can be frustrating.
- Credit limit issues: Even with on-time repayments, credit limits don’t always increase as expected.
Does OKash Call Your Contacts?
Yes, and this has been a major issue for users. If you default, OKash may use the phone numbers you've granted access to during sign-up to call or message your contacts. While controversial, it’s a tactic used by many Nigerian loan apps to encourage repayment.
So if you’re thinking: “I need a loan app that doesn’t call my contacts,” OKash may not be ideal.
Tips for Using OKash Responsibly
- Borrow only what you need: Don’t be tempted to max out your loan limit.
- Read the fine print: Understand your repayment obligations before accepting the loan.
- Repay early if possible: Some users get better rates and increased limits for early repayments.
- Keep your phone number and account details up to date to avoid repayment issues.
Is OKash the Best Loan App in Nigeria?
That depends on what you value.
If you’re looking for speed and don’t mind high-interest rates, OKash works. But if you prioritize low interest or hate receiving random phone calls, you might want to look at alternatives like Carbon, FairMoney, or Branch.
Still, OKash has carved out a significant market because:
- It’s accessible even for first-time borrowers.
- It’s available 24/7.
- It helps Nigerians in urgent need of funds.
Final Verdict
OKash is legit and fast but comes with high fees and potentially invasive practices. It’s best suited for emergency borrowing, not long-term financing. If you use it responsibly, it can be a lifesaver. If not, it could lead to debt stress.
Rating: 3.5/5
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