OKash Loan App Review: how to get Instant loan in Nigeria

OKash is a Nigerian Money Lender that provides secure and easy short-term cash loans for both personal and business use to meet urgent cash needs. OKash is owned by Blue Ridge Microfinance Bank Limited. The app fulfills customers’ financial needs 7*24 completely online. The application process takes just a few steps with minimal documentation and the approved loan amount is transferred to the applicant’s bank account.

The app uses AI to analyze your bank records and validate your BVN to take lending decisions based on your credit score. The loan is 100% online, with no collateral required and you can apply at anytime, any day of the week.

How to Apply for OKash loan?

  • Download the SwiftKash personal Loan App exclusively available on the Google Playstore and install it on your Android phone.
  • Register an account with your phone number.
  • Preferably the phone number connected to your BVN as a one time password will be sent to it for verification.
  • Fill in your basic Know-your-customer KYC information, including your residential address, next of kin and employment details
  • You will also be required to provide your Biometric verification number BVN.
  • You’ll be charged N30 to bind your ATM card to your account to increase your chances and get a higher loan amount.
  • A one-time password OTP will be sent to your phone to confirm your details.
  • After the submission of your loan application, the software will analyze your credit score and the final result will be shown in the APP.
  • The result should be displayed in less than two minutes and if you qualify for a loan, the loan amount will be disbursed into the bank account directly.

Make sure you’re using a good phone with enough memory space as you will be required to take a clear live selfie for identity.

The N30 charged to bind your ATM card to your account is refundable, but can take anywhere from 7 to 12 business days for the money to be refunded back to your bank account.

Your BVN is linked to your credit score, so if you have an outstanding loan with other lenders or didn’t pay other lenders as at when due, expect your application to be rejected.

Note that online loan apps are not licensed or regulated by any government agency in Nigeria, you are responsible for your own safety while taking a loan from them as there is no way to make complain about poor service.

OKash interest rate?

The interest rate charged by OKash is between 0.1% up to 1% daily. With Origination Fee Range from NGN 1,229 – NGN 6,000 for a one-time charge

For example, 91-day loan payment terms have a processing fee of 41% and an interest of 9.1%. For the loan processed with a principal amount of NGN 3,000, the processing fee would be NGN 1,229, the interest would be NGN 273, the total amount due would be NGN 4,502.The total amount due in the first month would be N1,512, the processing fee would be N419, the interest would be N93, the total amount due in the second month would be N1,495, the processing fee would be N405, the interest would be N90, the total amount due in the third month would be N1,495, the processing fee would be N405, the interest would be N90.

Note: expect both your loan amount and loan tenure to be significantly lower as individual interest rate, loan amount and loan tenure are calculated based on the applicant’s credit score and credit worthiness. Keep a good credit score and repay your loan on time to qualify for higher amounts. See how loan apps make lending decisionsSee how loan cisions for first time borrowers and how to increase your loan limits.

OKash loan app

Is OKash legit?

Yes, Okash loan is legit and secure. The app is owned by BlueRidge Microfinance limited and uses European level encryption to secure its transactions. A lot of customers have testified to receiving a loan from them. Read other customer’s Review on Google play store.

When you download OKash, it will ask for your permission to scan your financial location data and other information in order to verify your identity, creditworthiness, and provide you with an instant loan. It also use this to help you better understand and improve your finances with us. The app takes privacy seriously – all data you choose to share is encrypted and your personal data will never be shared without your consent.

What OKash can improve.

OKash app is a great loan app and offer fantastic customer care services compared to other loan apps in Nigeria.

However, a lots of customers have complained about their high interest rates, especially for first time borrowers.

Others have also complained about a bug that causes the app to malfunction in its recent update. If you’re experiencing these malfunctions, contact customer service.

what borrowers are saying about Okash loan app

Okash offers high interest loans, but borrowers have mixed experiences with the lender. Reviewers mentioned the easy application process and professionalism of the lender’s customer care service throughout the borrowing process.

James Martins wrote, “Prompt payment, easy registration and loan application is simple. Payback is also easy and sometimes, you get stages of payment cleared when you meet up with the deadlines of previous stages. My disgust and the major reason for uninstallimg was the rudeness of the customer service agents.”

 Danny Dan wrote, “Credibility is at its lowest. You will not get a refund if you mistakenly transfered or pay more than what you owe. Ive experienced it twice(2nd time was deliberate). I expected to see the overpay on my dashboard but wait a minute, unlike fairmoney and other loan apps, they don’t even have a wallet ..”

Oladimeji Rabiu wrote, “The app is good, but they really need to work on two things, first the disbursement takes too long, and secondly, I tried repaying my loan but it doesn’t reflect on the app whereas my account has been debited. They need to work on this two things.”

Aluko Temitope wrote, “I seriously dont know why all of a sudden my credit limit will drop from a high rate to the nearest minimum all in the name of system error. I have being building my credit record for a long time now and always make sure I repay even before due date. I have never defaulted. Now my credit limit was just reduced due to system error. Please kindly fix this, because it’s not encouraging at all. Please kindly fix this.”

Please do not take an Okash loan to fund your lifestyle or service long-term debts. Short-term loans are helpful in emergencies but can be quite expensive when compared to long-term loans and should be used with care.

Personal Loan Eligibility

  • You are a Nigerian Citizen
  • You are at least 18 years or older
  • Approval of your loan depends on a number of factors, such as, all documents required are uploaded, leverage ratio and disposable Income.
  • You have a source of income
  • You have a Nigerian Bank account.

How much can I borrow with OKash?

OKash will offer you a loan range between N3000 to N500000. Monthly loan payments, interest rates, and loan terms will vary depending on your credit score.

OKash customer care number

Customer Service Email:
Customer Service Hotline: (+234)08097755512,08097755514
Office Address: Room 301, Japaul House, Plot 8 Dr. Nurudeen Olowopopo Way, Central Business District, Ikeja, Lagos, Nigeria


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