OkayNaira Loan App Review
OkayNaira is a Nigerian Fintech app exclusively designed for application and disbursement of quick loans.
The company behind the app is LitFin Nigeria Ltd, a Lagos-based financial technology company. Most Nigerians rely on such Fintech companies to provide them with loans to take care of their emergency needs before paying back a reasonable interest in the future. These short-term loans can be aquired for emergencies like buying a new phone, paying shool fees or for medical emergencies. Actually, most loan apps don’t really ask what you need the money for, just that you repay their interest on time.
OkayNaira is your one stop shop for instant cash loans and credit. The mobile app is especially designed to help Nigerians in times of emergencies and urgent needs.
How do I get a Loan from OkayNaira?
Install OkayNaira from the Google Play Store
Register an account
Fill out your basic information, then submit the application
Receive your loan straight into your bank account Loan
Advantages:
You can get a Loan up to NGN 100,000 in less than 5 minutes.
No collateral is required unlike borrowing from commercial banks
Low interest rate
Long time repayment of up to 180 days.
Loan Eligibility:
You have to be Nigerian Resident, with a Nigerian bank account and BVN
You have to be at least 18+ years old
What is OkayNaira interest rate?
The interest rate is 10% plus a One-time processing fee of 2% on a Loan term of 180 days (The loan term is fixed). Their Loan amount is from NGN 10,000 to NGN 100,000.
For example, If you borrow NGN 10,000 with the fixed term of 180 days. OkayNaira charges an interest rate of 10% and a one-time processing fee of 2%, they would charge you NGN 1,000 as interest and NGN 200 as one-time processing fee. The total cost of the loan is NGN 1,200(interest and process free, without any other cost)
Will OkayNaira ask for my BVN?
Yes, and so would any money lender in Nigeria today. The reason is to verify your BVN and other information to verify your identity and Credit Profile. Your personal information will never be shared without your direct and explicit permission. Bank verification number BVN is your unique eleven digit number tied to your bank account, the number contains your biometric details and can be used to see your credit score and determine if you have any outstanding balance with any other money lender.
OkayNaira Contact and customer care number
If you have any feedback, questions, or concerns, please send an e-mail to [email protected].
✉️ Email: [email protected]
📍 Address: 12 Aliu Imah street Ikorudu Lagos,Nigeria
Is OkayNaira legit or a scam?
OkayNaira is legit, a lots of people have received their loans though some complain of difficulty when paying back their loans. The App is owned by the parent company LitFin Nigeria Ltd, and their head office is located at No. 12 Aliu Imah street Ikorudu Lagos, Nigeria
Conclusion
OkayNaira is one of the few loan apps in Nigeria that offers a reasonably high amount to first time borrowers. You can receive up to N 10,000 and the loan term is also long, up to 180 days. The app might be a bit glitchy at first but their services are relatively okay. You will also be required to link your ATM card with your account and pay N50 before they process your loan.
What kind of app tells you to sign in instead of sign up when you have never registered
I got a loan I did applied for and I never noticed ….all I saw was call tagged scam so I didn’t pick but when it became much I picked and he said I borrowed #7k to pay 16k now because of overdue. I tried to argue it out …the next hour one Mr Idion Stanley sent message to most of my contact with my wedding pics that my family is a family of thieves that we are wanted. Till today his both Stanley and Barr. Justine as revealed by true caller don’t pick my calls after I was forced to pay back #16,160.
I have reported it to the police and I will take all legal actions against them
Oknaira is scam!
Stanley Idion +234 912 018 0513
Barr. Justine +2349120135736
They are both thieves and 419
I borrowed some money from okaynaira few days ago.Now I wanted to defray my debt but could not access the app to activate payment because the app always pop up a message indicating that my location GPS or GRS has failed. I have done everything possible to open up the app and pay but all my efforts to no avail.
To this effect,I want your organization to send to me the amount i owed and account number to enable me to pay my debt via bank transfer.My details are:NAME:Lovett Agusa Onanore
68 Amai Road, Obiaruko, Delta State.
This looks like a scam. You received a loan from OkNaira for a seven day repayment plan only for the same people to start calling you 2 days after that if you don’t return the money you’ll be scandalized.
Please someone should tell me am not in the den of scammers
Hello ,I didn’t request for money from oknaira and they credit my acct and I return it immediately pls I don’t want any embarrassment becos I go to any length if u mess with me
pls i have same issue and i have been trying to refund their money is not going. i did not borrow i just saw alert on my phone.
pls help me
The worst loan organization ever
How can you increase ur money from 3,500 to 10,800 cos of 4 days default. What kind of stupid interest is that
Hello ,I also didn’t request for money from oknaira and they credit my acct and I return it immediately pls I don’t want any embarrassment. Please stop sending money to people without their request.