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 okaynaira@gmail.com.

✉️ Email: okaynaira@gmail.com
📍 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.

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