Okilo Cash Loan App Review: quick online loan app in Nigeria

With just your BVN and a few KYC information, Okilo Cash loan app will give you collateral free loans ranging from ₦10,000 to ₦350,000 paid directly to your bank account instantly.

This loan app is relatively new and has so far gained over 50k downloads on the Google play store with mixed reviews. It uses loan software to collect prospective customers’ information including phone records, banking transaction alerts, and BVN to build each borrower’s credit score.

Because of their minimal documentation and no collateral requirement, online loans are very expensive with high-interest rates. They should not be taken to fund one’s lifestyle but rather should only be used for emergency needs.

How to Download APK and get a loan from Okilo Cash loan app

  • Download and install the Okilo Cash personal Loan App exclusively available on the Google Play store 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.

What other borrowers are saying about Okilo Cash loan app

These reviews are from users on Google play store.

Gyang Lo-Jugu wrote, “This app is nothing but a loan shark app, how can you tell me You’re giving me 10k but it’s N5500 that is the actual amount I get in my account with all the rest you deduct as charges? and I’ll repay upto 11k? These people are disgustingly dishonest, don’t get a loan from them cos they’re thieves. I gave them 5 stars cos they they own 5 stars in stealing, nonsense.”

Oyakhire Jimoh wrote, “what you apply for is not what you are credited and after crediting they give over 50% interest Scam.”

Note that online loan apps are not registered or regulated by any government agency in Nigeria. You are responsible for your own safety and security should you decide to patronize them. Most of them have very high interest rates and hidden charges on short term loans. Their repayment period is usually just 7 days.

What are the requirements?

  • Be a legal citizen or legal Resident of Nigeria
  • Be at least 18 years old.
  • Have a Monthly income source.
  • Bind your ATM card to your account
  • Provide details of two of your next of kins including their phone numbers.
  • Have a good credit score with no outstanding loans from other lenders.
  • Have an active bank account.
  • Your phone number must be the one connected to your BVN.
  • Have a valid government issued ID card.

Interest rate

Loans range from ₦10,000 to ₦350,000 and the permissible age limit to apply is 21 years. The loan term can be between 90 to 360 days.
Interest Annual Percentage Rate(APR) range from between 5% – 25%.

For example: amount of ₦30000 with a limit of 120 days. Interest rate of 25% / year
• The monthly payment is: ₦ 8125
• The amount of interest for the entire loan is: ₦ 2500
• The processing fee charged is: ₦ 0
• The total payment is: ₦ 32500
• EIR is: 2.08%


For Example
If you choose a loan limit of ₦ 6,000.00 with a period of 360 days
The total interest must be paid: ₦ 6000.00 * 0.05% * 360 = ₦ 1080, monthly interest shall be paid: ₦ 6000.00 * 0.05% * 30 =₦90, monthly repayment bill including principle and interest shall be paid: ₦ 6000/12 + ₦ 90= ₦ 590, total repayment bill including principle and interest shall be paid: ₦ 6000.00 + ₦ 1080 =₦ 7080.

Note that this interest rate is just an example, your actual interest rate on the app will depend on your credit score and how much information the app can get from your device. Keep banking SMS records on your phone to increase your chances of getting a higher loan amount.

Okilo Cash loan app customer service number

Harago Financial Services Pvt Ltd
Email: [email protected]
Tel: +234 08084948272
Address:7 Jesudola Street Lagos Adamo Town, Lagos, Federal Republic of Nigeria


A writer! Columnist and an academic researcher


  1. Good morning, my name is JERUSHA YOILA. I applied for your unlined loan which was approved but I didn’t receive the disbursement. Now you are asking me to pay for what I did not collect. Please check your end.

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