OKNaira Loan App Review: Mobile Loan App in Nigeria

Rating: 2 out of 5.

OKNAIRA loan app is a mobile lending service in Nigeria that promises to offer micro and medium short-term personal loans of up to ₦530,000 unsecured.

An unsecured loan is a type of loan that does not require collateral or downpayment to obtain. It is usually short-term with very high interest rates.

Before you download this app you should know it has some serious bugs and networking issues that prevents smooth registration.

The app has so far gained over 10k downloads on Google play store with mixed reviews. Most costumers seem to complain about the networking issues that hinders the app’s simple and smooth registration process. It uses a loan software to collect prospective customers information including phone records, banking transaction alerts, BVN to build the credit score of each borrower.

To qualify for higher amounts, be sure to keep good bank transaction messages on your phone and do not have outstanding debts with other loan apps!

Application is simple, just download the app from Google play store, provide some information about yourself, the algorithm will analyze your information, calculate your credit score and make you a loan offer all Within a few hours.

How to Download APK and get a loan from OKNaira loan app

  • Download the OKNaira personal Loan App exclusively available on the Google Playstore and install 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 Kwow-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 N50 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 N50 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.

Your credit score is a record of your previous borrowings, how early or late you make your payments, cash transactions going in and out of your bank account among other information.

When you download this app you have to consent to it to get access to your phone book contacts that will serve as your guarantors, SMS to see your banking transaction records, apps on your phone to see how you use other loan apps and other details it uses to build your credit score.

Is OKNaira loan app legit or scam?

OKNAIRA loan app is a legit loan app that gives micro loans to customers, if you’re lucky enough to get past the bugs and networking issues. caution should be taken before taking any online loan. Always read other customer’s reviews before you apply for a loan in Nigeria.

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

You should know that these loan apps are not registered or regulated by the CBN or any government agency in Nigeria. You are responsible for the security of your transactions with them and there is no way to seek redress for poor customer service.

Also its availability on Google play store does not make transactions performed on it secure. The play store merely provides an avenue for download, you are responsible for your own security while using loan apps in Nigeria.


  • Offers loan amount of upto N420k.
  • It’s legit, has been confirmed by admin that they actually do give loans.
  • Completely online with no collateral required.


  • Takes time to disburse loans after approval, some customers take days even weeks before seeing alert.
  • Short loan duration especially for new users, starts at just 7 days.
  • Very high interest rates on small loan amounts.
  • Has networking issues that prevents smooth registration.

When taking loan, be mindful of the repayment plan. If you take a 60 days loan with two repayment installments, the app might attempt to auto debit you on the due date of the first installment and even charge overdue charges before the end of your 60 days tenure.

You can change your ATM card password to prevent auto debit. This app has been reported to deliberately auto debit their customers even after they have made payments via bank transfer.

Because there is no regulations in Nigeria, most of these apps are loan sharks who might threaten to send messages to your family members calling you a scammer if you default on your repayment. It is best to avoid these apps if you have other options.

If you’re being threatened or bullied by any loan shark in Nigeria, see this Facebook group where you can find support and read about the experience of others who have suffered bullying from loan apps.

What other borrowers are saying about OKnaira loan app

Most borrowers seem to have a complain about the serious networking issues that prevents smooth registration on this app, that’s if you look beyond the paid reviews it has on play store.

Samuel Faith wrote, “You people needs to work on your app, i have updated twice but still keep rolling when it get to adding bank account. I sent email to no avail. Do something and stop disturbing me with messages that it remain one step when you know i cant pass the step.”

Samson Rasheed wrote, “After putting all the necessary details that was required of me, still not brining the list of banks and have been on this for days and yet you guys keeps sending me text message that I only need to submit my loan application and after refreshing over and over again it’s still not brining the list of banks. You guys should do something about it.”

Denise Isreal wrote, “I didn’t apply for a loan , I saw your loan app and the interest rate was too high so I cancelled it, only to see it disbursed into my account 3 days later at midnight without asking for it, please do something about it because I never clicked the disburse option.”

interest rate?

You can get as little as N2,000 and up to N120,000, and you can pay back between 60 to 180 days. Our usual repayment period is monthly. Our minimum interest rate, determined by our credit scoring algorithm, is 3% per month and a maximum of 10% per month. This comes to an Annual Percentage Rate (APR) of 36% to 120%.

If you choose a loan package of N10,000 (Principal) to pay back over a 6-months tenor at an interest rate and fees of 3% per month (36% APR), you will be paying back N1,966.67 monthly for 6 months. At the end of the 6 months, you would’ve paid a total of N11,800.

This interest rate and tenure is just as an example, expect your loan amount and period to be significantly lower if you’re borrowing for the first time. You can increase your amount by keeping good records and paying back loan on time.

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.

What will happen if I don’t repay my loan or pay my loan late?

Late loan repayments automatically incur a fee of 2% per day. It is therefore advised that one does not exceed the due date. Repay the loan by its due date allows you to access larger loan sizes. Late repayments will affect your ability to get subsequent or larger loans. If you are very late on your payments, you will be reported to the First Central Credit Bureau. Blacklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders.

OKNaira loan app customer service number

  • Tel: 08135716189
  • Email:oknairaapp@gmail.com

10 thoughts on “OKNaira Loan App Review: Mobile Loan App in Nigeria”


    I Got A Loan From Your Platform Yesterday,I Never Applied For Any Loan From Your Platform, A Loan Of 18675 To Repay 26675 Within 6 Days, Please I Don’t Need It.

    1. Quickly deposit the 18675 back immediately. If you deposit it back immediately you received it you can avoid paying the interest on it.


      This Is Not Welcome Please, OkNaira Should Ask For A Withraw,Am Not In For Such Transaction,It’s Dubious.

  2. Chizobac okorie maryrose

    You send me money I never applied but I have resend to you guys back. And none of should call my line 😠

  3. Ayeni Elizabeth

    That is how they normally did and that is rubbish how can you dispose money to the person that is not accept your loan

      1. I just got an alert from your application of 12,000 to pay back 17,227. I didn’t apply for any loan and I have paid back immediately.Pls clear me off because I don’t want any embarrassment

    1. Olasunkanmi Ajibola

      I uninstalled ur apps and u went ahead to give me loan. This is rubbish. In ur apps u claimed u gave me N9,900.00 to repay N11,425.00 but u credited my bank account with just N7,745.00. You people are 419!

  4. I got an alert of 18825…I’ve returned it bk to u guys…you Don’t impose money on someone like dat

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