OxLoan Mobile Loan App Review: Borrow Money Instantly Online in Nigeria

OxLoan is a mobile Loan Platform which provides Nigerians with convenient lending services. Users can access collateral free loan products which is 100% online process.

This app is relatively new in the loan business with just over 10k downloads so far on Google play store and 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 a loan or 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 OxLoan app

  • Download the OxLoan 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.
  • 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.

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.

When you download this app it gets access to your phone book contacts, SMS, and other details it uses to build your credit score.

Is OxLoan loan app legit or scam?

Yes, OxLoan Loan app is legit and does give out loans to customers but with extremely high interest rates most especially for first time borrowers. Always read other customer’s reviews before you apply for a loan in Nigeria.

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.

What OxLoan loan app can improve?

First time borrowers usually don’t get above N5000 loan to payback N8000 within 7 days. The tenure is too short and the interest rate is just ridiculous. Though the app promises to give you a revolving loan with higher amount and higher tenure on your subsequent loans, there is no guarantee you’ll be approved.

OxLoan also takes hours to review applications and credit bank accounts. This is not an instant loan app. You might find yourself waiting for credit several hours after your loan application has been approved. Some customers get a message telling them wait for 2-3 days because of high demand.

This app also have some bugs, some customers have complained that their loan isn’t being cleared on their dashboard even after repayment. If this happens to you, send message with your proof of payment to customer support to rectify the issue.

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.

OxLoan interest rate?

Loan time tenure: from 91 days to 365 days.
Loan amount range: from ₦5000 to ₦ 500,000.
Loan interest: the total interest range is from 2% to 24%. The equivalent monthly interest is from 1% to 2% and APR is from 12% to 24%.

Example Interest calculation:
Lending amount is 1,000 NGN, And the interest rate is 7.9%,term is 180 days. on the due date, the amount payable is 1,074 NGN (1,000* 25.55% / 365 * 180 + 1,000)

The customer borrows: ₦ 1,000 for 180 days (6 months), the APR is 7.9%
So the total Interest would be ₦1,000 *7.9% = ₦79
The monthly payment would be (₦1,000 + ₦79 )/6 = 179
The total repayment amount would be ₦1,074

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 Nigerian citizen or legal Resident.
  • 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 Nigerian bank account.

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.

OxLoan app customer service number

[email protected]
WhatsApp: +234 9073507290
Address: Lekki, Lagos, Nigeria


A writer! Columnist and an academic researcher


  1. Please my name is Chibuzo Osondu. I borrowed money with you people last 2 weeks. My challenge is that i lost my phone and i could not have your details to contact you for my repayment. Please contact me through text message to 09038277432 to enable us discuss and clear my loan. Thank you

  2. Please is this loan real, cox my loan was approved and was asked to pay money from one English to the other, I paid UpTo 175,000 yet am asked to pay another 50,000 for government tax which I don’t really know if it’s a scammers

  3. Why is the payment time not hight. Can’t imagine paying back 37k in a week time 😔 that’s annoying

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