Okaynaira loan app: how to apply, interest rate, Is it legit - Startuppreneur

Okaynaira loan app: how to apply, interest rate, Is it legit

Okay naira is another loan app in Nigeria that bridge funding gap. With this app you can obtain loan without collateral or guarantor and you don’t need to leave your location, with your smart phone you are good to go.

Okay naira loan processing is fast within 30 minute is submiting application your loan will be disburse. With okay naira loan app you can obtain up to #100,000 loan at a go


But is this loan app legit, read on to know

Requirement to obtain loan from okay naira

Before you can obtain loan from this app you need to meet up with the following requirements which are

  • Have good credit score
  • Have bvn and bank account
  • Have ATM card
  • Have regular source of income
  • Be above 18 years of age
  • Have smart phone with which to download the loan app

Once you meet up with the above requirement you can go ahead and obtain loan


How to apply for okay naira loan

The first step to take is to head over to play store and download the loan app

Register with your name, bvn and other details

You will be ask to bind your ATM card which might attract #30 fee, do so and proceed

Once you are done with registration you will be login to your account

On your dashboard locate and click on loan

There you will see amount of loan you are eligible to obtain

Click it and wait for disbursement

How much you can obtain from okay naira loan app

With okay naira loan app, you can obtain up to #100,000 loan at ago without guarantor or paper work. If you ara applying for the first time you will not get up to this amount but as you continue to obtain loam from this app, the amount of loan you can obtain will be increase.

Okay naira loan interest rate and repayment period

Okay naira interest rate is between 5% to 30% depending on the amount of loan obtain and the repayment period.

Their repayment period also depend on the amount of loan obtain, it is between 7 days to 180 days. As a first timer your interest rate will be high while your repayment period will be short, this will improve as you continue to obtain loan from this app.

Repaying your okay naira loan app

To payback your loan head over to your dashboard

click on loan repayment

There you will see deferent option to pay back your loan

Click on one and make payment

Once you make payment it wil reflect on your dashboard

If it does not you should contact them.

What will happen if I default or refuse to pay back

If you default you will be punish by Increase in your loan Interest rate which might be up to 2%.

If you abscond, your name and bvn will be send to credit bureau for blacklisting which means you will not be able to obtain loan again in Nigeria until you pay back and clear your name with credit bureau.

Trust me this process is usually time consuming, your best bet is to pay your loan as at when due.

Is okay naira loan app legit

If it is to give loan, they will surely give you loan but currently they are not license by CBN nor insure by NDIC so exercise caution when taking loan from this app

Our final verdict on okay naira loan app

Okay naira loan will surely give loan, but they are not license by CBN insure by NDIC and that is a red flag.

They have negative review on playstore which means they are a bad loan app. their repayment period is very short and if you default you will pay back x10 of the initial loan.

I will advice you to not take loan from this app and if you must you should exercise caution when dealing with them don’t give them sensitive information r because they can use it against you. Use new sim card to apply for this loan.


Above is how to obtain loan from okay naira loan app, they will surely give you loan but if you default you will blame your self and if you decide not to pay back at all they will send defamatory message to your contact therefore exercise caution when dealing with this loan app.

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