OKNaira Loan App: interest rate, how to apply, is it legit and more - Startuppreneur

OKNaira Loan App: interest rate, how to apply, is it legit and more

OKnaira is another loan app that give loan without collaterals or paper work. With OK naira you can obtain up to #500,000 loan without leaving your location, with just your phone you will secure the loan.

Requirements to obtain loan from oknaira

Below are the requirement you need to meet up with before you can obtain the loan from Oknaira


Be a Nigerian and reside in Nigeria

Be above 18 years of age

Have BVN and account number


Have good credit score

You must not have defaulted on any loan before

Have source of income
and lastly have smart phone

How to apply for Oknaira 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

Bvn will be use to determine your credit score

Once you are done with the registration, you will b login automatically

On your dash board click on loan

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

Click on the loan and wait for disbursement

Though they state that disbursement will take just 1 hour, this is not not true it might take days before you see alert

How much you can loan from this loan app

With Oknaira you can obtain up to #500,000 loan without collateral or paper wok. As a first timer you might not be eligible for more than #20,000 loan, as you continue to us the app your eligible loan will increase.

Oknaira loan interest rate and repayment period

Oknaira interest rate is between 5% to 30% depending on your credit score and the amount of loan to obtain.

The repayment period is between 7 days to 3 months. As a first timer your interest rate will be high and repayments period will be low until you prove yourself by paying back regularly.

Repaying OKnaira loan

To pay back your loan. Login to your dashboard and click on loan repayment

There you will see deferent options to pay back

Select the one you like.

If you are paying through bank transfer, ensure you have their correct account number to avoid story that touch.

Is Oknaira loan legit

Yes the app is legit, they will give you loan and also they have good reviews and rating on play store. But they are not license by CBN yet and not insure by NDIC so exercise caution when taking loan from them.

What I like about Oknaira loan

  • They do not require collateral or paper work
  • They give loan to both salary earner and non salary earners

What I don’t like about the loan app

  • They are not license by CBN
  • You might experience bug on their app
  • Their interest rate is high

What will happen if I default

Like other loan app in Nigeria if you default OK naira will increase your interest by 2% until you payback the loan and if you decide not to pay back at all your name and BVN will be sent to credit bureau for black listing which means you will not be able to take loan again in Nigeria until you settle your debt and your name get cleared from credit bureau blacklist.

Oknaira Contacts

Oknaira phone no
Tel: 08135716189

Oknaira Email
[email protected]

Oknaira Office


Above is a review on OK naira loan app, as you can see they are not license by CBN so take loan that you know you can pay back to avoid embarrassment.

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