Oxloan app: interest rate, how to apply, is it legit - Startuppreneur

Oxloan app: interest rate, how to apply, is it legit

Oxloan will give you instant loan in Nigeria without collateral or guarantor. You don’t need to visit any location with just your phone you are good to go.

Their loan disbursement is very fast within 1 hour of submitting application your account will be credited. With this loan app you can obtain #500,000 at a ago.


Requirement to obtain loan from ox loan

Below are the requirements you need to meet up with before you can obtain loan from ox loan

Be a Nigerian and reside in Nigeria

Have bank accounted and BVN


Have source of income

You must not have defaulted on any loan before

Have good credit score

Have smart phone with which to download the loan app

How to apply for oxloan

The first step to apply for ox loan is to head over to play store and download the app.

Register with your name and other details

You will be ask to submit your BVN, do so

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

After the registration you will be login to your dashboard

On your dashboard locate and click on loan

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

Click on this loan and wait for disbursement

It won’t take more than 1 hour if everything is right.

How much you can loan from this loan app

With ox loan you can obtain up to #500,000 at ago but a as first timer you will not be able to get up to this amount. As you take loan and playback the amount of loan you u can obtain will increase.

Oxloan interest rate and repayment period

Oxloan interest t rate is between 5% to 25% depending on the repayment period and the amount of loan secure.

The repayment period is between 7 days to 1 year depending on your credit scores and the amount of loan obtain.

Repaying your oxloan

You can repay your oxloan with ATM card or ask for their account number and transfer to it. When making transfer ensure you have their correct account number to avoid story that touch.

What will happen if I default

If you default your interest rate will increase by 2% and of you decided not to pay back, they might send defamatory message to your contacts or send your name and BVN to credit bureau for black listing which means you will not be able to take loan again in Nigeria until you pay back your debt.

Is oxloan legit

Yes the loan app is legit, they have given out loan to many people in Nigeria but they are not license by CBN nor insured by NDIC so exercise caution when taken loan from them.

Our verdict on oxloan

Oxloan will surely give you loan and they will not take a dime from you before they do. As at the time of writing this article, Oxloan have mix of positive and negative reviews on play store.

Also they are still new so exerciser caution when taking loan from them.


Above is oxloan review, as you can see they really give loan to people but they are not license by CBN which means of anything goes wrong of will take time before CBN will interfere.

Take loan that you know you can pay back to avoid embarrassment.

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