Lifestyle

OkayNaira Loan App Review: Nigerian Personal Loan App

OkayNaira loan app provides short term personal loans for emergency uses.

With very minimal documentation of just your BVN and a few information about yourself, you can get an instant loan all processed online.

Note that because of their minimal documentation requirement and unsecured nature, online loans are very expensive with high-interest rates and should only be used for emergencies when there is no alternative. Do not rely on them to fund your lifestyle.

With over 100k downloads so far on the Google play store, this app has mixed reviews from users. It uses loan software to collect prospective customers’ information including phone records, banking transaction alerts, and BVN to build each borrower’s credit score.

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.

How to Download APK and get a loan from OkayNaira Loan app

  • Download the OkayNaira loan App available on the Google Playstore and install it 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 Know-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 N30 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 in about 5 minutes.
  • Make sure you’re using a good phone with enough memory space as you will be required to take a clear live selfie for identification.
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Note that binding your ATM card with N30 does not guarantee that you will get a loan, you still have to pass the credit score check.

The N30 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.

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.

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 the 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 security while using loan apps in Nigeria.

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 kin 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.
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What other borrowers are saying about OkayNaira loan loan app

These reviews were written by users on the Google play store.

Ayinde Asiwaju wrote, ” I have fill up my personal information but you people didn’t give me the loan and have tried many times still the same thing. I wasted my data to download this app rubbish app. That’s why Branch app is the best for me.”

babatunde ajobo wrote, “Been trying to repay my loan but the app keeps crashing. It claims there is an update and it directs me back to the play store, but there is no update. I then click on open the same thing happens. I even uninstalled the app and reinstalled it and the same thing happens. I hope you guys won’t charge me for default cuz its your app that has the issue and there is no contact number to reach any of your representatives.”

Olumuyiwa Toyobo wrote, “Its a rubbish app. They are always having issues with account. I contacted them in all the avenue given to reach them, none was reachable, including voice call. Hope its not a trick to get penalty you’re trying to come up with by ignoring payment on due date and come up with extra charges. Well,there are proofs i contacted you for payment before dur date and no response. No account on the app which a customer can pick and pay to.”

This app has a variety of complaints from users most of which include lack of clear repayment method and poor customer service.

app interest rate?

• Loan products:
◦ Loan term: 180 days (The loan term is fixed)
◦ Loan amount: from NGN 10,000 to NGN 100,000
◦ Interest: 0.05%/day
◦ One-time processing fee: 2%
◦ APR: 18.25% (Annual Percentage Rate including interest, processing fee)

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AN EXAMPLE OF AN OKAYNAIRA LOAN:
-If you borrow NGN 10,000 with the fixed term of 180 days. The loan amount is 10,000 NGN, the loan term is 180 days, the total repayment / repayment amount is 11,100 NGN (10,000 + 10,000 * 180 * 0.05% + 10,000 * 2%), and the interest rate is 0.05% per day. The total cost is 1,100 NGN (including handling fee). The comprehensive annual interest rate is 18.25%, which meets the local regulatory requirements
Total payment for the first month: 2016.67 NGN(1,816.67 NGN+ 200 NGN)
The total payment for the 2th month is 1,816.67 NGN
The total payment for the 3th month is 1,816.67 NGN
The total payment for the 4th month is 1,816.67 NGN
The total payment for the 5th month is 1,816.67 NGN
The total payment for the 6th month is 1,816.67 NGN.

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.

OkayNaira loan app customer service number

✉️ Email: okaynairacs@gmail.com
📍 Address: 12 Aliu Imah street Ikorudu Lagos,Nigeria
Mobile: +234 8056294848.
Working hours:
Monday to Friday: from 9:00am to 6:30pm
Saturday to Sunday: From 10:00am to 6:00pm

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