Ok Naira is an online lending company that is new in the game of granting personal loan to Nigeria without document.
With mixed reviews, the app has been downloaded over 10k times on Google Play Store. It uses a loan program to gather information about potential customers, including phone records, banking transaction alerts and BVN in order to determine the credit score for each borrower.
You will be able to get higher amounts if you keep your bank transaction messages up and have no outstanding debts from other loan apps.
It’s easy to apply. Just download the app from Google Play store and provide some information about you. The algorithm will analyze your data, calculate your credit score, and offer you a loan within a few hours.
The N30 that was charged to attach your ATM card to your account can be refunded. However, it may take up to 7 to 12 business day for the money to reach your bank account.
Your BVN is tied to your credit score. If you have outstanding loans with other lenders, or have not paid other lenders on time, your application will be denied
Credit scores are a record of all your borrowings and cash transactions.
To download the app, you must agree to allow it access to your phone contacts, SMS to view your banking transaction records, and apps on your smartphone to see how other loan apps are used.
Is Ok Naira Loan legit?
Ok Naira Loan is a legit loan app. However, the app is still new to the Play Store. It does offer loans to customers, but it is important to be cautious before applying for an online loan. Before you apply for a loan in Nigeria, make sure to read reviews from other customers.
These loan applications are not registered with the CBN nor any other government agency in Nigeria. They are responsible for your transactions and you cannot seek redress for bad customer service.
Its availability on Google Play store does not guarantee that transactions made on it are secure. You are responsible for your security when using loan apps in Nigeria through the play store.
Which app gives fastest loan in Nigeria?
There are a number of apps that offer loans in Nigeria, and the speed at which you are able to receive a loan may depend on several factors such as your credit score, the amount of the loan, and the lender’s policies.
Some apps that offer loans in Nigeria include Paylater, Carbon, and Branch. It’s important to carefully compare the terms and conditions of loans from different lenders before making a decision, and to only borrow from a reputable lender. It’s also a good idea to consider whether you will be able to afford the loan payments before borrowing.
Download Ok Naira Loan app and the Apk by click on DOWNLOAD
How can the Ok Naira Loan app improve your cashflow?
Ok Naira Loan charges high interest rates on short-term loans. First time borrowers typically get 6k to 10k in 7 days.
High rejection rates mean that most loan applications are rejected. Some are kept for several days.
There are also networking issues with the app that may prevent customers from registering their ATM cards smoothly. It also takes a while to acknowledge loan repayments. It may take some time for your dashboard to clear after you have repaid your loan. Be patient and keep your proofs of payment handy. It can be difficult to send verification, as many customers don’t receive it.
Be aware of your repayment plan when taking out a loan. The app may attempt to auto-debit you on the due date for the first installment of a 60-day loan. It might also charge you overdue fees before the end 60 days.
To prevent automatic debit, you can change the password for your ATM card. The app is known to auto-debit customers after they make payments via bank transfer.
The loan tenure starts at 7 days. This is less than the minimum 30 day tenure that the CBN recommends for personal loans providers who are short-term.
Interest rate for Ok Naira Loan
Rates and fees for loans Loan amounts: N 5,000 to n 50,000 Service / Interest Fee: 2% – 35% Maximum Annual Percentage Rate (APR), 66.21% – 2740.44% Late fee: One-time fee of 8.8% of the outstanding amount Minimum repayment period: 61 days Maximum repayment period: 180 days
Here’s an example of interest calculation for a loan:
Annual Interest (: 100000 * 0.3) :30,000 Naira Total Interest for 4 Months: 100000 *0.3 *4/12:10,000 Naira Monthly Interest: 2,500 Naira Monthly Repayment (principal and interest): 27,500 Naira Total Repayment :110,000 Naira
As an example, the interest rate and tenure are lower if you borrow for the first time. By keeping good records and repaying the loan on time, you can increase your amount.
What are the requirements?
You can be a Nigerian citizen or resident.
At least 18 years of age
A monthly income source.
Attach your ATM card to the account
Give details about two of your closest relatives, including their telephone numbers.
You have a high credit score and no outstanding loans from any other lenders.
Maintain an active bank account
Your BVN must have your phone number.
You must have a valid ID card issued by the government.
What happens if I fail to repay my loan on time?
Late loan repayments are subject to a 2% daily fee. Therefore, it is important to adhere to the due date. You will be able to get larger loans if you repay the loan on time. You will not be eligible to receive larger loans or any other loan products if you make late repayments. You will be reported to First Central Credit Bureau if you are late with your payments. The First Central Credit Bureau could blacklist you, which may impact your ability to borrow money from other lenders.
Mr Olawale Olokede is a registered loan officer and worked for over 10 years as a senior financial consultant for accounting, finance and business management firms in Nigeria. Mr Olawale Olokede implemented and supervised financial and loan solution to Lagos based small and medium scale businesses after lecturing at the Lagos Business school. He is channeled his writing skills and passion for blogging to set up Lending Naija with over 50 reviews on different loan application and downloads.