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Home Loan OkNaira Loan App: How To Apply, Download

OkNaira Loan App: How To Apply, Download

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OkNaira loan app is a trusted loan app in Nigeria that gives you access to get personal and business loans without collateral.

OkNaira loan app is a Nigerian lending service that utilizes artificial intelligence to evaluate customers’ credit scores and approve loans within a matter of minutes. The app for smartphones allows customers to take out loans up to N10,000 in cash with no collateral and with minimal documents.

An unsecured loan is an unsecured loan that doesn’t need collateral or a down payment to get. It’s typically short-term with very high-interest rates.

Don’t borrow money from an online loan application to pay for your lifestyle. A short-term loan is useful for situations of emergency, but it can be quite costly in comparison to long-term loans and must be handled with caution.

Ok, Nathe ira loan app grants you access to a personal loan easily make use of the information on your phone, including your personal information to confirm your identity and establish a credit score.

The process of getting a loan in Nigeria through banks and other sources of funding can be long and time-consuming. It requires documentation such as collateral that most people do not have. This is why services such as these can be extremely useful, especially in times of need.

Although the Ok Naira loan app is quite new, the customer’s feedback is positive. The app has received more than 10k downloads from the Google play store but with mixed reviews. The app uses a loan program to gather customer information including phone records, bank alerts for transactions, and BVN to build the credit score of every borrower.

To be eligible for greater amounts, make sure you keep a record of your bank transactions on your mobile and don’t have any outstanding debts from other loan applications!

How do you download the APK to receive a loan from the Ok Naira loan app

  • Install the Ok Naira loan app, Download exclusively through the Google Play store, and install it on the back of your Android phone.
  • Make an account by entering your telephone number.
  • The preferred phone number that is connected to the BVN as a one-time password will be provided to it to confirm it.
  • Complete your basic Know-your-customer KYC data, including your address of residence, your next of kin information, and your employment information.
  • You’ll also have to supply you with your Biometric Verification Number BVN.
  • The amount you pay will be N30 to tie an ATM account to the account to increase your chances of getting more money.
  • One-time security code OTP is sent directly to your mobile to verify your information.
  • Following the submission of an application for a loan, the application will examine your credit score. The final score will be displayed in the application.
  • The final result should be shown in no more than 2 minutes. If you are eligible for a loan, the amount will be paid to your bank account immediately.
  • You should ensure that you’re using an appropriate phone with sufficient memory as you’ll need to capture a crisp and live selfie to prove your identity.
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It is important to note that affixing your ATM card with N30 doesn’t assure you that you’ll be able to be approved for a loan. You still must get a credit score.

The N30 that is charged to bind the ATM debit card in your checking account is refundable however it could take between 7 to 12 business days for the funds to be returned to your banking account.

Your BVN is connected to the credit score you have. So when you’re in the middle of a loan with another lender or did not pay your other lenders in full when they were due be prepared for your application to be denied.

The credit score you have is a summary of previous loans and the time you pay your bills cash transactions coming into as well out of your account, and other details.

If you download this application, you must agree to allow access to your phone book contacts which can be used as your guarantors. You can also use SMS for access to your bank transactions, and apps on your phone to track how you interact with different loan applications, as well as other data it uses to increase the credit score.

Is the Ok Naira loan app legit or a fraud?

The Ok Naira loan app is an authentic loan application that offers microloans of an amount of up to N30,000 to its customers. However, it is a bit expensive in terms of interest and bugs that impede easy registration. It is important to be cautious before making any online loan. Be sure to read reviews from other customers before applying for loans in Nigeria.

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It is important to be aware that these loan applications are not regulated or registered with CBN, CBN, or any other government organization in Nigeria. You are accountable for the safety of your transactions through these apps and there isn’t any recourse to redress inadequate customer service.

Ok Naira loan app
Ok Naira loan app

Its availability as a feature on the Google Play Store doesn’t ensure that transactions made on it are safe. The store is merely the possibility of downloading but you are ultimately responsible for your security when making use of loan applications in Nigeria.


  • Registration is simple.
  • Do not aim to make customers look bad for not paying back their loans, unlike other loan companies that operate in Nigeria.
  • Students can use this in the event of an emergency
  • It’s legitimate and has been confirmed by the admin that they offer loans.
  • Online, no need for collateral.
  • A large loan amount, as high as 30K.


  • The loan is disbursed following approval. Some customers may wait days, or up to weeks before they see alerts.
  • The loan’s duration, especially for first-time users, starts at only 7 days.
  • High-interest rates for very small amounts of loans.
  • The rejection rate is high.
  • The app is only compatible with Android smartphones.
  • A relatively low maximum of just 30k

If you are taking out a loan, remember the repayment schedule. If you choose to take a 60-day loan with two installments of repayment it could be that the app tries to debit you automatically when the due date is the first installment, and may make overdue charges before the expiration date of the 60 days.

You can modify your ATM card’s password to stop auto debit. This application has been found to purposely auto-debit customers, even after they’ve paid through bank transfers.

There is no regulation in Nigeria and the vast majority of applications are from loan sharks that could threaten to send out messages to family members, warning you that they are scammers in the event of a default on your loan. It is recommended to stay clear of these apps if you do not have other alternatives.

If you’re feeling threatened or bullied by a loan shark in Nigeria Check out the following Facebook group in which you can get help and read about the experiences of other people who have experienced bullying from loan applications.

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What other borrowers have to say about the Ok Naira loan app

Praise Oses said, “Although the application process is simple, the results are hilarious. Knowing that there won’t be any loan approval, what is the point of not deducting the fee for binding a card? They’re using this method to take money from people. This is not legitimate   “

GIDEON JOHNNY wrote, “The application is a simple and simple process for processing a loan. However, I am still waiting to get my loan application. This is a very good application with no hassle.”

Franklin Doupere wrote, “This application is great for ease of registration and payment, however, its interest rates are at the high end of a chilly I would suggest that you improve your interest rate, thank you for your help. I gave it 3 stars.”  Note that this application uses a lot of fake reviews on the Play Store. App developers often purchase fake reviews to increase the rank of their apps on the play store. However, certain apps do this with the motive to deceive potential buyers.

Ok Naira loan app interest rate

Service rate for loans: 6 percent to 24 percent monthly interest 0.5 0.5%, an annual percentage rate (APR) for the soft pay loan is 12%30 percent.

If you are applying for a loan amounting to NGN10,000, the loan term is 120 days. The annual service fee is 28%. The rate of interest on the loan is 0%. So our APR is 28%.
So the daily Service fee rate=28%/365=0.077%, the Service fee for 120 days = is NGN10,000×28%/365×120= NGN921, the should repayment=NGN10,000+NGN921= NGN10,921.

Take note that this interest rate and loan period is just an example. You can expect your actual loan amount and duration to be much shorter however you can increase it by repaying the loan in time and maintaining a good credit rating.

Ok Naira loan app requirement

  • You must be a legal citizen or a resident of Nigeria
  • At minimum 18 years old.
  • You should have a monthly source of income.
  • Make sure you connect your ATM card to your account
  • Please provide the names of two next of kin including their telephone numbers.
  • Have a credit score that is good and no outstanding loans from lenders.
  • Maintain a bank account.
  • Your phone number should be the same as your BVN.
  • You must have a valid government-issued ID card.
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