OKash Instant Loans: Understanding the High APR & How to Apply

Review of OKash instant loan app in Nigeria (by Blue Ridge MFB). Explore loan amounts (₦3k-₦2M), high interest rates (36.5%-360% APR), eligibility, and the online application process.

Apr 26, 2025 - 09:21 Updated: Apr 26, 2025 - 09:26
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OKash Instant Loans: Understanding the High APR & How to Apply
Review of OKash instant loan app in Nigeria (by Blue Ridge MFB). Explore loan amounts (₦3k-₦2M), high interest rates (36.5%-360% APR), eligibility, and the online application process.

Disclaimer: This post provides information about the OKash loan app based on publicly available app store data. Hausa24 is not affiliated with OKash or Blue Ridge Microfinance Bank. Loan terms, interest rates, and app features can change. Always verify information directly within the app or with the provider before applying.

Facing an urgent financial need in Nigeria? OKash is another popular instant loan app promising quick credit access anytime, anywhere. Presented by Blue Ridge Microfinance Bank, it offers loans entirely online via its app (search on Google Play and potentially the Apple App Store). This guide explores OKash's features, loan terms, application process, eligibility, and crucial points like its high interest rates.

What is OKash?

OKash positions itself as a convenient personal loan platform designed for mobile users in Nigeria. It emphasizes a completely online process for accessing credit quickly. Significantly, it is stated to be presented by **Blue Ridge Microfinance Bank Limited**, indicating it operates under a CBN license, offering a layer of regulatory oversight compared to unlicensed lenders.

OKash Loan Product Details (As Advertised)

According to the app's description, OKash offers the following loan terms:

  • Loan Amount: Advertised from NGN 3,000 up to NGN 2,000,000. (The actual amount you qualify for will depend on their credit assessment).
  • Loan Tenure (Repayment Period): Stated as 91 days to 365 days, with a note that options will be presented.
  • Interest Rate: Advertised with a minimum monthly rate of 3% up to potentially 15%. Interest is calculated daily. This results in a very wide and potentially extremely high **Annual Percentage Rate (APR) ranging from 36.5% to 360%**.
  • Hidden Fees: While not explicitly mentioned as "no hidden fees" like EaseMoni, the focus is on the interest rate. Users must carefully check the final loan agreement for any other applicable charges (e.g., processing, late fees).

Example Calculation Provided by OKash:

For a loan of ₦3,000 with a 91-day tenure and **9.1% interest** for the period (this implies roughly 3% per month):

  • Total Interest: ₦273
  • Total Amount Due: ₦3,273
  • 1st Month Repayment: ₦1,093 (Principal + ₦93 Interest)
  • 2nd Month Repayment: ₦1,090 (Principal + ₦90 Interest)
  • 3rd Month Repayment: ₦1,090 (Principal + ₦90 Interest)

Note: This example suggests an interest calculation based on a reducing balance, which is fairer than a flat rate. However, always confirm the exact calculation method and total repayment in your specific loan offer within the app. The wide APR range (up to 360%) indicates much higher rates are possible than shown in this specific example.

Why OKash? (Advertised Features & Benefits)

OKash promotes itself based on these points:

  • Credit-Based Loans: Emphasizes lending based on your creditworthiness without deposits or guarantees.
  • High Loan Limit Potential: Advertises up to NGN 2,000,000 disbursed to your bank account.
  • Digital Process: Fully paperless application and management via mobile.
  • Data Security Pledge: Claims data safety and no sharing without consent, backed by MFB license.
  • Repayment Reminders: Sends SMS reminders for due dates.
  • Official Repayment Channels: States they won't ask for repayment to personal accounts.
  • 24/7 Availability: Apply anytime online.

How to Apply for an OKash Loan (Step-by-Step)

The process typically involves these steps:

  1. Install the App: Download the official OKash app.
    • Search OKash on Google Play
    • Search OKash on Apple App Store
  2. Register Account: Sign up using your phone number, BVN, and other required details.
  3. Fill Basic Information: Complete your profile within the app.
  4. Select Loan Product: Choose the loan amount and tenure you need (subject to eligibility limits shown).
  5. Submit Application: Send your application for review.
  6. Verification Call (Possible): You might receive a call to verify details.
  7. Check Result: The final decision will be displayed in the app and potentially sent via SMS.
  8. E-sign Agreement: If approved, carefully read and electronically sign the loan agreement presented in the app.
  9. Receive Funds: The approved amount is disbursed to your registered bank account.
  10. Repay on Time: Use the app to make repayments by the due date(s).

OKash Eligibility Criteria

To qualify for an OKash loan, you generally need to be:

  • A Nigeria Resident.
  • Between 20 and 55 years old.
  • Have a source of monthly income.
  • (Implicitly) Have a valid phone number, BVN, and bank account.

Is OKash Legit and Safe?

  • CBN License: Like EaseMoni, OKash operates under the license of **Blue Ridge Microfinance Bank Limited**. This regulatory oversight is a strong indicator of legitimacy.
  • Data Protection: Adherence to data privacy norms is expected due to the MFB license.
  • Reputation: With 10M+ downloads, it's widely used, but user reviews should be checked for recent experiences.
  • Transparency: While licensed, the extremely high upper range of the APR (360%) requires significant user caution and careful review of the *specific* rate offered before acceptance.

Exercise caution:

  • Scrutinize app permissions.
  • Read recent user reviews focusing on interest rates charged and customer service.
  • Verify the contact information provided.

OKash: Potential Pros and Cons

Potential Pros

  • Licensed by CBN (via Blue Ridge MFB)
  • Fast online application & disbursement
  • No collateral required
  • High potential loan amounts advertised
  • Paperless process
  • Repayment reminders

Potential Cons

  • Potentially EXTREMELY High Interest Rates (up to 360% APR)
  • Wide range in APR makes offered rate unpredictable
  • Short tenors can lead to high monthly payments
  • Risk of debt cycle with high-cost loans
  • Actual loan limit may be lower than advertised
  • Requires smartphone/internet

Contact Information & App Details

Contact OKash / Blue Ridge MFB:

(Re-Verify accuracy via official channels before contacting)

  • Email: okash@blueridgemfb.com
  • Hotline: 02018884549 / 07001235051
  • Address: No.77 Opebi road, Ikeja, Lagos, Nigeria

App Technical Details (As Listed):

  • Version: 1.10.5
  • Updated On: Apr 21, 2025
  • Requires Android: 5.0 and up
  • Downloads: 10,000,000+
  • Content Rating: Rated for 3+
  • Released On: Nov 28, 2019
  • Offered By: Blue Ridge Microfinance Bank Limited

Critical Warning: Understand the Cost Before Borrowing

Loans like OKash provide speed but can be very expensive. The potential APR of up to 360% is exceptionally high.

  • Calculate Total Repayment: Don't just look at the principal. Understand the *total* amount you'll pay back including all interest.
  • Affordability Check: Can you realistically afford the monthly repayments without compromising other essentials?
  • Emergency Use Only: These loans are best reserved for absolute, unavoidable emergencies where you have a clear plan to repay quickly.
  • Read the Agreement: The E-signed agreement is legally binding. Read every detail about rates, fees, and penalties *before* you sign.
  • Compare Options: If possible, compare rates with other sources (even other licensed loan apps, or ideally lower-cost options if you qualify) before committing.

OKash FAQs

Is OKash approved by CBN in Nigeria?

OKash states it is presented by Blue Ridge Microfinance Bank Ltd., which is licensed by the CBN. This gives OKash regulatory backing.

What interest rate does OKash charge?

They advertise a monthly rate between 3% and 15%, leading to an APR between 36.5% and 360%. The actual rate you receive depends on their assessment and will be shown in your loan offer. The upper end is extremely high.

How long do I have to repay an OKash loan?

The advertised tenure is between 91 days and 365 days. You will be presented with specific repayment options when you apply.

Can I get NGN 2,000,000 from OKash?

While advertised, reaching the maximum limit likely requires excellent credit history, significant income proof, and a strong relationship with the platform/bank. New users should expect much lower initial limits.

How do I contact OKash customer care?

Try the email (okash@blueridgemfb.com) or phone numbers (02018884549 / 07001235051) listed. Always verify these are current via the app or official sources if possible.

Conclusion: OKash - Convenient Access, Significant Cost

OKash provides Nigerian mobile users with a quick, digital pathway to obtaining loans, operating under a legitimate CBN microfinance bank license. The convenience of the online process and the absence of collateral requirements are clear advantages for those needing immediate funds.

However, this convenience must be weighed against the potentially **extremely high cost of borrowing**, with APRs reaching up to 360%. Potential borrowers must carefully scrutinize the specific loan offer provided, understand the total repayment amount, and ensure they can afford the terms before accepting. OKash is best suited for urgent, short-term financial gaps where lower-cost options are unavailable and repayment capability is certain.

Find the app on the relevant store:

Search OKash on Google Play
Search OKash on Apple App Store

Disclaimer

This article provides general information about the OKash loan app based on app store descriptions and publicly available data, intended for educational purposes only. It does not constitute financial advice. Hausa24 is not affiliated with OKash or Blue Ridge Microfinance Bank Limited. Loan terms, interest rates, fees, eligibility criteria, app features, and contact information are subject to change without notice. **Always verify all details directly within the OKash app or via their official contact channels before applying for or accepting any loan. Carefully read the loan agreement.** Borrow responsibly.

Explore other loan and financial applications in our Loan Apps Category.