Once you’ve created your OKash account, the next thing most people want to know is how to borrow a loan that will be approved fast and how repayment works.
OKash has made both of these processes very simple for users, whether you’re applying for the first time or already a returning borrower.
OKash loans are offered directly through the OKash mobile app, which operates under Blue Ridge Microfinance Bank Limited, a fully licensed and regulated financial institution under the Central Bank of Nigeria (CBN).
This guide explains every step on how to apply for an OKash loan, what determines your loan limit, how interest is calculated, repayment options, and what happens if you miss your due date.
Before You Borrow
Before applying for a loan, you need to be aware of OKash’s basic requirements and borrowing rules.
Eligibility Requirements:
- You must be a Nigerian citizen living in Nigeria.
- Age range: 20 to 55 years.
- Have a steady source of income (salary, business, or side work).
- Have a BVN that matches your phone number.
- Own an active bank account or OPay wallet for loan disbursement.
Important Note:
OKash determines your first loan limit based on the data you provide (BVN, income info, repayment history from other apps, and device data). First-time users normally get between ₦3,000 and ₦50,000, while consistent users can qualify for up to ₦2,000,000.
How to Borrow Money from the OKash App (Step-by-Step)
Follow these steps carefully to make sure your application goes smoothly:
Step 1: Open the OKash App
- Launch the OKash app and log in using your registered phone number.
Step 2: View Your Available Limit
- On the home dashboard, you’ll see your loan limit—this is the maximum you can apply for.
Step 3: Tap “Get Funds”
- Select the amount you wish to borrow (it must be within your approved limit).
Step 4: Choose Repayment Duration
- OKash allows flexible terms—usually 91 to 365 days.
- Longer tenures mean smaller daily/weekly repayments but slightly higher interest.
Step 5: Confirm Details and Submit
- Review your loan summary—amount, repayment plan, interest, and due date.
- Tap Submit and wait a few seconds.
Step 6: Loan Disbursement
- If approved, your loan will be credited immediately into your linked bank account or OPay wallet (whichever you connected).
- You’ll also get an SMS and in-app notification confirming your loan disbursement.
How to Repay an OKash Loan (3 Easy Options)
OKash offers multiple repayment channels so you can choose whichever suits you best.
Option 1: Through the OKash App (Recommended)
- Open the app and tap Repay Loan.
- Choose the active loan and click Repay Now.
- You can pay using your debit card, bank transfer, or OPay wallet.
Option 2: Auto-Debit
- If you granted card access during setup, OKash may auto-debit your linked card on your due date.
- Ensure you have enough balance to avoid failed attempts or penalties.
Option 3: Manual Transfer
- You can also repay by transferring directly to OKash’s official repayment account (details always appear in-app).
- Don’t send to any personal account.
Always repay before or on your due date to maintain a good credit score and avoid penalty interest.
Late Repayment and Penalty Rules
If you fail to repay by the due date:
- Your account will attract daily penalty interest (usually 2% per day).
- You may start getting reminder calls, SMS, or app notifications.
- Continuous late repayment can reduce your credit score and affect your access to higher loans in the future.
- OKash may also report your record to credit bureaus like CRC or FirstCentral, which can affect loans on other platforms.
OKash Loan Advantages
- • Quick approval—often less than 5 minutes.
- • No collateral, no paperwork.
- Transparent terms—interest and due date shown before approval.
- Works with all banks and OPay wallet.
- Higher limits for consistent borrowers.
- Operates legally under Blue Ridge Microfinance Bank (CBN licensed).
FAQs
Q1. Can I borrow from OKash without BVN?
No. BVN is required to verify your identity and reduce fraud.
Q2. How much can I borrow as a new user?
New users usually get between ₦3,000 and ₦50,000, depending on their score and phone data.
Q3. Can I repay my OKash loan before the due date?
Yes, and it’s even better. Early repayment gives discounts and improves your credit limit.
Q4. What happens if I don’t repay on time?
Your account will be charged daily penalty interest and could be reported to a credit bureau.
Q5. How do I confirm my repayment went through?
You’ll get both SMS and in-app confirmation once the payment reflects.
Conclusion
Borrowing and repaying an OKash loan is one of the easiest financial transactions you can do from your phone. The process is instant, reliable, and completely digital. As long as you use the correct app, repay on time, and keep your BVN information accurate, you’ll always have access to quick funds whenever you need them.
