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Okash Loan Full Review: Interest Explained – Borrow ₦20k, Repay ₦26k in 30 Days

Loan apps have become a lifeline for many Nigerians who need quick access to funds without the hassle of visiting a bank. One of the most popular names in this space is Okash, a loan app that has attracted millions of downloads.

But how safe is Okash? What are the real costs of borrowing, and what do borrowers need to watch out for? In this review, we’ll break down Okash’s interest rates, repayment examples, user complaints, and overall reliability so you can make an informed decision before borrowing.

Okash Loan Overview

Category: Mild Loan
Interest Rate: ~32%
Loan Tenure: Flexible (usually up to 3 months)
Regulation: Licensed and authorized (not a loan shark)

Unlike predatory loan apps, Okash is legit and authorized, meaning they won’t tarnish your reputation by sending defamatory messages to your contacts. Instead, if you default, they escalate through proper legal and credit bureau reporting channels.

Okash Loan Interest Rate & Repayment Examples

To understand what borrowing from Okash looks like, let’s break it down with examples:

Example 1: Borrow ₦20,000 for 30 days at 32% interest
- Repayment = ₦20,000 + ₦6,400 (interest) = ₦26,400 after one month.
Example 2: Borrow ₦50,000 for 60 days at 32% interest
- Repayment = ₦50,000 + ₦16,000 (interest) = ₦66,000 after 2 months.
Example 3: Borrow ₦100,000 for 90 days at 32% interest
- Repayment = ₦100,000 + ₦32,000 (interest) = ₦132,000 after 3 months.

This makes Okash cheaper than loan sharks (who charge up to 70% within 2 weeks) but still expensive compared to traditional banks or cooperative loans.

What Borrowers Like About Okash

1. Licensed & Authorized – Okash is a registered platform, meaning no illegal harassment.

2. Quick Loan Disbursement – Many users report receiving money in minutes after approval.

3. Multiple Tenure Options – Borrowers can stretch repayment over several months instead of 6–14 days like shady apps.

4. Fair Collection Process – Defaults are reported to the credit bureau instead of harassing your contacts.

Common Complaints About Okash

Despite being legit, Okash has its downsides according to user reviews:

1. Customer Service Issues – Many users complain about unresponsive or poor support.

2. Small Loan Amounts for First-Time Users – Borrowers often get very low initial offers.

3. Forced Loan Upgrades – Some users reported being pushed into borrowing higher amounts.

4. App Glitches – Cases of debit card errors, disbursement delays, or false debt notifications.

5. Aggressive Reminders – While not defamatory, Okash still calls and texts frequently when repayment is due.

Should You Borrow from Okash?

Okash is safer than unlicensed loan apps but still comes with a high cost of borrowing (32% interest). If you’re considering borrowing, weigh the pros and cons:

Best For: Emergency needs, quick cash flow issues, short-term borrowing.
Not For: Long-term financial problems, people who may struggle to repay on time.

Example: Borrow ₦50,000 → Repay ₦66,000 in 60 days. If you miss repayment, your credit score is affected and you’ll be flagged with the bureau.