See How Much You Will Pay Back If You Borrow ₦1.5 Million from Okash and EaseMoni (Read Before You Borrow)

Many Nigerians rely on mobile loan apps to solve financial emergencies or boost small businesses. With the rise of fintech lenders, platforms like Okash and EaseMoni have become household names, offering fast cash without collateral or paperwork.

But how much does it really cost to borrow from these apps? What will you pay back if you take a loan as high as ₦1.5 million? And is it worth it?

In this article, we will break down the actual repayment amount, analyze the interest structure, and discuss why taking such a huge loan from digital lenders can lead to serious debt traps if not properly managed.

Okash and EaseMoni — Who Owns Them?

Both Okash and EaseMoni are operated by the same financial institution — Blue Ridge Microfinance Bank Limited, one of the licensed microfinance banks regulated by the Central Bank of Nigeria (CBN).

They are among the most popular loan apps in Nigeria because they:

• Offer instant loans without collateral.

• Approve applications within minutes.

• Do not defame or harass borrowers publicly like many unlicensed loan sharks.

However, while Blue Ridge Microfinance Bank is legitimate and licensed, the interest rates charged by Okash and EaseMoni are among the highest in the industry — especially for long-term loans like ₦1.5 million.

How Much Will You Repay If You Borrow ₦1.5 Million?

Let’s get straight to the numbers.

If you take a ₦1.5 million loan (or ₦1.4 million as often stated) from Okash or EaseMoni, the total repayment for a 12-month (360-day) tenure can reach approximately ₦2,710,496.

That means the total interest and fees amount to over ₦1.2 million — which is almost the same as borrowing another loan!

Breakdown:

• Loan amount: ₦1,500,000

• Repayment period: 360 days (12 months)

• Total amount to repay: ₦2,710,496

• Total interest and fees: ₦1,210,496

That’s roughly 81% interest in one year — significantly higher than most commercial bank loans, which typically range between 20% to 30% per annum.

Why the Repayment is So High

Okash and EaseMoni charge what they describe as “service fees and interest”, which are calculated daily and vary depending on loan amount, credit history, and repayment behavior.

While these apps advertise low monthly rates (around 5–10%), the effective annual percentage rate (APR) becomes extremely high once you calculate the cumulative charges.

Additionally, any delay in repayment triggers daily overdue interest — and that’s where the real debt trap begins.

The Danger of Daily Overdue Interest

If you fail to repay your loan on or before the due date, both Okash and EaseMoni begin to apply daily overdue interest, which accumulates quickly and can push your debt far above your original amount.

For example:
If you owe ₦1.5 million and miss your payment deadline, you could be charged overdue interest daily, sometimes ranging from 1% to 2% per day.

Within just 30 days of default, that could add ₦45,000 to ₦90,000 extra to your balance — making repayment even more difficult.

This cycle can easily turn into a financial trap, where your entire income goes into servicing interest rather than reducing the main loan.

Is Borrowing ₦1.5 Million from Okash or EaseMoni Worth It?

The big question is: What kind of business or investment can yield a profit of ₦1 million within a year in Nigeria today?

For most small business owners, making such returns after paying rent, staff, and expenses is unrealistic. If you take a ₦1.5 million loan and must repay ₦2.7 million in a year, your business must generate over ₦100,000 profit monthly just to break even.

In today’s challenging economy — with inflation, unstable exchange rates, and rising fuel costs — that’s a big risk.

That’s why financial experts often warn that borrowing huge amounts from high-interest apps can destroy your business or personal finances.

Lessons to Learn Before Borrowing

Before you take any loan from Okash, EaseMoni, or similar apps, consider these practical tips:

1. Don’t Borrow Huge Sums from Loan Apps

Mobile loan apps are best for short-term emergencies, not for big business investments. Their high interest rates can wipe out your profits. For larger amounts like ₦1.5 million, use traditional banks that offer structured repayment plans and lower interest.

2. Borrow Only What You Can Afford to Repay

If your monthly income is ₦200,000, it doesn’t make sense to borrow ₦1.5 million with a ₦225,000 monthly repayment. Always calculate your repayment capacity before accepting any loan offer.

3. Pay Back on Time

The longer you delay, the more overdue interest accumulates. Paying on time not only saves you money but also improves your credit score for future loans.

4. Use Borrowed Money Wisely

Don’t use borrowed funds for luxuries or personal expenses. Invest in something that will generate income or solve an urgent financial issue.

5. Avoid Multiple Loan Apps

Borrowing from one app to pay another is a dangerous cycle. Many Nigerians have fallen into debt chains that ruined their credit reputation.

Comparing Loan Apps vs. Traditional Banks

Here’s a quick comparison between digital loan apps like Okash/EaseMoni and traditional commercial banks in Nigeria:

While Okash and EaseMoni provide convenience, they come at a heavy price. Traditional banks remain the better option for large loans due to their structured repayment, lower interest, and longer tenures.

Real-Life Example

Let’s break it down further for clarity.

If you borrow ₦1,500,000 from Okash or EaseMoni at a total repayment of ₦2,710,496 for 12 months:

• Your monthly repayment will be around ₦225,874.

• If your business profit after expenses is only ₦100,000 monthly, you’ll be operating at a loss.

• A missed payment could add ₦10,000–₦15,000 in daily penalties, making it even worse.

So before taking this kind of loan, ask yourself:

“Will this money help me generate enough income to pay back comfortably and still profit?”

If the answer is no, it’s safer to avoid it.

How to Borrow Wisely in Nigeria

Borrowing money isn’t always bad — it can be useful when handled wisely. Here are some smart borrowing strategies for Nigerians:

1. Always compare interest rates before applying. Don’t rush into the first app that offers quick approval.

2. Read the loan agreement carefully. Many borrowers don’t realize how daily penalties work until they default.

3. Create a repayment plan. Save towards your installments before the due date.

4. Avoid emotional borrowing. Don’t borrow out of desperation or peer pressure.

5. Start small. Build a repayment record with small loans before requesting higher amounts.

Final Verdict

Okash and EaseMoni, both owned by Blue Ridge Microfinance Bank, are among Nigeria’s most reliable digital lenders in terms of privacy and customer protection. They don’t defame or embarrass defaulters — a practice common with unlicensed loan sharks.

However, their interest rates and daily overdue penalties can turn a ₦1.5 million loan into a ₦2.7 million repayment burden within a year. That’s almost double your principal amount.

Before taking such a big risk, ensure you have a clear repayment strategy and a profitable plan for using the funds. If not, the loan could become a financial trap instead of a solution.

Borrow smart, pay on time, and always remember:

“A loan should help you grow, not drown you in debt.”