Okash: Are Quick Loans Worth the Risk?
By Abdulrahman Adeyemi
If you’ve ever run out of cash just before the end of the month, you know the kind of wahala that can bring. Whether it’s unexpected fuel expenses or that annoying “urgent 2k” situation, life in Nigeria has a way of catching you off guard. That’s where apps like Okash come in—offering quick personal loans that promise to save the day. But is it really as straightforward as it sounds? As someone who’s used Okash a couple of times (yes, I don’t like stress, abeg), let me tell you the good, the bad, and the “what exactly is this?” about this app.
What Exactly is Okash?
Okash is a loan platform that works through your mobile phone. It claims to offer fast loans to Nigerians without requiring you to jump through too many hoops. The app is part of Opay, a popular fintech company in Nigeria, so it already has some credibility. You download the app, fill in your details, and within minutes, they tell you how much you qualify for. Sounds simple, abi? But like many things that sound too good to be true, there’s more to it.
The Good Stuff: Why People Flock to Okash
Let me first talk about what makes Okash attractive, because it’s not all bad. In fact, there are a few things the app gets right.
Speed Like Flash
If you’ve ever had to wait for a bank loan in Nigeria, you’ll appreciate how fast Okash is. The app doesn’t waste your time. I remember one time I needed N10,000 urgently to fix my car radiator (the Lagos heat is no joke). I applied on Okash, and within 10 minutes, the money was in my account. I didn’t even have to call anybody or beg for guarantors. That kind of speed is a lifesaver.
No Collateral or Long Story
Unlike traditional Nigerian banks that will ask for your entire life history, Okash makes it simple. You don’t need collateral, and there’s no need to submit endless documents. You just need your BVN, a functioning phone number, and sometimes proof of income. It’s designed for the everyday Nigerian who might not have access to conventional bank loans.
Flexible Loan Amounts
When you’re just starting out on the app, the loans are small—maybe N5,000 or N10,000. But as you build a borrowing history and repay on time, they increase your limit. For someone like me who’s used it a few times, I can now borrow up to N50,000. It’s helpful if you need quick cash for emergencies.
The Downsides: Where Okash Falls Short
Now, here’s the part where Okash made me shake my head and ask, “Is this life?” While the app has its strengths, there are some serious issues you need to be aware of before you jump in.
Interest Rates That Will Make You Cry
Let’s be frank here—Okash’s interest rates are high. Like, really high. If you’re borrowing N10,000, you might end up paying back N12,000 or more within 14 days. That’s a 20% interest rate, which is not small money, especially if you’re already struggling. I understand that they’re taking a risk by giving unsecured loans, but sometimes it feels like they’re punishing you for being broke.
Short Repayment Periods
Another issue is the repayment period. Most loans on Okash have to be repaid within 7 to 14 days. For someone who’s waiting for their salary or a business payment, that’s a tight window. There was a time I borrowed N20,000 thinking I’d repay it in two weeks, but things didn’t go as planned. By the time the deadline came, I was scrambling to find money to avoid the penalties.
Aggressive Debt Collection
If you’ve heard stories about loan apps embarrassing people, Okash is part of that conversation. Their debt collection tactics can be overwhelming. If you miss your repayment date, they don’t just send you reminders—they’ll call you, text you, and even message people on your contact list. It’s embarrassing, especially if you value your privacy. I had a friend who missed a payment, and they called his boss! That kind of thing can ruin relationships.
Data Privacy Concerns
When you install Okash, they ask for a lot of permissions—your contacts, SMS, and even your location. While this is standard for many loan apps, it still feels invasive. You can’t help but wonder, “What are they doing with all this information?” In a country where data privacy isn’t strictly enforced, it’s something to think about.
Is Okash Worth It?
So, should you use Okash? Well, that depends on your situation. If you’re in a tight spot and need quick cash, the app can be a lifesaver. It’s fast, convenient, and doesn’t require collateral. But you have to be prepared for the high interest rates and short repayment periods. If you’re not disciplined with money, using Okash can quickly become a problem.
For me, I see it as a last resort. If I have other options—like borrowing from a friend or family—I’ll explore those first. But when there’s no other way, Okash is there. Just make sure you read the terms carefully and repay on time to avoid unnecessary drama.
Okash is like that friend who helps you when you’re in trouble but always expects something in return—usually something big. It’s not perfect, but it has its uses, especially in a country like Nigeria where access to credit is limited. My advice? Use it wisely. Don’t borrow more than you can repay, and don’t rely on it too often. After all, debt is not something you want to play with.
What about you? Have you used Okash before? How was your experience? Let me know—I’d love to hear your thoughts.