Nigerian quick loan app
Okilo Cash-quick loan is a free-to-use financial app that serves users in Nigeria. With this online loan app, eligible users can choose from its flexible loan amounts and payment terms. The app features a minimalistic yet straightforward layout that lets you conduct all your transactions digitally, from registering for an account to receiving your funds.
Of course, there are strict requirements before one becomes a verified Okilo Cash-quick loan user. However, the lack of transparency about its rates and computations can surprise some users, opting them to try out alternatives like BGloan-Legal Cash Loan instead.
Can you trust Okilo?
Although Okilo Cash-quick loan is not the preferred option, a lot of users are still pressed to turn to this lending platform. Main concerns include the lack of transparency about its lending and disbursement, with users complaining about receiving different amounts from what was originally applied for. Undisclosed fees are already deducted from the disbursement. Similarly, its interest rates vary between 5 percent to 25 percent APR, depending on the payment terms.
The app is intuitive to use, making it easy to register and apply for a loan. However, it is limited only to Nigerian users aged 18 to 60 years old. Additionally, a Nigerian Bank Verification Number (BVN) is required. Once approved, you can apply for loans between 10,000 to 350,000 Nigerian naira, with payment terms ranging from 90 to 360 days.
Also, paying your loans on time will get your limit increased every time. Fail to pay on time and agents from the loan agency will start contacting you on all platforms you have provided. Whether it’s from text messages, voice calls, to emails, expect them to be on your tail. Additionally, they will also reach out to the people whose contact details you’ve provided.
Accessible but questionable
Overall, Okilo Cash-quick loan is one of the easier-to-use loan apps in Nigeria. Its fully digital transactions make it convenient for any eligible users to apply for its flexible loan systems. The problem, however, is in its lack of transparency to educate users on how much is taken off the requested amount and how much is added as interest over time.
