Okash Loan Interest Rate on ₦500,000 Loan (2025 Calculation)

Okash offers flexible loan amounts with competitive interest rates and various repayment options. According to its public data, Okash loans can range from ₦3,000 to ₦2,000,000.

The loan app advertises rates from 3–15% per month (about 36–360% annually); you are expected to check the interest rates carefully before taking out large loans like ₦500,000. Here we want to check the interest rate on ₦500,000 with different repayment periods.

Let’s start.

Table of Contents

How Okash Loan Works

To get a loan from Okash, you need to download the mobile app and create an account, supplying your basic personal information.

You must also meet basic requirements (e.g., be a Nigerian citizen, be aged 20–55, and have a valid ID and bank account).

Once you have created an account, click on the loan option in the app. Okash will show you the loan amount you qualify for based on your creditworthiness. Then select the preferred amount and tenure, and submit. Okash will evaluate your application, and when approved, funds will be credited to your bank account within minutes with no collateral.

Loan tenors range from 91 days up to 365 days. When the repayment is due, you can pay back via the app.

Okash Loan Interest Rate Explained

Okash loan interest rate ranges from 3% to 15% per month, and this translates into a nominal 36.5%–360% APR.

According to Okash’s own example, a 91-day (≈3-month) loan carries about 9.1% total interest (approximately 3.0% per month).

These rates depend on the loan size, tenure, and borrower’s risk profile.

Okash may impose a ~2% per day late fee penalty on any overdue balance.

Okash Interest Rate on ₦500,000 Loan

Okash Loan Interest 2025

Here is the Okash interest rate on a ₦500,000 loan under different scenarios (simple interest estimate):

Let’s say you borrow ₦500,000 for 3 months at 3% monthly:
Your monthly interest will be ₦15,000, and total interest will be ₦45,000.

Your total repayment amount is ₦545,000 (principal + interest).

(The 3-month ₦500k loan total repayment amount is ₦546,500 at ~3.1% monthly.)

Okash loan interest rate on a ₦500,000 loan for 6 months at 10% monthly:

Monthly interest: ₦50,000
Total interest ≈ ₦300,000
Total repayment ≈ ₦800,000.

Okash loan interest on a ₦500,000 loan for 12 months at 15% monthly:

Monthly interest: ₦75,000
Total interest ≈ ₦900,000
Total repayment ≈ ₦1,400,000.

These figures show that even at the lowest interest of 3% monthly, a ₦500k loan incurs tens of thousands in interest, and at higher rates the interest can far exceed the principal.

Factors That Affect Your Okash Loan Interest Rate

There are several factors that influence the specific rate Okash assigns you:

Borrower history: First-time users usually qualify for small amounts (often around ₦3,000 to 50,000 for a brand-new customer), and you may be charged higher rates. With each successfully repaid loan, your credit score and trust with Okash improve, allowing larger loans at potentially lower rates.
Loan tenure: Okash loans range from 3 months up to 12 months. Shorter-term loans accrue interest for fewer days (even if the monthly percentage is similar), whereas longer terms naturally accumulate more total interest.
Credit profile and income: A stable income and clean banking history make you a lower risk, which can help secure a better offer. However, inconsistent income or bad credit history may result in a higher interest rate or lower loan limit.

Other things like your job stability and existing debt level can also affect your Okash loan interest rates.

Is ₦500,000 Realistic for First-Time Users?

The first-time user loan amount typically ranges from ₦3,000 to ₦50,000. In rare cases a first-timer with high income might reach a few tens of thousands, but a ₦500,000 loan for the first try is impossible. Loan limits only increase after consistent, on-time repayments. In the normal sense, only users who have taken and repaid many prior loans (often over many months) can access a ₦500k loan from Okash.

Tips to Reduce Loan Costs on Okash

Repay on time. Okash charges a late fee on any unpaid balance, so make your payment by the due date to avoid extra charges.
Borrow only what you truly need. Every extra naira borrowed incurs additional interest. Don’t overshoot your actual need.
Pay early or in one go if possible. If you can repay before the term ends, you avoid subsequent interest (and future interest may not apply once the principal is cleared).
Build a good repayment record. Successful, timely repayments can make Okash offer you lower rates (and higher limits) on future loans.

Is Okash the Best Option for a ₦500,000 Loan?

For such a large amount, you should compare other alternatives. Other loan apps or banks may offer cheaper terms if you qualify.

For example, many popular loan apps allow ₦500k+ loans but at different rates:

Carbon (up to ₦1,000,000) with monthly rates from about 4.5% to 30%

FairMoney (up to ₦3,000,000) from ~2.5% to 30%

Branch (up to ₦1,000,000) from 17% to 40%.

Some loan apps might offer a lower minimum rate than Okash’s 3%, while others have higher maximum rates.

Pros of Okash: It is easy and fast—with instant disbursement. There are no hidden fees beyond the interest and late penalties.

Cons of Okash for ₦500k: The APR can be enormous if stretched long, and the total interest cost is very high. Missing a payment triggers large daily fees.In summary, Okash offers quick loans but is not the best option for very large loans.

Conclusion

Okash interest rates range from 3–15% per month, and this makes a ₦500,000 loan with total interest expensive (as our examples show).

If you need a 500k loan, you are advised to compare other alternatives (loan apps or bank loans) if you need such a large sum. In all cases, plan carefully and ensure you can meet the repayment schedule before committing.