Fairmoney vs. Okash Loan: Which Is Best for Nigerians?

Finances can be difficult to navigate, especially in a country like Nigeria, with its unique economic challenges. For many Nigerians, getting access to loans and credit is essential for starting or expanding businesses, paying unexpected expenses, or smoothing out cash flow issues.

However, traditionally obtaining loans from banks in Nigeria has not always been straightforward or affordable. Thankfully, the rise of digital lending startups in recent years has created exciting new options for Nigerians seeking loans. Two leading players in this space are Fairmoney and Okash, but which one is the better choice?

Loan Amounts and Limits

One of the most basic but important considerations when selecting a loan provider is understanding the maximum and minimum loan amounts available. Here’s a quick overview of Fairmoney and Okash limits:


  • Minimum loan amount: ₦5,000
  • Maximum loan amount: ₦500,000


  • Minimum loan amount: ₦3,000
  • Maximum loan amount: ₦300,000

Both platforms offer fairly flexible loan sizes to suit various budget needs. Fairmoney’s higher maximum amount of ₦500,000 could be preferable for larger loans, though ₦300,000 through Okash still provides plenty of borrowing power for most use cases.

Loan Terms and Repayment Periods

Related to loan amounts is understanding the typical repayment terms. Flexible terms that match your cash flow are important. Here are the standard term structures:


  • Term options: 7-30 days
  • Interest charged daily until repaid


  • Term options: 7-90 days
  • Interest charged daily until repaid

Okash provides longer maximum terms of up to 90 days compared to Fairmoney’s 30 days maximum. This extended timeframe could be beneficial for loans needed over a longer duration. However, the longer period also means accruing more total interest.

Interest Rates

Naturally, the interest rate charged plays a huge role in overall loan costs. Both Fairmoney and Okash advertise competitive rates, but it’s worthwhile comparing typical APR ranges:


  • Standard rate: 2.5% per week (104% APR)
  • Preferred customer rate: 2% per week (88% APR)


  • Standard rate: 2.83% per week (117.6% APR)

As shown, Okash’s standard rates are marginally higher than Fairmoney’s at around 2.83% weekly versus 2.5%. Fairmoney also offers preferred customers an even lower 2% weekly rate. Overall, Fairmoney likely provides slightly better interest rates on average.


Beyond rates, any additional fees are important to factor in as well. Here are the standard non-interest fees for each platform:


  • No application or late fees
  • 2% transaction fee on disbursements


  • 2% application fee
  • 2% disbursement fee
  • 1% late repayment fee after seven days

Okash charges a few additional fees compared to Fairmoney. These include an application fee, a late fee possibility, and an identical 2% disbursement fee as Fairmoney. Overall, Fairmoney has a slight edge with zero non-interest fees.

Funding Process

The application process experience is another consideration, especially for first-time users. Here’s an overview:


  • Application via mobile app
  • Instant pre-approval and funds within 5 minutes
  • Simple KYC by uploading ID and selfie


  • Application via website or app
  • Manual underwriting process takes one business day
  • Must upload ID, utility bill, selfie

Fairmoney provides a very streamlined fully-digital process with instant decisions and funding. Okash requires a bit more documentation and has a longer manual underwriting phase before receiving funds. Overall, Fairmoney likely offers a smoother, faster loan application journey.

Additional Features

Beyond core loan mechanisms, extra product features can enhance the customer experience:


  • Robust mobile app
  • Control loan repayment schedule
  • Access savings and investment accounts
  • Earn cashback rewards


  • Basic mobile app
  • Fixed repayment schedule only
  • No savings/investment add-ons
  • No loyalty programs

Fairmoney provides a lot more built-in functionality through its all-in-one personal finance app experience. Features like flexible repayments, savings goals, and rewards add tangible value. Okash focuses solely on core lending.

Target Customer Base

Understanding the target market each company aims to serve is insightful as well. Companies have nuanced differences:


  • All adults, including lower-income individuals
  • Emphasis on financial inclusion


  • Salaried employees and small businesses
  • Prioritizes “quality clients”

Fairmoney has a broader reach aimed at serving all Nigerians regardless of income. Okash seems to target slightly higher-income professionals and businesses as their priority customer segments.

Reputation and Reviews

Of course, reputational factors matter greatly when trusting a company with your money. Let’s examine public sentiment:


  • Founded in 2018, very active in Nigeria
  • Over 50,000 reviews with a 4.6 star average on Google
  • Highly rated for accessibility and customer service


  • Founded in 2015, well-established player
  • Around 5,000 reviews with 4.3 star average
  • Praised for speedy funding but mixed reviews on support

Both have strong overall reviews indicating satisfied users. However, Fairmoney has amassed far more reviews demonstrating its larger scale and reach in the Nigerian market. Its review averages are also slightly higher, signaling a stronger reputation.

Summary: Fairmoney Is Best for Most Nigerians

In wrapping up this in-depth comparison, Fairmoney emerges as the better overall loan provider for the majority of Nigerians based on several key advantages:

  • More flexible loan amounts up to ₦500,000
  • Marginally lower interest rates and zero additional fees
  • Faster fully-digital application and funding process
  • Robust all-in-one finance app with extra features
  • Larger customer base and scale in the Nigerian market
  • Stronger reputation evidenced by vast review volume

While Okash is reputable and suitable for some, Fairmoney offers a superior user experience from start to finish at lower overall costs. Its emphasis on accessibility and financial inclusion also helps more Nigerians.

Of course, individual circumstances still matter – Okash may be preferable for certain higher-income clients needing longer repayment terms. But for most users, Fairmoney emerges as the top recommendation based on this thorough side-by-side assessment.


Here are some additional frequently asked questions about Fairmoney vs. Okash loans:

What is the minimum credit score or requirement to qualify?

Fairmoney: No credit checks – only valid ID and income verification required.
Okash: Soft credit checks are done, but non-prime borrowers still qualify. 700+ credit score preferred but not mandatory.

Can I get a loan without proof of employment?

Fairmoney: Yes, self-employed or informal workers can provide bank statements or tax receipts as income proof instead of pay slips.
Okash: Recommends having formal employment but will consider self-employed applicants on a case-by-case basis.

Is the money disbursed directly into my bank account?

Both Fairmoney and Okash disburse loan funds directly into the applicant’s linked bank account within one business day, in most cases on the same day for Fairmoney.

What happens if I’m unable to repay on time?

Fairmoney: No late fees or penalties can restructure the repayment schedule freely. May impact access to future loans.
Okash: Charges 1% daily late fee after seven days past due. Negative payment history impacts credit score and future eligibility.

Can I check the status of my loan application online?

Yes, both platforms allow applicants to log in at any time via mobile apps or websites to view real-time loan application status and account details after approval.

Do they do soft or hard credit checks?

Fairmoney performs no credit checks at all. Okash makes a soft credit inquiry that does not impact credit scores, but a hard pull may occur for larger loans above ₦300,000.

In conclusion, both Fairmoney and Okash are credible lending options for Nigerians overall. But based on lower costs, wider accessibility, and a smoother user experience – Fairmoney emerges as the top choice for most borrowers.

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