Frequently Asked Questions

What can we help you with? Answers to some of our most commonly Asked questions are below.
If you are a Rich-Oak member, visit our help center for product-specific information.

We are always available to help you with any of your enquiries, requests and complaints.
We provide various channels to ensure you contact us.

• Loans • Investment • Digital web applications • Oak mobile application • Agent officer • Security • Strengths and partnerships

Loan FAQs

How much can I borrow and for how long?

You can borrow any amount provided your repayment will not exceed one third of your net income. You can borrow from 1 week to 12 months.

Are there any interest on the loans?.

1 month 15% Interest Monthly
2 – 3 Months 13% Interest
4 - 5 Months 10% Interest
6 - 7 Months 8% Interest
8 - 9 Months 7% Interest
10 - 12 Months 6% Interest

What documents do I need to apply for a loan?.

Recent payslip for Govt staff
A Staff ID
A Passport photograph
Six months bank statement till date for Non-Govt Staff..

Will Rich-Oak require my BVN?

No, we do not require your BVN to grant a loan.

How long can I pay back my loan?.

You can repay your loan from one week upon collection to a monthly repayment for 12 months depending on the duration of loan.

How long does it take to process a loan?.

It takes 30mins – 2hrs upon complete application of a loan..

Can I apply for a loan outside Abuja?.

Yes you can apply for a loan outside Abuja once you are a professional staff in a Govt Organisation or a reputable Private Organisation.

What happens if I can’t pay back?.

With our repayment arrangements with IPPIS and Remita, repayments are automated from your salary which makes default difficult, but in the eventuality of a default, repayment will be gotten from your Guarantor.

Do you require any collateral before giving loans?

Our loans do not require any collateral, with the exception of businesses or individuals who do not fall into the category of being a professional staff in a Govt or Private Organisation.

I don’t have a bank account, can I apply for a Rich Oak loan?

Yes you can but you have to apply with a guarantor who is a professional staff in a Govt. or Private Organisation.

Can I get a loan as a student?

Yes you can apply for a loan through your guardians.

How do I know my loan application has been granted?

Upon complete application through our app, you’ll get a notification of loan approval or a call concerning your approved loan.

Can I borrow more in addition to my existing loan?

You can access a top up in addition to an existing running loan, granted you have not exceeded your maximum loan amount..

Can I make full payment of my loan before the repayment date?

You can liquidate your loan before the repayment date without any fee and with a reduction in the total interest payable..

Can I extend my loan tenure?

You can extend your loan tenure, provided it will not exceed 12 months but will require recalculation of both interest and principal.

I am a contract worker, am I eligible for a loan?

Yes you can apply for a loan granted you provide a guarantor who is a professional staff in Govt. or Private Organisation.

Can I take multiple loans?

You can access a top up in addition to an existing running loan, granted you have not exceeded your maximum loan amount.

Investment FAQs

What is the least amount I can invest?

The minimum balance you can invest is N2,000 for the Standard investment plan , N5,000 for the Premium plan, and N50,000 for the Premium Plus plan.

Is there a maximum amount I can invest?

No, you can invest as much as you can. However, the maximum amount you can invest on the Premium Plus plan is 10 million naira for a year. Amounts above 10 million naira are invested for 18months and beyond.

Can I withdraw my money at any time?

No. You can only liquidate your Investment after the agreed upon duration

What is the least duration for Investment?

The least duration for all Investment products apart from the Standard product(plan), is 1 year. The least duration for the Standard product (plan) is 1 month.

Can i operate more than one
Investment plan simultaneously?

Yes you can

Can I invest even if I am outside Abuja?

Yes you can. All documents can be sent electronically

Are my investments secured?

Yes they are. All investments are used to give out loans and all loans are insured through IPPIS, REMITA and ALLIANZ Nigeria Insurance

Have more questions? Give us a call.



Contact Us



Subscribe to our Newsletter

I agree that RICH-OAK and its affiliates may use my contact details to send me communications

(C) 2020 RICH-OAK