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?

Up to 5 Million Naira for a maximum repayment duration of 12 Months.

What interest is payable on loans?.

Yes there is, a 4% flat Interest rate

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

Civil Servants

3 Months recent payslip

Work ID Card and passport

Non Civil Servants

6 Months Bank Statement

Work ID Card

Employment letter and passport

Will Rich-Oak require my BVN?

Yes we will, in order to verify your account Information.

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?

No, our loans are collateral free.

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.

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. For amounts above N10,000,000, kindly explore our other products or contact us for further details. Send an email to or call 09016854815.

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 Yousave product(plan), is 1 month.
The least duration for Premium plan is 1 year.
The least duration for Premium plus is 6 months.

Can i operate more than one
Investment plan simultaneously?

Yes you can

Can I invest even if I am outside Abuja?

Yes, You can

Are my investments secure?

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.



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