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You must have heard a lot about Okash loan since its launch in 2018. And probably curious on how the mobile app works. Welcome on board!
Here, at techbuild.africa will be reviewing the mobile app, its interest rate, requirements and how to apply/repay instant loans.
Okash loan in Nigeria
Okash loan is currently listed among the best loan apps in Nigeria for quick loans without any collateral or paperwork
It is a convenient mobile app that allows users to obtain short-term cash loans.
Okash is a micro-lending product of Opay, a fintech subsidiary of Opera Group, the founder of Opera mini web browser.
Also read, Securing Loans Despite the Effects of Coronavirus pandemic
Loans are offered to individuals, salary earners and business owners through the Okash mobile app, which can be installed via the Google play store.
Okash Loan Requirements
Before applying for a loan on the Okash app, you are required to provide the set-out requirements.
Failure to do the above-mentioned, will you from obtaining your desired cash loans.
The Requirements include:
- Valid bank details( account number, account name)
- Valid means of identification
- ID Photo
- BVN number
- You must be between the age range of 20- 55 years
- Monthly Income
- Complete Okash application
How to Apply for Okash Loan
- Download Okash Loan app via Google play store
- Register by creating an account
- Login into your Okash account
- Check your displayed loan limit displayed and select the amount
- Choose loan duration and click “apply”
- Then, wait for a few minutes to get a notification message that your application is under review
- Once the application is reviewed, funds will be disbursed to your Opay wallet from which you can withdraw to your bank account.
Note that if you consistently repay your dues, your loan limit will increase.
Also read, How to Get Banks to Say Yes to your Small Business Loan
How to Repay Okash Loans
- Open the Okash app on your mobile device
- Then, login into your account
- Click on the “Make a repayment” option
- Fill in the required details
- Double-Check for Accuracy and attached details
- Then, select the “repay” button
- Once the transaction is successful, you will receive an alert to confirm that the loan has been repaid.
Note that: Okash utilizes the Auto debit system that instantly deducts your loan balance on it’s
due date.
Okash Loan Interest Rate
Okash interest rate is between 0.1% -1% daily with an APR of 36.5% per annum and a one-time origination fee ranges from N1,229 – N6,000 in Nigeria.
Benefits of using Okash loan
- Okash is fast, secure, reliable and very easy to use
- Great customer service
- No collateral or paperwork
- No hidden charges
- You can obtain up to N50,000 loan.
No disbursement delay. Loan issuance takes place within 5 minutes.
Conclusion
There you have it! All the details you need to get quick loan when in short of cash. Please endeavour to borrow only what you can repay to avoid any penalties or being reported to the National Credit Bureau(NCB).
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