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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