OKash is an automated lending service focused on increasing access to credit financially under-served/excluded individuals around Africa. In case you didn’t get that first intro, you can simply look at OKash as an innovative mobile microlending application that enables easy, fast and secure access to short term loans.
We all know what ‘loans’ are, in lame man words, loan(s) is a thing that is borrowed, especially a sum of money that is expected to be paid back with interest. We are quite familiar with the act of collecting loans from banks, however, with the ever-increasing need to develop easier means to do things online, a countless number of platforms have been integrated into the online system and this has enabled the collection of the loan(s) to be much easier and faster.
The internet is a big place and our mobile phones act as a link between us and the internet, with the help of our phones and apps, you can simply apply for a loan within 5-10 minutes without any hassle instead of going to a bank. This is why we have apps like OKash that makes it efficient for you to have access to credit loan anytime, anywhere. OKash is safe, reliable and most importantly, doesn’t require any collateral before you can collect a loan.
Reasons why you should consider OKash
- You can apply for a loan by your credit. Don’t need any deposits or guarantees.
- You can get up to NGN50,000 loan. Disburse to your bank account in a while.
- A paperless and digital process on your mobile. All the steps can be done online.
- Don’t worry about forgetting repayment. OKash will send messages to remind you.
Before you can apply for an OKash loan, you need to be a Nigerian resident, between the age of 20-55 years old, have a BVN, national ID card and have a source of monthly income.
How to apply for an OKash loan
- Download and install the OKash app from the Play Store.
- Register an account.
- Select the product you would like to apply for.
- Fill out your basic information, then submit the application.
- After the submission, you may receive a call for verification. The final application result will be shown in the APP and you will be informed by SMS if approved.
- E-sign the loan agreement after the approval.
- After the E-sign, the approved loan amount will be disbursed into your account shortly and SMS notification will be sent.
What is OKash loan interest rate?
You can collect a minimum credit loan of N3,000 & a maximum of N50,000, with it having a minimum of 0.1% up to 1% interest rate. The interest rate is calculated on a daily basis and goes up to 36.5% to 360% per annum.
For example, 91-day loan payment terms have a processing fee of 41% and interest of 9.1%. For the loan processed with a principal amount of NGN 3,000, the processing fee would be NGN 1,229, the interest would be NGN 273, the total amount due would be NGN 4,502.
Having known all of this, you can easily apply for credit loans from OKash but know that you can get a maximum of N50,000 so don’t expect anything more than that. For those of you who don’t know, OKash is integrated into OPay app, so you can also apply for loans from there without having to download the OKash app.