Have you heard of the popular Okash loan app?
Whatever your answer is, stay glued to this article as we unravel everything you need to know about the Okash loan app. Let’s get started.
How does it feel to need money to fund a project and there is no way to get the money urgently?
Of course, you will feel bad and may have no other option than to let the project slide.
The banks are not even helping matters as you have to queue up waiting for your turn. Do not forget easily the bottlenecks around getting loans from banks.
This is where Okash comes into play.
OVerview of Okash Loan
Okash is an online platform that provides lending services to people who need both personal loans and business loans.
Okash is owned and operated by Blue Ridge Microfinance Bank limited. Okash is one of the top online platforms that offer instant loans to its users without collateral and with less paperwork.
How Does Okash Work?
Okash works like other loan apps. It disburses loans to its users within a few minutes. Provided you have an account with Okash and you meet up to its requirements, you are eligible to borrow money from the platform.
You can borrow loans within the range of N3,000 to N500, 000.
Requirements And Criteria For Obtaining Loans From Okash
To be qualified and eligible for an Okash loan, you must meet up with the following requirements.
Bank Verification Number (BVN)
The Bank Verification Number is an important requirement for obtaining loans from Okash.
With the BVN, financial crimes will be tracked and reduced to the barest minimum.
Also, with your Bank Verification Number, Okash can verify your banking history and ascertain if you have pending loans with other platforms. Want to get a loan from Okash? Get your BVN ready!
Read Too: How to Collect Loan Without BVN
A Verified Phone Number
The second requirement on our list is a valid phone number. The purpose of this verified phone number is for receiving verification codes through SMS.
An Active Bank Account
After your loan application is approved, your loan will be disbursed in a few minutes. Will the loan fall from the sky to you?
Of course not. Hence, why you need an active bank account that will enable you to get your loan.
National Identification Number (NIN)
Your NIN is also needed before you can be eligible to get a loan from Okash. With your NIN, your exact name, age and other official details will be confirmed.
Source Of Income
Your source of income should be steady and reliable this way, Okash would be convinced that you are capable of repaying your loans as at when due.
If you are underaged, the Okash loan app is not for you. Only those who are between the age of 21 and 55 years are eligible to apply for loans on the Okash loan app.
An Email Address
An active email address will also be required. This way, Okash keeps you updated on any important information.
The Okash Loan App
The Okash loan app is an app where Okash online lending services are rendered to its users.
The Okash loan app can only be downloaded through your Google Play Store for Android phones for not more than 15 MB as it is not currently available on Apple Store.
To prove the effectiveness of the Okash app, it has been rated 4.3 over 5. 0 by thousands of users.
After downloading the app, the next step is to create an account with Okash.
How To Create An Account On Okash Loan App
After downloading the Okash loan app, the next action to be taken is to create an account with Okash and that does not take more than 15 minutes.
To create an account with Okash, follow the guidelines below.
Launch The App
To create an account on Okash, you need to launch the app. To do this, tap on the app and you will be required to sign up.
Get Signed Up
After launching the app the next step is to sign up with your mobile phone number or your email address.
Mind you, you can sign up with your Opay account details if you already have an account with Opay.
After signing up, you need to verify your account. However, before the verification, you need to accept the terms and conditions given.
It is only when you have accepted the terms and conditions that your verification code will be sent to you via SMS or email address.
Set Up Security Systems
How would you feel if you logged into your Okash loan app account and discovered that someone borrowed money from the app without your consent?
That will certainly be painful as you incur more debts. To avert cases like this, it is advisable to set up a strong password that will be known only to you.
This four-digit PIN code will serve as your security code and can be updated anytime.
Grant Default Access
The creation of your account on Okash is incomplete without you granting permission to Okash to access your contacts and also your location.
How Can I Apply For Loan On Okash Loan App?
Once your account creation is successful, the next is to request a loan.
Follow the instructions given below to secure your loan.
- After creating your account, you will be directed to the loan dashboard. All you have to do is to select the amount you want to borrow. You can get a minimum of N3,000 and a maximum amount of N500, 000.
- Fill in the blanks with the appropriate details and submit your application for approval.
- After submitting your application kindly wait for a call from Okash. The call is usually made to verify details.
- After the call, check your app for the results of your application. If your application is approved, it will be shown on your screen and also through SMS.
- Confirm the loan by agreeing with Okash from your end.
- Your loan gets disbursed immediately after your confirmation of the loan agreement.
Can I Get A Loan From Okash Loan Without Collateral?
Yes, you can get a loan without collateral from the Okash loan app provided you meet the stipulated requirements.
To crown it all, the loan disbursement is fast within a few minutes of loan approval.
Okash Loan Repayment Plan
There are no specific repayment plans on the Okash loan app. You only choose the repayment plan that is convenient for you.
You can choose to pay monthly, every 3 months, quarterly (every four months), or at the end of 12 months
Whichever one, it is all about your choice.
What Is Okash Interest Rate?
Okash charges as low as 9.1% interest rate every three months. That is approximately 3.0% every month.
Low-interest rate right? Cool, that is one of the uniqueness of Okash to other loan apps.
How Can I Repay My Okash Loan?
To pay back the loan you borrowed from Okash do the following;
- Launch your Okash app and log in,
- Move to the repayment dashboard,
- Input your bank details and select the amount you want to pay using either your debit card or your credit card.
How Would Okash Recover Its Money When I Do Not Repay My Loan?
It is very bad to collect a loan and won’t be capable of repaying it when due.
Apart from it reduces the chances of you getting future loans, it can also lead to embarrassment.
Remember, you gave Okash permission to access your contacts. This gives them the avenue to put calls across to your contacts. This is not just about the Okash loan app but most loan apps.
Some would even go as far as threatening your contacts for your repayment. Is that the kind of thing you want?
Certainly not. This is one reason you should try and pay back your loans timely and also set a more comfortable and convenient repayment plan.
Frequently Asked Questions About The Okash Loan App
How Much Can I Borrow From an Okash Loan App As A First Timer?
You can borrow between N3,000 and N10,000 as a first-timer. However, your ability to repay your first few loans when due without being disturbed increases your maximum amount limitation.
Which Company Owns Okash?
Okash is owned by the Blue Ridge Microfinance Bank limited. An authorized company by the Central Bank Of Nigeria (CBN)
Is Okash The Same As Opay?
No, they are not the same. Okash is an arm of the Opay group.
Is Okash Loan Real Or Fake?
The Okash loan app is real and reliable. It provides quick loans to its users.
It is rated 4.3 over 5.0 on Google Play Store. And this is an indication that the app has been performing well to attract such ratings.
The Okash loan app is a reliable online platform that offers quick loans to its users provided they meet the requirements.
No collateral and less documentation are needed. Rush to your Google Play Store and download the app. Then proceed to create your account following the steps we outlined earlier.