The Okash Loan App is a straightforward solution for quick loans. This review provides reliable insights into the app, from interest rates to the application process and repayments. If you’re considering Okash for your financial needs or just want to understand it better, you’re in the right place. Trust us to give you the facts you need about this user-friendly lending platform.
What Is The Okash Loan App?
The Okash Loan App, a product of Blue Ridge Microfinance Bank, is a user-friendly micro-lending solution designed to cater to the financial needs of individuals seeking hassle-free loans. This online loan application provides a seamless borrowing experience with low interest rates, all without the need for collateral. Accessible to anyone in need of a soft loan, Okash simplifies the borrowing process, making it accessible to a wide range of users.
To get started, users can conveniently download the Okash app from Google Play and set up their loan account in a matter of seconds. This streamlined approach to lending ensures that borrowers can access funds quickly and with minimal paperwork, offering a practical and efficient solution for those in search of immediate financial assistance.
What Is Okash Loan Requirement
To access the Okash Loan App and unlock its financial assistance, you’ll need to meet some straightforward requirements:
Valid Email Address
Ensure you have an active email address that you can use to register and communicate with Okash.
Android Phone
You must possess an Android smartphone to download and use the Okash app, which is readily available on Google Play Store.
Age Range
To be eligible, you should fall within the age range of 20 to 55 years old, providing access to a broad segment of users.
Residency
You should be a resident of Nigeria to apply for an Okash loan.
Identification Card (ID Card)
You’ll need a valid identification card to verify your identity.
Bank Details
Okash requires specific bank information for seamless transactions. Make sure you have the following:
Bank Account Number
Your unique bank account number.
Bank Account Name
The name associated with your bank account.
Bank Card (ATM Card)
You’ll need your bank’s ATM card for some verification steps.
Bank Verification Number (BVN)
The BVN is a critical requirement to ensure the security and legitimacy of your loan application.
What Is Okash Loan Interest Rate?
The Okash Loan App offers a flexible lending solution with a daily interest rate ranging from 0.1% to 1%. This means that the interest you pay on your loan is determined by the duration you choose to repay it, with a maximum loan tenure of 365 days.
For example, if you opt for a 91-day repayment period, the interest rate would be 9.1%. If you borrowed NGN 3,000, your interest for that period would amount to NGN 273, making your total repayment NGN 3,237.
Importantly, the app calculates the interest separately for each month, so in the first month, you’d pay N1,093 (including N93 in interest), N1,090 in the second month (with N90 in interest), and another N1,090 in the third month (with N90 in interest). The Annual Percentage Rate (APR) can range from 36.5% to 360%, providing flexibility for borrowers to choose a suitable repayment plan based on their financial circumstances.
How to Apply for Okash Loans
To apply for a loan through the Okash Loan App, follow these straightforward steps:
Install the Okash App
Start by downloading the Okash app from the Google Play Store and install it on your Android device.
Registration
Once the app is installed, open it and begin the registration process. You will be required to provide your name, Bank Verification Number (BVN), email address, and phone number. This information is crucial for verifying your identity and processing your loan application.
Loan Application
Access your app dashboard and locate the “Apply for a Loan” option.
Loan Selection
Choose the specific loan amount you wish to apply for from the available options.
Basic Information
Fill in your basic details as requested in the application form. This typically includes personal information such as your name and contact details.
Submission
After completing the application form, submit it through the app.
Verification Call
Following your application submission, you may receive a phone call for further verification. This is a standard procedure to ensure the accuracy and legitimacy of your application.
Application Result
The final result of your loan application will be displayed within the app. Additionally, you will receive an SMS notification informing you whether your loan application has been approved.
E-sign Loan Agreement
If your loan application is approved, you will need to electronically sign the loan agreement within the app. This step is essential to formalize the loan process.
Loan Disbursement
Once the loan agreement is signed, the approved loan amount will be swiftly disbursed into your registered bank account. You will also receive an SMS notification confirming the disbursement.
How To Check Okash Loan Balance
Begin by tapping on the menu icon, typically located at the top left corner of the Okash app’s interface. From the menu options that appear, select ‘Loan History.’ This section provides an overview of your borrowing activities and past transactions.
In the ‘Loan History’ section, you’ll see your complete loan history. The active loan, which is your current borrowing, will be clearly highlighted.
To access more detailed information about your active loan, click on it. Here, you can view important details such as installment amounts and due dates, ensuring you have all the necessary information to manage your repayments effectively and stay on top of your financial commitments.
Okash Customer Care
Customer Service Email
Customer Service Hotline
018884549
Address
Room 301, Japaul House, Plot 8 Dr. Nurudeen Olowopopo Way, Central Business District, Ikeja, Lagos, Nigeria.
Why Choose OKash for your borrowing needs?
Credit-Based Loans
With OKash, you can secure a loan based on your creditworthiness. This means you don’t have to worry about making deposits or providing collateral or guarantees.
Flexible Loan Amounts
OKash caters to a wide range of financial requirements. You can borrow amounts ranging up to NGN 500,000, providing substantial financial support that can be disbursed directly to your bank account.
Effortless Digital Process
Gone are the days of extensive paperwork and time-consuming bank visits. OKash simplifies the borrowing process by offering a paperless and digital experience right on your mobile device.
Data Privacy
Your personal data is a priority for OKash. They ensure the utmost security and privacy of your information. Rest assured that your data won’t be shared with any third parties without your consent, providing peace of mind while using the app.
Loan Repayment Reminders
It’s easy to forget repayment dates, but with OKash, you won’t have to worry about missing them. The app sends timely reminders to help you stay on top of your repayment schedule, preventing any late fees or penalties.
Frequently Asked Questions
What Happens If I Don’t Pay My Okash loan?
Failing to repay your Okash loan on time may result in a rollover interest charge of 2% per day. It’s important to honor your repayment commitments to avoid these additional charges and maintain a positive borrowing experience with Okash. Timely repayments are crucial to managing your financial responsibilities effectively.
How Long Does Okash Take To Process A Loan?
Once you’ve submitted a successful loan application, fulfilled all the necessary requirements, and have a clean credit history, Okash typically processes your loan within a swift 24-hour timeframe. This quick turnaround ensures that you can access the funds you need promptly, making Okash an efficient choice for addressing urgent financial needs when you meet their criteria.
What Is Okash Loan Amount Limit?
With the Okash Loan app in Nigeria, you can borrow a minimum of NGN 3,000 and a maximum of NGN 500,000. This means you have the flexibility to choose the loan amount that suits your needs, whether it’s a smaller or larger sum, making it accessible for a variety of financial purposes.
What Is Okash Loan Repayment Duration
When it comes to repaying your Okash loan, you have options that match your financial convenience. You can borrow from NGN 3,000 to NGN 500,000, tailoring the loan amount to your needs. Additionally, Okash offers a flexible repayment duration, spanning from 91 days to 365 days. This means you can choose the timeframe that best suits your financial circumstances, allowing you to manage your repayments comfortably and efficiently.
How To Repay Your Okash Loan
To repay your Okash loan, begin by launching the Okash loan app and navigating to the homepage. On the homepage, you’ll find any outstanding loans that require repayment. Simply select the relevant loan to initiate the repayment process. From there, you can conveniently choose your preferred payment method, ensuring a hassle-free and efficient way to settle your loan obligations.
Conclusion
The Okash Loan App stands out as a reliable and user-friendly solution for individuals seeking quick and hassle-free loans. It offers numerous benefits, such as credit-based lending, flexible loan amounts, and a digital, paperless application process accessible through your mobile device. Data privacy is a top priority, ensuring your information remains secure. Plus, Okash provides helpful loan repayment reminders to help you stay on track.
Also, Okash offers a flexible loan repayment duration, giving you the option to choose a timeframe that aligns with your financial situation. Failing to repay your loan on time may result in additional charges, so timely repayments are crucial for a positive borrowing experience.