If you have been hearing about the Okash Loan and want to know more about it, then read this article to the end, as we detail everything you need to know.
We both know that feeling that comes when we need cash for some urgent expenses, such as school fees, medical bills, or projects, and we can’t seem to get it.
The banks too are not even helping matters with their long documentation process and their endless list of requirements such as payroll records, social security cards, income, expenses, and so on.
Okash was created to serve a singular purpose, which you are about to discover.
What is OKASH Loan App?
Okash is a leading online financial platform that offers quick and instant loans to people who need business or personal assistance without collateral. This is a type of short-term loan that can be obtained through the Okash mobile app.
This platform is licensed by the Central Bank of Nigeria (CBN) and is popular among those who may not qualify for a loan from a conventional bank. With an easy-to-use interface, a low interest rate, and a smooth application process, Okash Loan provides a hassle-free experience for borrowers seeking urgent funds.
Understanding the OKASH Loan App
Okash is one of the best loan apps presently in Nigeria due to its smooth application process, easy-to-use interface, and disbursement of funds in minutes. The platform uses artificial intelligence to check the credit score of individuals based on the data provided, such as their BVN and phone number, which eliminates the need for extensive paperwork.
Okash offers loans spanning from ₦3,000 to ₦500,000 with a repayment plan that varies from 91 days to 365 days with no collateral, making it an enticing option for people in need of quick financial help.
REQUIREMENTS AND ELIGIBILITY
Okash gives instant loans, but not without certain criteria or requirements to help them confirm your eligibility for the loan.
Bank Verification Number (BVN)
The bank verification number is one of the important requirements Okash demands from users in the loan application process. This helps the platform ascertain if an individual has an unpaid loan with other platforms.
Active Phone Number
The next requirement is your phone number, which should be linked with your National Identity Number (NIN). It is required in order to send verification codes during the loan application process.
Bank Account
After approval of the application, they will need a bank account to transfer the loan fee, so the account number must be active for you to receive the money.
Age
The Okash loan app is not meant for those who are underage. The applicant must be between the ages of 20 and 55 to access the loan.
Government-licensed ID card
This is a compulsory requirement to access the loan. The ID card must be valid, for example, the National Identity Number (NIN), driver’s license, and international passport. It confirms all the details you have provided.
Email Address
This in particular is not mandatory, but it is important to provide an active email so that they can keep you up to date with vital information.
Want to get a loan from Okash? Get the entire requirement listed above ready as we move on to the next stage.
A Step-by-Step Guide to Applying for an Okash Loan.
Download the app
The Okash loan app platform carries out the lending services, so users must download the app from their Google Play Store for Android to access the loan.
To download the Okash app
- Visit the Google Play Store on your phone.
- Search for the Okash Loan App.
- Install the Okash Loan App on your phone.
Account Registration
Once you install the app on the phone, the next step is to launch it by clicking on it, signing up.
Take note that this process is only for new customers. Those who already have an account with them can sign up with their details anytime they want to access the platform.
After providing the information, you need to get verified. Before verification can take place, you have to accept their terms and conditions. It is advisable that you read through the terms and conditions provided by Okash before accepting.
After you accept the terms and conditions, a verification code will be sent to your phone number or email address for you to input on the loan app.
Provide a strong password
You should also complete the process by setting up a strong password known to you alone so as to avoid someone accessing the app on your phone and using it to withdraw the money, incurring debt for you.
You cannot complete this whole registration process without giving Okash access to your contact information.
Loan Application
This process will be on the dashboard after the account registration is successful. You can apply for the loan by following the process.
On the dashboard, select the loan amount you want to apply for. You will only have access to a loan within the range of 3,000 to 500,000. For new customers, they have a maximum limit of 10,000.
Fill out the form with the correct information, and submit it for verification. If the information provided is not correct, your loan request will be rejected.
Verification Process
After the submission of the loan form, you will get a call from Okash to verify your details. After the call, you will receive an SMS confirmation, or check the app on your phone to confirm your application’s approval. click on confirm.
Loan Payment
Upon agreeing, the loan fee will be sent immediately to the account number provided.
Loan Repayment Options and Interest Rate
The repayment plan is usually between 91 days and 365 days. The interest rate is charged at 9.1% every three months, or 3.0% monthly. This is one of the unique features of the Okash app.
HOW TO REPAY THE OKASH LOAN
You can pay back the loan by following this process:
- Log in to the app.
- Go to Repayment on the dashboard.
- Add your bank card details and select the amount you want to pay.
How does Okash recover money when a customer refuses to pay?
Many individuals have formed the habit of not paying back loans, which is not good and may likely affect them when they try to get loans again from other platforms. Aside from this, it can lead to Okash embarrassing you.
They put a call across to contacts on your phone, informing them of your inability to pay the loan. This is not just particular to Okash alone, as the majority of loan apps in Nigeria engage in it.
This is not something you would want for yourself, so this is one reason why you have to pay back the loan as soon as it is due.
Related Post: Migo Loan, requirements and how to apply
FREQUENTLY ASKED QUESTION (FAQs)
Is Okash licensed in Nigeria?
Sure. “Certainly, yes, the Central Bank of Nigeria (CBN) has approved Okash to operate in Nigeria.”
What is the maximum loan I can get as a new customer?
Okash gives a maximum of N10,000 to newly registered customers.
How do I access the Okash loan?
You have to download the app from your Google Play Store and register with your correct details.
Does Okash offer loans to businesses?
Yes, Okash offers loans for both personal and business purposes.
In conclusion
Okay stands out as a reliable platform for people looking for quick and affordable funds in Nigeria. It simplifies the loan application process and allows users to address their financial needs quickly. By following the detailed steps and meeting the requirements, individuals can easily access and secure funds without any delay.
You can also Read: (Tips for managing loans)
