Okash Loan App – How To Get A Loan, Requirements, Interest Rate And More

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Sirmike Thursday, 19 September 2024, 9:57 pm

Okash is a mobile lending app that provides short-term loans to Nigerian citizens. The app is available for Android devices and can be downloaded from the Google Play Store. To apply for an Okash loan, you must be a Nigerian citizen between the ages of 20 and 55. You must also have a valid bank account and a means of identification. The application process is quick and easy, and you can usually get approved for a loan within minutes.

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The amount of money you can borrow from Okash depends on your credit score and the purpose of the loan. The maximum loan amount is NGN 500,000. The interest rate on Okash loans is 9.1% per year. The repayment period is typically 91 days. If you fail to repay your Okash loan on time, you will be charged a late fee of NGN 100 per day. If you continue to default on your loan, your account may be sent to collections.

How To Create An Account On Okash Loan App

Download the Okash app from the Google Play Store or App Store.
Open the app and tap on “Create Account”.
Enter your mobile phone number and tap on “Next”.
Enter the OTP that was sent to your mobile phone and tap on “Verify”.
Accept the terms and conditions of the OKash loan service and tap on “Agree”.
Create a security code and tap on “Save”.
The OKash loan app will ask you to grant some permissions. Tap on “Allow” to grant the permissions.
Your account has now been created. You can now apply for a loan.

Here are the requirements for creating an account on Okash loan app:

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You must be a Nigerian citizen.
You must be at least 18 years old.
You must have a valid Nigerian ID card.
You must have a valid bank account.
You must have a smartphone with an internet connection.

The maximum loan amount that you can borrow for the first time on Okash is NGN 3,000. The interest rate for OKash loans is 1% per day. The repayment period for OKash loans is 30 days.

How Can I Apply For Loan On Okash Loan App?

Here are the steps on how to apply for a loan on the Okash loan app:

Download the Okash app from the Google Play Store or App Store.
Create an account and verify your phone number.
Provide your personal information, including your name, BVN, ID number, and bank account details.
Select the loan amount you want to apply for.
Read and agree to the terms and conditions.
Submit your application.

If your application is approved, you will receive the loan amount in your bank account within minutes.

Here are the requirements for applying for an Okash loan:

You must be between the ages of 20 and 55.
You must have a valid ID card and BVN.
You must have a bank account in Nigeria.
You must have a data connection and an Android device.

The maximum loan amount you can borrow from Okash for the first time is NGN 3,000. The interest rate for Okash loans is 1.5% per day. The repayment period for Okash loans is 30 days.

Here are some tips for applying for an Okash loan:

Make sure you have all the required documents before you start the application process.
Be honest and accurate when providing your personal information.
Read and understand the terms and conditions before you submit your application.
If you are not approved for a loan, you can try again later.

What Is Okash Interest Rate?

The interest rate for Okash loans ranges from 36.5% to 360% APR. This means that for every $100 you borrow, you will pay between $36.50 and $360 in interest over the life of the loan. The actual interest rate you are offered will depend on your credit score and other factors.

Okash loans are short-term loans, with repayment terms of 91 to 365 days. This means that the interest you pay will be calculated on a daily basis. For example, if you borrow NGN 3,000 for 91 days at an interest rate of 9.1%, you will pay NGN 273 in interest. The total amount due will be NGN 3,237.

It is important to note that Okash loans are high-interest loans. This means that they should only be used as a last resort. If you are able to get a loan from a traditional bank or credit union, the interest rate will likely be lower.

Here are some additional things to keep in mind about Okash loans:

There are no hidden fees.
You can apply for a loan online or through the Okash app.
You can receive funds within 5 minutes of approval.
You can repay your loan early without penalty.

If you are considering an Okash loan, be sure to compare the interest rate and terms to other lenders before you apply. You should also make sure that you can afford the monthly payments.

How Can I Repay My Okash Loan?

There are two ways to repay your Okash loan:

Automatic debit: Okash will automatically debit the due amount from your bank card on your repayment date. To ensure that the debit is successful, make sure that your bank card has sufficient balance before the due date.

Manual payment: You can also make a manual payment by transferring the due amount to the Blue Ridge Microfinance Bank Ltd. account. The bank details are as follows:

Bank Name: Zenith Bank Plc
Account Name: Blue Ridge Microfinance Bank Ltd.
Account Number: 1130085518

Open the Okash app.
Click on the “My Loan” tab.
Click on the “Make a Repayment” button.
Enter the amount you want to repay.
Select your payment method.
Click on the “Repay” button.

What happens if I don’t pay my Okash loan?

If you don’t pay your Okash loan on time, you will be charged a rollover interest of 2% per day. This means that your outstanding balance will increase by 2% every day that you are late. Additionally, your loan may be sent to a debt collection agency, which could damage your credit score.

How long does it take to pay back an Okash loan?

The length of time it takes to pay back an Okash loan depends on the loan amount and the repayment period you choose. The repayment period can range from 91 days to 365 days.

IN Conclusion

While Okash loans may be a convenient option for those in need of quick cash, it’s important to carefully consider the terms and conditions before applying. It’s crucial to make payments on time to avoid high rollover interest and potential damage to your credit score. And if you do decide to take out a loan, be sure to choose a repayment period that works for your budget and financial situation. With responsible borrowing and timely repayment, an Okash loan can be a helpful tool in managing your finances.