Okash is a mobile app in Nigeria that provides instant microloans to people who need money quickly for a variety of reasons. After its 2018 debut in the country, the app quickly gained traction among Nigerians in search of quick and easy access to financial services.
The app is part of the Opera Group, a leading technology company that provides internet-related services and products to more than 350 million users worldwide. Okash is available for download on the Google Play Store and can be installed on any Android device with ease.
With Okash, Nigerian users can apply for loans ranging from ₦3,000 to ₦50,000, with repayment periods ranging from 14 to 30 days. The app offers a simple and straightforward loan application process that requires users to provide some basic personal and financial information. The app uses advanced algorithms and data analytics to evaluate the user’s creditworthiness and determine whether to approve the loan or not.
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How to Borrow Money from OKash App
OKash loans are simple, the whole process of borrowing money from OKash is easy to follow. All you have to do is download their app on your Android device. Presently, only Android users can access the OKash app since there’s no version for iPhone users now.
Requirements to Loan Money from OKash
Before you can borrow money from OKash, you’ll need to have the following details below. They’ll mostly be required before your loan can be approved by OKash. Make sure any details you’re dropping are accurate because wrong information can have your loan disapproved.
- Valid Bank Account
- BVN
- Means of Identification (NIN, Int Passport, Driver’s License, Voters Card)
- Utility Bill
- Good Credit History
Okash Loan Interest Rate
The daily interest rate ranges from 0.1% to 1%, while the yearly interest rate ranges from 36.5% to 360%. Apart from that, you will be charged an origination fee ranging from N1299 to N6000 with your loan. The loan has a duration of 91 days for the shortest term and 365 days for the maximum term.
Steps to Borrow Money from OKash App
To access loans OKash, here are the following steps you need to follow.
Step 1: Download OKash and Install the Okash App
To begin your OKash loan application. The first step is to install the OKash app on your Android smartphone, which you can do through the Google Play Store. OKash, as previously said, is exclusively accessible to Android users.
Step 2: Open the App and Provide Your Personal Information
Once you’re done installing, open the OKash app and give it the permissions it needs. Note: The app will request access to your contacts, messages, and photos. After that, enter your Phone Number to Sign Up on Okash. Then create your 4-digit password as well.
Step 3: Apply for a Loan
To borrow money from OKash, go to the Okash app and tap the Apply Now button. Click Apply Now, then on the first page, provide some basic information about yourself. You’ll begin with your name, gender, date of birth, Bank Identification Number (BVN), email, residential address, street address, marital status, and job information are all required. You must complete all fields accurately. Once finished, click the Submit button to go on to the next stage.
Step 4: Provide Additional Information
You’ll be asked to provide a relationship contact. It could be your mother, your brother, your spouse, or your dad. Then you’ll prove that you’re a real person by proving your identity. When you’re done, click the “Submit” button and wait a few minutes for your application to be approved.
Step 5: Borrow Money from OKash
Once your OKash request has been granted, now it is time to borrow money from OKash. On the Okash app, click on Loans, and you’ll see the amount you can access. If it is okay by you, you can take the loan, provide some details regarding the loan and also an account number where the loan will be disbursed into. You’ll get your loan instantly.
How To Repay Okash Loan
- Open your mobile app
- Log into your account
- Click on the button that says ‘make a repayment’
- Click on the ‘repay’ button
It’s worth noting that the site employs a method that automatically debits your bank account when your loan payback is due. This implies you don’t have to go through the processes outlined above if you have a sufficient amount in your account.
Conclusion
Overall, Okash is a reliable and user-friendly mobile application that provides a convenient and accessible way for Nigerians to access quick loans when they need them the most. By following these simple steps, you can access quick and convenient loans to meet your immediate financial needs.