Okash Loan App, Interest Rate, How to Apply, Repay, More

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Introducing Okash Loan, an innovative lending company that offers online loans to individuals and small businesses in Nigeria.

Whether you’re covering unexpected expenses or launching a new business, Okash loans come with low-interest rates and no collateral requirement.

What is Okash?

Okash is designed to provide hassle-free access to soft loans, simplifying the complexities often associated with traditional lending. As a user-friendly platform, Okash caters to the needs of those seeking personal or business loans.

With a streamlined interface and intuitive experience, Okash stands as a top choice among loan apps in Nigeria.

Interest Rate and period

The interest rate on Okash loans ranges from 0.1% to 1%, calculated on a daily basis. This translates to an Annual Percentage Rate (APR) of 12.5% to 25%.

For instance, a 91-day loan with a principal amount of NGN 3,000 would accrue an interest of NGN 273, making the total amount due NGN 3,237.

Okash accommodates a variety of financial needs by providing loan durations ranging from 91 to 365 days. Additionally, the loan amounts extend from NGN 3,000 to NGN 500,000, ensuring flexibility and suitability for various financial situations.

It is important to note that failure to repay your loan on time may lead to additional charges and fees.

Okash Loan Requirements

To ensure a smooth loan application process, Okash requires the following:

  • Valid Email address.
  • Android phone.
  • Age within 20 to 55 years old.
  • Nigerian residency.
  • Valid identification card (ID Card).
  • Bank details, including Account Number, Account Name, Bank Card (ATM Card), and Bank Verification Number (BVN).
  • A steady source of monthly income, along with specifying the reasons for the loan.

Okash App Download

With over 5 million downloads, Okash stands as one of the most sought-after loan apps. User reviews on the app store offer a mix of positive and negative feedback, providing insights into the app’s effectiveness and user experiences.

You can download the okash loan app today either from play store or Apple Store depending on your device. All you need is heed over and search for okash loan app and install on your phone.

How to Apply for Okash Loan

To apply for an Okash Loan, follow these steps:

Download and Install Okash App: Start by downloading and installing the Okash app from the Play Store on your mobile device.

Register an Account: Once the app is installed, register an account by providing your Name, BVN (Bank Verification Number), Email, and Phone number.

Access App Dashboard: After successful registration, access the app dashboard, where you’ll find various options, including the loan application.

Apply for Loan: Begin the loan application process from the app dashboard.

Choose Loan Amount: Select the desired loan amount based on your needs.

Fill in Your Information: Fill in your basic information as required in the application form.

Submit Application: Once all information is provided, submit your loan application through the app.

Wait for loan approval: The verification process will commence, which might involve a verification call to confirm your details.

By following these simple steps, you can successfully apply for an Okash Loan and access the funds you need.

Repayment Options

Okash provides flexibility in loan repayment:

  • Repay directly through the app.
  • Repay physically at partner banks.

Direct in-app Payment

To repay Okash loan, you can use the in-app payment method.

  1. Open Okash app
  2. On the finance tab click on “make a repayment”
  3. To make full or part payment, type the amount you want to repay
  4. Enter your pin

Pay to Okash Bank Account

However, if you are unable to repay via the in-app direct debit, you can transfer the loan amount to Blue Ridge Microfinance Bank Ltd.

It is important to note that Okash loans are provided in partnership with Blue Ridge Microfinance bank. Therefore, all okash loan repayments are made to the partner bank account provided above.

For bank payments, use the provided account details:

  • Bank Name: Zenith Bank Plc
  • Account Name: Blue Ridge Microfinance
  • Account No: 1130085518.

In the remarks section, fill in your BVN or registered phone number and your full name.

Make sure you double check to confirm the account name and account number before sending your payment.

After the transfer is successful, send the transfer details to repayment.proof.ng@o-kash.com to verify the information and change your Okash loan status.

Late Repayment fee

If you pay your loan late, you will automatically be charged a rollover interest of 2% per day.

It is recommended that you do not exceed the loan repayment period to avoid this additional fee.

Additionally, late payments may negatively impact your credit score for future borrowing

Is Okash legit?

Yes, Okash is considered to be a legitimate online loan app. The platform is registered with the Central Bank of Nigeria and also maintains a physical address, providing a level of credibility to its operations.

Additionally, Okash has implemented security measures to safeguard user accounts and prevent unauthorized access. However, it’s important to exercise caution and conduct your own research before using any financial service.

Keep in mind that while Okash is currently viewed as legitimate, circumstances can change, so it’s always wise to proceed with financial transactions prudently and make informed decisions.

Frequently Asked Questions (FAQ) about Okash Loan

Q: How can I check my Okash loan balance? A: To check your Okash loan balance, log in to the Okash app and navigate to your account dashboard. Your loan balance will be displayed there.

Q: How do I download the Okash app on my iPhone? A: You can download the Okash app on your iPhone by visiting the App Store and searching for “Okash.” Once you find the app, tap “Download” to install it on your device.

Q: How can I deactivate or delete my Okash account? A: Currently, there is no direct way to delete an Okash account. However, you can contact Okash customer care for assistance regarding account-related issues.

Q: How can I contact Okash customer care? A: You can contact Okash customer care by using the following methods:

  • Email: support@o-kash.com
  • Hotline: 018884549

Q: How can I extend my Okash loan? A: If you’re looking to extend your Okash loan, you should contact Okash customer care through the app. They can provide you with information on extending loan terms and any associated procedures.

Final Thoughts on Okash Loan

In conclusion, Okash emerges as a reliable solution for those seeking easy financing. Whether it’s covering bills, supporting a business endeavor, or addressing immediate needs, Okash offers a user-friendly platform with low interest rates.

It is essential to Repay Okash loan to avoid additional charges and fees. You can use the direct debit option or transfer the loan amount to the partner bank account.

It’s also important to note that Okash loans are short-term loans and should only be used for emergencies or urgent financial needs.

Remember, always do your due diligence and ensure you understand the terms before proceeding with any loan offer.

All rights reserved. Do not copy, rewrite or republish this content, in part or in whole, without proper credit to the source.

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About the Author: Femi Olawole

Femi Olawole is a seasoned blogger with interest on providing helpful Contents on online loan apps, Tech and Business.

3 Comments

  1. I applied for a loan they said is successful
    That I should check my okash acct that the money is there how can I locate the acct in the app

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