HomeFinance GuidesOkash loans: complete guide...

Okash loans: complete guide to apply & get funds upto 500k

Freebrowsingeeks launched her lists of best 5 loans apps in Nigeria based on loan duration payback, eligibility amount, KYC processing, application and acceptance period and Okash came 3rd on the list, although the list is updated every week.

Okash loan has since been launched in 2018, it has offered over 430,000+ Nigerians personal loans and businesses. This fintech is owned by Opay.

We @freebrowsingeeks will be reviewing Okash loans which involves the mobile app, requirements to get Okash loans, interest rates, how to apply & repayment of their instant loans.

About Okash loans

Okash loans can only be accessed through their mobile applications.

Okash loan app is a convenient mobile app for android and iPhone users, that allows us to obtain short-term cash loans for personal or business needs. It’s a micro-lending product of Opay, a fintech subsidiary of Opera Group, the founder of popular mobile web browser, Opera mini.

Okash loan mobile apps offers small loans to individuals, salary earners and business owners through the Okash mobile app, which can be installed via the Google play store.

Okash loan requirements

To get loan cash from Okash, there are necessary items, eligibility criteria you must posses, get started with all requirements by Opay (Okash) to access the Okash loans.

The Requirements for Okash loans are:

  • Must posses a valid Nigeria bank account
  • Mobile app, either Android or iOS fully functional with Location access and contact sync.
  • Naira debit card, which expiry date is not close (like upto 3months long).
  • BVN, Bank Verification Number
  • You must be between the age range of 18 years and above
  • Monthly Income
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How to apply for Okash loan

Here is a complete guide to apply for loans on Okash and get funds directly to Nigeria bank account.

  • Download Okash Loan app via Google play store
  • Register by creating an account on the Okash app
  • Login and navigate to the Loan tab
  • Check your loan limit displayed and select amount within the loan range
  • Choose loan duration and click “Apply
  • Okash require your Naira debit ATM card to charge a confirmation fee (usually ₦50 only)
  • You’ll get a call from the Okash loan distursement team (They’ll be asking of your work, what you need the loan for and many other questions)
  • If you pass their questions, congrats! You’ll wait for distursement of the loan cash into your bank account.

Okash loan repayment structures

The Okash loan repayment structures is simple and flexible. You get to pay the loan in 2 rounds, the first been 2 weeks after distursement, while the second repayment date is almost 1 months after 1st repayment paid.

Okash loans lets it customers who have been given loans to pay in 2 steps, unlike other loan app that forces you to pay at ones, ones the re-payment date is due.

Okash loans interest rates

Okash loan interest rate is from 20% – 30% which is very high as compared to Fairmoney loan, Carbon loan & Palmcredit loans. Well, that’s it.

On a daily basis, the Okash loan ranges from 0.1% – 1% daily with an APR of over 36.5% per annum. Okash also charges a one-time origination fee ranges from N1,229 – N6,000 in Nigeria.

My experience with Okash loan repayments

My first loan with Okash was smooth until their first repayment date which was 2 weeks after distursing loan cash.

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I applied and collectd ₦6,000.00 loan cash directly to my GTBank account last year 2020. The loan re-payment was splitted into 2 phase, the first phase been ₦6,200 and the other, about ₦2,000+ which made it over ₦8,700 or so.

Now, i paid the loan partly instead of the full first installment re-payment 😢

The very evening of the day of first phase re-payment, Okash re-payment team hit me a call, notifying me my loan is due for re-payment.

okash loans complete guide

Why, do Okash have to call me like that?

Well, before calls you, there must have attempted widthdrawals from your card you registered with them in agreement that they should debit cash from it when it’s re-payment date.

And Okash tried my debit card to make an auto re-payment, but i was not having a penny in my bank account 😂

Oooh, i paid opay manually this time. That’s i went to the PoS and funded a part of the first phase re-payment loan amount, that’s about ₦5,000 only. I logged into the app and selected the amount i choose to pay, which was ₦5,000 i was having.

Now, the next day, Okash re-payment or whatsoever called me and my mum gat to answer the call only to hear them shouting “Pay us our money. Hey pay us our money…

My mum rushed and gave me the phone to answer my call 🤯😒

I replied a simple phrase to the guy speaking, “I’ll pay“, then ended the call.

That day was bad for me though, but i was my fault.

Now, i’ll again share experiences from people who have used Okash and defualted.

Never ever use the Opay mobile if you haven’t payed your Okash loan, you’ll be trapped and debited.

Never use the Opay PoS with your registered card if you fail to re-pay your Okash loan.

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How to repay Okash loans

This re-payment method is only valid if you want to payback your loan manully, if not, Okash has an auto debitting method on your provided Naira debit card, except you removed it.

  • Open the Okash app on your mobile device used during application (most preferred)
  • Acces your Okash account by logging in
  • Click on “Make a repayment” tab to start re-payment procress
  • Now, fill in the required details & cross information filled
  • Then, click the “Repay” button
  • Once successful, you will receive an alert to confirm that the loan has been repaid.

You can pay part payments as well using the above methods. Just fill the amount available if you don’t have the complete amount to re-payment.

Benefits of using Okash loan

Okash has numerous financial benefits it offers. Today, we at freebrowsingeeks.com wants to make it known.

Okash loan is:

  • Okash loan is very fast & reliable
  • Okash loan is secure & very easy to use
  • Okash loan has a great customer services
  • Okash offers no collateral or paperwork
  • Okash loans is transparent and so offers no hidden charges
  • With Okash loans, you can obtain up to ₦50,000 loan.

No disbursement delay. Loan issuance takes place within 5 – 30 minutes after successful voice call with an Okash distursment agent.

Okash reviews and conclusions

Okash just like other loan apps in Nigeria, offers instant cash for personal needs and businesses but, the amount there offer for a start is very small.

Although Okash by Opay still stays at top 5 best loans apps in the country, Nigeria.

Okash is recommended for small personal loans from ₦3,000 upto ₦50,000 only.

But their interest is very high, when we compared to other loan apps in Nigeria.

Have Questions or Suggestions? Comment!

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