Okash Loan 2023: How to Apply for and Repay a Mobile Loan in Nigerian
Since its debut in 2018, you surely have heard a lot about Okash loans. And probably want to know how the mobile app functions. Welcome to the team!
On this website, we will analyze the mobile app, its interest rate, specifications, and instructions for applying for and repaying fast loans.
Loan from Okash in Nigeria
One of the top loan apps in Nigeria right now is Okash Loan, which offers rapid loans without collateral or documentation.
Users can get quick cash loans with this practical mobile app.
Okash is a microlending service provided by Opera Group, the company behind the Opera mini web browser and a fintech subsidiary.
Through the Okash mobile app, which can be downloaded from the Google Play store, loans are provided to individuals, employees, and business owners.
Okash Loan Conditions
You must fulfill the stipulated prerequisites before submitting an application for a loan on the Okash app.
If you don’t take the aforementioned actions, you won’t be able to get the cash loans you want.
The prerequisites comprise:
- True bank information ( account number, account name)
- Valid identification includes an ID photo and a BVN number.
- You have to be between the ages of 20 and 55.
You are to fiill out the Okash application while applying for an Okash Loan
You are to also:
- Install the Okash Loan app from the Google Play store.
- Create an account to sign up.
- Access your Okash account.
- Review your borrowing limit and choose the appropriate amount.
- Select the loan term and then click “apply.”
After that, wait a few minutes to receive a signal indicating your application is being reviewed.
Funds will be released to your Opay wallet when the application has been evaluated, from which you can withdraw money to your bank account.
Keep in mind that your loan limit will rise if you continuously pay your obligations.
How to Pay Back an Okash Loan
- Open the Okash application on your smartphone.
- Complete the necessary information
- Check again for accuracy and the details attached
Afterward, click the “repay” button.
You’ll get a notification after the transaction is successful letting you know the loan has been paid off.
Keep in mind that Okash uses the Auto Debit system, which automatically deducts your loan balance on the due date.
Interest Rate for Okash Loans
Okash interest rates in Nigeria range from 0.1% to 1% every day, with an annual percentage rate of 36.5% and a one-time origination cost of N1,229 to N6,000.
Advantages to using an Okash loan
- Okash is quick, safe, dependable, and very simple to use.
- excellent client service
- With no paperwork or collateral and no additional fees
- You are eligible to borrow up to N50,000.
- No delay in payments. In just five minutes, a loan is issued.
You have it now! All the information you need to obtain a quick loan when you are short on money. To avoid fees and being reported to the National Credit Bureau, please try to only borrow what you can afford to return (NCB).