Have you ever been in a situation where you need money urgently, but have no collateral? OKash is one of the best money apps that give quick loans to users. In this post, you will learn how to get a loan from OKash.
What is OKash, and how does it work?
OKash is a micro-lending platform presented by Blue Ridge Microfinance Bank Limited. It gives its registered users access to quick collateral-free loans, as long as they meet the requirements.
OKash provides loans 24/7 and the whole process is completely online. You can receive loan amounts ranging from NGN 3,000 to NGN 500,000. All you need to do is download the mobile app, meet the requirements and submit your details.
Once your OKash loan application has been approved, the amount you requested will be transferred into your bank account.
OKash loan requirements
If you are a Nigerian and you want to get a loan from the OKash loan service, you must have all these requirements:
- A valid mobile phone number through which you will get your verification code.
- Your National Identify (NIN), with which your name and age will be confirmed
- Bank Verification Number (BVN). This is to confirm your banking details and be sure that you are not owing to other loan services
- A Nigerian bank account through which you will receive the loan amount
- You must be between the age of 20 to 55
- The loan applicant must have a reliable source of monthly income
If you don’t have all these requirements, you should try and get them. If you are eligible, proceed to the next step and download the OKash loan app.
OKash mobile app download
The OKash loan app is only available for Android phone users. If you have an iOS or Windows device, consider getting an Android phone to apply for your OKash loan.
You can download and install the OKash loan app directly from the Google Play Store. It has a small size of 13 MB and over 1 million downloads. It currently has a review rating of 4.3 from over 85,000 users.
After the OKash loan app has been successfully installed, you should launch it and register an account. Here’s how to go about it.
How to open an account on the OKash loan app
1. Sign up with your mobile phone number. You may not have to register an account if you’re a user of the Opay mobile banking wallet. Just sign in with your Opay account details.
2. Accept the terms and conditions of the OKash loan service. Once you give your consent, a 6-digit verification code will be sent to your phone number as an SMS. Input the code to proceed.
3. The next step is to create a security code. That way, an intruder can’t borrow loans behind your back. Create a four-digit PIN code and enter it the second time to confirm.
4. The OKash loan app will ask you to grant some permissions. This includes permission to access your contacts as well as your device location. To grant those permissions, press the allow button that shows up on your phone.
If you follow these steps correctly, you will be redirected to the OKash loan dashboard.
How to apply for an OKash loan on your Android device
- From the OKash loan dashboard, select the loan amount you would like to apply for.
- Provide your personal information, and your bank details. After that, you should submit the application.
- After the submission, you may receive a call from the OKash management. No worries, the call is just to verify a few details.
- After a while, the result of your application will be shown on the APP. If the loan is approved, you will also be informed by SMS.
- Confirm the loan agreement after the approval.
- Upon confirmation, the approved loan amount will be sent into your bank account.
How much loan can you get from the OKash loan service?
The OKash loan service is very good for fast loans, and it requires zero collateral. You can get a minimum loan amount of ₦3,000, and a maximum of ₦500,000 on the OKash Mobile App.
OKash loan repayment term
OKash has a flexible repayment schedule. As a user, you can set your repayment plan to your preference.
You can repay your loan within 3 months (91 days) to 12 months (365 days).
OKash loan interest rate
The OKash loan service charges an interest rate of 9.1% for every 3 months. Here is an example for a better understanding of the breakdown.
If you borrow ₦3,000 on the OKash mobile app and you set your repayment term to be 3 months, the:
- Interest rate will be 9.1%
- Interest amount will be ₦273
- Total amount to be repaid will be ₦3,237
How to repay loans on OKash
OKash loan repayment processes are very easy. From your dashboard, you can navigate to the loan repayment page. Put in your account details and pay with your debit/credit card.
Where is Okash’s head office located?
OKash has a head office in Nigeria. From this office, they maintain the OKash loan service and also attend to customer issues.
Their head office is located in Room 301, Japaul House, Plot 8 Dr Nurudeen Olowopopo Way, Central Business District, Ikeja, Lagos, Nigeria
OKash customer support and email address
For questions and complaints, you can reach out to OKash customer care through their email address and customer care hotlines.
Customer care line: 08097755512, 08097755514
Email address: support@o-kash.com