In this Okash loan app review, I will delve into the app’s features and guide you on how to borrow money from okash, so please stay with me.
What is Okash?
Okash, an online loan application, provides hassle-free, low-interest loans without requiring collateral to individuals like ourselves who require a convenient loan solution.
Getting an instant loan has been made easier and simpler with the new age of technology.
How does the Okash loan work?
To get a loan from Okash you don’t need any complicated details, you just need your details such as phone number and BVN with no collateral.
Okash app makes use of artificial intelligence (AI) to examine your data and assume your credit score with the help of your BVN phone number.
Your phone number should be the one that is linked to your BVN and you are sure of receiving SMS.
Read also:How to apply for moniepoint loan
How much is Okash loan interest rate?
An important topic we should talk about is the interest rate on Okash. Okash has a loan interest rate of 0.1% up to 1%
Their interest rate is calculated on a daily basis. Annual Percentage Rate(APR) from 36.5% to 360%.
As an illustration, consider a 91-day loan with an interest rate of 9.1%. If you were to apply for a loan with a principal amount of NGN 3,000, the interest accrued would amount to NGN 273, resulting in a total repayment of NGN 3,237. During the first month, your total repayment would be N1,093, with N93 being attributed to interest. In the second month, your total repayment would be N1,090, with N90 being the interest portion. Finally, in the third month, your total repayment would again be N1,090, with N90 in interest charges.
Okash loan duration:
Okash usually has a loan duration from 91 days to 365 days*.
Okash loan amount:
Okash usually issues a loan payment of NGN 3,000 to NGN 500,000.
How to apply for an Okash loan？
- Install the Okash app from the Play Store.
- Register an account with your Name, BVN, Email and Phone number.
- Use code “15jdg8” when asked for a referral code.
- Go to your app dashboard and click on apply for a loan.
- Select the loan you would like to apply for.
- Fill out your basic information then submit the application.
- After the submission, you may receive a call for verification. The final application result will be shown in the app and you will be informed by SMS if approved.
- E-sign the loan agreement after the approval.
- After the E-sign, the approved loan amount will be disbursed into your account shortly and an SMS notification will be sent.
Okash loan requirements:
Low interest loans without collateral come at a cost. You’re required to meet some requirements before a loan is issued to you.
The requirements are as follows:
- A valid Email address.
- An Android phone.
- You must be between the age range of 20-55 years old.
- You must be a resident of Nigeria
- A valid identification card (ID Card) is required.
- Bank details such as:
– Bank Account Number
– Bank Account Name
– Bank Card (ATM Card)
– Bank Verification Number (BVN)
- A steady source of monthly income and also state the reasons for your loan.
Okash loan repayment:
Okash is a partner with Blue ridge Microfinance Bank.
Okash gives you two options to repay your loans.
You can either repay directly through the app or physically at the bank.
To pay using the bank option, you make your repayment to the details provided below:
Account name: Zenith Bank plc.
Account number: 1130085518
Once you have completed your payments at the bank, you are required to send the proof of payment to “email@example.com” in order for your payment to be verified and your loan status changed accordingly.
Okash Customer Service number, Email & address:
If you are ever in need of assistance and need to talk directly to Okash below are their support lines.
Okash Customer service Email:
Okash Customer Service hotline:
Room 301, Japaul House, Plot 8 Dr. Nurudeen Olowopopo Way, Central Business District, Ikeja, Lagos, Nigeria
Okash USSD Code
The official Okash loan USSD code is *955#, and you can dial this number from any mobile network service provider in Nigeria.
Is Okash still giving loans?
Yes, Okash is still giving loans. I recently got a loan of over N50,000 seamlessly from Okash without collateral.
Is Okash legit?
Yes, Okash is legit. They are duly registered with the Central Bank of Nigeria. They have a physical address at lagos and have security put in place to prevent users account from being hacked or thwarted by hackers.
Okash tops the chart as one of the most downloaded loan apps with over 5 million downloads and counting.
Conclusion: Okash loan app review
Okash is a good loan app if you’re looking for a means to offset your bills, fund a business or solve pressing needs without having to pay high interest rates or submit a collateral like traditional bank loans. It’s totally worth getting a loan through Okash as they’re one of the best online loan apps in Nigeria. Simply apply for a loan and if accepted you get a loan up to N500,000.
Hope this helps. Peace ✌️