OKash is a Micro-lending product which is provided by Blue Ridge Microfinance bank. If you are interested in getting OKash loan within minutes, you can simply download OKash app from Google Play store and set up your loan account in seconds.
Blue Ridge Microfinance bank that owns OKash, is a Central Bank of Nigeria Approved company that economically empowers micro- entrepreneurs and low income earners by providing Short term loans using the apps OKASH and EaseMoni. In this article, we will discuss how you will get up to N50,000 (Fifty thousand naira) loan from OKash app within minutes, the requirements, how to repay the loan and virtually all other basic information you need to have about OKash loan.
How To Apply For Okash Loan
Before discussing in detail how to apply for Okash Loan, let’s first look at who qualifies to apply as this must be met before loan is processed.
Who Qualifies To Apply for Okash Loan
OKash loan does not have limits regarding your work, income, or other conditions. So, as long as you are 20-55 years old, all you need is an Android device, a data connection, a means of identification, as well as valid bank account and card.
How do I apply for a loan
To Apply for Okash Loan simply open your OKash app or OPay app, already downloaded from Google play store as mentioned above, find loan to start loan application process.
Simply follow the instructions by answering all the questions as asked. Make sure to provide authentic information about yourself.
On your relationship contact, put a person who can prove your reliability, credibility and honesty. This is because Okash may contact him/her when taking decision on the loan. So be sure to fill the relationship contact’s information carefully.
The application process takes a few minutes to complete.
How OKash decides whether to give a loan or not
OKash uses data from your phone including your handset details and financial transaction messages , and your reason for borrowing. Okash combines these together with your OKash repayment history if any, to build an individualised credit score and determine the suitable loan offer for you.
Maximum loan amount one can receive From Okash
The maximum amount of loan one can get from Okash differs from one person to the other depending largely on information provided by an individual in the application process as well as other information about the person that Okash could get. So please ensure your information is accurate, and you are applying with your personal mobile device. then you may get a large loan amount.
Interest charge on Okash loan And the maximum Loan period
The Interest charge on Okash Loan is 1.2% per day for a fixed term of 15 days.
BVN.(Biometric Verification Number)
BVN is very much Required in the application process for Okash Loan. So you need to have it handy when applying for the loan. However if you forget it, you can simply dial *565*0# to retrieve it. Please note: This will only work if you are making the request from the same phone number currently linked to your bank account.
Card Setup is another requirement in the Okash loan application process. It is a simple process to get through. However sometimes your bank card may decline in the process of completing the card setup. This may be casued by the following:
1. You have insufficient funds in your related bank card. To avoid decline, please ensure you have at least ₦15 in the bank card for setup.
2. You haven’t activated your card for online transactions. For card activation instructions, please contact your bank.
3. Details input may be incorrect: please check the card number, expiry date and CVV provided to be sure all information is valid.
4. You are attempting to setup a card which has already been used by another OKash customer.
Okash currently supports multiple bank cards setup, if you still have issues with bank card setup, please send a message to Okash via the app and they will be glad to help you.
How To Repay Okash Loan
Okash has made it as easy as possible for you to repay your loan. There are 2 ways of paying an OKash loan.
1. Okash will auto debit due amount at repayment date direct from your bank card . So make sure the card has sufficient balance before due date.
2.You can pay via the App by clicking the “Make a Repayment” button.
If you want to make a payment prior to your due date, you can simply click the ‘Make a Repayment’ button that appears on the ‘My Loan’ page of the app.
Late loan repayments automatically incur a rollover interest of 2% per day. It is therefore advised that one does not exceed the repayment period. Furthermore, this could reduce your future borrowing credit score.
Clearly, from the foregoing one can deduce that Okash loan is a very easy way of having access to quick funds within minutes without collateral and paperwork.
Repayment of Okash loan is equally as simple as the application process as explained above.
However, you need to really access your financial needs properly before going for this loan particularly considering the interest rate which is very high as it is charged on daily basis at the rate of 1.2%. This amounts to 22.5% for the 15 days loan tenor and translates to 45% per month. This cost should be properly weighed against other available options and the benefits of taking the loan.
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