OKash Loan App Review: A Convenient Way to Access Quick Loans in Nigeria

When it comes to financial situations, the importance of having a backup or support plan just in case an emergency arises should not be understated. OKash, a loan app that was launched in 2018, aims to provide ease of access to Nigerians who need to borrow money or get loans. OKash is a subsidiary of the Opay group, a mobile-based platform that offers essential services such as payment, commercial transportation services, food and grocery deliveries, and others.

A Review of OKash

Customers who have made use of the app have left reviews, letting potential users know the pros and cons of using the loan service(s) of OKash.

PROS:

•The loan payments are processed quickly and securely.

•There is no requirement for collateral or deposits.

•The process of signing up is simple and easy.

•The entire process can be completed online using your mobile phone, eliminating the need for a physical visit.

•They offer incentives such as bonuses from time to time.

CONS: 

•There is a limit to how much can be borrowed

•The loans are only for short terms 

•Some customers may have privacy concerns 

•The cost of loan repayment is high

Requirements For Borrowing on Opay

It is easy to apply for an OPay loan, and the service is available to all Nigerians without any strict conditions that the average Nigerian cannot meet. The requirements for borrowing are:

•The applicant must be a Nigerian resident

•The age bracket of the applicant should be in the range of 20-55 years.

•The applicant is required to have a source of monthly income or state the reason why he or she wants the loan.

•Valid ID Card

•BVN Number

How To Apply For OKash Loan

All applicants who have fulfilled the necessary conditions can now follow these steps to apply for the loan:

•Download Okash Loan app via Google play store

•Register by creating an account

•Login into your Okash account

•Check your displayed loan limit and select the amount

•Choose loan duration and click “apply”

•Then, wait for a while to get a notification message that your application is under review

•Once the application has been reviewed, funds will be disbursed to your Opay wallet from which you can withdraw to your bank account.

IMPORTANT THINGS TO NOTE

•The daily interest rate for OPay loans ranges from 0.1% to 1%, with an annual interest rate between 36.5% and 360%. In addition, an origination fee ranging from N1299 to N6000 is required with your loan. The loan duration can range from 91 days to 365 days, depending on the selected tenure.

•one way to increase your loan limit is to constantly repay your dues.

•If you have an account with Opay, you can use the USSD code *955# to make transactions easily. This code ensures that your experience while using the platform is smooth.

•The maximum amount you can apply for at any given time on OKash is N50,000. You can apply for loans as low as N3000. 

How To Repay Loan on OKash

The platform makes use of a system that automatically debits your bank account once you loan repayment is due. This means that you do not really need to go through the steps listed above as long as you have sufficient balance in your account. But If you decide to repay manually, you can do that through these steps:

•Open your mobile app

• Log into your account

•Click on the button that says ‘make a repayment’

•Provide all required details

•Click on the ‘repay’ button

Always remember to carefully consider the terms and conditions of the loan, and ensure that you can comfortably afford a loan before accepting it. With the help of Okash loan app, you can access the funds you need to achieve your goals, whether it's paying for unexpected expenses or making future investments.