So, let me share a little gist of what went down with my business. I was having a normal day at work when my supplier called with some bad news. They said if I didn’t restock my shop by the end of the day, my shelves would be completely empty. Panic kicked in immediately! I quickly checked my bank account, and let’s just say it was as empty as a Nigerian pot after a party. That’s when Okash came to the rescue. I grabbed my phone and applied for a loan, and the money landed in my account within minutes—yes, minutes. I rushed to restock, and before I knew it, my shop was up and running again. Okash didn’t just save the day; it saved my entire business!
And you are lucky, cause I’m about to share a lot of what I discovered about this platform. In this article, I will guide you on how to open an Okash account, take an Okash loan, and its repayment plan.
Key Points
- With Okash, your loan is approved in just 15 seconds. Funds are often available in your account within 20 minutes, so you can handle urgent needs quickly.
- You don’t need to put up any assets. Just provide your BVN, a valid ID, and a few personal details, and you’re set.
- Choose a repayment plan that works for you—monthly, quarterly, or even yearly. Okash makes it easy to fit payments into your budget.
- Enjoy interest rates starting at just 9.1% every three months. It keeps your repayments manageable and affordable.
- The Okash app is straightforward and quick. You can apply for a loan and receive funds without any hassle.
What Is Okash Loan?
Okash is an online platform that provides digital lending services to people who need both personal and business loans. It is a product of Blue Ridge Microfinance Bank Limited, one of the leading online platforms offering instant loans to users without the need for collateral and with less paperwork. Okash also operates as a micro-lending product of Opay, which is a fintech subsidiary of Opera Group, the company behind the Opera Mini web browser. Okash’s automated lending service is focused on increasing access to credit for financially underserved and excluded individuals in Nigeria.
How Does an Okash Loan Work?
Okash is an online platform that provides digital lending services to people who need both personal and business loans. It is a product of Blue Ridge Microfinance Bank Limited and also operates as a micro-lending product of Opay, a fintech subsidiary of Opera Group, the founder of the Opera Mini web browser. Okash’s automated lending service is focused on increasing access to credit for financially underserved and excluded individuals in Nigeria.
Okash works the same way as all loan apps do. It disburses loans to users within a very short time, usually a few minutes. If you have an account with Okash and meet the requirements, then you will be good to go borrowing from them. Loan decisions are provided within 15 seconds and, if approved, the applicant receives funds within 5 minutes, 24 hours a day, 7 days a week. The usual amount for new borrowers is N10,000. Loans from Okash are designed to be short-term loans to tide you over to the next payday. They are best for anyone looking for an unsecured personal consumer loan, students, and individuals ineligible for typical bank loans due to thin credit files.
Okash runs a proprietary algorithm that gauges creditworthiness and loan eligibility. It facilitates flexible repayment plans at competitive interest rates, making it highly sought after by people and small businesses who need quick access to funds. Some of the main features of Okash include:
- Quick processing and disbursement of loans
- Flexibility in repayment terms
- Competitive interest rates
- User-friendly mobile application
- Minimal documentation requirements
- Credit accessibility to people and small businesses
Requirements and Criteria for Obtaining Loans from Okash
Okash provides a convenient platform for personal and business loans, but there are certain requirements and criteria you must meet to qualify for a loan.
#1. Bank Verification Number (BVN)
One of the key requirements is a bank verification number. The BVN helps Okash track and reduce financial crimes while also allowing it to verify your banking history and check for any pending loans with other platforms. Having your BVN ready is essential for the loan application process.
#2. Valid ID and National Identification Number (NIN)
A valid means of identification is necessary. This includes your NIN, which allows Okash to confirm your official details, such as name, age, and other information. Your ID photo is also required as part of the documentation.
#3. Age Range
To apply for a loan on the Okash platform, you must be between 20 and 55 years old. Those outside this age range are not eligible.
#4. Active Bank Account and Valid Bank Details
You must have an active bank account where the loan will be disbursed once approved. In addition, your valid bank details, including account number and account name, must be provided.
#5. Phone Number and Android Device
A verified phone number is required for receiving verification codes through SMS. Also, the Okash app operates via an Android phone, which is necessary for the loan application process.
#6. Source of Income and Monthly Income
A steady and reliable source of income is crucial. This assures Okash that you can repay the loan. Applicants must also provide details about their monthly income during the application process.
#7. Complete Okash Application
To qualify for a loan, all parts of the Okash application must be completed and submitted.
#8. Email Address
An active email address is also required so that Okash can send important updates and information regarding your loan.
How to Create an Account on the Okash Loan App
After downloading the Okash loan app, the next step is to create an account, which can be done in a few simple steps:
- Launch the app: Open the app and tap on it to begin the account creation process.
- Sign Up: You can sign up using your mobile phone number or email address. If you have an Opay account, you can also use your Opay details to sign up.
- Verification: After signing up, you must accept Okash’s terms and conditions to receive a verification code. The code will be sent via SMS or email.
- Set Up Security Systems: To protect your account, you need to create a strong, four-digit PIN code. This security code helps prevent unauthorized access and can be updated whenever needed.
- Grant Default Access: Okash requires access to your contacts and location to complete the account creation process. Make sure to grant the necessary permissions to finalize your setup.
Here is a FREE TEMPLATE to guide you further:
How to Create an Account on the Okash Loan App.PDF
Step-by-Step Guide on How to Apply for a Loan on Okash
Okash is an online lending platform offering quick personal and business loans with minimal requirements. If you’re in need of fast cash, Okash provides an easy and straightforward way to borrow money. Below are the steps to apply for a loan on the Okash platform.
- Download the Okash app: The first step is to download the Okash loan app from the Google Play Store. Be sure to download the original app to avoid scams.
- Create an Account: After downloading the app, sign up by providing your personal information, such as your name, phone number, and bank account details. If you already have an Opay account, you can sign up using those details.
- Complete Your Profile: You will need to provide additional information, such as your occupation, income, and contacts. Providing correct and complete information increases your chances of loan approval.
- Select Loan Amount: Once your profile is complete, you’ll be directed to the loan dashboard, where you can select the amount you want to borrow. Okash offers loans ranging from a minimum of N3,000 to a maximum of N500,000. Additionally, the app will display your loan limit based on your profile details. You can select the amount you wish to borrow within your limit and choose the loan duration.
- Submit Your Application: After selecting the loan amount and duration, submit your application by filling in any required details. You will then receive a notification that your application is under review.
- Verification: Okash may conduct further verification via a phone call or SMS to confirm the details of your application. Ensure you cooperate fully during this process.
- Loan Approval and Disbursement: Once your loan is approved, you’ll receive a notification via SMS or in the app. Your loan will be disbursed immediately after you confirm the loan agreement. The funds will be credited to your Opay wallet, from which you can transfer to your bank account. Disbursement typically happens within minutes, making Okash one of the fastest platforms for quick cash.
- Increasing Your Loan Limit: If you consistently repay your loans on time, Okash will increase your loan limit, allowing you to borrow larger amounts in the future.
How to Repay Okash Loans
Repaying your Okash loan is designed to be straightforward and flexible. Here’s a clear guide on how to manage your repayments:
#1. Repayment Plans
Okash offers flexible repayment options that allow you to choose a plan that suits your financial situation:
- Monthly: Pay back your loan in monthly installments.
- Every 3 months: Opt for quarterly payments.
- Every 4 Months: Choose to pay every four months.
- At the End of 12 Months: Settle your loan at the end of a year.
#2. Interest Rate
Okash charges a competitive interest rate:
- Quarterly Interest Rate: As low as 9.1%, approximately 3.0% per month.
- Daily Interest Rate: Between 0.1% and 1%.
- Annual Percentage Rate (APR): 36.5%.
- Origination Fee: Ranges from N1,229 to N6,000.
#3. Repayment Process
To repay your Okash loan, follow these steps:
- Open the App: Launch the Okash app on your mobile device.
- Log In: Access your account by logging in.
- Select Repayment Option: Click on the “Make a repayment” option.
- Enter Details: Fill in the required payment details.
- Verify accuracy: Double-check all information for correctness.
- Submit Payment: Select the “repay” button to complete the transaction.
- Confirmation: You’ll receive an alert once the payment is successful.
- Auto-Debit System: Okash uses an auto-debit system that automatically deducts your loan balance on the due date.
How Long Does It Take to Get a Loan From Okash?
When it comes to getting a loan from Okash, speed is their game. Once you hit “apply,” you’ll know whether you’re approved or not in just 15 seconds. From there, Okash kicks off the approval process in record time. Typically, you can expect the funds to land in your account within a few minutes and, sometimes, as quickly as 20 minutes from starting your application. Of course, while Okash is known for its lightning-fast service, there can be the occasional hiccup. Unforeseen issues or extra verification needs might cause a slight delay, but these are rare.
How to Tackle Issues Relating to Taking an Okash Loan
Here’s a personalized guide to help you tackle common issues when borrowing money from Okash:
#1. Rejected Loan Application
If your loan application gets rejected, double-check if you meet all the eligibility criteria, like age, income, credit history, and phone number verification. Make sure you’ve provided accurate and complete information. Working on improving your credit score can also boost your chances of approval in the future.
#2. Lower Than Expected Loan Amount
If you receive a loan offer lower than what you anticipated, remember that Okash bases loan amounts on various factors like creditworthiness. To improve your loan limit over time, ensure you make timely repayments and maintain a good repayment record.
#3. Delayed Loan Disbursement
If there’s a delay in getting your funds, it could be due to technical issues. Try checking again later or contact Okash support. Make sure your bank account details are correct to avoid unnecessary delays.
#4. Difficulty Making Repayments
If you’re struggling with repayments, consider discussing alternative repayment plans with Okash. Consolidating debts might also help. Always aim to repay on time to protect your credit score, and seek Okash’s assistance if you need help finding a manageable solution.
#5. Incorrect Deductions
If you notice any incorrect deductions, first review your transaction history. Then, contact Okash customer support for clarification and resolution to ensure there are no further issues. By addressing these common issues, you can ensure a smoother borrowing experience with Okash. Keep your account details secure and stay proactive about managing your repayments.
Can I Get A Loan From Okash Loan Without Collateral?
Yes, you can get a loan without collateral from the Okash loan app, provided you meet the stipulated requirements. To crown it all, the loan disbursement is fast within a few minutes of loan approval.
Can I Borrow Money From Okash Without Bvn?
Yes, one can borrow without BVN from Okash. The platform requires other identification documents in place of BVN, like a national ID card, driver’s license, or an international passport.
Can One Borrow From Okash With a Bad Credit Score?
Okash does consider some borrowers with bad credit scores, although the amount lent to them may be less, with a higher interest rate. Improving your credit score can help your chances of getting better loan terms.
Conclusion
Applying for a loan on Okash is fast and easy, making it a convenient solution for anyone in need of short-term financial help. By following the steps above and meeting the necessary criteria, you can quickly secure a loan, whether it’s for personal use or business purposes. Ensure you provide accurate information and maintain good repayment habits to enjoy increased loan limits and continued access to funds.
- Breaking the Cycle: Understanding How Payday Loans Trap You in Debt
- Is OPay a Microfinance Bank?
- Borrowing Wisely: Understanding and Comparing Different Types of Personal Loans
- Navigating the World of No Credit Check Loans: A Guide to Legitimate Options
References
