Okash loan app: How to repay, interest rate, is it legit, and others - Startuppreneur
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Okash loan app: How to repay, interest rate, is it legit, and others

Okash loan is one of the easy loan we have in Nigeria, it is fast and easy, you don’t need collateral or paper work before you will secure the loan, with just your bvn and phone number you are good to go.

Okash loan is a loan option of opay. Apart of okash they also have another loan option called Easemoni, just that Okash is fast and have a long repayment period.

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Okash loan requirement

Before getting loan form okash you need to meet up with the requirements which are

Have bvn

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Have a good credit score which means you must not have defaulted on any loan before

Have government issued I.D card

You must recide in Nigeria

Your age should be between 20 to 55 years

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How to get Okash loan

Download Opay app and create account

To obtain Okash loan you need to dowload Opay app from play store. After that, sign up with your information and login into the app

Get a loan offer

On your dashboard loacte and click in “finance”

There you will see loan and saving option

Click on loan

You will see Okash and Easemoni

Click on Okash

You will be prompt to put in your details, like bvn, amount you earn per month and others

After this you will be shown the amount of loan you are qualify for.

As a first timer,. the moan might be small but as you take and pay back regularly your credit score will increase which means, you can borrow higher amount of money.

Minimum and maximun loan you can borrow from Okash

The minimum you can borrow on Opay is #50,000 while the maximum amount you can borrow is #500,000

Okash loan interest rate

The interest rate of Okash loan is between 1% to 25% depending on the amount of loan you want to obtain and the payback period. The payback period is between 91 days to 365 days.

How to repay okash loan

You have two option to repay your Okash loan, they are

With ATM card

You cabin pay back your loan by linking your

ATM card with Okash and pay back through the card

Or transfer into Okash (Opay) bank account

I don’t advise it but if you must, ensure the okash account you want to transfer to is the correct one. To get a correct Opay bank account login to the app and contact them.

Okash (Opay) loan ussd code

You can also get a loan form okash with ussd code, you don’t need to login into he app. The Okash loan USSD code is *945#

Pros and cons of Okash loan

Pros

It is very fast

No collateral or guarantor

You don’t need to visit any physical office

Cons
First timer will receive small loan

High interest rate

Is Okash real or legit

Okash is loan feature on Opay app, own by the company as Opramin. Okash (Opay) is regulated by CBN, if any thing goes south CBN will hold them and also they are insured by NDIC which further proof that they are legit.

The only problem with Okash is that they might embarrass you if you default, therefore loan the amount you can easily pay back.

Conclusion

Above is how to get loan from Okash. As we used to advise please borrow loan you know you can pay back to avoid embarrassment.

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