Ever used the Okash loan app to get loans online? We’ll share with you all you need to know.
Whether due to unpredictable circumstances, or personal use, one thing is certain; the need for cash.
Sometimes we may find ourselves in urgent need for money due to a varied number of reasons, but we don’t have it.
The only way is to seek out loans that will quickly offset that need that we have to satisfy.
Okash loan app is a particularly unique option that you can use to settle your urgent need without any form of stress in terms of documentation.
The app has been listed as one of the best loan apps in Nigeria for easy loans into your bank account with paperwork or any collateral.
Okash loan app is a platform where you can have access to cash loans within a very short period of application.
Whether it’s a loan for your business or for other personal use, Okash surely got you covered through their varieties of loan options that will help you quickly solve any issue at hand.
The best thing about this type of loan is the ease of acquisition, where you don’t need to tender documents or follow long processes that conventional banks require before you can successfully take a loan.
You are granted a loan simply based on credit history, and your creditworthiness. All these might seem quite confusing, but you will surely understand as you go through the article.
Quick Disclaimer: Note that Okash Loan has one of the highest interest rates. Also, NOTE that many have claimed that Okash is a scam. We are not Okash loan company; the information provided is for information purposes and personal opinion based on what we’ve tried with the app
The Federal Government, through its agency, the Federal Competition and Consumer Protection Commission (FCCPC), has completed its efforts to regulate the activities of loan applications in Nigeria, the Federal Times reports.
In the country, loan apps have been functioning without oversight or rules for years, with some reportedly operating without a license, a circumstance that has pitted them against the Financial Conduct Authority of Pakistan.
NAN reports that on March 15, 2022, during the celebration of World Consumer Rights Day in Abuja, the chairman of the Federal Consumer Protection Commission, Babatunde Irukera, stated that the activities of digital money lenders would now be subject to regulatory oversight.
Irukera’s statement comes in the wake of the FCCPC’s raid on Soko Loan and its sister-apps, Fast Money, Go Cash, Okash, Kash Kash, Speedy Choice, and Easy Moni, which took place on Saturday and resulted in the closure of the sites and the seizure of laptops and smartphones.
Already, the FCCPC has directed Google and Apple to remove some loan apps from their search results, as the agency begins an inter-agency collaboration with the National Institute of Technology and Development and the International Center for Payments and Collections to investigate digital money lenders.
What Is Okash Loan App?
Okash loan app is a mobile app that enables you to obtain loans, either personal or business within 24 hours of the successful loan application.
It is designed in this way so that you can get the chance to fix, buy, or do whatever you need the loan for in the shortest possible time.
One of the best features of this app is that you are granted loans without any need for paperwork that makes applying for bank loans such a long process.
You can easily obtain loans by providing your personal information like name, address, employment status, email, passport photograph, and so on.
This ensures the loan application is as swift as possible. After loan application, your application will be processed and your credit history will be accessed to verify if you have any outstanding debt with any other financial institutions.
If you have outstanding debt, your loan application will definitely be rejected, but if the opposite is the case, then you have no problem with obtaining a loan.
We’ve currently written about how to use the Palm Credit Loan app to get quick loans online and all you need to know.
Who Is The Owner of The Okash Loan App?
Okash is a subsidiary under the series of apps produced by Opera. It is owned by a China-based consortium whose administration is led by Yahui Zhou.
He is credited for the establishment of the Beijing Kunlun Tech Co., which is one of the most prominent game makers in China.
Yahui Zhou has a total net worth of $2.5 billion at the time of this writing. There is no much information on the hierarchy and organization of the company.
How Does Okash Loan App Work?
In our posts on how to borrow money online, we gave requirements and steps to follow.
Okash provides loan to its customers within a maximum of 24 hours of a successful loan application.
These loans are obtained through the official mobile app which can be downloaded on PlayStore for Android users.
Most of the time, first-timers on the app are allowed a maximum loan of N10,000, which increases as you repay your loans within the stipulated time.
The loans provided through the Okash loan platform is designed to be short term, meaning it has to be repaid between 30-90 days of loan acquisition.
These loans are targeted to help you cover expenses that you need to settle before your next payday
This type of loan is the best option for borrowers who are unable to obtain loans from banks, students, and small-scale business owners.
This is because they don’t have strict regulations that are as tough as that of traditional financial institutions.
The Okash loans are issued out through their on-site financial institution know as the Blue ridge Microfinance Bank.
The presence of this bank allows for borrowers who wish to repay their loan different options to do so; either by repaying through the app or by visiting the physical benefits to repay the loan.
Their loan products include payday loans which allow employees of different companies loans to cover expenses.
The loan can then be repaid on a monthly basis at a fixed amount; Education loans are basically for entrepreneurs, students, or any salary earner while business loans are target at businesses that need funds to help settle cash flow issues in acquiring equipment, or in settling staff salaries.
Okash Loan App Download For iPhone and Android
The Okash loan app is not supported by the iOS, just like many other loan apps in the market today.
However, you can download the Okash loan app for Android users through any smartphone from the Google play store. You only need to search the app and begin the download for free.
For those who just want to obtain loans without access to an android phone, you can visit the official website at https://ng.o-kash.com/web/homeEn.html.
Navigating the website is very easy, and you can obtain loans as quick as those who use the android version to apply.
How Can I Get the Okash Loan?
Obtaining loans through the Okash loan app is quite easy, as it will take you only a few minutes to complete the loan application process from start to finish.
Before you can apply for any sort of loan, however, you are required to meet the set-out requirements by the platform.
Failure to meet these requirements will surely lead to your inability to obtain your desired loans.
- Valid bank details (Account number, Name)
- Valid ID card
- BVN number
- Android Phone
- Age range of 20-55 years old
- Complete Okash application
Okash Loan Repayment
Like stated earlier, since the platform has a partnership with the Blue ride Microfinance Bank, it gives you two options to repay your loans.
You can either repay 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
After completing 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.
How Much Can You Borrow From Okash?
For first time borrowers on the loan platform, you can have access to up to N10,000 but those who have a good credit history with them for more than three months can have access to loans reaching N100,000.
This is so that there will be security for the bank’s money, as we have seen cases where borrowers, especially first-timers, don’t repay loans granted them.
How much is Okash loan Interest?
Okash provide loans at interest rates ranging from 23%-35%,depending on the loan amount and chosen repayment period.
How long does Okash take to process a Loan?
After a successful loan application where you meet all the requirements, and you have no history of credit default, then you should be able to acquire the loans within 24 hours of your application.
Loans usually get to borrowers within 5 minutes of application, but there are times where the verification process takes longer than usual, but the maximum is still 24 hours.
What Happens when you don’t Repay your Loans?
This is one of the major reasons why borrowers must have a repayment plan for loans before acquiring them.
This is because most borrowers live to regret why they borrowed in the first place if they are unable to repay.
Due to the access of the Okash loan app to your contacts, embarrassing messages about your failure to repay loans acquired will be sent to most of your contacts, and the company might end up suing such borrowers for even more due to damages, and so many other things you will want to avoid.
In case you have any questions or enquiries about the Okash loan app and their services, you are free to contact their official email at firstname.lastname@example.org.
Summary of Okash Loan App
Okash is obviously a worthy substitute for traditional loans. The best thing with this type of loan is the swift manner in which these loans get to the borrowers.
The Okash loan app is one of the easiest ways to obtain soft loans in Nigeria without the need for the long, stretchy processes borrowers are usually put through in traditional banks.
Without a doubt, the Okash app is one of the top fintech companies in Nigeria.
Their experience in this business for a while adds to their credibility as a trusted source to get fast loans to satisfy your personal, and business financial needs.
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