Having spoken to Nigerians who have used the OKash loan app, we will cover all aspects of the experience of borrowing money from Opay using their loan app.
We will also explain how the app works, including eligibility checks, loan amounts, interest rates, payback periods, features and the application process. Read on to learn more about this loan app from Opay.
What is Okash?
Okash is a mobile lending app that provides quick and collateral-free loans to individuals. Blue Ridge Microfinance Bank Limited owns it and operates in Nigeria. Okash is Opay’s automated lending business that aims to increase credit access for financially underserved or excluded Nigerians.
We all know Opay to be a financial processing App where you can send, receive, or buy data services online. Okash, on the other hand, is an app where users can borrow money. Hence, it is called a “financial lending service application”.
The Okash loan app offers users a convenient way to access emergency cash without requiring extensive documentation or collateral.
Features of the Okash Loan App
Okash loan app is a revolutionary new mobile payment and financial services application for Nigerian users. Its wide-ranging features include:
- Mobile Payments: Users can instantly send and receive money from their Okash wallet to other users’ wallets. Payments can be made by entering the recipient’s phone number or scanning a QR code.
- Peer-to-Peer Lending: Users can take small personal loans from other Okash users. The app’s algorithm matches lenders with borrowers based on requested loan amounts and repayment terms. Loans are disbursed and repaid directly in the app.
- Savings Plans: Users can set up customized savings goals and plans to reach those goals within targeted timeframes. The app auto-deducts small amounts from the wallet each day/week to the savings pot and tracks progress.
- Business Payments: Merchants can accept payments for goods and services directly into their Okash wallets from customers. This allows for contactless transactions without any card machines. Business owners also get analytics and sales reports in the app.
How to Signup on the Okash Loan App
Before you can access the features of the Okash app, you need to signup on the Okash loan app. Follow the steps below to create an account:
- Download the Okash loan app from the Google Play Store or App Store.
- Open the app and enter your phone number to register.
- An OTP will be sent to your phone number for verification.
- Create a 4-digit password for your account.
- Fill in your basic KYC details like name, address, BVN, etc.
- Verify your identity by providing your live selfie.
After following the steps above, you would see a notification telling you that your registration was successful.
Eligibility Criteria For Applying For a Loan on The Okash App
To be eligible for a personal loan from Okash, applicants must meet the following criteria:
- Nigerian Residency: Applicant must be a resident of Nigeria.
- Age: The applicant’s age must be between 20-55 years. Those outside this age bracket may not qualify.
- Source of Income: The applicant must have a regular monthly income source. This could be from employment, business, investments, etc.
- Bank Account: The applicant needs to have an active bank account in one of the supported Nigerian banks where the loan amount can be credited if approved.
- Regular Employment: Preferably, applicants should be employed long-term with the same company to demonstrate income stability.
- Bank Verification Number (BVN): Applicants must provide their valid 11-digit BVN for identity verification and credit assessment.
By meeting these eligibility parameters, applicants stand a better chance of being considered for a loan on the Okash platform. They assess the ability and willingness to repay the loan from the applicant’s income sources.
How to Apply for a Loan
Accessing quick loans through mobile apps has become increasingly popular in Nigeria. One such app that provides collateral-free loans is Okash.
- After signing up, go to the “Apply Now” section on the dashboard.
- Select the amount you want to borrow between ₦3,000 to ₦500,000.
- Link your ATM card by providing your card details and paying ₦30.
- Provide your bank account details where the loan will be credited.
- Okash will assess your credit score within minutes to decide eligibility.
- If approved, the loan amount will be credited to your bank account.
- You will have 3-12 months to repay the loan in instalments.
It is essential to provide accurate details while signing up. Your credit score is assessed based on your financial history from your BVN and transaction records. Ensure your phone has enough space and memory for the app functions.
Pros of Okash Loan App
Unlike the fake loan apps available, the Okash loan app offers:
- Quick and efficient loan delivery
- Approachable in lending money, even with high interest rates
Cons of OKash
- Inconsistent responsiveness
- Punctuality issues
- Reports of bad user experiences
In conclusion, the OKash loan app offer a convenient and accessible way for Nigerians to access quick cash. With a focus on providing collateral-free loans, the app’s features, such as peer-to-peer lending and savings plans, cater to diverse financial needs. Potential users should carefully consider these factors before choosing to use OKash.