How to get Okash loan in 5 minutes (A detailed guide)

The urgent need for cash, whether due to unexpected events or unpredictable circumstances may push you to seek financial help sometimes.

If you’ve already run to friends and families for help all to no avail, then borrowing a loan might be the way out.

Nowadays, borrowing loans has been painted a bad thing and is now viewed as a scary end to resort to by movies.

Where the lead actor/actress will borrow a loan and use their property as collateral, at the end of the day, their property will be seized by the bank since they are not able to pay it back.

This doesn’t have to happen to you! Besides, borrowing a loan from the bank is such an old-fashioned thing, comes with a lot of stress and you will also need to provide tons of documents.

This is one of many reasons why Fintech companies in Nigeria such as Okash have risen to make borrowing loans a breeze and an easy process. With Okash, you could borrow a quick loan of up to N50,000 all in 5 minutes without collateral or paperwork.

Okash got your back with varieties of loan offer whether you need a loan for your business, health crisis, or other personal use.

The major benefit of getting a loan from Fintech companies is that you don’t need to tender various documents, paperwork, and collateral also.

You will simply be granted a suitable loan after taking into consideration your credit score. 

In this “How to get Okash loan” guide, you will be shown “How to loan money from Okash” at the comfort of your home, “How to repay Okash loan in Nigeria“, “Okash loan requirements“, and also answer many frequently asked questions by people looking forward to lending money from Okash.

Without wasting any more time, let’s dive into it…

What is Okash loan?

how to get okash loan

Okash is a micro-lending product launched in 2018 under the Opay brand, they have quite a lot of alternative brands under them such as Ofood, OExpress, OTrade, and many more subsidiary brands.

Opay gives out loans to people in need of urgent funds to cater to their financial crisis at an agreement that repayment will be made on a future date using the Okash medium.

And the best part? You don’t need to provide tons of paperwork or any collateral at all.

Okash loan requirements

Before applying for and obtaining a loan from Okash, it was stated on their website that you need to meet certain requirements consideration.

Below are some of the major requirements:

  • Valid means of identification, can either be a national identity card, driver’s license, or a voters card
  • A photograph showing your head to shoulders clearly
  • Your BVN number and an active bank account
  • Only people between the age range of 20 to 55 years can apply
  • You must have a legit monthly source of income

Check through the above-listed requirements if you met them all, then check the next step where I will explain in-to-to how you can apply for and obtain a loan from Okash.

How to get Okash loan

Once all your requirements are met and ready, kindly follow the below-outlined procedures to obtain an Okash loan:

  • After a successful installation process, open up the app and create an account. Provide personal information such as your full name, email address, mobile phone number, and a safe password
  • After a successful account sign-up process, request for an Okash loan. You will now be provided with a form asking for your BVN, where you work, your monthly salary, and others.
  • Make sure to fill in all the required information correctly as it will be used to determine how much loan offer you will get
  • Your provided information will be evaluated and a loan offer will be available for you. Click on any offer, choose repayment duration and supply your bank account details. Just wait a few hours and your loan will be disbursed
Also Read  How to borrow money on Fairmoney App (Instant Loan)

How to pay Okash loan

After getting your loan, it’s advisable to make payment before or after the due date as this will elevate your credit score which will make a higher loan offer available for you.

If you don’t want to bother yourself with the repayment process, you can set up auto-debit and you will automatically be charged once the repayment date is due.

Or make a transfer to the following Okash repayment bank account:

  • Account name – Blue Ridge Microfinance Bank Ltd
  • Bank name – Zenith Bank Plc
  • Account No – 1130085518

Make sure to fill your BVN and your full name in the remarks section then send the transfer details to “repayment.proof.ng@o-kash.com” after transfer so they can change your loan status to PAID.

How much is Okash loan interest rate?

Okash interest rate is calculated on a daily basis and it ranges from  0.1% to 1% depending on your loan amount and repayment date.

Is Okash app available for iPhone?

Currently, the Okash app is only available for Android devices and there is no update if an IOS device compatible version will still roll out in the future.

Summary

I hope you’ve realized that Okash is a go-to when it comes to choosing the modern lending method over the traditional methods. If you have any questions at all or you’re stuck at a part, kindly comment down below.

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