In Kenya, Okash Loan App is a mobile phone-based loan that is accessible to anyone over 18 years old. It is designed to help individuals meet their immediate financial needs without going through the lengthy process of applying for traditional loans.
With a flexible repayment plan that ranges from 91 days to 365 days, Okash offers loan amounts that range from Ksh 500 to a maximum of Ksh 500,000.
Contents
- 1 How Do I Apply for an Okash Loan?
- 2 How Long Does It Take to Process an Okash Loan?
- 3 What Is the Cost of an Okash Loan?
- 4 Can I Amend My Okash Personal Details?
- 5 Can I Repay an Okash Loan Early?
- 6 What Is the Okash Paybill Number?
- 7 What Happens If I Repay My Okash Loan Late
- 8 Why Should You Choose Okash?
- 9 Contacting Okash
- 10 Conclusion
How Do I Apply for an Okash Loan?
To access an Okash loan, you need to have an internet-enabled phone. The application process is straightforward and can be completed in just a few minutes.
First, download the Okash app from Google Play and sign up using your phone number. Once you have logged in, fill in your personal information and then apply for the loan.
Okash uses data from your phone, including your handset details and financial transaction messages, to determine your eligibility. When combined with your repayment history, they are able to build an individualized credit score and determine the loan offer suitable for you.
How Long Does It Take to Process an Okash Loan?
Okash loans are processed instantly and dispatched directly to M-Pesa. After filling out the loan application, loans are processed within 15 seconds, and if approved, the applicant receives funds within 5 minutes. The loans can be accessed 24 hours a day, 7 days a week.
What Is the Cost of an Okash Loan?
The cost of an Okash loan will depend on the amount of loan applied. Okash charges an origination fee ranging from Ksh 100 to Ksh 3,000, depending on the amount of loan applied.
For instance, a 92-day loan payment term has an origination fee of 9.2%. For a loan processed with a principal amount of Ksh 2,500, the origination fee would be Ksh 230.
The repayment is divided into two terms. The first term is 46 days, Ksh 1,365 needs to be repaid with a daily interest rate of 0.1%, and the second term is 46 days, Ksh 1,365 needs to be repaid with a daily interest rate of 0.1%. The total amount due would be Ksh 2,730.
Can I Amend My Okash Personal Details?
Unfortunately, you cannot change information that was previously submitted. Okash conforms to the highest standards of data integrity; hence, you must ensure you provide the correct information at sign-up.
Can I Repay an Okash Loan Early?
Yes, you can repay your loan earlier than the due date. Okash will send you a message on your phone two days before the due date reminding you to repay the loan. You can repay the loan through the App or M-Pesa. Early loan repayment is accepted.
What Is the Okash Paybill Number?
Loan repayment can be done through the app or through the Okash paybill number 612 224. To repay the loan, follow these steps:
- Go to M-PESA in your Safaricom menu on your phone
- Select Lipa na M-PESA
- Choose Paybill
- Enter the Paybill number 612 224
- For account number, enter your M-Pesa number on which you received your Okash loan
- Enter your repayment amount
- Enter your M-PESA pin
- Confirm that all details are correct and press ‘OK’.
You can apply for a fresh Okash loan immediately after you repay the outstanding loan.
What Happens If I Repay My Okash Loan Late
When applying for an Okash loan, it is important to strive to repay the loan within the stipulated time. If the loan repayment time lapses, you will be charged interest at a rate of 2% per day.
This interest rate is high and can add up very fast. Therefore, it is advised that one does not exceed the repayment period. Failure to repay the loan on time could also reduce your future borrowing score.
Why Should You Choose Okash?
There are many loan apps in Kenya today, and the choice of the best one can be overwhelming. However, there are several reasons why you should choose Okash.
1. No credit history is required to access an Okash loan. This makes it easy for individuals who have no credit history to access funds.
2. The application process is paperless and digital, which saves time and is convenient.
3. You can get 24/7 access to loans anytime, anywhere. This means that you can access funds when you need them, even at odd hours.
4. Okash offers an efficient application review process. After submitting your application, it only takes a few minutes to know whether you have been approved for the loan or not.
5. Okash disburses funds to your connected account once approved. This ensures that you can access funds as soon as possible.
6. Okash is available throughout Kenya. Therefore, individuals can access loans from any part of the country.
7. As your credit score grows, the sanctioned amount gradually increases. This means that as you continue to borrow and repay your loans on time, your borrowing limit increases, making it easier to access more funds in the future.
8. Okash offers a variety of convenient repayment options. You can choose to repay your loan through the app or through M-Pesa, making it easy and convenient to repay the loan.
Contacting Okash
If you have any queries, suggestions, or feedback, you can contact Okash through e-mail at help@o-kash.com or call 020-7659988. You can also reach them through their Facebook page at @OKash App.
Conclusion
In conclusion, Okash Loan App is a convenient solution to quick financial needs in Kenya. With its easy and fast application process, 24/7 access to loans, and a flexible repayment plan, Okash is a great option for individuals looking to access funds quickly.
However, it is important to note that failure to repay the loan on time could result in high-interest rates and a reduction in your borrowing score. Therefore, it is important to borrow responsibly and ensure that you repay your loans on time.