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Okolea Loan App

One of the mobile lending apps in Kenya is Okolea, which allows Kenyans to get rapid loans from the comfort of their phones. Over half a million copies have been downloaded from Google Play, demonstrating the app’s widespread appeal. Okolea international created it.

How High Can I Go With An Okolea Loan?

The Okolea loan app sets a low initial loan limit, but raises it automatically for on-time payments.

Loan amounts from Okolea start at Ksh500 and go as high as Ksh500,000, with a year set as the maximum payback duration.

The first step toward obtaining an Okolea Loan is to install the Okolea app on your mobile device. To ensure proper identification, please fill out the form below with your full name, phone number, ID number, sex, date of birth, etc.

Following an automated evaluation of your account information, the app will assign you a loan ceiling within which you will be able to borrow immediately any sum that is equal to or less than that ceiling.

Each timely payment brings your loan limit up to the new maximum amount.

You may also have a look at the following:

What Are the Interest Rates on an Okolea Loan?

There is a one-year grace period before an Okolea loan becomes due. Daily interest is added to the balance. This, however, is levied just on the outstanding balance rather than being compounded daily.

The interest rate is 0.5 % each day, or 182.5% annually. The loan application cost ranges from 0.4% to 2.5% of the total loan amount.

The loan is expensive by any metric, and we’ll provide an example to show why. If you borrow Ksh1,000 on January 1 for a year, the effective interest rate is:

Principal + Interest + Application Fee = Total Cost of Loan.

Loan Repayment = Kes1,000 + (Kes1,000 x 182.5% + ($1,000 x 2.5%)

Payoff of Loan = Kes1000 + Kes1820 + Kes250

There were 3,070 loan repayments.

The overall cost of the loan is 3,070-(what was borrowed minus 1000) = 2,070.

=2070/1000 *8 to express as a percentage

=207%

Therefore the minimum applicable loan cost for the Okolea loan app is 207%. It will even be more costly when the loan amount is higher and it takes longer to repay the loan. This will never be disclosed to you as the consumer.

Okolea Loan: Do you need it?

The answer to this question varies depending on who you ask. These loans should only be utilized in extreme circumstances and as a temporary measure while more permanent solutions are sought. Okolea loan is available for the following reasons:

  • Quick and easy loan approval. In less than 5 minutes, the loan funds will be available in your M-pesa account. This is useful in situations where quick access to funds is essential.
  • Multiple loans can be taken out simultaneously. If your loan balance is below the maximum amount you are eligible to borrow, you may be able to borrow more. If your loan limit is Ksh10,000 and you currently have a loan balance of Ksh5,000, you do not have to pay off the outstanding balance before you can borrow again. If the amount you need to borrow is less than the maximum loan amount, you can borrow it.
  • The lending app’s interface is simple. The loan app’s design has been streamlined for convenience, making it simple to apply for and manage loans.

After collecting the data, Okolea International Limited uses the collected data for various purposes:

  • To provide and maintain the Service.
  • To notify you about changes to our Service.
  • To allow you to participate in interactive features of our Service when you choose to do so.
  • To provide customer care and support.
  • To provide analysis or valuable information so that we can improve the Service.
  • To monitor the usage of the Service
  • To detect, prevent and address technical issues.

The Okolea Loan Repayment Process

You can repay your loan by dialing the short code *842#. You will be required to enter your Okolea account ID then follow the instructions given.

What Kinds of Private Data Does Okolea Loan App Gather?

In order to process your loan application and give you a fair assessment of your financial situation, the app needs access to certain of your personal information. When you apply for a loan through Okolea, we require the following information.

  • A person’s name, phone number, bank account information, email address, national ID or passport number, sex, occupation, and physical address are all examples of personal information.
  • The data on your device, which may include SMS records of M-pesa transactions.
  • Details about your mobile device, such as the model, manufacturer, operating system, unique identifiers, SIM card details, mobile network details, your device’s location, and the apps installed on it.
  • Use your current GPS location to find out where you were when you last applied for a loan.

However, until strong data protection rules are in place in Kenya, you should not trust Okolea’s assurances that they will never share your data with third parties. To avoid being reported to credit bureaus, do not use the Okolea lending app.

Get the Okolea Loan App from the play store here.

Okolea Loan App Contacts

You can get in touch with the company by:

Headquarter Office

Along Limuru Road

P.O. BOX 41316-00100

Nairobi, Kenya

Email: support@okolea-international.com

Browse through other Loan Apps in Kenye here.