In this article, I have made a comprehensive Okash app review to help you determine if this loan app is the right fit for your financial needs, this review covers crucial aspects such as legitimacy, loan accessibility, customer support, interest rates, and overall functionality of the Okash loan app.
Okash, a subsidiary of Opera, operates in conjunction with Opay, another fintech company under Opera. This integration allows Okash to be easily accessed through the Opay app. By utilizing this online loan software, borrowers can secure quick loans without the need for a guarantor or collateral, with the flexibility to use the funds for personal matters or business investments.
In the subsequent sections, we will delve into further details to shed light on Okash’s credibility, loan application process, customer support channels, interest rates, and overall user experience.
Okash Loan Requirements
Applying for a loan through the Okash loan app is a straightforward process, but it is important to fulfill certain criteria for loan approval. To successfully apply for a loan on Okash, the following requirements must be met:
- Valid Email address: You need to provide a valid and active email address during the application process.
- Android phone: The Okash loan app is compatible with Android devices, so you must have an Android phone to access the app.
- Age requirement: Applicants must fall within the age range of 20 to 55 years old.
- Nigerian residency: To be eligible for a loan, you must be a resident of Nigeria.
- Valid identification card (ID Card): A recognized identification card, such as a national ID card or driver’s license, is required for verification purposes.
- Bank details: You will need to provide specific bank details, including your Bank Account Number, Bank Account Name, Bank Card (ATM Card), and Bank Verification Number (BVN).
- Steady source of income: It is necessary to demonstrate a regular monthly income and state the purpose of the loan.
Failure to meet any of the above-listed requirements may result in loan rejection by Okash. It is essential to ensure that all criteria are fulfilled to increase your chances of loan approval.
How To Get a Loan From Okash
Many individuals are interested in knowing how to apply for a loan on the Okash platform, whether through the Okash loan app or Opay. Here is a step-by-step guide:
- Install the Okash app on your smartphone either from Google play store or the IOS store.
- Create a new account on the app.
- Access your dashboard and click on “Apply Now.”
- Provide all the necessary information as requested.
- Wait for your application to undergo review.
- If your application is approved, the loan amount you requested will be credited to your account.
- In case your application is rejected, you have the option to try again. Please note that you should read and understand the terms and conditions of Okash loan while registering your account.
Remember to familiarize yourself with the terms and conditions of Okash loan during the registration process.
Is Okash App Legit?
Yes! Okash is a reputable financial technology (fintech) firm certified by the Central Bank of Nigeria (CBN) and holds an operational license to provide quick loans to individuals. Okash use to be categorised as an illegitimate online lender but the loan application have reviewed their operational ethics and now regarded as one of the approved loan apps in Nigeria.
Okash has received a remarkable feedback rating of 4.3 stars on the Google Play Store. This positive rating, combined with over a million downloads from the Play Store, serves as a testament to the company’s credibility and trustworthiness.
Okash Loan Interest Rates
The interest rate offered by Okash is a significant aspect to consider in this review. It is calculated on a daily basis and varies between 0.1% and 1%, depending on the specific loan application.
To provide a broader understanding, the Annual Percentage Rate (APR) ranges from 36.5% to 360%. This gives you a sense of the overall cost of borrowing over a year. Okash charges an origination fee, which is a one-time charge. The fee can range from NGN 1,229 to NGN 6,000.
As an example, let’s take a 91-day loan with a principal amount of ₦3,000. The processing fee for this loan term is 41%, amounting to ₦1,229. The interest for the loan would be 9.1%, equivalent to ₦273. Consequently, the total amount due at the end of the loan term would be ₦4,502.
Breaking it down further, the monthly payments would be as follows: In the first month, the total amount due would be ₦1,512, consisting of a processing fee of ₦419 and an interest of ₦93. In the second month, the total amount due would be ₦1,495, with a processing fee of ₦405 and an interest of ₦90. Finally, in the third month, the total amount due would be ₦1,495, accompanied by a processing fee of ₦405 and an interest of ₦90.
Okash Customer Care Line
If you have any inquiries or concerns regarding Okash’s services, you can reach out to their customer care team at 08097755512. They maintain an efficient customer care line where you can seek assistance and have your questions addressed.
A notable advantage of their customer service is the promptness with which they respond to queries. You can expect timely replies when reaching out to them. Additionally, Okash ensures that their customer care representatives are competent, ensuring that you receive quality assistance and support when interacting with them.
Okash Email Address
For any inquiries or concerns, you have the option to contact Okash’s customer support team through email at firstname.lastname@example.org. Simply compose an email detailing your question or concern, and they will make every effort to respond to you promptly.
Rest assured that Okash values timely communication and strives to address customer inquiries as soon as possible. By reaching out to them via email, you can expect their dedicated support team to provide you with the assistance you need.
Who is The Owner of Okash Loan App?
It is owned by a consortium based in China, with Yahui Zhou at the helm of its administration. Yahui Zhou is recognized for his role in founding Beijing Kunlun Tech Co., a prominent game development company in China.
At present, Yahui Zhou’s net worth stands at $2.5 billion. However, detailed information regarding the company’s hierarchy and organizational structure is relatively limited.
Okash Loan Download
Here’s a simple step-by-step guide on how to download Okash:
- Visit the app store on your smartphone.
- Search for “Okash” and locate the official app.
- Tap on the app to open its page.
- Click on the “Download” or “Install” button.
- Wait for the app to download and install on your phone.
- Once installed, launch the Okash app.
- Register a new account within the app.
- Fill in the required information accurately.
- After registration, access your dashboard.
- Click on “Apply Now” to start the loan application process.
How long does the Okash loan application process take?
The loan application process on Okash is incredibly quick and efficient, taking only a few minutes to complete.
What is the maximum loan amount available on Okash?
The maximum loan amount varies for each individual, and it is important to provide accurate information while applying with your personal mobile device. Doing so may increase your chances of receiving a larger loan amount.
How can I make an early loan repayment on Okash?
To make an early loan repayment before the due date, simply navigate to the ‘My Loan’ page within the app and click on the ‘Make a Repayment’ button.
What are the consequences of repaying my Okash loan late?
Late loan repayments attract a rollover fee of 2% per day. It is advisable to avoid exceeding the repayment period, as this may adversely impact your future borrowing credit score.
Can I trust Okash with my personal information?
Absolutely! Okash assures the confidentiality and security of your personal information, including details like your BVN, Bank Account Number, and Phone Number. They have a strict policy against disclosing your information to third parties without your consent, with the exception of situations such as late refunds and service requirements.
Okash offers a convenient and efficient loan application process, with quick approval times and the possibility of receiving a substantial loan amount. While early repayments are possible, late repayments incur a rollover fee and may affect your future borrowing credit score. However, Okash prioritizes the security and confidentiality of your personal information, ensuring it is not disclosed to third parties without your consent.