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Okash Loan Review: Requirements, Interest Rate & Okash loan application | OPay Loan

5 Mins read

Okash Loan Review: Requirements, Interest Rate & Okash loan application | OPay Loan You will acknowledge that taking out a loan from a financial institution is not only archaic but also causes a great deal of anxiety and raises one’s blood pressure.

Aside from the fact that you will need a lot of paperwork, you will constantly live under the fear that you will lose whatever you used as collateral if unfavorable circumstances arise. You are unable to pay the bank back.

In addition to that, the process of applying is very stressful. After going through the trouble of applying for the loan, the worst possible outcome would be for them to decide that you do not deserve the loan and refuse to give you the money.

Opay loan

Opay loan

However, this is not the case with a trustworthy loan application. Even though you might not get the exact sum of money you need from the loan application, maintaining a good record with a loan application will eventually cause them to release a sizeable sum of cash to you to meet your requirements.

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Are you looking for a trustworthy loan application? In Nigeria, the Okah/Opay loan app is included on the legitimate and dependable financial services list. Let’s get down to the nitty-gritty of what they are and everything you need to know about them.

What Is a Loan Through OPAY or OKASH?

If you are a Nigerian, you already have some prior experience with the Opay brand. They were the parent company for several other brands that were subordinate to them. Some subsidiaries provide food and grocery delivery, payment processing, public transportation, and other related areas.

It has many subsidiaries, one of which is the Opay/Okash loan app. Using the Okash brand, Opay can provide Nigerians who need personal loans to satisfy a particular market with loans, along with the promise and agreement to pay back the loans at a predetermined future date.

The best part is that in addition to consumer loans, Okash also offers loans for business purposes. If you’re curious about who’s behind the Opay brand, the answer is none other than the illustrious Opera browser. This fact is evident given that Opay comes from the same family as Opera.

If you were wondering, Opay is an abbreviation for “Opera Pay.” Not only does it facilitate the lending of money, but it also enables users to carry out certain other financial services, such as purchasing and sending airtime and data, withdrawing money from POS terminals, and so on.

In particular, Okash is a subsidiary of Opay that manages the money lending services and is referred to as “Okash.”

How do you go about applying?

Opay makes it very easy to take out a loan from their platform. You are required to proceed in a particular order. When you use the service, you will find it very convenient and straightforward to do so because it is a mobile-based platform

If you want to borrow money from Okash, the subsidiary of Opay that operates the money-lending platform, follow the steps outlined below.

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Download the app: Because this is a mobile-based service, you will need to download the Okash app from the Google Playstore to get started. To successfully download the application onto your mobile device, you must ensure that you are connected to the internet.

After successfully downloading the app, you must create an account with Okash by signing up or doing so. To complete the account, you will be required to provide personal information such as your full name, email address, and phone number and choose a secure password. To activate the account, they will send a verification code to the phone number you provide, so you will need to ensure that it is a valid phone number.

Step Two: Complete Your Information The next step is to complete your information. Okash would then hand you a form with additional private information about yourself, such as your BVN, place of employment, the money you earn each month, and so on. At Okash, any information you provide will be kept confidential. However, they require this information to determine the maximum loan amount you are eligible for.

Loan Offer: Once all of your information has been entered correctly into the loan application, it will inform you of the maximum loan amount you are eligible for. The minimum amount that a user can qualify for on the app is typically between three thousand naira (N3,000) and fifty thousand naira (N50,000) (N50,000). You can apply for a loan from Okash by entering the amount you want to borrow from them (the amount you enter must be within the loan limit provided for you). After the transaction has been approved, please wait for the money to be deposited into your account before proceeding. Approval doesn’t take long.

Install the Opay app by going to the Play Store.

OKASH Loan Requirements

You will be required to supply all of the information requested by Okash‘s before you will be eligible to receive any money from them. Following these steps, you will figure out the loan amount made available to you. Requirements are the following:

  1. Authenticated identifying documents that confirm that you a Nigerian are required.
  2. Aged between 20 and 55 years old is required.
  3. Reason for applying for loan.
  4. BVN.
  5. Valid account details.

The lending process will move quickly as soon as OKASH determines that you meet these criteria.

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The Interest Rates Offered By OKASH

Okash has a unique interest rate system. They provide daily interest rates ranging from 0.01% to 1% of the principal amount. When viewed through the lens of an annual cumulative interest rate, this interest rate looks significantly different.

The total amounts to somewhere in the range of 36.5 percent to 360 percent. In addition to the interest rate, you’ll also be responsible for paying an origination fee, typically included in the total cost of the loan.

This fee can range anywhere from N1,299 to N6,000, depending on the total amount of the loan you are getting from Okash as well as the length of the loan. You can repay the money you borrow from Okash between 91 and 365 days later.

Your previous record and credit history with Okash will determine the period. You will be rewarded for your consistent repayment efforts with an extension of the loan’s duration period and an increase in the loan limit.

The Benefits and Drawbacks of an Okash Loan

PROS

  • Processing of loans with the highest level of safety.
  • Quick and with a high rate of approval.
  • Quite frequently, you would reward loyal customers with incentives in the form of bonus money.
  • The application and registration process is quick and straightforward.

CONS

  • Your right to privacy is not protected.
  • You would primarily be eligible for loans for shorter terms.
  • However, the interest rates are pretty high.
  • The maximum amount of the loan is N50,000.

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The Repayment of OKASH

Through the USSD code *955#, you can repay the Okash Loan. You also have the option to pay directly through the app by using the ATM that you listed on the platform.

Make sure the ATM is connected to an active account so that you can initiate a withdrawal to pay back the loan amount and the interest that was accrued on it. You could also make life easier by selecting the option to have your payments taken out automatically.

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