Okash (Opay) Loan Review: Legit Or Scam?

In this article, we shall be walking you through a complete review of Okash Loan Application. We shall also be answering some of the daring questions lingering in your minds, such as, is Okash Loan legit?

If you have been harbouring questions/doubts about this platform some of which might include; How To Borrow Loan From Okash, How To Repay Loan On Okash, Okash Interest Rates, And So Much more. Then this review article is for you.

Do ensure to make use of the table of contents below to enable you navigate through this article with relative ease. If you have further questions or contributions about the Okash Loan app, we urge you to drop them down in the comments section below. Without further Ado, let’s begin!

What Is Okash?

Okash is Opay’s automated lending business that aims to increase credit access for financially underserved/excluded Nigerians.

OKash is a quick and easy micro-lending solution established by Blue Ridge Microfinance Bank. 

Okash Loan app is a minor sector of the well known Opay application both of which are owned by Opera Mini.

We all know Opay to be a financial processing App where you can send, receive, or buy data services online. Okash on the other hand is an app where users can borrow money, hence, it is called a “financial lending service application”.

How Does Okash Work?

Loan decisions are provided in 15 seconds, and applicants who are approved receive monies in 5 minutes. 7 days a week, 24 hours a day. The loans are made available through an Android mobile app, and lending decisions are made virtually quickly. The typical loan amount for new borrowers is N10,000.

Moneylender loans are intended to be short-term loans to tide you over until your next payment. It is ideal for anyone looking for an unsecured personal consumption loan, students, and anyone who are unsuitable for traditional bank loans due to poor credit.

Their loans are made possible through a collaboration with Blue Ridge Microfinance Bank. If you are unable to repay your loan by direct debit, you may pay or transfer to the Blue Ridge Credit Union.

Is Okash Legit Or Scam?

Many people have inquired whether the OKash app is authentic or a fraud, which is the subject of this piece.

The OKash lending app is a legitimate and trustworthy software that lends money to individuals. To obtain a loan, simply install the app, register on it by completing the essential information, and then apply for a loan of 2000 naira or more.

Okash Loan App Download And Sign Up Process

Okash has made borrowing money easier with its loan app. They have made things so simple that customers can effortlessly use the app and carry out their borrowing actions.

Users of the Okash loan app may get fast, instant-approval loans at any time and from any location. There is no provision for collateral, a guarantor, or any other type of documentation.

All of their services, including account opening, loan application, loan repayment, and more, are accessible via their loan app.

To get the app, go to the Google Play Store, search for it, and then click the install/download button. 

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How To Borrow Money On Okash Loan App

Follow the steps below to borrow money through the Okash loan app:

Step 1: Type in your phone number.

I believe you have the app installed on your device by this point. Simply open it to open an account and begin the borrowing procedure.

You will be asked to enter your phone number during the sign-up or account-opening process. The system will deliver an OTP code to your phone number automatically. Check that the number is correct, and keep in mind that this will be your official platform number.

Step 2: Make a password for yourself.

On the following screen, you must enter your 4-digit password. If you have an invitation code, you can enter it on this page. Otherwise, proceed by clicking the “Sign Up” button.

Step 3: Fill out your basic details.

Your account has been created, and you can now access your dashboard.

To continue, simply click on the “Apply Now” button on your homepage. A new page will open immediately for you to fill up your basic information. Your full name, gender, date of birth, Bank Verification Number (BVN), personal email, resident address, marital status, and monthly income are all included.

Step 4: Confirm your identity.

After entering your basic information and hitting the submit button, you will be taken to a new page where you will finish your identity authentication. At this point, Okash will suggest that you take a facial biometric.

Step 5: Connect your card

Okash will require you to connect your debit card to the app. Make sure you have enough money on the bank card you’re linking, because they’ll deduct N15 from your account during the card creation.

You should also activate your card for online transactions and ensure that you enter the correct information, such as the card number, expiration date, and CVV, to avoid having your card denied. Furthermore, do not utilise a previously used card.

Step 6: Provide your bank account information.

You must also provide your bank account information, which includes your bank’s name and account number. Please keep in mind that this is the account where you will receive your loan.

Step 7: Submit your loan application.

Congratulations! You are now able to apply for your loan. To obtain your loan, simply click the “Apply Now” option on your Okash Loan app dashboard.

Your credit score determines how much money you can borrow for the first time. If you have a strong credit score, you can get a larger loan, but if you have a bad credit score, you will get a smaller loan.

OKash also takes data from your phone, such as phone numbers, financial transaction messages, and your location.

As previously stated, the minimum amount you can borrow from Okash is N3,000 and the maximum is N500,000.

Okash will assess and process your loan application within minutes, and the funds will be transferred to your bank account.

What Happened To My Okash Loan Application?

Okash will reject your loan application for a variety of reasons. Poor credit scores, low volumes of financial transactions, and the transmission of incorrect information are some of the most typical.

With a lot of experience in the digital lending sector, I’ve noticed that the most major difficulty that borrowers encounter (especially those who aren’t financially secure) is loan rejection owing to low credit scores or low levels of financial transactions.

Okash Loan USSD Number

Okash currently lacks an approved USSD code. All of their services, including account opening, loan application, loan repayment, and more, are accessible via their loan app. We will keep you updated as soon as new information becomes available.

Okash Loan iPhone App

The Okash Loan App is not yet accessible for iOS or iPhone users. You will need an Android phone to borrow money from Okash. We will notify you once the app is ready for iPhone users.

How To Repay Okash Loan 

You can repay your Okash loan in two ways: auto-debit or manually using the app.

Auto-debit is a more compelling and convenient method of repaying your loan. On the repayment date, the Okash loan app will immediately debit the due loan amount from your bank card. All you have to do is make sure the card has enough money on it before the due date.

To repay your loan, simply log in to your Okash loan app, browse to the “My Loan” page, and select the “Make a Repayment” button. If you wish to make your payments before the due date, this may be the best alternative for you.

FAQs About Okash Loan

Who Is Eligible To Apply For An Okash Personal Loan?

To be eligible for this loan, you must:

1. You must be a Nigerian citizen.

2. Be between the ages of 20 and 55.

3. Possess a current bank account and debit card.

4. Have a positive credit history.

What Documents Am I Required To Submit When Applying For An Okash Personal Loan?

1. Two individual external guarantors having valid documentation, such as a BVN, four (4) passport pictures, Identity Cards, and a Letter of Intent, to guarantee the loan.

2. Account statement stamped every three (3) months for three (3) months.

3. A valid form of identification, such as a driver’s licence, a national ID, or an international passport.

4. Utility bill (during the last three months).

5. Bank Verification Number (BVN).

📍Note: Post-dated cheques must be signed.

What Is The Maximum Loan Amount That I Can Obtain?

The maximum amount of money you can borrow is N5 million.

What is the Okash Personal Loan interest rate?

The Okash personal loan service has a monthly interest rate of 17%.

What Are The Terms Of Repayment For Okash Personal Loan?

This loan’s payback conditions vary depending on the loan amount. However, the repayment period is usually between 1 and 24 months.

What Fees Are Involved With This Loan?

For this loan, there are no application fees. If you do not repay your loan on time, you may be charged late fees.

How Long Does It Take To Get An Okash Personal Loan Approved?

The approval procedure is simple and quick. You may be eligible for a loan.

See Also:

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Okash Loan App: Roundup

Finally, we’ve come to the finish of this material, and I feel you’ve learned a lot.

The Okash loan app is available for anyone searching for a convenient way to obtain immediate loans in Nigeria. However, borrowing should be done with caution. Borrow only what you can afford to repay to avoid a poor credit rating or a bad reputation.

It is safe to assume that you have learned everything there is to know about the Okash loan app and will be able to borrow money from the platform without difficulty.

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About Stefan C.

Focused On bringing you the best educational and finance related topics that will impact your life and the lives of millions.
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