Okash Loan: Is it Legit? Application Method 2023-2024
Packed with a blend of glowing testimonials and a sprinkle of cautionary whispers, Okash certainly merits an in-depth review to guide you in determining whether it’s a worthwhile option for you or not.
Long-standing both in the Google Play Store and as part of the Opay App, Okash has built a reputation for itself over the years.
This platform grants you the convenience of applying for a hassle-free, instant loan that lands directly into your bank account in mere minutes, impressive, right?
However, it’s crucial to remember that popularity isn’t synonymous with quality. A large number of downloads doesn’t automatically crown Okash as the legit loan app.
In our recent post, we discussed the list of fake loan apps in Nigeria, you can check them out.
So, I’ve crafted this detailed Okash loan review to provide you with comprehensive insights.
We’ll dive into whether the platform ticks all the right boxes for you, its legitimacy, ease of loan acquisition, customer service quality, interest rates, and the overall functionality of the Okash loan app.
Let’s dive in without further ado!
Is Okash Loan App Legit?
Yes, Okash is a genuine fintech loan app. It holds a valid license to offer loans.
It’s also recognized and certified by the Central Bank of Nigeria (CBN), adding another layer of credibility to its operations.
Moreover, It boasts a strong 4.3-star rating on the Google Play Store and crossing the million-download milestone, it’s safe to say that Okash isn’t just another scam loan company.
It’s legit, trustworthy, and quite popular among users.
What is Okash Loan?
Okash operates as a branch of the larger Opera corporation, which is why its full name is actually Opera Kash.
The company is closely integrated with Opay, another fintech arm of Opera. This integration is why you can conveniently access Okash services through the Opay app.
As an online lending platform, Okash offers the benefit of borrowing money without the need for a guarantor or collateral, and you pay it back with interest.
This means you can quickly secure an online loan through Okash to handle personal needs or even to invest in your business, all without the hassle of finding someone to vouch for you or putting up assets as collateral.
Okash Loan Requirements
Securing a loan via the Okash loan app is a straightforward process, although there are some essential criteria you need to fulfill before your loan gets the green light.
What You’ll Need to Apply for an Okash Loan
- Valid Email Address: You need to have an active email account.
- Android Phone: The app runs on Android, so you’ll need a compatible device.
- Age Requirements: Applicants should be between the ages of 20 and 55.
- Residency: You must be a resident of Nigeria to apply.
- Valid Identification: A government-issued ID card is necessary.
- Bank Account Number: You’ll need to provide this for loan disbursement.
- Bank Account Name: This should match the name on your ID and application.
- Bank Card: An ATM card linked to your account is needed.
- Bank Verification Number (BVN): Required for identity verification.
With these requirements in hand, you’re set to navigate the Okash loan application process.
You need to have a consistent monthly income and specify why you’re seeking the loan.
If you don’t meet any of the criteria mentioned earlier, Okash will likely decline your loan application.
How to Apply for Okash Loan in 2023: Step-By-Step Guide
What most people are keen to know about Okash is the process of applying for a loan, both on the standalone app and through Opay.
To get started with the app, you’ll first have to download the Okash loan app (keep scrolling for the download link), and then install it on your mobile device.
Next, adhere to the steps outlined below to successfully apply for a loan using the Okash loan app.
Step 1: Download and Register
First thing’s first, grab the Okash app from your app store and sign up for a new account. Make sure to have your personal details handy, including your BVN and bank statement.
Step 2: Hit “Apply Now”
After logging into your freshly minted account, head to your dashboard where you’ll spot an “Apply Now” button. Don’t hesitate, click on it.
Step 3: Complete the Details
A prompt will appear asking you to fill out some specifics. Make sure you input accurate information, especially your BVN and bank statement.
This data will help Okash determine whether or not to approve your loan.
Step 4: Sit Tight for the Review
Once you’ve submitted all the required details, your application will go into review. No worries—Okash usually doesn’t keep you waiting too long.
Step 5: Receive Your Funds
If Okash gives your application the thumbs up, congratulations! The loan amount will be deposited straight into your bank account.
They’ll also inform you about the loan’s duration and interest rate.
Okash Loan Interest Rate
An essential aspect to cover in this Okash loan review is definitely the interest rate.
- Okash’s interest rate can vary between 0.1% and 1% based on your application, and this rate is calculated daily.
- The Annual Percentage Rate (APR) spans from 36.5% up to a whopping 360%.
- Origination Fee: Expect a one-time fee ranging from NGN 1,300 to NGN 6,500.
Here’s a quick example for clarification:
- For a 91-day loan term, there’s a 41% processing fee along with a 9.1% interest rate. If you get a loan with a principal amount of ₦4,000, the processing fee would be ₦1,640, and the interest would be ₦364. This brings your total amount payable to ₦6,004.
Breaking it down by month, your first month’s total amount due would be ₦2,014, with a ₦442 processing fee and a ₦98 interest charge.
In the second month, the total amount due would be ₦1,985, consisting of a ₦427 processing fee and a ₦95 interest charge.
Similarly, for the third month, the total due would be ₦1,985, with ₦427 allocated for the processing fee and ₦95 for the interest.
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How Does The Okash Loan App Work?
Here’s the Okash loan app process, broken down into simple steps:
- Download the OKash app from the Play Store.
- Create a new account.
- Pick the loan product you’re interested in.
- Fill in your basic details and submit the application.
- You might get a verification call after submitting. You’ll see the final decision in the app and get an SMS if you’re approved.
- E-sign the loan contract if you get the go-ahead.
- Once you’ve e-signed, the loan money will quickly hit your bank account, and you’ll get an SMS to confirm it.
Okash Customer Care Number
For any questions about Okash’s services, their customer care number is 08097755512. One plus is that their support line is quick to respond and staffed with skilled reps.
If you prefer to use WhatsApp, Okash has got you covered. Just drop a message at +2349019099999, and they’ll reply as soon as they can.
For email support, shoot your questions over to email@example.com. They usually get back to you pretty quickly.
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FAQs: Okash Loan: Is it Legit? Application Method 2023-2024
How Does the Okash Loan App Work?
First, download the OKash app from your Play Store. Set up your account and choose the loan deal you afford to pay back.
Put in all the needed information and hit ‘submit’. You might get a call to confirm some stuff, and if you’re good to go, you’ll get a text.
After that, e-sign the agreement and watch your bank account, ’cause the money’s coming!
What Are the Interest Rates for Okash Loans?
Ok, listen, the interest rate isn’t set in stone. It could be anywhere from 0.1% to 1% daily. The yearly rate? That’s between 36.5% and 360%.
Oh, and there’s a one-time fee, which can be something like NGN 1,300 to NGN 6,500. So, just keep that in mind.
What Are the Requirements for Applying for an Okash Loan?
You’re going to need a couple of things. First, make sure you’ve got an active email and an Android phone. Age-wise, be between 20 and 55.
You must be living in Nigeria and have a legit ID. Also, get your bank stuff sorted — account number, account name, your ATM card, and your Bank Verification Number (BVN).
What Happens If I Don’t Meet the Loan Requirements?
If you don’t meet their criteria, Okash is likely going to say ‘no’ to your loan application.
How Can I Contact Okash Customer Care?
You can reach out to Okash’s customer service at 08097755512. They’re generally quick to reply and have knowledgeable representatives on hand to assist you.
Can I Contact Okash via WhatsApp?
Absolutely, you can send your questions to Okash’s WhatsApp number, which is +2349019099999. They’ll aim to get back to you as soon as possible.
What is Okash’s Email Address for Support?
You can email Okash at firstname.lastname@example.org. Just outline your query in the email, and they should respond in a timely manner.
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Wrapping Up Okash Loan Review
And that is it. We are done with all the invaluable information you need before you obtain loan from Okash. However, try and do more digging yourself to be sure fully.
Love Of God, your go-to girl for everything finance in Nigeria. With years under her belt covering loan options, interest rates, and money management, Love of God’s here to break down the complicated finance discussion into something you can actually understand. Stick around for more money tips and advice that’ll help you make sense of your finances.