okash – is Opay’s automated lending service that aims to improve credit access for those in Nigeria who are underserved by or excluded from the financial system.
If a loan is approved, a decision is given in 15 seconds, and the applicant receives the funds in 5 minutes, 24 hours, a day, 7 days, or a week. The loans are disbursed through an Android mobile app, and disbursement decisions are made almost immediately. New borrowers typically borrow N10,000.
Moneylender loans are intended to be short-term loans that will cover expenses until your next paycheck. It is best for anyone looking for an unsecured personal consumer loan, students, and people with thin credit files who are ineligible for conventional bank loans.
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How Okash Loan Interest Rate Works
OKash Loan Interest Rate: From 0.1% at the lowest to 1% at the highest
Every day, our interest rate is determined.
36.5% to 360% Annual Percentage Rate (APR).
Origination Fee: A one-time fee ranging from NGN 1,229 to NGN 6,000.
For instance, 91-day loan payment terms have a processing fee of 41% and an interest of 9.1%.
The processing fee would be NGN 1,229, the interest would be NGN 273, and the total amount due would be NGN 4,502 for the loan processed with a principal amount of NGN 3,000.
The processing fee would be N419, the interest would be N93, and the total amount due in the first month would be N1,512.
The processing fee would be N405, the interest would be N90, and the total amount due in the second month would be N1,495 in total.
The third month’s total payment would be N1,495 plus an N405 processing fee and N90 in interest.
The requirement to Get Okash Loan
- You must be a Nigerian Resident.
- 20-55 years old.
- Source of a monthly income.
HOW TO REPAY OKASH LOAN
- Launch the OKash app.
- proceed to make a loan repayment
- Select the repayment method of your choice.
- Pay back the loan next.
- Repayment is made over a period of 90 to 365 days.
How To Get Okash Loan
- From the Play Store, download the OKash app.
- Create a user account.
- Choose the product for which you want to apply.
- Afterward, submit the application after providing your basic information.
- You might be called for verification after the submission. If your application is approved, the final outcome will be displayed in the APP and you’ll receive an SMS to let you know.
- Once the loan has been approved, e-sign the document.
- Following the electronic signature, an SMS notification will be sent and the approved loan amount will soon be deposited into your account.
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