Okash Loan: 6 Things To Know Before Taking A Loan From Okash

If you need urgent cash to meet your financial needs, Okash is one of the loan apps that offers loans to its customers.But before you think of borrowing money from Okash, it is best to understand the terms and conditions of this loan app since it has policies guiding its operation.

Okash is only available in Nigeria; it is owned by Blue Ridge Microfinance Bank Limited. However, as it is with other loan apps, different users have divergent views about the loan app; some users see it as a safe haven while others hold contrary views.

Meanwhile, if you don’t know the interest rate and other relevant information about Okash, then you need to go through the subsequent sections to get the desired information you need.

1. Okash Loan Range

Okash Loan

The app offers a loan amount ranging from 3,000 to 500,000. This is to say that the least amount you can borrow from Okash is 3,000 while the maximum amount  is 500,000. Meanwhile the amount that customers are eligible to borrow is determined by the credit score card and the trust built in the loan platform.

2. Okash  Interest Rate

Okash charges up to 36% interest per annum. Though it charges 1%  for small loans repayable within 14-days. However, for loans repayable within 90-days, it incurs interest of 8.7%.

3. Okash Repayment Period

The repayment period for the Okash loan varies depending on the agreed-upon terms between the customers and the platform. But it may range from 91 days to 365 days. However, it’s best to understand the repayment plan  because failure to repay the loan on the agreed date incurs extra rollover charges of 2% daily

4. Okash USSD Code

The Okash loan  App USSD code is *955#. With this code you will be able to borrow from the loan app and you can also use the code to check your repayment date and lots more.

5. Basic Requirements To Get A Loan From Okash

To be able to get a loan from Okash, there are basic requirements that customers must meet to be able to access the loan. Some of the basic requirements are outlined below;

  • The customer must be indigenous to Nigeria 
  • The applicant must have a Bank Verification Number(BVN)
  • The applicant must have a verifiable ID card like National Identity Card, Driver’s license etc.
  • The applicant is expected to have a steady monthly flow of income which is verifiable
  • The  intended applicant must be within the age bracket of 20 to 55 years 

6. What Customers Are Saying About Okash

As it is with other loan apps, users have been sharing their experience about Okash in different fora like Play Store. From our check on Google Play Store, we saw that Okash Loan App has 143,000 reviews. In terms of rating, the loan app has 4.4 stars which is comparatively good.

However, to guide you properly, we also reviewed what users are saying about the app but one of the major complaints by users is that the platform has poor customer services; without further ado, read what some of the users are saying about the mobile app.

From the Play Store, Matthew Omeka, who is one of their customers, says, ‘’I dislike the way their customer agent and computer-programmed voice agent keep disturbing their customers with numerous messages and phone calls even before the due date. It’s really disheartening. If you’re someone who doesn’t have heart, don’t think of opting in for the Okash loan app. In fact, I cannot strongly recommend this app to anyone because their activities is frustrating.

Another Customer –  Funke: “I will give more than 5 stars a very good app with a favorable interest rate and a long repayment plan. It’s been three weeks now since I repaid my loan only for me to re-apply for another loan which has been declined. It’s frustrating even after calling and sending mails claiming it has been fixed but the problem still persists. Kindly help look into this’’

Another user, James: ‘’Best app. Low interest rate compared to the other apps and no contacting contacts; also, the duration is very good and comfortable. There is enough time to pay it back. Simply the best, but I’ll give it 4 stars because instead of increasing my limits, it’s stable even when I pay two weeks before time. Most times I pay back three days after the loan collection, and instead of increasing, it decreases. That’s the only issue I have with this app.

Conclusion

The Okash Loan App has helped some people meet their urgent financial needs, but it still has its setbacks, as some users complain of its poor customer service.  However, we strongly recommend that you understand how the loan app works before using it.

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