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.
Blue Ridge Microfinance Bank Limited owns Okash and it is only available in Nigeria. 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
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 credit score card and the trust a borrower built on the platform determine the amount of money that a borrower can take.
2. Okash Interest Rate
Okash charges up to 36% interest per year. Though it charges 1% for small loans repayable within 14 days,. However, for loans repayable within 90-days, they incur an interest rate of 8.7%.
3. Okash Repayment Period
The repayment period for Okash loan varies depending on the agreed 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 a national 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 with Okash in different forums, like the 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 service. 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 Okash loan app. In fact, I can not strongly recommend this app to anyone because their activities are frustrating.”
Another customer, Funke: “I will give more than 5 stars to 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 emails claiming it has been fixed but the problem still persists. Kindly help look into this’’
Another user, James, said, ‘’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 back. Simply the best but I’ll give 4 stars because instead of increasing my limits, it’s stable even when I pay two weeks before time. Most times I pay back 3 days after the loan collection and instead of increasing, it decreases. That’s the only issue I have with this app’’.
Conclusion
In conclusion, Okash can be a quick fix for urgent financial needs, offering loans with relatively flexible repayment options and interest rates. However, like most loan apps, it has its strengths and weaknesses. Some users appreciate its low interest rates and ease of access, while others have voiced frustrations over customer service and issues with loan re-approval.
Before borrowing, it’s important to weigh both the benefits and potential challenges. Make sure to understand the terms, particularly around repayment and interest rates, to avoid surprises. Ultimately, your experience with Okash will depend on how well it fits your needs and circumstances. Always borrow responsibly!