Okash Loan: How To Access Up To ₦500k Business Capital
Okash Loan is a part and parcel of OPay’s digital banking system. This financial agency has been in operation since 2018. With Okash Loan, you can sort out your immediate needs and take care of other important aspects of your daily life.
What Is Okash Loan?
Okash is a mobile borrowing company in Nigeria that offers payday loans to people. The firm was established in 2018 and is based in Lagos. Okash provides loans of up to N50,000 with a 30-day payback term.
The cost of borrowing charged by the firm is comparatively high, beginning at 10% per month. Okash, on the other hand, has a quick and straightforward application process, and loans can be disbursed in minutes.
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Okash loans are a wonderful choice for people who need money quickly. Nevertheless, prior to applying, you should be mindful of the hefty interest rates. If you fail to settle your loan on time, you may face late fees and other consequences.
Okash Loan Prerequisites
You must be a Nigerian citizen with a valid bank account to be eligible for an Okash loan. In addition, you must enter your BVN, phone number, and email address.
The application procedure is totally online, and you will be notified of the outcome within minutes. If your application is accepted, the monies will be sent to your bank account within 24 hours.
Okash Loan Offers
- Okash Payday Loans: These are meant to give monthly overdrafts to employees of enterprises, ministries, parastatals, and other entities.
- Education: Any wage worker, entrepreneurs person, student, or federal worker, including those in the governmental sector.
- Business: The loans assist businesses in meeting their cash flow obligations as they become due.
Okash L. Requirements
- Bank Verification Number [BVN]
- The person applying for the loan must be a Nigerian and reside in the country
- The applicant’s age range must be between 20 and 55 years old
- The applicant must either provide proof of their monthly income or explain why they want the loan.
- A valid means of identification [National Identity Card, Voter’s Card, Driver’s License, International Passport, etc]
Okash Loan Interest Rate
Okash loan currently charges 0.8% per loan you secure from the financial platform. The accumulation of that is something substantial in the course of 30 days.
For instance, if you are borrowing 50,000, you will be paying the sum of ₦400 on a daily basis, and that will amount to ₦12,000 in 30 days. That means you would be offsetting your loan at ₦62,000.
How To Get Started With Okash Loan
To begin, you need to get registered before you can gain full access to the loan. Follow the steps below if you wish to apply for your first Okash loan now:
- The first step is to register via Okash Loan’s official link HERE
- Then click on “GET IT NOW” and proceed
- Fill in your phone number
- Click on “GET OTP”
- Set a 4-digit password [something simple and easy that you can remember]
- Click on “REGISTER AND REWARDED”
- Done
LEARN MORE >> Palmcredit: How To Get Up To ₦500k Business Loan Instantly
How To Borrow On Okash Loan App
- Head over to the Play Store and download the app or you click here for quick access
- Login with the details you registered with previously
- Fill out the form that will be presented to you with the right personal details
- Add the bank detail you wish for the loan to be disbursed
- If you want to increase your first loan limit, verify your bank account
- Proceed to request a loan when you have satisfied all its requirements
How To Repay Your Loan
- Launch your mobile app.
- Sign in to your account.
- Make a repayment by clicking the ‘make a repayment’ button.
- Provide all necessary information.
- Select the repay option.
Okash Loan Pros & Cons
Here are some of the pros and cons of Okash loans:
PROS
- Quick and simple application procedure
- Funds can be disbursed in minutes.
- There is no need for collateral.
- Nigerian nationals with valid bank accounts are eligible.
CONS
- Interest rates that are too high
- Penalties and late fees for missing payments
- Not everyone has access to it
Getting Approved Easily For Okash Loan
Here are some tips for getting approved for an Okash loan:
- Make certain that you have a solid credit score.
- On your application, provide correct and comprehensive information.
- Prepare to provide proof of income.
- Make timely payments on your past debts.
Wrap Up
If you are thinking about an Okash loan, you should compare the company’s terms and conditions to those of other loan providers before making a decision.
You should also ensure that you will be able to repay the loan on schedule. If you implement these guidelines, you will boost your likelihood of getting an Okash loan.
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