Okash is a mobile phone-based loan that can be accessed by Kenyans who are 18 years and above. It is meant to help you fix the quick financial need at hand.
The Okash loan limit ranges from Ksh 500 on the lower side to a maximum of Ksh 500,000 with a flexible repayment plan from 91 days to 365 days or 1 year.
The Okash loan is charged an origination fee ranging from Ksh 100 to Ksh 3,000 depending on the amount of loan applied.
One needs to have an M-pesa registered phone as the loan will be dispatched through M-pesa.
What Is The Cost Of The Okash Loan?
The cost of Okash loan will vary depending on the amount of loan applied. This can best be explained by the example below:
Example:
92 – day loan payment terms have an origination fee of 9.2%. For the loan processed with the principal amount of 2,500, the origination fee would be Kes.230 (The repayment is divided into two terms.
The first term is 46 days, Kes.1,365 needs to be repaid with a daily interest rate of 0.1%, and the second term is 46 days, Kes.1,365 needs to be repaid with a daily interest rate of 0.1%.), the total amount due would be Kes.2,730.
How Do I Apply For Okash Loan?
To be able to apply for Okash loan, you need to have an internet-enabled phone.
Step 1: Download the OKash app on google play
Step 2: Open the app and sign up with your phone number.
Step 3: Fill in your personal information after logging in, then you can apply for a loan
How Long Does Okash Loan Take To Process?
Okash loans are processed instantly and dispatched directly to M-pesa. After filling out the loan application, loans are processed within 15 seconds and if approved, the applicant receives funds within 5 minutes. The loans can be accessed 24 hours a day, 7 days a week.
How Does Okash Determine Loan Eligibility?
To determine how much loan you qualify for, OKash uses data from your phone including your handset details and financial transaction messages, and your reason for borrowing.
When combined with your OKash repayment history, they are able to build an individualized credit score and determine the loan offer suitable for you.
Can You Amend Okash Personal Details?
Unfortunately, No. OKash prides itself to conform to the highest standards of data integrity. This means that you cannot change information that was previously submitted, hence you must ensure you provide the correct information at sign-up.
Can You Repay Okash Loan Early?
Yes, you can repay your loan earlier than the due date. Okash will send you a message on your phone two days before the due date reminding you to repay the loan. You can repay the loan through the App or M-Pesa. Early loan repayment is accepted.
What Is Okash Paybill Number?
Loan repayment can be done through the app or through the Okash paybill number 612 224. To repay the loan follow these steps:
- Go to M-PESA in your Safaricom menu on your phone
- Select Lipa na M-PESA
- Choose Paybill
- Enter the Paybill number 612 224
- For account number, enter your M-Pesa number on which you received your OKash loan
- Enter your repayment amount
- Enter your M-PESA pin
- Confirm that all details are correct and press ‘OK’.
You can apply for a fresh Okash loan immediately after you repay the outstanding loan.
Okash Late Loan Repayment Penalties
When applying for Okash loan, you need to strive to repay the loan within the stipulated time. When the loan repayment time lapses, you will be charged interest at a rate of 2% per day.
This interest rate is high and can add up very fast. It is therefore advised that one does not exceed the repayment period. Further, this could reduce your future borrowing score.
Can You Pay Okash Loan For Someone Else?
Yes. You can repay the loan for someone or repay your loan from a different line using the paybill number 612 224. All you need is to ensure that you input the phone number of the loan you are repaying as the account number in the paybill menu.
Why Should You Get Okash Loan?
There are so many loan apps in Kenya today and the choice of the best is not easy. You can choose Okash for these reasons;
1. No credit history is required
2. Paperless and digital process on your mobile
3. Get 24*7 access to loans anytime, anywhere
4. Efficient Application Review
5. Disburse to your connected account once approved
6. Available throughout Kenya
7. As the credit score grows, the sanctioned amount gradually increases
8. Variety of convenient repayment options
Contact Okash
You can contact Okash for any queries, suggestions, or feedback, through e-mail at [email protected] or call 020-7659988.
Facebook page: @OKash App
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