OKash is the perfect platform for your quick loans. Do you wish to get a collateral free loan? Are you too lazy to get out of the house or just don’t fancy the stress of getting a loan from a bank?
The good news is OKash is available for us all. OKash is a product of OPay that is, Opera Pay and is a micro-lending platform that gives you access to quick collateral free loans.
OKash is available as a standalone app in some countries and in others is built into the OPay app.
How did OKash Start?
OKash is one of the subsidiary services that Opera Pay offers customers as part of its O universe. There are other services like OFood, OBus, ORide and so on.
OKash was first launched in Kenya in the year 2018 before it spread to Nigeria and other African countries.
In fact OKash is so popular in Kenya that Kenyan farmers in rural areas use it to get loans as well. OKash also run their services in India as well.
How to Apply for a OKash Loan
OKash have been hailed for the friendly user navigation that makes it so easy for a user to use the app, and this includes the quick loan app.
Applying for a loan from OKash is very simple.
1. Download OKash App: First thing you should do is, go to Google play store and download the OKash app (OKash is nolonger built into the OPay app in Nigeria). Since OKash used to be part of the OPay app, but it is now offered as a standalone app on Google Play Store.
So, just click on the install button for the OKash app in Play store and download. Once it is done installing, take this next step.
2. Open the App: Open the newly installed OKash app and sign up with your mobile or cell phone number.
3. Signup/Login to OKash: If you already have an OPay account, you do not need to signup. You can just login with your OPay login details.
4. Accept Terms and Conditions: Read the terms and conditions of the service and if you agree to it, click Continue button to accept the terms and conditions.
5. Confirm Acceptance with a Verification Code: Once you accept the terms and conditions a six digit verification code will be sent to you via SMS to your phone. You confirm your acceptance by entering the correct 6 digit number.
6. Create a PIN: Create a four digit PIN code. You enter the code twice to ensure you get it right.
7. Give Permissions to the Quick Loan App: Next, OKash will ask you to ALLOW your phone to give it location permission. Click on “Allow”.
8. Apply for the Loan: Because you are using the OKash service for the first time, there is a limited amount of loan you can take for first-time. Loan amount can be as low as 3,000 Naira to up to 30,000 Naira, while tenor of loan ranges from 61 days to 365 days.
Choose the loan amount that is most comfortable with you and your pocket and if you are sure you can pay it back.
Next is to choose the number of days within which you will pay back the loan. This is called repay term. The cost of your interest will depend on the repay term.
In practice, OKash seems to calculate the minimum loan you can take. For example, in my own case the minimum was 30,000 Naira, despite being a first time user.
Once you have settled on a loan amount and repayment tenor, OKash will automatically calculate the interest and total cost to show you how much you will pay back and a breakdown of how you are expected to pay back.
For example, in my on case, if I had borrowed 30,000 Naira on the 61 day tenor, I would be expected to pay back 25,674 Naira within the first 30 days and 7,080 Naira within the next 30 days to complete payment.
So, the total cost of the loan over the 61 day tenor is 2,754 Naira. This makes the effective interest rate 9.18%, although from the breakdown provided 924 Naira is the interest and 1,830 is the originating fee (whatever that means).
If I had gone for the 50,000 Naira on the same 61 day tenor, I would be required to pay back 42,790 Naira within the first 30 days and 11,800 within the next 30 days to complete your payment.
The total cost of loan here is 4,590 Naira, giving an effective interest rate of 9.18. So, it appears the interest is the same in both cases.
9. Give Reason for Wanting Loan: Next is, you will be asked of your reason for taking the loan. Select the purpose that most suits you.
10. Next step is to click the “apply for loan button”.
11. Then you will be asked of your address, location, calendar and other essential permissions. Give your permissions.
12. Click on “submit” for your loan to get approval.
13. Upload your ID photo or just take a selfie on your phone and upload it.
14. Click on the last “submit” button for your loan to be disbursed to your wallet. It is not an immediate process, so you will need to be patient.
OKash will send you an alert on your phone number informing you that your application is being reviewed. Once the loan is approved, the money will be paid to your OPay Wallet from which you can withdraw to your bank account.
How to Pay OKash Loan
Once, the due date for repayment is near, you will get a reminder message from OKash.
Other things to know about OKash Service
OKash has been lauded by users for their first system of loan approval, this is all due to a dedicated team of staff at OKash. Also, there is 24/7 support available for all customers.
Did you know that within the short period of 3 months, OKash was able to disburse loans worth over 250 million dollars to its users?
Reports have it that OKash lent over $250 million to users between July 20 2019 and September 2019 in three main countries including Nigeria Kenya and India.
The number of people who benefited from this loan galore numbered up to 5 million. This is an amazing feat for any micro lending company especially within such a short period of time. And this was achieved by OKash.
OKash is also in line with Google’s lending app policy and they use technology like credit scores to keep track of user insights, loans borrowed and other important metrics.
Opera company acquired OKash in December 2018 and has just expanded to Nigeria and India in 2019 very recently. It is only in Nigeria that OKash is still a subsidiary service of Opay. Outside Nigeria, that is in India and in Kenya, Okash is an app that stands on its own.
India is currently Okash’s biggest market of the three countries. It has expanded to with an average loan of $50, followed by Kenya of $40 average loan, then Nigeria.
OKash company has disclosed that they wish to extend their services to other countries but they are yet to give us a hint as to which countries specifically.
OKash’s aim is to allow for easy financial aid to people struggling in anyway financially and make it easy for them to apply for loans. And so far so good, they have been able to achieve this aim.
To be a part of this amazing micro lending experience, download the OKash app from play store and follow the instructions given in this article above to start borrowing. It is fast, easy and convenient. We hope we have given you a detailed overview of OKash.