Okash Loan; If you have ever found yourself in Dire need of money you will have to then understand that these loan Applications you see online in every nook and cranny of Facebook Ads, Video Games Ads and a host of several other Ads will come to the rescue.
At least that’s what many of us think until we get to the right side to explain things.
You need to be aware of the fact that not all that these loan Apps promise are true and take this for instance, I was playing the very sweet android game Candy crush and I came across an Ad about Okash loan app and the way they advertised it got me up to some point to try get a loan.
But then I got the shocker of my life when I was informed that my loan limit was #700, Yes you read that right so I became wondering about what is wrong.
See what people think about Okash Loan
So if you ever saw same Ad and wished to loan up to #50,000 as they falsely said, think again.
So, today I will walk you through what this Okash Loan is all about and what you should actually expect from them.
About Okash Loan
Okash Loan just like every other loan App in Nigeria is a go to place to get loans if you are not probably with money in the meantime and if you want to make this borrowing actually count, just look beyond the Ads they put up online an d focus on getting #1,000 in your first application but of course it makes more sense only if you understood it better.
You can actually get paid within a few minutes but that’s where it gets interesting with time.
Advantages of Okash Loan
- Its fast and secure (Of course #1,000 start)
- Easy signup process
- bonuses are included as well as other incentives
- You only need your mobile phone to get a loan by application
- Good user interface
Disadvantages of Okash Loan
There seem to be more of disadvantages to Okash ;loan more than the advantages and these are…
- There is a high repayment interest which no one will tell you about
- Collateral is needed as opposed to what you normally believe about no collateral. Your BVN is a very good collateral if you do not know
- Loans are not for a long term period
- Privacy and related issues is on the high side
- Maximum loan allowed is also included which means you cannot borrow more than they wish you to borrow.
Still, if all we read here doesn’t make any sense to you and you still wished to go ahead and borrow money from Okash, then follow this guide below;
How to successfully get a loan from Okash Loan
Download the Okash Android App
Open the App and provide every info needed from you which includes your BVN
Verify through call or text to your BVN registered phone number
Read the interest rates again to be very sure what you are about to get into
Then if by some miracle you are comfortable with these, then request a loan and then wait for 5 Minutes and get your loan delivered.
Now, recall we made reference to the minimum amount you can request for a loan which is #3,000 and the maximum being #50,000 so anything more than #50,000 you can seek other loan providers in Nigeria.
Loan Apps such as Branch Loan, Carbon and others can take care of these deep and big loan requests but not Okash loan.
It is therefore safe to say that Okash is for very small loan needs and basically may be for students.
Just like every other Loan App, Okash loan needs collaterals before they can give you any loan but many people will make it seem like they do not need collaterals but now lets talk about the collaterals needed to get a loan from Okash loan
Yes these below are the best collateral a student or anyone lesser can provide to a loan App…
Okash Loan collaterals for every Applicants
- Valid ID card (Either a voters card or a national ID card)
- BVN Number
- You must provide a source of monthly Income to them
- A valid age bracket which is between 20-55 years of age. Anyone higher cannot borrow
- Must be a Nigerian by origin or residence
Okash also offer a very mad interest rate which is something you might want to take a look at before you request for this loan.
Okash Loan interest rates (Bad I must say)
Okash Loan go for an interest rate of 0.1% to 1% when application is daily and when on annual basis, the rate falls between 36% and 360%.
Yet you will have to pay an origination fee of #1,299 to #6,000 and the duration of the loan is 91 days for short term and 365 days (1 year) for a long term.
Wrapping up on Okash
I do not believe Okash should be the go to place to get loans in Nigeria as there are other better options that are less burdensome but if you trust Okash Loan to secure a loan then it will be a nice idea that you tried yourself.