In this article, we will look at the reasons why you should Download Okash Loan App, one of the best loan applications
in Kenya.
Okash, a microloan product from Blue Ridge Microfinance Bank, helps borrowers quickly generate loan accounts via the Google Play Store.
Borrowers enjoy paperless processing. They can link their favorite bank account for repayment and receive a loan decision within minutes.
Established in 2018, the OKash Loaning App has rapidly grown and is currently among the most downloaded apps on the app store, with more than five million downloads on Google.
The Loan App aims to simplify the loan application process by offering loan amounts up to 1,000,000₦.
How to Install Okash Loan App
Open the Google Play Store on your mobile.
Search and Download Okash’ Loan App, then install it
As soon as the application has finished downloading, clicking on ‘open’ is the next step in registration.
Please complete the spaces provided on the registration sheet with your name, ID number, and phone number.
Follow the instructions provided by the app and fill in all the required fields.
You will receive a text message containing a 4-digit confirmation code, which should auto-fill the app; otherwise, you must input it manually.
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Features of the Okash Loan App
Artificial intelligence is used for loan assessment and decision-making.
Lending limits are set based on their historical experience of borrowing combined with their financial data IR.
Quick application process and approval, where decisions are made minutes after downloading the Okash Loan App.
Various types of loan terms and rate modifications to suit borrowers’ specific needs.
Face recognition assistance for security enhancement and unrivaled identification verification.
The referral code bonus and coupon system are additional benefits.
Low interest rates compared to other mobile credit loan apps in the market.
Android phone powered by Android 4. 0. and above.
Personal information was collected for registration and forex. tags for employment status, income level, education level, and loan.
The facial recognition feature is set to utilize the selfie and the ID photos.
Credit score based on loan application borrowing behavior is an eligibility parameter.
How to Get an OKash Loan
Open the okash loan App application on your cell phone.
Your loan limit will be shown on the app’s home page.
Select the desired loan amount and payment period, then apply.
How to Repay Okash Loan
Payment options include the OKash app.
Borrowers receive a repayment reminder two days before the actual due date.
Once logged in to the app, locate and navigate to the repayment button, select the amount, and follow the steps given.
Ensure your bank card has sufficient balance before the due date.
Set up an auto debit for the due amount on the repayment date.
Use the app and click the “Make a Repayment” button to pay manually.
Advantages of Okash Loans
Flexible repayment period; thus, customers can choose a suitable timeframe.
Fast loan approval processing allows the funds to become accessible instantly.
Approval for the loan does not require guarantees, signed documents, or collateral.
Disadvantages of OKash Loans
The initial loan disbursement is usually charged with fees ranging from 14% to 16%.
This consists of a 3% charge for domestic transfers and a 10% charge for online transfers, which subsequently decreases the net amount received.
The late payment fee starts at 2% daily,, implying that the total repayment amount rises.
There is no provision for extending the pay period, which can lead to financial strain for borrowers facing repayment difficulties.