OKash is a micro-lending platform in Nigeria that offers quick, collateral-free loans to individuals in need of financial assistance. Okash Loan Requirements Update – To ensure a smooth application process and increase the likelihood of approval, it’s essential to understand OKash’s loan requirements and the steps involved in applying.
History and Overview
Okash, founded by Blue Ridge Microfinance Bank in 2023, quickly gained attention for its revolutionary approach to lending in Nigeria.
Led by CEO Joy Enotiemwonmwan, the company gained viral popularity by offering loans without stringent requirements, making financial assistance accessible to many who were previously excluded from traditional banking systems.
In Nigeria’s financial scene, the company’s choice to provide loans without stringent criteria was revolutionary. This action closed a large market gap by enabling those with little collateral or credit history to obtain much-needed financing through Okash.
With an Annual Percentage Rate (APR) ranging from 36.5% to 360%, Okash aimed to provide transparent pricing to its customers.
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Eligibility Criteria:
- Age: Applicants must be between 20 to 55 years old.
- Identification: A valid National Identification Number (NIN) is required to verify your identity.
- Bank Verification Number (BVN): Applicants must provide their BVN to confirm banking details and ensure there are no outstanding loans with other services.
- Bank Account: An active Nigerian bank account is necessary for loan disbursement.
- Income: A reliable source of monthly income is essential to demonstrate repayment capability.
Application Process:
- Download the OKash App: The app is available for Android devices on the Google Play Store.
- Register an Account: Sign up using your mobile number and complete the verification process.
- Provide Necessary Information: Input your personal details, including NIN, BVN, and bank account information.
- Apply for a Loan: Select the desired loan amount and submit your application.
- Await Approval: If approved, the loan amount will be credited to your provided bank account.
Loan Details:
- Loan Amounts: OKash offers loans ranging from ₦3,000 to ₦500,000.
- Interest Rates: Interest rates vary based on the loan amount and repayment period. For instance, a 14% interest rate applies for a two-week repayment period, and a 16.8% interest rate for a 21-day repayment period.
- Repayment Terms: Repayment periods range from 91 to 365 days, depending on the loan terms.
Repayment Process:
To repay your loan, log in to the OKash app, navigate to the ‘Loans’ section, select the loan you wish to repay, and choose your preferred payment method. Ensure timely repayment to avoid penalties and maintain a good credit score.
Consequences of Default:
Failing to repay the loan on time can result in additional charges and negatively impact your credit score, affecting future loan approvals.
Conclusion
Okash Loan Requirements Update – By understanding and meeting these requirements, applicants can efficiently access OKash’s loan services to address their financial needs.
