Mobile loan apps have undeniably taken kenyans by storm and their contribution in the economic life individuals (especially youths) cannot be ignored.
Despite their high interest charges, many people find mobile loan apps more convinient because of easy accessibility and timely processing.
In this article I will detailedly take you through all you need to know about Okash loan app.
What is Okash loan app
The O-Kash service is microfinance mobile loan that enables elligiel persons to qualify to borrow small amounts over short periods of time. The Service is operated by O-Play Kenya Limited.
OKash loans are not limited to any profession, income, or any other conditions. Provided one falls between the age bracket 20-55 years, entitled to a fixed income and phone number, he or she can apply for an OKash loan.
Before applying for the loan, one must first download the OKash loan app from the google playstore by clicking here.
OKash uses data from users phone including handset details and financial transactions messages (e.g. from M-Pesa, M-Shwari). One must provide a reason for borrowing.
Maximum Borrowable Amount
Currently during this pilot period the loan limit is KES 1,500 -4,500 only. However once the loan app goes live it will be up to a maximum of KES 500K.
Once the loan has been approved an origination fee is charged 14% for a term of 14 days and 16.8% for a term of 21 days.
OKash loan Repayment
Two days to the elapse of the loan repayment period, a loanee receives a reminder message prompting him or her to pay for the loan.
Payment can be made through the app or using M-pesa.
Late loan repayments automatically incur a late fee of 2% per day. It is therefore advised that one does not exceed the repayment period. Further, this could reduce your future borrowing score.
How to repay OKash loan via M-PESA?
OKash paybill number is 612224. Follow the steps below to repay your OKash loan with M-PESA.
1. Navigate to MPesa in your Safaricom menu on your phone
2. Select Lipa na M-PESA
3. Choose Paybill
4. Enter the Paybill number 612224
5. For account number, enter your MPesa number on which you received your OKash loan
6. Enter your repayment amount
7. Enter your M-PESA pin
8. Confirm that all details are correct and press ‘OK
OKash Loan App Contact
For further information, please contact OKash via:
Tel: 020 7659988
WhatsApp: +254 758705699