OkashLoan App is a revolutionary lending service offered by Opay, which aims to enhance access to credit to financially under-served/excluded individuals in Nigeria. The service provides fast loan approval decisions within just 15 seconds and disburses funds to successful applicants within 5 minutes, 24 hours a day, 7 days a week. It is designed to be accessible through an Android mobile app, with lending decisions provided almost instantly.
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The primary goal of Okash is to bridge the credit gap among individuals who are ineligible for typical bank loans due to thin credit files or other reasons. The loans offered by Okash are unsecured personal consumer loans, which are best suited for anyone looking for a short-term financial solution to tide them over until the next payday. This can include students, low-income earners, and individuals who may need urgent access to funds but do not have any collateral to offer.
Okash’s loans are delivered in partnership with Blue Ridge Microfinance bank and are specifically designed to be short-term, with the maximum amount for new borrowers usually capped at N10k. The company has a range of products that are tailored to different sectors of the population. For instance, the payday loan product is designed to provide monthly overdrafts to the staff of companies, ministries, parastatals, and other establishments. The education loan product is available to any salary earner, self-employed, student, or government sector employee, including public sector workers. Meanwhile, the business loan product helps businesses to cover cash flow payments when due.
One of the main advantages of using Okash is the fast loan approval process, which takes just a few minutes. The service is also available 24/7, which means borrowers can access funds at any time, day or night. Furthermore, there are no collateral or guarantor requirements, which makes it an attractive option for those who may not have any assets to offer as security for a loan.
However, there are some limitations to Okash’s loan offering. The maximum loan amount is relatively low, which may not be enough for individuals who need to borrow larger amounts. Additionally, there are age restrictions, as the service is only available to individuals between the ages of 20 and 55 years old.
To be eligible for an Okash loan, applicants must have valid bank details, a valid ID card, a BVN number, and an Android phone. They must also be between the ages of 20 and 55 years old and complete the Okash application. If borrowers are unable to repay their loan via direct debit, they can pay or transfer to the Blue Ridge Microfinance Bank Ltd. Bank Name: Zenith Bank Plc. Account No: 1130085518. They should fill in their BVN or registered phone number and their full legal name in the remarks section, then send the transfer details to [email protected] after the transfer has succeeded to verify the information and change their loan status.
In conclusion, Okash is a fast and convenient way to access credit in Nigeria, especially for individuals who are ineligible for traditional bank loans. The service is available 24/7 and provides a quick loan approval process within just 15 seconds. However, borrowers should be aware of the maximum loan amount and age restrictions when considering this service.