How to use Okolea Loan App to get a credit
What is the cost of the Okolea loan? How much can you borrow in Okolea? What are the requirements for the borrower? Learn everything in 3 minutes.
Okolea is a loaning application that seeks to not only provide digital loans but to also change the face of financial solutions in terms of how money is transferred; digital payments are made, big data and accounting software are used. The company focus on the use of technologies like artificial intelligence, the internet of things (IoT) and virtual reality to enable better financial services.
How much does a loan at Okolea cost? Interest rates
Okolea interest depends on the loaning period you chose;
- For two days the interest is 5 per cent
- For one week, the interest is 8 per cent
- For two weeks, the interest is 11 per cent
- For three weeks, the interest is 13 per cent
- For one month, the interest is 15 per cent
Credit limit in Okolea and the maximum repayment period
- Loan limit grows each time you repay your loans on time.
- The payment period ranges from 2 days to 1 month, as shown on the table.
The limit of Okolea loan depends on every borrower individual situation, so there’s no defined maximum for all customers. With Okolea, you are rewarded with even 20% higher loan limits if you pay your loans on time.
Products and services of Okolea
- Okolea loans
Other than the Okolea loan app, they offer other goods and services. These include;
It is a platform that allows the hiring purchase of goods online. The buyer is privileged to buy products and services on credit terms from leading e-commerce stores. O-buy works in a way that it makes instant purchases for the buyer rather than loaning him money to go ahead then and make his desired purchases.
D-chums is another product of Okolea International that allows users to redeem loyalty points gained from using their products and services. After redeeming earned loyalty points, one can make purchases of instant airtime, goods, and services from leading e-commerce stores.
- Eneza Telecom
Eneza is a service provider that creates “a modular suite of products that do not incur upfront charges that are easy to use for any business of any size or stage”. They offer bulk SMS, Mpesa automation, cash management systems, and email integration.
How to apply for a loan at Okolea
You can repay the loan using the loan app itself or by using your Mpesa. If you want to repay using your Okolea loan app, login into the app and select ‘Repay Button’ then proceed. However, if you want to use Mpesa, proceed as follows:
Loaning process at Okolea is quite simple. So how to borrow Okolea loan? The following requirements are required for you to acquire a loan from Okolea;
- A valid national identification
- Borrowers professional photo
- An Android-powered smartphone to enable the use of the Okolea app.
- Mpesa registered a phone number or bank account details.
What to do to get Okolea loan?
- Download the Okolea Loan App from Google Playstore or Apple store.
- Fill in the relevant information to activate your Okolea account. Make sure to give the right information so that you pass your loan eligibility test.
- After your account has been verified, you will be able to borrow a loan according to the loan limit assigned to you.
How fast can you get a loan at Okolea
You will receive your loan instantly in your Mpesa account of the number you registered with. Or your bank account.
Who does Okolea targets
- Small business owners.
- People that need a personal loan.
After you have borrowed a loan from Okolea loan app,
- To pay back your Okolea loan;
- Go to the Mpesa menu on your phone.
- Select “Lipa na Mpesa”.
- Select ‘paybill’ and enter 245316.
- The account number should be the verified Mpesa number you registered with.
- Enter the amount of loan to be repaid then submit.
- You will shortly receive a Mpesa message confirming your loan payments.
- Alternatively, you can go to your Okolea loan app and select ‘repay back’. Follow the prompts to repay your loan.
Loan terms and conditions – eligibility
Okolea Loan has terms and conditions attached to it to smoothen their customers’ financial journey.
In case you have any further queries, see Okolea FAQ sections.
Penalties. What happens if you do not pay back your Okolea loan on time?
Failure to pay your loans on time leads to your details being transferred to debt collectors and credit reference bureau. So if You are not able to repay on time, You should contact Okolea help desk and tell what situation is. They will tell you what the possibilities are in this situation. The worst way is to avoid contact with the lender. It is always better to talk than pretend that there’s no problem.
Okolea customers’ opinions – read testimonials
Okolea is considered easy to use, fast and reliable among many features by their clients. You can check the testimonials here.
Customers’ opinions are very useful, and You should read them always if You plan to borrow money from any company. Try to find out if there is someone among your friends who borrowed money from the company.
In conclusion, OKolea works in these simple steps;
- Download the App.
- Create your account by filling out the application form.
- Get verified.
- Take a loan and chose your payment period.
- Pay your loans on time to increase limits.
How can you contact Okolea?
For more details about Okolea, visit their website. You can also reach them through +254748679076/ +254720178775/ +254709615000
You can reach Okolea customer care can through email on [email protected].
The address for Okolea is P.O Box 41316-00100 Nairobi.