What we know about the OKash loan app.
[Update : 29.03.2022]
Currently, Okash now allows you to borrow up to Ksh 20,000 on the app as per customer reviews on their Google app review page.
What’s new? Okash has improved your loan security with facial recognition security systems. Another interesting update is that they are no longer calling persons on your contact list. Well, unless you are unreachable. Also, their engagement on Social Media has improved.
Sceptical about downloading the app? Wondering if your data is secure if you download the OKash app? This lender now promises its users that the information you provide is safe and not shared with third parties without your consent.
An added benefit is you get a bonus when you invite someone to join the app! Ksh 300 when someone you refer takes up their first loan.
Want to know who owns Okash? Okash Loan app is under Tenspot Kenya limited.
How much is the exact cost of a loan from Okash & representative example?
Here is a breakdown of the cost of a loan, which includes stats on interest, late fees, additional fees and penalties.
The minimum loan amount you can borrow from Okash is as little as Ksh 500 to a Maximum of Ksh 20,000 as per the latest customer reviews.
Okash interest rates are :
- 15% interest for two weeks,
- 23% interest for three months and,
- 36% interest for 6 months.
Loan repayments: Okash repayments are usually done in instalments. The first instalment is after two weeks where you pay a majority of the loan, and the second instalment is paid after three months.
Additional Fees: Deducted from the loan amount borrowed. i.e the amount received is less than the amount borrowed. ( The difference covers additional fees of running the loan and interest on the loan deducted upfront.)
Late Fees / Penalties: Okash charges a heavy interest of 2% per day on late repayments.
How to register for a loan on the OKash app?
- To borrow money from OKash, you can only download the OKash app from the Google Play store.
- Type ‘OKash’ on your Google play search box. Click on the app and download.
- For new users, register your account by filling in the required details (Name, I.D, DOB, Level of education, Details of outstanding loans, marital status, monthly income, employment details, residential area, referee’s legal name and referee’s mobile number.)
- Verify your number to activate your account. Make sure to use your Mpesa number for registration.
- The system will analyze your details to verify your eligibility to receive loans. Data that Okash will use include phone details, financial transaction messages, and your reason for the loan to determine your loan offer and eligibility.
Where can you download the Okash loan app?
The OKash App is available on various channels but currently does not support feature phones, ‘Kabambe.’ This means you cannot get a loan from Okash using any USSD code.
If you have a smartphone, you can download it from your preferred app store. Finding the OKash app is easy. Look for the green ‘OK’ logo and hit the install button! It’s only 4.4 MB, so you don’t have to worry about it having a significant impact on your storage.
Android users can download it from Google Play Store,
Not many lending companies support IOS users. To our best knowledge, Zenka is the only lender offering the app for the IOS system. You may apply for a Zenka loan via the app (for IOS and Android) or via USSD code (https://kashy.co.ke/companies/how-to-apply-for-a-loan-in-kenya-zenka-finance/). Okash is not compatible with IOS feature phones.
Eligibility and requirements to get a loan from Okash.
You can download the app from Google Play Store and set up your account in seconds, select your preferred bank account, link your active bank card for repayment, fill out a set of questions, and get a decision on your loan application in minutes. Before borrowing from Okash you need to have the following requirements.
- Be of age 20-55 years old with a fixed income.
- Registered Mpesa phone number.
- Identification Card.
- Most importantly, a smartphone.
For new users, register your account by filling in the required details (names, I.D, DOB, Level of education, Details of outstanding loans, marital status, monthly income, employment details, residential area, referee’s legal name, referee’s mobile number.)
Verify your number to activate your account and make sure to use your Mpesa number for registration. This is because the system then analyzes your details to verify your eligibility to receive loans.
Who are Okash’s loans meant for?
- Small business owners,
- Entrepreneurs with ideas that need funding, i.e. barbershops, salons, groceries etc.
- An established business that needs to increase its stock.
- Individuals that need emergency funds.
How can you get a loan from Okash Loan App?
To apply for a loan from OKash, follow the process below;
- Download OKash application to your phone, click on OKash icon.
- Sign up/Login to your account.
- Check your loan limit.
- Select the amount to be borrowed. (Should be less or equivalent to the loan limit).
- Choose the loan duration. (should be less or equivalent to 14 or 21 days depending on your ability.)
- Click ‘Apply’
- Wait for a message from Mpesa on receipt of your loan. The loan will be received on the Mpesa number you registered with.
Disbursement and Repayments at Okash.
OKash disburses cash directly to your M-PESA. Once it is approved, it takes less than 15 min for the Mpesa confirmation prompt.
In regards to loan repayment, that’s simple and all steps are available on the app. Simply follow the below steps.
Note, two days to the end of your loan period, you’ll receive a message on your phone reminding you of the loan deadline. So how do you clear your loan on the Okash app?
- Click on the OKash icon on your phone.
- Login to your account.
- Select the “make a repayment” option.
- You will be automatically redirected to your Mpesa menu.
- Enter the pay bill number 612224.
- For the account number enter Mpesa registered number that borrowed the loan.
- Cross-check for the accuracy of the attached details.
- Follow the prompts and fill in the required details to make repayments to your loan.
What are the penalties for late repayment of a loan at OKash?
Generally, to avoid penalties, repay your loans on or before your due date to save money.
Okash will impose a 2% interest rate per day, as a penalty for delayed repayment on your loan. Therefore, you must then repay the loaned amount, Origination Fee and Rollover Fee by the end of the Rollover Period.
It is important to note, delays in loan repayments will negatively impact your chances of getting future loans with other digital lending platforms. Simply put, borrowing loans and failing to repay them, in the required time, will get you registered with a bad credit report at the Credit Reference Bureau of Kenya (CRB).
Offers, Promotions and Rewards from Okash.
Currently, there are no offers or promotions for Okash. In the meantime, you can tag 3 or 5 of your friends on the comments sections and get increased loan limits. These promotions run from time to time and are advertised on their social media pages. Twitter and Facebook. Constantly be checking those pages once in a while for such offers.
Is my information with Okash safe & secure?
OKash is programmed to secure your information and not to disclose it to third parties without your consent. Unless in exempted situations of late refund and service requirement. Check out Okash Privacy policy.
In conclusion, Okash works in five simple steps;
- Download the app,
- Register,
- Apply for a loan,
- Receive your loan,
- Repay the loan and increase your limits.
Contacts for Okash.
How to contact Okash. Try this work phone number: 020 7659988 or email at [email protected] with your registered Mpesa number as the subject. You can also WhatsApp at +254758705699.
You can reach out to Okash via Facebook and Twitter. Or visit the website for more details. Alternatively, follow them on IG @ (Okash_kenya.)
OKash vs other mobile lenders
kwota:
od 500.00 zł
do 20000.00 zł
okres:
do 1 dnia
do 30dni
kwota:
od 2000.00 zł
do 30000.00 zł
okres:
do 21 dni
do 30dni
kwota:
od 500.00 zł
do 10000.00 zł
okres:
do 2 dni
do 30dni
kwota:
od 2000.00 zł
do 10000.00 zł
okres:
do 14 dni
do 14dni
kwota:
od 500.00 zł
do 10000.00 zł
okres:
do 21 dni
do 30dni
kwota:
od 500.00 zł
do 50000.00 zł
okres:
do 1 dnia
do 30dni
Check out other mobile lending companies
Help us change for the better!
We need your vote to improve further and provide you with the best possible and free loan comparison site in Kenya!
(13 votes, average: 3.15 out of 5)
Loading...
