Today we want to look at Okash interest rate to ascertain whether it is too high or if it’s reasonable when compared to other loan apps. Then we will review the Okash loan app to see how it works and show how to get a loan from the app.
But first, if you’re not sure what Okash app is, let’s take a peep.
What is Okash?
Okash is a loan app made to provide instant loans to qualified people without the need for collateral. These loans can be processed in minutes.
However, it is good to know that these loans are short-term made to be repayed on the next payday or as soon as possible. It is not just long-term loans that sometimes take up to a year to repay.
Now, loans are meant to be repayed failure to do so might bring consequences. And paying back loans the interest rate can be a determining factor.
That leads us to the question:
Is Okash interest rate Reasonable or too high?
Okash loan interest ranges from 23% to 35%.
If you ask for my opinion I would say that is on the high side.
Let me give a quick explanation so it becomes really clear, what 23% means is, if you loan N10,000 your expected to pay a total of N12,300 on the next payday. That’s okay for a person who just needs a sum to settle a situation. But if you’re looking at starting a business then that’s really not good especially when you consider the repayment duration.
You shouldn’t go for an instant loan from loan apps if you’re considering starting up a business. Just a friendly advise.
Well, if you need urgently and you’re sure of getting the money soon then you can consider a quick loan.
How to get loan from Okash app
To apply, you need to have the following requirements:
- BVN attached to your own account number.
- Government approved ID card.
- Your bank details
- You must be between 20 to 55 of age.
- Install the Okash app on your phone.
After download the app from Google Playstore, you sign up and apply for a loan by filling the form. Remember, you don’t need collateral to get a loan but if you have a poor financial record your loan application might be declined.
Below is a video that can really help you out with the process of getting a loan from Okash app.
If you have any question you can ask using the comment box. Also, remember to share this post to friends who might need it.