Whenever you intend to take a loan, one of the most critical things that you need to know is how much it will cost you to borrow that loan amount.
It is without doubt that all loan facilities, formal or informal, will require you to pay something in return. Call it interest. It is, therefore, of utmost important to know what you will be expected to pay in terms of interest after a certain duration to enable you plan ahead of repayment.
Also remember the longer you take to repay the loan, the more the interest. That is the rule of the game; no ifs or buts.
It is the failure to consider this critical aspect of borrowing beforehand, that you find some borrowers later complaining of 'exaggerated interests' while blaming the lender. Something else that you need to know, are other charges like origination fee (charged by a lender to cover the cost of processing the loan) and transaction fees.
With these important considerations to make, it is the reason why a loan application process should be intentional rather than spontaneous.
OKash Loan Cost
That said, how much does your OKash mobile loan really cost you? Below we try to break it down for you including examples.
Tenure: From 91 days to 365 days.
Loan Amount: from Kes.1,500 to Kes. 70,000.
The maximum Annual Percentage Rate (APR) is 36%.
Origination Fee: Range from Kes.100 – Kes. 600.
For example, 91-day loan payment terms have an origination fee of 8.7%. For the loan processed with principal amount of 1,000, the origination fee would be Kes.87,the total amount due would be Kes.1,087.
Do you still need to know more about OKash mobile loans? Channel your queries, suggestions or feedback to:
E-mail: help@o-kash.com
Call: 020-7659988.
Facebook page: OKash App.