OKash is a leading micro-lending application service in Kenya owned by Opera Group and operated by TenSpot Kenya Limited. It was started in 2018 to make it easier and safer for customers to apply for loans using their mobile phones. OPay’s primary objective is to offer high-end digital products with excellent user experience.
According to the OKash terms and conditions, users are charged a fee added to the amount borrowed. After getting the loan, you must also pay the amount given and the fee within the specified due date. Otherwise, the amount incurs an additional fee of 2% per day. By agreeing to use the platform, you give the company permission to share your default details with third parties.
Downloading the OKash Loan App
The OKash loan app download is available on the Google Play Store for Android phones with Android 4.0.3 and above. The app is not compatible with iPhone users, and the OKash USSD code is still not available. OPay is, however, working to ensure the app is accessible to all mobile phone users.
How to Install the OKash App
Part of registration involves installing the app and setting it up with your M-Pesa account. Afterward, you will fill out a set of questions to enable the lender to know you better. Here's an easy way to install the OKash app.
- Visit Google Play Store or click here
- Search for the OKash app and download it
- Wait for the app to install and open it
- Sign up with your phone number
- Accurately key in your personal information
- Check that all details are correct and submit them to activate your account.
Some of the information required includes your money income, level of education, employment status, and outstanding loans. The information provided will help OKash determine your intention as a borrower.
How to Qualify for a Loan From OKash
OKash decides whether or not to give you a loan based on the data collected from your phone. Information such as your current credit score, financial transaction, and reasons for borrowing the money play a huge role in determining your qualification status. To see if you are eligible for a loan, log in to your account using the app and check your loan limit.
OKash M-Pesa Loan Approval
If the information you provide satisfies the lender, you will automatically qualify for the first loan of 1500 Kenya shillings. The application and approval process takes seconds, and the loan is sent to your M-Pesa. Currently, OKash loans are only available to M-Pesa users. Hopefully, the developers will partner with other mobile money providers in the future.
OKash charges an interest rate of up to 36% per annum. For up to 14 days, small loans get an interest rate as low as 1%. Flexible terms are also given to users who have a good record of repaying on time, including borrowing a single loan of Ksh 500 000 at an interest rate of 5%. 91-day loan payment terms have an origination fee of 8.7
How to Grow Your OKash Loan Limit
OKash believes in making sure customers access funds that they can comfortably repay. As such, the app primarily relies on customer data to determine the subsequent loans. Apart from your repayment habit, other factors may contribute to growth in your loan limit.
For example, if your referee downloads the OKash app and services a loan successfully, you will likely get a better loan limit. Late loan repayment reduces your future borrowing score. Suppose you fail to pay within 20 days.
In that case, the company may share your default status with other lending institutions, which negatively affects your ability to get a loan from any other place. But if you overpay, the excess fund is automatically reversed to your M-Pesa account within 14 days. You can also use the OKash M-Pesa paybill to pay a loan for someone else.
RELATED READS >
- Why Repaying That OKash Loan now Might Prove a Game-Changer to Your Credit Score
- How to use OPesa App to Build Your Credit Score From Zero
- What Is Bad Credit History Rating and Consequences?
- Why CreditHela has Embraced Risk-based Pricing Strategy in Issuing Loans
How to Repay Your OKash Loan Loan via M-Pesa
There are two ways of repaying the Okash loan: via M-Pesa or App. Most Kenyans use M-Pesa to make various transactions and even pay bills. Thus using M-Pesa is the easiest option to pay your OKash loan. Two days before the due date for repaying the loan, you will also receive a reminder through the phone number you registered with. To make a payment follow the following steps.
- Using your phone click the M-Pesa menu
- Select Lipa na M-Pesa
- Choose Paybill
- Key in the OKash Paybill number 612224
- Insert your phone number as the account number
- Enter the amount you wish to repay
- Key in your M-Pesa pin
- Crosscheck that all details are accurate and press OK.
Repaying a Loan Through the OKash App
Having the OKash app comes with additional benefits. You also get to check your loan limit and coupons awarded, which increase the total amount you can borrow. Through the app, you can also repay your loan faster without any inconvenience. Here are the steps to use to repay a loan through the app.
- Open the app installed on your mobile phone
- Log in to your account
- Select the option written, “Make a repayment.”
The app automatically redirects you to the M-Pesa menu, where you will key in your pin, and money will be deducted according to the amount borrowed. After the transaction is complete, a notification message will be sent to your line showing that the loan has been repaid.
Additional OKash App Features
Apart from having an advanced credit scoring system, competitive interest rates, high borrowing limit, and fast disbursement, the award-winning mobile loan service has modern features that ensure security and easy access to short-term loans. For starters, it utilizes artificial intelligence (AI) technology to analyze the user's repayment pattern.
Facial Recognition
In a bid to tighten security on the app and protect your personal information, OKash added a facial recognition feature. You will set up this feature by uploading a selfie and photos of your ID's back and front. Note that you will not receive a loan via the app unless OKash can authenticate your identity.
Referral Code Bonus and Coupon
The loan application process takes a few minutes to complete. You can also use the platform to invite your family and get a bonus. The more people you invite to the app, the more you will receive. To get a bonus, your friends have to use your promo code when installing the app.
You can also share your referral link, and every time your friends get their first loan, you automatically receive Ksh 300. Even if they register but do not ask for a loan, you also get Ksh 4 per person.
Getting a coupon is also another great way to reduce your loan as it’s deducted from the amount you need to repay. However, according to OKash terms and conditions, your friends have to enter the coupon code on their promo code page before repaying the first loan; otherwise, you will not receive the coupon.
OKash Contacts
The company's contact information comes in handy when you have issues with your loan or app. Discuss OKash complaints or address any other concerns by contacting the service provider through the following methods:
- Email: help@O-Kash.com.
- Telephone: 020 7659988
- Twitter: @OKash_Kenya
- Official website: o-kash.com
OKash App Customer Reviews
OKash has a 4.2 rating out of 5 from 96,574 customer reviews as of the publication date of this article. Most reviews give a glimpse of the factors that led to the positive or negative experience. Reading each can help you make an informed decision on whether or not borrowing money using the app is right for you.
This article was originally published on tuko.co.ke in March, 2021.
TAGS