Mobile loans have become increasingly popular in Kenya, thanks to their convenience and accessibility.
One such loan provider is OKash, which offers quick and easy loans through its mobile app. However, while getting a loan is simple, repaying it can sometimes be a challenge.
In this article, we will discuss the different ways to repay OKash mobile loans in Kenya, including the steps involved and the repayment options available.
OKash
OKash is a mobile lending platform in Kenya that provides instant loans to its users through their mobile phones.
The platform is owned and operated by OneSpot Technology Limited, a fintech company that specializes in digital financial services.
To access OKash loans, users need to download the OKash mobile app from the Google Play Store and create an account.
Once registered, users can apply for loans ranging from Ksh. 500 to Ksh. 70,000 with repayment periods of between 91 and 365 days.
The amount of loan a user qualifies for is determined by the user’s creditworthiness, which is calculated using various factors, including their credit history and the amount of money they have saved in their mobile money account.
To repay the loan, users can make payments through the OKash app using mobile money services such as M-PESA or Airtel Money.
The app also allows users to track their loan repayment progress, view their loan statements, and apply for additional loans.
One of the key features of OKash is its fast loan disbursement process.
Once a user’s loan application is approved, the money is credited to their mobile money account within minutes.
This makes OKash an ideal platform for individuals who need quick cash to meet their urgent financial needs.
However, it is important to note that OKash loans come with high-interest rates and late repayment fees.
It is therefore advisable for users to borrow only what they can afford to repay and to repay their loans on time to avoid accruing additional charges.
How to repay OKash mobile loan
To repay OKash mobile loan, follow these steps below;
- Open M-PESA.
- Select Lipa na M-PESA.
- Select PayBill
- Enter 612224 as the Business Number.
- Enter your phone number as the Account Number.
- Enter the amount you want to repay.
- Enter your M-PESA PIN and press OK.
OKash penalties
OKash charges 14% for a term of 14 days and 21% for a term of 21 days.
FAQ
What is OKash Mobile Loan?
OKash is a mobile loan app in Kenya that offers unsecured personal loans to individuals who are in need of quick cash.
It is a product of Blue Ridge Microfinance Bank, a registered microfinance bank in Kenya.
How do I apply for an OKash loan in Kenya?
To apply for an OKash loan in Kenya, download the OKash app from the Google Play Store, install it on your mobile phone, and follow the registration process.
Once you’ve registered, you can apply for a loan by selecting the loan amount you want and the repayment duration.
What are the requirements to qualify for an OKash loan in Kenya?
To qualify for an OKash loan in Kenya, you need to be a Kenyan citizen or resident, have a valid mobile number, be over 18 years of age, have an active M-Pesa account, and have a source of income.
How much can I borrow from OKash in Kenya?
You can borrow any amount between Ksh 500 and Ksh 50,000 from OKash in Kenya, depending on your creditworthiness and loan history.
How long does it take to receive an OKash loan in Kenya?
Once your loan application is approved, you will receive the loan amount in your M-Pesa account within minutes.
What is the interest rate for OKash loans in Kenya?
The interest rate for OKash loans in Kenya is 14% per month, with a one-time processing fee of between 2.5% and 12.5%, depending on the loan amount and repayment period.
How do I repay my OKash loan in Kenya?
You can repay your OKash loan in Kenya by using the M-Pesa Paybill number provided on the app.
Simply go to your M-PESA menu, select Lipa na M-PESA, choose Paybill, enter the OKash Paybill number, and follow the prompts.
What happens if I default on my OKash loan in Kenya?
If you default on your OKash loan in Kenya, the loan amount will continue to accrue interest at the rate of 14% per month until the loan is repaid in full.
Additionally, your credit score will be negatively affected, which could make it difficult for you to access credit in the future.
Conclusion
Repaying OKash mobile loans in Kenya is a straightforward process that involves following a few simple steps.
It is important to ensure that you repay your loans on time to avoid penalties and damage to your credit score.
Some tips to help you repay your loans include planning your budget, setting reminders, and being honest with your lenders.
With these tips, you can easily repay your loans and maintain a good credit score, which can help you access credit facilities in the future.
Remember, borrowing responsibly is key to financial stability and success.
