You need an Okash loan or want to repay via Mpesa? Read on, and you will get to know how to apply and then likewise repay OKash mobile loan via Mpesa in Kenya at the end of this article. OKash app is one of the popular mobile loan apps in Kenya which is created and owned by Opera group ltd the maker of the famous Opera mini browser. The Micro-lending product was started back in March 2018 and currently has more than 1 million downloads on Google Play.
Customers can download OKash app from the Google Play store and set up their account in just a few seconds, select their preferred bank account, link their existing bank card for repayment, fill out a series of questions, and get a determination on their loan application in minutes. Clients can also set up accounts using their M-Pesa accounts.
One can receive a loan of as low as Ks1,500 up to Ks500,000 at an interest rate of 1% every day, repayable within 14 days period. The faster one pays off a loan, the higher you raise your loan limit. Make sure to provide genuine information about yourself when signing up to increase your chances of loan approval.
OKash uses information from your phone including your handset/phone details and financial transactions messages, and the purpose for borrowing to process a loan. If you have used OKash already, your repayment history is used to create an individualised credit score and determine the loan offer fitting for you.
OKash Mobile Loan Interest Rates
They charge 14% for a term of 14 days and 21% for a span of 21 days.
How to Repay OKash Mobile Loan in Kenya Via Mpesa
1. Go to your Mpesa Menu
2. Select Lipa na Mpesa
3. Select PayBill
4. Enter 612224 as the business number
5. Enter your phone number as the Account Number ( the mobile number which you received your OKash loan with)
6. Enter the amount you want to repay
7. Enter your Mpesa pin and press OK
8. You will get a transaction confirmation message from Mpesa.
OKash Mobile Loan Penalties
Late loan repayments automatically attract a late fee of 2% per day. It is therefore advised that one does not exceed the repayment period. Moreover, this could reduce your future borrowing score.
If you have any questions or concerns, you can email OKash on help@O-Kash.com with your registered Safaricom M-Pesa number in the subject or call them using +254207658888.