Okash is a mobile lending platform that provides quick and easy access to loans for individuals who need short-term financial assistance. With Okash, you can access loans of up to #100,000 with repayment periods ranging from 91 to 365 days. This makes Okash an excellent option for anyone who needs quick cash to meet urgent financial obligations. In this article, we’ll look at Okash and how to take a soft loan from the platform.
And yes! you have to pay back, i will guide you on how to take a soft loan from Okash in less than Twenty-Four hours but you really have to pay back because it is a criminal act to take a loan from soft loan companies and not pay back, it would be helpful to note that Opay is not one of the loan sharks out there in Nigeria and Okash is a registered Fintech company in Nigeria owned by the Opera Group, which is a global technology company that operates in several countries around the world. The platform was designed to provide fast and easy access to credit for individuals who are underserved by traditional financial institutions. With Okash, you can apply for a loan in just a few minutes and get the funds credited to your mobile money account instantly.
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How To take a loan from Okash Without Paying Back:
Step 2: Register for an account by providing your phone number, receive an otp code and then click on Register and Rewarded.
Next: Proceed to download the Okash app from the next page or Download the Okash app from Playstore Below
Step 3: Link your Bank account to your Okash account. This will enable you to receive the funds directly to your mobile money account – The best recommended Bank account to add is Opay account because it is the same country who owns it, from Opay you can then transfer to your local bank, using Opay is more faster compared to using native bank account to receive your loan request.
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Step 4: Apply for a loan by selecting the loan amount and repayment period that you prefer – Sometimes, you dont have to insert amount, all you have to do is to click on calculate, and then it will auto generate how much you can be loaned which is usually between 10,000 Naira to 100,000 Naira.
Step 5: Wait for the loan to be approved. Okash will review your application and determine your eligibility for the loan.
Note that for a faster loan approval you have to link your bank card, 50 Naira will be auto debited after linking the card to your Okash account to verify your card, after successful verification the 50 Naira will be refunded to your Opay account almost immediately.
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Step 6: Once your loan is approved, the funds will be credited to your mobile money account immediately.
To repay your loan, simply transfer the repayment amount from your mobile money account to your Okash account. Okash will automatically deduct the repayment amount on the due date.
Disadvantages of taking soft loans from Okash
While taking a soft loan from Okash can be an attractive option for those who need quick access to funds, it’s important to consider the potential disadvantages of this type of borrowing. Here are some of the disadvantages of taking soft loans from Okash:
- High interest rates: Soft loans offered by Okash come with high-interest rates that can range from 14% to 32% per month. This means that if you borrow Ksh 1,000, you may end up paying back Ksh 1,320 or more within a month. The high-interest rates can make it difficult to pay back the loan, especially if you’re already struggling with your finances.
- Short repayment period: Soft loans from Okash come with short repayment periods of up to 30 days. This means that you’ll need to repay the loan in full within a month, which can be challenging if you’re not able to generate enough income during that period.
- Penalty fees: If you’re not able to repay the loan on time, you may incur penalty fees from Okash. These fees can add up quickly, making it even more difficult to repay the loan.
- Negative impact on credit score: If you fail to repay your soft loan from Okash on time, it could negatively impact your credit score. This could make it difficult for you to access credit in the future, or you may only be able to access credit at higher interest rates.
- Risk of overborrowing: Soft loans can be easy to obtain, but they can also be addictive. Some borrowers may be tempted to take out multiple loans, leading to overborrowing and a cycle of debt.
In conclusion, while soft loans from Okash can be a convenient way to access funds quickly, it’s important to carefully consider the potential disadvantages of this type of borrowing. Make sure you understand the terms and conditions of the loan, including the interest rates and repayment periods, and only borrow what you can afford to repay on time. It’s also important to explore other borrowing options and financial assistance programs that may be available to you.