Okash app is a mobile loan application developed by Tenspot Kenya Limited that has gained immense popularity in Kenya, boasting over 5 million installations as of the time of writing this article. One possible reason for Okash’s widespread appeal may be its relatively relaxed lending policies, as the app purports not to rely on a user’s credit reference bureau (CRB) listing when approving loan requests.
Any person between 18 and 55 years, has a Kenyan ID, has a constant monthly income, and is an M-Pesa registered user is eligible for an Okash loan application.
Read: USSD Codes for Mobile Loans Apps in Kenya
Data Collected by the App during Registration
Okash loan app collects some information from the user to help conduct due diligence and determine to determine your identity as well as assess your creditworthiness.
Here is the information collected by the Okash app:
- National Identity Card Number
- Date of birth
- Email address or other contact information
- Registered mobile number
- Monthly income and payday
- Other outstanding loans
- Details of two emergency contacts: full names and telephone numbers
- Your level of education
- Employment details; permanent, contract, or unemployed
- Residential status; rented or owned.
Before using the app, you have to grant it access to collect the following information from your phone:
- Collect, read and monitor SMS
- Storage for photo upload
- Phone details (hardware model, OS version, IMEI, installed apps, user profile info, WIFI info and mobile network info)
- Contacts to confirm emergency references you gave
- Phone number
- Social media profiles and CRB listings.
Okash will not grant you a loan unless they can confirm your identity. You will be required to scan your ID, front and back, then upload your passport photo.
Okash will use the photo for facial recognition and, together with ID and other details, to identify you and secure your account.
Take serious note of the fact that by granting the Okash app access to your personal information, you are deliberately making your personal information public!
Okash Loan App Limits and Interest Rates
You can borrow from Ksh 1,500 to Ksh 50,000 which you can grow up to a maximum limit of Ksh. 500,000 as your credit score grows.
Okash charges a loan interest of up to 36% p.a. Small loans with a 14 day payment period can incur an interest rate as low as 1%.
A 91-day loan carries a fee of 8.7%. You can have flexible repayment terms depending on your loan repayability and credit history.
Also, note that failure to pay the Okash loan on time incurs a rollover fee of 2% for each day defaulted. You will then have to pay the original loan amount, loan charges, and rollover fee by the end of the rollover period.
How to Apply for Okash Loan from the App
- Download the Okash app from Google Play Store
- Let the app finish installing and then press Open
- Signup with your phone number
- Follow through with the registration by filling in, as accurately as possible, the requested information
- Submit the information
- Now you can go ahead and apply for the loan amount (new users, Ksh. 1,500) you wish
- Approval takes a few minutes and the money is deposited directly into your M-Pesa account
- In case you do not qualify for Okash loan, keep the app installed and try again after some days.
- Do not delete your M-Pesa transaction messages.
How to Repay Okash Loan
- Select Lipa na M-Pesa from your M-Pesa menu
- Select Pay bill and enter Okash Business Number: 612224
- Now, enter your phone number as account number
- Enter the loan amount you wish to repay
- Key in your M-Pesa PIN
- Confirm your details and Send
- You will receive a confirmation message from M-Pesa and Okash.
You can also repay someone else’s Okash loan by following the above steps but enter the person’s mobile number, used to get the Okash loan, as the account number instead.
You can also repay by logging into the Okash app and selecting “Make a repayment”. Mpesa Menu will pop up and you will just have to enter the amount and PIN before submitting.
However, if you still fail to pay the loan amount and fees after the rollover period, your details will be sent to CRB platforms within 20 days of your default.
In addition, the Okash team may contact the emergency numbers (referee contacts) you gave during the registration process.
- Email: email@example.com
- Telephone: 020 7659988
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