Okash interest rate | Okash came up and was a partner with Opay to offer soft loans to all her customers, as of the time of this publication, Okash is not only the partner accrued to Opay.
The Company provides loans to all her customers ranging from a small amount to even about 5 million nairas and you can pay back based on the flexible payment plan which Okash has made available we will give you a detailed analysis of this post and how to access the loan and the best interest rate for your loan to be approved.
Borrowing from Okash gives you more peace of mind and Okash has a flexible payment plan for which anyone can fit in including children and youths interested in having money.
This post gives you all the information you need about Okash and how to access the loan for your disposal.
The loan can be gotten by downloading the app and following the application, you will get your loan with the exact interest rate with the system calculating your loan.
You will see how to calculate your interest rate from Okash and all the processes to follow for a loan application.
Okash and New Interest Rate
Okash is a lending platform that exists for everyone. Anyone can borrow money from Okash and pay it back. There are so many factors that guarantee the calculation of interest based on their calculated interest rate.
Okash also helps you with saving money. Since Okash has been in existence for a long time people have enjoyed their experiences with Okash.
Basically, this app is for loans and other loan-related problems that may arise. Okash stands out from other loan companies who are offering numerous services.
Please don’t confuse Okash with easy money, these are different apps entirely. Though from our findings Easiemonie and Okash have a unique strategy
Okash is more convenient to use and her users don’t have to pass through some sort of herculean process to apply for low loans.
With Okash, your future is guaranteed and you will have your money in your bank account. Okash is an online loan application and the application is only done via the app Please avoid anyone requesting that you fill in your loan application via pen and paper.
The Loan offers the best interest rates on loans and application is done via a very easy step which is seen
Interest Rate for
okash interest rate is usually collected as interest for grants or loans. Loan companies derive their profits from Loan interest rates and as such, they will do everything to ensure that they make a profit for the interest rate of their customers.
Different loan companies have unique interest rates, however, Okash determines a customer’s interest rate based on the loan amount and duration of payments. Once your loan application has been received, the app automatically generates and calculates the okash interest rate based on the above factors.
Other factors on okash interest rate include:
- The loan amount; the higher the loan, the higher the interest rates
- The duration of the loan also determines interest rates, that is to say, the longer the loan period, the longer the interest rates.
- Interest rate is also determined by a client’s credit records with Okash and other Credit Bureurs.
- Another factor is promotion and coupons; in most cases, Okash offers interest-free loans and calls out to all her customers to take advantage of any offer.
Typical Interest Rates for Okash Loans
The interest rate is here on this post and apparently, okash interest rate 0.10% for each
Example:
| Loan Product | Tenure | Loan Amount (Naira) | Interest Rate (Monthly) | APR | Loan Example |
| Okash Loan | 91 days to 365 days | N3,000 to N1,000,000 | 3% to 15% | 36.5% to 360% | For a 91-day loan with a principal of NGN 3,000: |
| Okash Loan | Interest rate: 9.1% (for 91-day term) | ||||
| Okash Loan | Interest amount: NGN 273 | ||||
| Okash Loan | – Total amount due: NGN 3,237 | ||||
| Okash Loan | |||||
| Okash Loan | |||||
| Okash Loan | |||||
How to Calculate Okash Interest Rates
Calculating Interest rates is very easy, you will just have to look at the amount you are getting for a loan to calculate your interest rate.
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Multiply it by the duration and the amount involved
Here are the complete loan calculation steps
Factors Affecting Interest Rates
- Credit Score
After collecting a loan, ensure you make your repayment on time so it does not affect your credit score. Your credit score is affected when you default on loan payments and you don’t pay at exactly the time that you are expected to pay.
Paying your loan early does not affect your credit score rather it increases your credit score and unlocks your chance to get a higher loan.
If your credit score is affected, most likely your interest rate for the loan will be affected as well. You may be denied loan access and, in most cases, a poor credit score affects your loan performance and blocks your chances of getting higher loans.
Tips to improve your credit score for better okash interest rate
- Ensure you pay your loan on time
- Please do well to keep to the payment timetable and schedule for the loan which you are taking
- When making your payments. Please make the payments according to the scheduled time. E
- Please don’t default in any way by making half payment or not paying according to the scheduled time.
Loan Amount and Term
Please note that the amount you are getting as the loan has a great effect on the interest rates. If your loan amount is reduced, most likely that your Okash interest rate may reduced at a particular time.
The duration of your loan repayments also affects your chances of getting higher loans. Please we urge that you keep a good and clean payment history no matter what.
If you are committed to making your payments, your interest rate will reduce. Aside from that, you will have a good loan amount.
Another factor which can also reduce your interest rate is when you make the required payments on time. You will pay a lower amount. However, the difference is determined by how early your payment has been made.
Okash Interest Rates for Different Loan Products
- Personal Loans
These are loans that are collected to sort out personal needs like feeding, and buying some basic house amenities, however, when you are taking this loan, ensure you have a means of repaying it.
Interest rate: 3% to 15% depending on the amount
- Business Loans
This loan will help you in your business. The Okash business loan is designed to help lindens expand their business are various capacities. You really don’t need to submit any CAC registration details or business documents to access this loan.
The interest for this loan is 3% to 15%
Conclusion and Interest rates for business loans
This post has measured all the interest rates which you need to know as you pick an Okash loan. We have all the detailed information to help you with all the full interest rates and the different Loan amounts. The most important points are the interest rate for different amounts which has been demonstrated via this post.
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Please note that before you apply for any loan it is important to understand their mode of operations and their interest rate. You have the right to choose if you will be paying monthly or weekly basis depending on the loan schedule.
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