Do you ever wish financial institutions would process and disburse your loan requests in real-time? We often get into situations where a quick loan with favorable terms could go a long way. In such circumstances, the Okolea loan application guide below could be the solution you need.
Okolea loans, a brainchild of Okolea International, are digital loans offered to Kenyans regardless of their regional, social, and economic status. So far, the company has managed to register over one hundred and fifty thousand customers and boosts of a daily registration of over 650 clients. So, how can you join this growing number of customers? First, you need to download the Okolea loan app available on the Google Play Store. The Okolea app only works on Android devices with Android 4.2 and above.
How Okolea loan app works
Once you install the Okolea loan app, you will have to fill the form available on the app. Afterward, you will be redirected to the home screen. Go to your profile and key in the rest of your details.
Loan application and approval
After registration, Okolea International appraises your account to determine the loan amount you qualify for at the start. The app will display your loan limit. You can borrow any amounts lower or equal to your loan limit. Okolea International is open to lending any individual provided you
- Give truthful information in your profile
- Allow the app to access your M-Pesa
- Allow the organization to access your CRB report
- Also, note that the Okolea loans are approved instantly.
- How long will it take to receive your Okolea loan
Okolea International promises to send your loan in less than one hour after approval if you apply for it between 7 am and 7 pm. Typically, it takes less than a minute after permission to receive your loan. But, if you request a loan at night, you will have to wait until the next morning.
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How much is the interest for Okolea loans
The interest charged by Okolea is within the range of most quick mobile loans in Kenya. Unlike other mobile loans, the Okolea loan rate is more flexible. The Okolea loan interest rate is between 5% and 15% a month. The reason why the loan rate varies is that the interest is dependent on your repayment period. The Okolea loan interest rates are as follows; 5% for repayments within two days, 8% if you pay within a week, 11% if you repay in three weeks and 15% if for one-month payments.
How to grow your Okolea Loan limit
To qualify for a higher Okolea loan, you have to pay your loans on time. Each time you repay within the agreed loan period, your loan limit automatically increases by about 20%.
How to repay Okolea loan
Below is a simple guide on how to pay Okolea loan
- Go to M-Pesa then select Pay bill
- Enter Okolea pay bill number 245316
- Key in your mobile number as your account number
- Enter the amount you are paying
- Key in your M-Pesa pin
- Confirm your transaction then press ok
- You will receive an M-Pesa text confirming your payment. The app will also update your account.
Alternatively, you go to “Repay loan” button on the app and follow the instructions available.
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What happens when you fail to pay on time?
Okolea International will forward your name to debt collectors. Also, when you default you risk being listed on the Credit Reference Bureau.
Other features of the Okolea loan app
This year, Okolea International introduced a multiple loans function. With this development, you can borrow up to three loans simultaneously provided you do not exceed your limit. Plus, the loans will have different repayment periods and interest rates. For example, if your limit is 2000 Kenya shillings, but you have only borrowed 500 Kenya shillings, you can request for another loan of up to 1500 Kenyan shillings. The loan app also has a “pay interest and renew loan” option. The purpose of this feature is to help those who cannot raise the entire amount within the agreed loan period but can pay the interest.
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Okolea loan app customer reviews
The Okolea app has a 3.8 rating out of 5 based on 4,364 reviews on Google’s Play Store.
About Okolea International
Okolea International, a tech company, based in Kenya, aims to be the top fin-tech platform enabling disruptive, innovative, and revolutionary financial solutions in the continent. As such, the company leverages its vision, employee skills, and emerging technologies to develop solutions that positively impact society. Currently, Okolea International Limited offers solutions for big data and accounting software, digital loans, digital payments, and digital transfer.
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Okolea International contacts
In case of any problems, feedback or questions, you can reach Okolea International through
Phone number 1: 0720178775
Phone number 2: 0748679076
P.O Box: 41316-00100 Nairobi, Kenya.
As Okolea International continues to find financial solutions for Africa, we hope that this Okolea loan application guide will help you sort out your money needs.
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