Kenyans have fallen in love with mobile loans in a way you’d literally have dismissed a few years ago, as of now, there are tons of alternative apps you can easily download, register and apply for loans without having to do any paperwork. One such service is Okolea app; we’ve devised a simple guide on how you can register and apply for a loan from the Okolea android app. We have also illustrated on how you can easily repay your loan without a hustle.
How Okolea Works;
Okolea, is basically an android app by the Okolea International Limited which offers users the opportunity to borrow money right from their mobile phones. The amount if approved is then disbursed directly to their mobile wallets such as Mpesa where applicants can withdraw or use the it to pay for utility bills or other payments. The app is only available on Google Play Store – sorry Apple guys, and users can borrow up to their limits at an interest rate of between five percent and twenty percent per month.
How much can you borrow from Okolea App;
After you’ve registered through the app, your account is then reviewed and based on your Mpesa transactions history a suitable maximum limit is placed on your account. This basically explains why you won’t get Okolea and other loan apps on Apple’s app store – apps are not allowed to access your messages on iPhones, therefore it’s hard to review someone’s credit situation.
How to Apply for Okolea Mobile Loan and Get Approved Instantly;
- As you’d imagine, you need to have an android phone to download the app from Google’s Play Store
- Once you’ve downloaded the Okolea App, launch the app and create a new account by filling in relevant information
- You’ll be assigned a loan limit after your registration has been reviewed and allowed to borrow immediately.
- Just so you know, failure to repay loans will have your details forwarded to debt collectors
How to repay your Okolea loan using Mpesa;
- From your Mpesa Menu, be sure to select “Lipa na Mpesa Option” then choose “Paybill”
- Enter Okolea Business Number “245316”
- Put your Mobile Phone number as the account number and the respective amount you intent to repay
- Enter your Mpesa PIN number then OK, and wait for a confirmation message.
- You can as well use the app to repay your loan
Okolea Mobile Loans Interest Rates
- 5% for loans of 1 and 2 days
- 8% for loans of up to 7 days
- 11% for loans of up to 14 days
- 13% for loans of up to 21 days
- 15% for loans of up to 30 days