We know the financial struggles usually associated with the end of each month. If you are a bit strapped for cash and are looking for a solution, then this is for You. Today’s article will show you how to register and apply for a loan with Okelea International a mobile loan platform which operates in Kenya under the name ‘Okolea Loans’. Okolea gives its users access to loans via its official app which can be downloaded directly from Google’s Play Store.
Registering For An Okolea Loan
To register for an Okolea loan, simply:
- Go to the Google Play Store and download the Okolea Loan application. The download process will only take 3 or less minutes depending on the speed of your internet connection.
- Next, create your Okolea loan account by typing in your Safaricom M-Pesa number.
- After that, type in your full names, your ID number, your country, date of birth, county, your occupation (whether you are aemployed, self employed, or a student).
- Once done, create your unique password and you are good to go.
How To Secure A Loan From Okolea
- Log in to the Okolea app with the email address you used to create your account and your unique password.
- Next, select the click on the ‘Get a loan’ option on the dashboard. If you would like to check your loan limit with Okolea, please check on the ‘Loan Limit’. It will show you the amount.
- If you have a negative Credit Reference Bureau (CRB) listing, the Okolea application will let you know via a message prompt that you do not qualify for a loan.
- If you are eligible however, the Okolea application will ask for permission to access some of your mobile device’s features like the camera, location, other application permissions as well as your Credit Reference Bureau (CRB) listing.
- Next, type the amount you would like to loan via the empty field provided for that purpose. Ensure however that the desired amount does not exceed your loan limit.
- Select ‘Okay’ to complete the transaction.
Once your transaction has been processed, please check your balance on the Okolea application. A confirmation message from M-Pesa, will be sent to your mobile device.
Okolea increases a user’s credit limit depending on how quickly he or she is able to repay a loan.
It is important to note, that the Okolea application only gives out loans between 7am and 7pm. This is much different from other mobile lenders in Kenya as they typically work for 24 hours each day and 7 days a week.
Okolea Loan Charges
The charges for Okolea loans, are rather considerate especially when you compare them to the charges employed by other mobile loan apps or services in the Kenyan market. The charges however vary, depending on how long it takes you to repay you Okolea Loan.
Okolea Loan Interest Rates
A 2 day loan with Okolea, attracts an interest rate of 5%, while a 7 day Okolea loan attracts an interest rate of 7%. A 30 day Okolea loan attracts an interest rate of 15%.
