How to get a loan from Okolea Loan App
Okolea Loan App offers fast, unsecured loans ranging from Ksh 500 to Ksh 70,000 with flexible repayment periods of up to 30 days. Approvals are typically instant, and the interest rates vary based on your loan limit. To check your limit and get approved, simply download the app and follow the instructions. Visit the Okolea website for more details. These are digital loans issued to an applicant by means of an android app named ‘Okolea’. The android app is available at the Google play store. Okolea issues instant loans to Kenyans by means of their phones. The Okolea loan app was established by the Okolea International which is a finance company that deals with financial solutions in money transfer, digital loans, accounting software and more. Their aim is; “To empower businesses and individuals in providing financial solution”
Okolea loans have a platform in which businesses and independent people can use to lend money to their own customers or friends. This is through a program referred to as the ‘Okolea Agent Program’.
Disbursement Details
How to Access/Register for the Loan
You can access Okolea loans through their mobile app, available on the Google Play Store. Alternatively, you can use the USSD code *882# to register and apply for loans without an internet connection.
Screenshot of Okolea Loan App on Google Play store
How to Apply for the Loan
Follow the following steps to apply for the loan:
- Download and install the Okolea app from the Google Play Store.
- Register by entering your personal details and phone number.
- Verify your account using the SMS code sent to your phone.
- Check your loan limit on the app.
- Apply for the desired loan amount and wait for approval.
- Receive the loan amount directly into your M-Pesa account.
Total Cost Breakdown (Loan Fees)
- Processing Fee: 5% of the loan amount
- Interest Rate: 15%–20%, depending on the loan limit
- Insurance Fee: Included in the processing fee
- Late Payment Penalty: 10% of the outstanding amount
- Withdrawal Fee: M-Pesa withdrawal charges apply
Repayment Details
Repayment frequency for Okolea loans is typically within 30 days, with an option for early repayment at no extra cost. Early repayment can improve your credit limit for future loans. Payments can be made through the Okolea app or via M-Pesa.
To replay your Okolea Mobile Loan via the app:
- Open the Okolea app on your mobile device.
- Navigate to the repayment section within the app.
- Enter the amount you wish to repay.
- Confirm the repayment details and proceed with the payment.
Alternatively, you can use M-Pesa:
- Go to the M-Pesa menu on your phone.
- Select “Lipa na M-Pesa”.
- Choose “PayBill”.
- Use the business number 245678.
- Type your phone number as the account number.
- Enter the repayment amount.
- Confirm and send the payment.
Eligibility Requirements
- Be a Kenyan citizen with a valid national ID
- Have an active M-Pesa account
- Be over 18 years old
- Have a registered mobile number
- Provide proof of regular income
Representative Example of Loan Costs
The following table shows examples of Loan amount you can take and the total you are required to pay back:
| Loan Amount | Loan Cost (Processing + Interest) | Total Amount to Repay |
|---|---|---|
| Ksh 1,000 | Ksh 200 | Ksh 1,200 |
| Ksh 5,000 | Ksh 1,000 | Ksh 6,000 |
| Ksh 10,000 | Ksh 2,000 | Ksh 12,000 |
Alternative Lenders to Consider
| Alternative Mobile Loans Apps | Loan Name | Read more about loan |
|---|---|---|
  | Tala | Read more |
  | M-Shwari | Read more |
  | Zenka | Read more |
  | Timiza | Read more |
The Okolea Loan App provides a swift and reliable way to access funds for your urgent needs. With transparent fees and a user-friendly interface, it stands out as a solid option for short-term financial support.