This is a simple guide on how to apply and repay your Okolea mobile app loan in Kenya as of 2020. Having done several posts regarding mobile loans apps in Kenya, today we are going to look at yet another new mobile loan app in Kenya called Okolea. This is a product of a tech company based in Nairobi called Okolea International Limited.
Okolea International Limited offers loans using an android app called ”Okolea” which is available on Google Play. Their loans have an interest rate of between 5% to 20% per month and are currently boasting of more than 100, 000 downloads on Google Play.
How to register and Apply for Okolea Loan
Download the Okolea app from Google Play, fill in the form and the app will redirect you to the home screen. You will then be required to go to your profile and fill in the required details that will be required during the loan application. Remember that those who give truthful information, allow Mpesa access and allow CRB access are likely to be approved for a loan with Okolea. You may borrow a loan amount equal to or less than your loan limit. You can download the app HERE
Okolea Loan Limits
When you register with Okolea, you get assigned a loan limit after your account is reviewed which allows you to borrow instantly any amount equal to or less than their assigned limits. Every time you pay your loan on time, you get an automatic 20% increase on your limit.
How Long does Okoloea take to approve a loan
Loans are approved instantly and it takes a maximum of one hour between 7 am and 7 pm every day to send the loan to your phone. Loans applied at night are disbursed in the next morning. People who fail to pay their loans on time have their details forwarded to debt collectors and the Credit Reference Bureaus.
How to Repay Okolea Mobile Loan Via Mpesa
1. Go to your Mpesa Menu
2. Select Lipa na Mpesa
3. Select Paybill
4. Enter 245316 as the business number
5. Enter your phone number as the Account Number ( the mobile number you registered with Okolea)
6. Enter the amount you want to repay
7. Enter your Mpesa pin and press OK
8. You will receive a transaction confirmation message from Mpesa.
You can also use the ” REPAY LOAN BUTTON on the app” to repay your Okolea loan.