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Download Ocash Loan App APK for Free

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Ocash loan app is an online lending company that is new in the game of granting personal loan to Nigeria without document.

With mixed reviews, the app has been downloaded over 10k times on Google Play Store. It uses a loan program to gather information about potential customers, including phone records, banking transaction alerts and BVN in order to determine the credit score for each borrower.

ocash loan app
ocash loan app

You will be able to get higher amounts if you keep your bank transaction messages up and have no outstanding debts from other loan apps.

It’s easy to apply. Just download the app from Google Play store and provide some information about you. The algorithm will analyze your data, calculate your credit score, and offer you a loan within a few hours.

How to download APK and apply for a Ocash loan

  • Install the Ocash personal loan app exclusively on the Google Playstore.
  • Register with your phone number to create an account
  • For verification, it is preferable that you use the phone number associated to your BVN.
  • Please fill in your Kwow-your customer KYC information. This includes your residential address and next of kin details.
  • Your Biometric verification number BVN will also be requested.
  • To bind your ATM card with your account, you will be charged N50. This will increase your chances of getting a loan amount that is higher.
  • To confirm your details, a one-time OTP password will be sent to you.
  • After you submit your loan application, the software will evaluate your credit score. The final result will appear in the APP.
  • You should see the result in less than 2 minutes. If you are eligible for a loan the amount will be transferred directly to your bank account.
  • You will need to take a clear selfie of your identity so make sure your phone has enough memory.
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The N30 that was charged to attach your ATM card to your account can be refunded. However, it may take up to 7 to 12 business day for the money to reach your bank account.

Your BVN is tied to your credit score. If you have outstanding loans with other lenders, or have not paid other lenders on time, your application will be denied.

Credit scores are a record of all your borrowings and cash transactions.

To download the app, you must agree to allow it access to your phone contacts, SMS to view your banking transaction records, and apps on your smartphone to see how other loan apps are used.

It’s easy to apply. Just download the app from Google Play store and provide some information about you. The algorithm will analyze your data, calculate your credit score, and offer you a loan within a few hours.

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Be aware of your repayment plan when taking out a loan. The app may attempt to auto-debit you on the due date for the first installment of a 60-day loan. It might also charge you overdue fees before the end 60 days.

To prevent automatic debit, you can change the password for your ATM card. The app is known to auto-debit customers after they make payments via bank transfer.

The loan tenure starts at 7 days. This is less than the minimum 30 day tenure that the CBN recommends for personal loans providers who are short-term.

Interest rate for Ocash loan

Rates and fees for loans
Loan amounts: N 5,000 to n 50,000
Service / Interest Fee: 2% – 35%
Maximum Annual Percentage Rate (APR), 66.21% – 2740.44%
Late fee: One-time fee of 8.8% of the outstanding amount
Minimum repayment period: 61 days
Maximum repayment period: 180 days

Here’s an example of interest calculation for a loan:

Principal: 100,000.00
Lender Interest: (APR: 30%)
Tenor: 4 Months

Annual Interest (: 100000 * 0.3) :30,000 Naira
Total Interest for 4 Months: 100000 *0.3 *4/12:10,000 Naira
Monthly Interest: 2,500 Naira
Monthly Repayment (principal and interest): 27,500 Naira
Total Repayment :110,000 Naira

As an example, the interest rate and tenure are lower if you borrow for the first time. By keeping good records and repaying the loan on time, you can increase your amount.

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Ocash loan app requirements?

  • You can be a Nigerian citizen or resident.
  • At least 18 years of age
  • A monthly income source.
  • Attach your ATM card to the account
  • Give details about two of your closest relatives, including their telephone numbers.
  • You have a high credit score and no outstanding loans from any other lenders.
  • Maintain an active bank account
  • Your BVN must have your phone number.
  • You must have a valid ID card issued by the government.

What happens if I fail to repay my loan on time?

Late loan repayments are subject to a 2% daily fee. Therefore, it is important to adhere to the due date. You will be able to get larger loans if you repay the loan on time. You will not be eligible to receive larger loans or any other loan products if you make late repayments. You will be reported to First Central Credit Bureau if you are late with your payments. The First Central Credit Bureau could blacklist you, which may impact your ability to borrow money from other lenders.

Customer service number for Ocash loan app

+234 9121540760.

Customer Service Email: cashfarm243@gmail.com
Address: No.60 adeniyi Jones,ikeja,Logas.

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