Okolea loans are part of the many micromobile lending applications in Kenya. By downloading the app and registering with your Safaricom Mpesa-registered number, you’ll provide some personal information and get a loan limit allocated to you. You will now be ready to borrow a loan without collateral within your limit.
The Okolea loan app allows you to borrow an unsecured loan up to 3 times in a row until you reach your limit. The interest rate charged ranges between 5% and 15% depending on the repayment period you choose. You can repay the loan via the Mpesa Okolea paybill number 245316.
About Okolea Loan App
The Okolea loan app is a digital lending platform from the Okolea International financial institution that aims to be the top fin-tech company that allows for innovative, disruptive, and revolutionary financial help. The tech company based in Kenya uses its vast resources, including this app to provide positive and economical solutions to its customers.
The company has a broad client base with over 150,000 customers, and over 200% client registration daily.
They offer a range of financial services, including digital payments, loan disbursements, digital unsecured loans, digital transfer, big data solutions, and accounting software services.
What is the Okolea loan paybill number?
The Lipa na Mpesa paybill number for Okolea is 245316.
What are the Okolea contacts?
The Okolea loan app contacts are as follows:
Phone numbers: 0720178775, 0748679076
P.O Box: 41316-00100 Nairobi, Kenya.
How long does it take to get an Okolea loan?
Once approved, the Okolea loan is disbursed to your Mpesa instantly.
For one to be able to access the digital loan services, one has to be a member. Here’s how to go about it.
How to Register for Okolea Loans
- First, download the apk file for the application from Google play store or any other mobile server, including windows for android or iOS.
- After the download, install it on your device and follow the quick prompts.
- Fill up the form on the app that allows the administration to have a summary of your information including the name – first and surname, ID number, email address, and password.
If you’d like to add any more details about yourself, you can do so under the profile section. The menu provides a navigation board where you can contact them for any issues or reports, FAQs for any quick inquiry you may have, notification, home, and about.
How to Borrow Okolea Loan
Now, onto the real-deal; applying or borrowing an Okolea mobile loan. After registration, the company does a quick appraisal to check your loan limit. That is how much you qualify to borrow.
From there, the app will display your loan limit, which unfortunately could be as low as zero for a start. For most cases, the loan amount could be substantial, which then allows you to proceed with the process of application.
You need to open a loan request tab where you fill in the required details. These include;
- Loan amount
- Loan duration
- Number to disburse the loan to – Mpesa or bank account.
The page will show you all the details regarding the loan, including the repayment day. From there, you’ll be required to tick a box that reassures you agree to the terms and conditions. Then submit the request.
Okolea Loan Approval
Here is where the app/company can approve or deny the loan.
Under the terms and conditions, it states that they have the right to deny or approve a loan request even without reason. Meaning it’s quite a gamble. But in most cases, the odds will be in your favor.
Loan approval tips
If you’d like to raise your chances on additional loans. Plus be able to navigate this digital loans platform here are a few tips to look out for.
- Ensure you give off truthful or factual information in the app. This includes your name, ID number, and others.
- Pay your loan in time, especially the first few times. This is uplift your credit score and loan limit.
- Observe good timing. Allow some time to pass in between loan requests. It gives meaning to the term emergencies.
- Observe the terms and conditions applicable to you.
In contrary to any of these guidelines above, you may be reported to the CRB; Credit Reference Bureau – especially if you default a loan for over 90 days. See how to check your CRB status online here.
Still, under the application, Okolea loan app allows you to see your loans. There you can view your loan’s principal amount, interest rates, processing fee which varies from the amount borrowed, and the loan status.
Okolea Loan Interest Rate
The financial sector heavily relies on interest rates to keep them afloat. It’s their primary source of revenue, which means regardless of the physical or digital loan application; the interest will have to apply.
The Okolea loan app interest rate is 5-15%. It lies within the usual range among quick mobile loan apps. The variation in the interest rate depends on the repayment period. Here’s a table to guide you on the interest rates and charges for the Okolea mobile loan app in Kenya.
|Loan Duration||Okolea Interest Rate|
|Under 2 days||5%|
|Under 7 days||8%|
|21 days loan repayment||11%|
|30 days (one month)||15%|
Mobile loan apps do not offer loans for longer than a month. The same goes for Okolea loan app.
Okolea Loan Limit
The loan limit, as explained above, is a significant determinant on the amount that can be borrowed by an individual. The Okolea loan limit varies from customer to customer depending on underlying factors, including your repayment history and credit score.
Despite that, your loan limit can grow every time you borrow and repay a loan. If a loan is paid within the stipulated time, your loan limit increases 20% applicable every time you borrow a loan.
Okolea Paybill Number and How to Repay the Loan
The Okolea paybill number is 245316. Once you’re ready to pay the loan you borrowed, there is the Mpesa pay bill option which may attract the standard Mpesa charges for paybill transactions.
Here’s how you repay your Okolea loan using Mpesa Paybill number 245316:
- Go to the Mpesa menu on your phone.
- Select lipa na Mpesa; pay bill option.
- Enter the Okolea pay bill number 245316.
- Select the account number and add your mobile number associated with the loan; 07xxxxxxxx
- Key in the amount payable.
- Enter your Mpesa pin
- Confirm the transaction by clicking okay.
Soon afterward, you’ll receive the Mpesa message confirming your transaction. The details will also appear in your application.
Another method you can use to repay is to simply follow the repay loan tab in the app. The steps are rather easy to follow. Any details should automatically reflect in the app.
Additional Features of the Application
The outstanding Okolea loan app does come with extra features meant to make to a pleasurable experience for them a customer. Below are just but a few of them:
- The app allows you to borrow a loan up to three times, simultaneously. But there’s a catch; you will have to remain within your loan limit.
- Repayment periods can vary depending on the different loans you borrow. This also applies to interest rates.
- There is a “pay interest and renew loan” option to allow one to pay the interest first and proceed with the loan. This is a plausible solution for those who may be unable to raise the entire amount; interest plus principle.
The app is open to anyone regardless of your CRB status. The loans might, however, be highly dependable on any reports you provide.
Okolea Loan App Contacts
The Okolea loan app offers a support team 24/7. Since it’s a digital platform, it allows its clients to enjoy customer service and care in a fast and reliable manner. The app will enable you to create a support ticket where you can air out any issues.
In case you need to contact them in a more personal way, here are contact details.
- Phone numbers: 0720178775, 0748679076
- Email: email@example.com
- P.O Box: 41316-00100 Nairobi, Kenya.
You can express any of your concerns, problems, give feedback, or any other information.
Customer Reviews and Ratings
Customer appreciation for the application is good enough. With a rating of 3.8 out of 5. It has been used by many customers who have, in turn, gives off more positive reviews rather than critical ones.
The Google play store is an excellent place to view some of the reviews before you decide to download it.