🇺🇬 OKLoan App - How To Apply, Repay, Interest rate, Contacts.
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Okloan is a digital loan app from Uganda that is developed by OKLoan publishers. The loan app can be found in the playstore and since its release date on September 2022, it has amassed over 100,000 downloads with a 3.4/5 star rating and 700+ reviews.
Pros: OKLoan app receives regular updates and is considerably small with a download size of about 25MB
Cons: OKLoan app requires access to some of your personal phone data which may raise privacy concerns
OKLoan Requirements/Eligibility Criteria
OKLoan is reserved for Ugandan residents between the ages of 20-60 with a valid national ID denoting Ugandan citizenship. Other requirements include; active phone number and email address.
OKLoan Registration & Application
To access the OKLoan, you are required to download the OKLoan app from the playstore.
Once downloaded, grant the app permission access to some of your phone data information including contacts, SMS etc
Enter your phone number in-order to receive an OTP validation code via SMS that you can input in the app to begin the creation process of your account.
Begin the registration process by filling in the required sections then proceed with loan application.
Pros: OKLoans registration process is quite simple and straightforward
Cons: In some circumstances, there may be delay in receiving the OTP validation code
OKLoan Amount Limits
OKLoan amounts range from between UGX 60,000 – UGX 800,000
Pros 1: OKLoans application process is easy and straighforward
Pros 2: OKLoans are approved and disbursed within minutes of application.
Cons 1:The initial displayed OKLoan qualification amount is not the actual assigned loan limit i.e If the displayed loan qualification amount is UGX300,000, your actual loan limit may be less
Cons 2: OKLoan amount received is less compared to the approved loan amount since the service fee charge is deducted prior to disbursement. e.g If you apply for UGX300,000, you will receive UGX285,000
OKLoan Interest Rate
OKLoans attract interest rates of 30-40%
Cons: This interest rate is considered higher compared to other digital lenders.
OKLoan Repayment Duration
OKLoans are to be repaid within 8 days from the disbursement date
Cons 1: OKLoan provides misleading information of loan tenure of 90 days when in reality, it offers only 8 days.
Cons 2: Despite the actual respective loan due dates, debt recovery through constant calls & SMS may usually actualized 24hrs before the due date.
Cons 3: The collection agents have unprofessional conduct i.e may be rude, abusive & intimidating during loan collection
Cons 4: No grace period allowed & zero tolerance to partial payments upon due dates
Cons 5: Failure to make repayment on due date will result in a penalty fee of 2% per day.
Cons 6: At times, repayments made may not reflect in real time due to unreliable systems
OKLoan Contact Information
Phone: (256) 776 876 074 or (256) 707 064 723