This article focuses on Okoa Mia review and how to apply. Are you in need of a loan in Kenya on your kabambe phone? Meaning you do not possess a smartphone. Or you need a loan without having to use a mobile loan app. Then look no further. You can apply for a loan using USSD on your phone. This means you can apply for a loan on a kabambe or mulikamwizi phone. Borrowers can access the loan by dialing the code directly from their kabambe phone dialer. USSD code works on any phone and you can request for a loan using it.
Not only that, USSD services are available on smartphones. When you have applied and have been approved, they send the fund directly to your M-Pesa account.
What you need to know about Okoa Mia loans
Okoa Mia Ventures Limited is a platform that allows users to agree to comply with all the terms. Borrowers protect the confidentiality of their password. Borrowers or Users will understand that there are interruptions in service or events that are beyond the control of Okoa Mia, and shall not be held responsible for any data lost during transmission of data.
It is also important to note that their aim is to make the platform accessible 24 hours per day, but might often encounter some maintenance. It is simply a platform for accessing loans using USSD code at any point in time.
How to apply for Okoa Mia loans
Applying for loan is simple and easy, just follow the procedure below:
- Dial USSD Code *628# to register for the loan
- The second step is to pay an acceptance fee of between ksh. 5 and Ksh. 45 for loan processing.
- Also note that the paybill number and account number is your ID number.
- Finally, dial *628# and choose the amount you wish to borrow or qualify for and will be deposited into your M-Pesa account within 5minutes.
Note: If you do not qualify for any loan, they will reject your acceptance fee.
Maximum and minimum loan limit
When you have applied for a loan and have qualified, you will get a minimum loan of between Ksh. 100 and Ksh. 900 in credit advance.
The interest rate for Okoa Mia is 10%. So you pay 10% on the principal amount you borrowed.
The repayment duration for Okoa Mia is 5 days. When you cannot repay, you will not be able to access future loans. The platform will also go further to blacklist your name with CRB.
Eligibility for Okoa Mia loans are:
- Must be 18years and above
- Have a National ID
- Have a registered Safaricom Sim
Requirements for Okoa mia loans
You must meet the following requirements before you get a loan with Okoa mia. They are:
- Have a Safaricom line that is M-Pesa enabled.
- Must not be in CRB
- Have a national ID number
Acceptance fee of between Ksh. 5 and Ksh. 45 depending on the loan you applied for must be paid. The fee is a signature for accepting Okoa Mia terms and conditions. Also note that your acceptance fee will be rejected if you don’t qualify the loan.
A transaction fee of Ksh. 15 is paid when you receive your loan. Failure to pay your loan on time, you will incur a late payment fee of ksh. 20 per day to ksh. 180 per day depending on your principal amount.
How to Repay Okoa Mia Loan
To repay Oko Mia loans, follow this method below:
- Go to your Mpesa menu.
- Choose Lipa na Mpesa.
- Select Paybill option
- Enter the paybill number as 519608.
- Input your ID number as the account number.
- Enter the amount you owe to Oko Mia
- Type in your pin and submit to pay.
Additional information and summary of the terms and conditions of Oko Mia loans
- The borrower is to pay back the credit advance or the loan in full within 5 days from the issuing date. Once you fail to do so, it gets overdue.
- Okoa mia will send notifications to all borrowers through email and SMS, to specify the date the loan will determine.
- The borrower consents for the platform to check their credit score or gain their details in the CRB database(s).
- To qualify for the loan and be approved, you need to pass our CRB check.
- To view and see the complete listing of the loan amounts, interest, transaction fees and penalty charges visit the website.
- Okoa Mia has the sole right to qualify and reject any loan application at our discretion and at any time.
How to contact Okoa Mia loans
To contact Okoa Mia by mail, email @ firstname.lastname@example.org. You can reach them on mobile via 0707000222 and landline on 020 514 2100. If you prefer to pay them a visit at their office, visit Jasmine Center, Westlands, Nairobi, Kenya.
The Okoa Mia lending platform allows borrowers, who meet the eligibility and the requirements, to apply for a loan between Kshs. 100 to Kshs. 900. For receiving the credit advance, you incur a transaction fee of Ksh. 15. This means that you will pay an additional Ksh. 15 with your loan amount. The interest rate for the loan platform is 10%.
However, the borrower pays an acceptance fee of Kshs. 5 to Kshs. 45 depending on the loan amount equally. This acceptance fee is your signature for accepting Okoa mia terms and conditions.
There exists loans for the unemployed too in Kenya.