Are you in need of quick and convenient access to financial assistance in 2023? Then, look no further! The 21st-century digital age has made the borrowing experience easy with lending apps that provide simplicity and speed right at your fingertips.
Notably, in recent years, the number of loan apps in Nigeria has greatly increased as they offer quick and hassle-free ways to access loans which most traditional banks fail to give. This has made these apps to be increasingly popular among Nigerians in need of financial aid. To crown it all, these apps come with a diverse range of benefits and features including competitive rates, no hidden figures, flexible repayment time frames, and 100% digital service.
You can easily get small to big loans by accessing them with your smartphone. As a result, they have become the go-to choices for borrowers seeking instant loans. In this article, we will take a close look at two prominent lending apps in Nigeria which are Palm Credit and Okash.
Our aim is to help you uncover the ultimate lending solution that perfectly matches your financial needs while ensuring a smooth borrowing experience like never before!
Table of Contents
Palm Credit Vs Okash: Which Loan App Offers Better And Easier Services?
What is the meaning of Palm Credit?
Palm Credit is a personal loan app owned by New Edge Finance Limited, a financial technology company in Nigeria. They have over 2000 registered users and have disbursed money to 12,300 million plus people. They also offer other services like buying airtime and data bundles. Palm Credit is a virtual credit card that offers small to big loans for individual needs. If you repay quickly, they will award you higher offers.
Palm Credit Loan Requirements
- 1, You must have an active commercial bank account in Nigeria
- You must be a Nigerian resident.
- You must be from 18 to 60 years.
- Provide your BVN details and NIN number.
- Your phone number and email address are necessary.
- Next of Kin information
Palm Credit Loan Application
The company offers easy steps for you to apply for your desired loan. These are: Download the Palm Credit App on their website (your phone number is needed)or on Google Play Store. Then install it.
- Fill out the registration form and sign up. At this stage, you will see instructions to follow. Your details like full name, date of birth, and address are needed.
- You will input your phone number.
- An OTP code will be sent to your phone number for verification.
- Input the code sent to finalize the verification process.
- Enter your bank account number and other details like BVN, National Identity Number, income, and next of kin information.
- Agree to the terms and conditions.
- Click Apply for a loan and it will take you to the withdrawal page.
- Enter the amount you need to withdraw and the method of payment.
- Submit and wait for approval.
It is worth noting that, Palm Credit will need permission to your phone’s data, calendar, apps installed, SMS, location, and other details in your phone. This is needed to check if you are qualified for the loan or not.
Palm credit gives loans from ₦10,000 to ₦300,000
- No collateral required
- No guarantor needed
- Repayment periods are from 91 days to 365 days depending on your choice of payment date.
- No hidden fees
- APR from 24% to 56% per anum
- Total interest rate is 14% to 24% and monthly is 4% to 4.7%.
- Customers can pay loans in installments via online and offline modes
- Late loan repayment attracts a 2% rollover interest per day.
- Repayment can be deducted via your bank card or You can make payment into the Palmcredit account. Here are the details.
Account number: 0772692676
Bank: Access Bank.
Account Name: Transsnet Financial Nig LTD – Consuming Finance.
After the repayment through bank transfer, you will be mandated to send proof of your payment to this email address: [email protected].
An example of a Palm Credit Loan
Borrowed ₦100,000 over 6 months repayment term
The interest rate of 4% per month is equal to 24% in 6 months
Six months repayments is ₦24,000
Total amount payable is ₦124,000
What is the meaning of Okash?
Okash is another popular loan app in Nigeria and it is a subsidiary of Opay. It is owned by Blue Ridge Microfinance Bank Limited. They give fast loan approval with 24/7 service support. The company boasts millions of users and you can register on their website and the app. Also, incentives are given occasionally and the earlier you repay, the higher your chances of getting better offers.
Okash Loan Requirements
- Be a Nigerian resident
- . You must be 20 to 55 years old
- Have a source of income or state reason for the loan
- Valid ID Card,
- BVN Number,
- Bank Account details, and
- Bank Card (ATM Card)
Okash Loan Application
Here are the fast and easy steps to start and complete your application process
- Download and install the Okash app from the play store.
- Register an account with your personal details ( Name, phone number, next of kin information, email, and BVN).
- Select the Loan you want to apply for.
- Enter the basic information, and click submit.
- Afterwards, you will get a call for verification and then the complete result of your application will be displayed in the app
- You will get an SMS to show if you are approved or not.
- If you receive the approval, then E-sign the loan agreement and then wait for the money to be disbursed to your account alongside an SMS notification.
- Generally, OKash will ask for permission to use your phone data, phone details, contact, camera, SMS, and financial transaction messages. Some of this data is used to determine your credit score, the type of loan you are eligible for and trustworthiness based on their preset criteria.
Okash loan app gives customers loans from ₦3,000 t0 ₦500,000
- No collateral and guarantor
- No paperwork and hidden fees
- Repayment periods are from 91 to 365 days depending on your choice.
- APR from 36.5% to 360% per anum
- interest rate from 0.1% up to 1% daily
- Late loan repayments automatically incur a rollover interest of 2% per day
- Repayment is automatically deducted from your bank card on the due date if you have funds.OR you can send it to the Blue Ridge Microfinance Bank Limited account which is:
Account name: Zenith Bank plc.
Account number: 1130085518
Once it is successful, you will show your proof of repayment to [email protected]”
An example of an Okash loan
Borrowed ₦3,000 for 91 days repayment term
The interest rate is 9.1% for 91 days which equals an interest rate of ₦237
The amount payable is ₦3,237
Related: Palmpay vs Opay
Palm Credit Vs Okash : Comparison Table
|Interest rate (Loans)|| ₦10,ooo – ₦300,000|
4% -4.7% (monthly)
Total interest rate is 14% -24%
Annual percentage rate of 24% to 56%
| ₦3,000 to ₦500,000|
0.1% – 1% (daily)
Annual percentage rate of 36.5% to 360%
|Repayment period||91 to 365 days depending on the type of loan and your choice of repayment terms.||91 to 365 days depending on the type of loan and your choice of repayment terms|
|Loan disbursement||5 minutes to 24 hours||5 minutes to 24 hours|
|Play Store Ratings||4.1 (15k reviews)||4,2 (159k reviews)|
|Number of Downloads||5M+|
19 July 2023
5 July 2023
|Compatibility||Android 4.3 and above||Android 5.0 and above|
|Loan amount||₦10,000 – ₦300,000||₦3,00o – ₦500,000|
Palm Credit vs Okash: Loan Requirements
Both Palm Credit and Okash do not require collateral or guarantor to approve loans. Their requirements for personal details and bank details are similar. But then you must be from 18 to 60 years old to access Palm Credit loans while Okash awards loans to people from 20 to 55 years old
Palm credit vs Okash: Loan Application
Palm credit loan application can only be done with their loan app while Okash allows registration on their website and app. Both fintech companies need your personal details. BVN number and other means of identification during the application. They also ask for permission to your phone details and data which enables them to check your eligibility for the needed loan.
Palm Credit vs Okash: Loan Repayment
Both Palm Credit and Okash gives a repayment period of 91 days to 365 days depending on the type of loan and your choice of repayment date. However, Palm Credit loans can be paid back via your bank card or transferred through their bank account but Okash automatically deducts your loan from your bank card on the due date if funds are inside. You can also transfer to their bank account.
Palm Credit vs Okash: Loan Disbursement
Palm Credit and Okash approves loans in minutes and they both disburse loans in within 5 minutes to 24 hours depending on the loan type,
Palm Credit vs Okash: Loan Interest Rates
Palm Credit gives a total interest rate of 14% to 24% and monthly is from 4% to 4.7% for ₦10,000 to ₦300,000. Their APR is from 24% to 56% per annum. While Okash gives a daily interest rate of 0.1% to 1% for ₦3,000 t0 ₦500,000 and their APR is from 36,5% to 360% per annum. Both companies charge an interest rate of 2% per day for late loan repayment.
Palm Credit vs Okash: Loan Amount
Palm Credit offers loans from ₦10,000 to ₦300,000.You can get higher loans when you repay on time, Likewise Okash gives loans from ₦3,000 to ₦500,000 depending on how fast you repay.
Is Palm Credit registered with CBN in Nigeria?
Yes, its owner and parent company Newedge Finance Limited is authorized by the CBN to operate in Nigeria. Hence, Palm Credit is fully Licensed.
Is Palm Credit App a legit app?
The Fintech loan app is real and offers authentic services. They have thousands of customers to prove their ingenuity.
Is Okash legit in Nigeria?
Yes, the personal loan app is real its owner Blue Ridge Microfinance Bank Limited is licensed by CBN to operate. They have their head office in Lagos with millions of users to testify.
Palm Credit Vs Okash: Conclusion
Palm Credit and Okash are some of the popular lending apps in Nigeria. Their digital lending apps allow customers to access loans easily and also offer a wide range of services to their customers.
However, they both have their strength and weaknesses in terms of flexibility of loan requirements and lending rates. It is advisable that users choose a provider that suits their volume and interest rate requirements.