How to apply for Okoa Mia Loan Using USSD Code & PayBill Number(Complete Guide 2023)

Are you in need of a quick loan in Kenya but don't have access to a smartphone or bank account? Not to worry, with Okoa Mia, you can easily apply for and receive a loan using just a USSD code and PayBill number. In this article, we will guide you through the process of applying for and repaying an Okoa Mia loan using USSD code and PayBill number.

What is Okoa Mia?

Okoa Mia is a financial service provider in Kenya that offers short-term loans to individuals through their mobile phones. The platform aims to provide easy access to credit for those who may not have access to traditional banking services or who may have a limited credit history. Okoa Mia loans are available to individuals who are at least 18 years old and have a National ID and a Safaricom SIM that is registered.

Okoa Mia Interest Rate and Repayment Period:

The interest rate for Okoa Mia loans is 10%. This means that you will be required to pay a 10% fee on the principal borrowed. The repayment period for Okoa Mia loans is five days. It is important to note that if you are unable to repay your loan within this timeframe, you will not be eligible for future loans and your name may be added to the Credit Reference Bureau's (CRB) blacklist.

Eligibility for Okoa Mia Loans:

To be eligible for an Okoa Mia loan, you must meet the following requirements:

• Be at least 18 years old
• Own a National ID
• Have a Safaricom SIM that is registered

How to Apply for an Okoa Mia Loan Using USSD Code:

If you meet the eligibility requirements and are in need of a loan, here is how you can apply using the USSD code:

• Dial *628# on your smartphone or Kabambe.
• Select the option to pay an acceptance fee (Ksh5 and Ksh45).
• If you are approved for a loan, your acceptance fee will be returned. If you are not approved, the fee will not be returned.
• Enter the ID number registered to the number you are using to borrow the loan.
• Enter the amount you want to borrow.
• Wait for the money to be transferred to your account.

How to Repay an Okoa Mia Loan Using PayBill Number:

Once you have received your loan, it is important to make sure you repay it on time to avoid being added to the CRB blacklist and to remain eligible for future loans. Here is how you can repay your Okoa Mia loan using the PayBill number:

• Access the Mpesa menu on your phone.
• Select Lipa na Mpesa.
• Select PayBill number.
• Enter the company's PayBill number (519608).
• Enter your ID number as the account number.
• Enter the loan repayment amount.
• Enter your PIN.

Table: Okoa Mia Loan Repayment Process

Read Also; How to obtain a low-interest rate loan With Credit Hela App

Conclusion:

Okoa Mia offers a convenient and accessible way to apply for and receive a short-term loan in Kenya, even if you don't have a smartphone or bank account. By following the steps outlined in this article, you can easily apply for an Okoa Mia loan using the USSD code and repay it using the PayBill number. Just make sure to meet the eligibility requirements and be prepared to repay your loan within the designated timeframe to avoid being added to the CRB blacklist and to remain eligible for future loans.