The proliferation of online loan companies in recent years has made it simple to borrow money in Nigeria. These businesses offer rapid, short-term loans to their clients without requiring collateral. These days, it is simple to obtain student loans, payday loans, and other forms of credit in Nigeria.

ALSO READ: PalmPay Loan – How to apply for a loan on PalmPay

About Opay

OPay is a mobile-based platform that offers essential services such as payment, commercial transportation services, food and grocery deliveries, and others. It was founded by the internet behemoth Opera.

Opera Pay is shortened to OPay. It is an all-inclusive online payment platform that enables a variety of transactions. They include purchasing airtime, purchasing data, subscribing to Pay TV, paying electric bills, hailing a rider with OCar and OTrike, food delivery with OFood, transferring money, sending and receiving payment with QR, investing with OWealth, lending services with OKash loan, funding your betting account, listing your products with OList, and establishing an online presence with OLeads.

Opay Loan App Review (Okash Loan)

Okash loan is a Nigerian financing application developed by the OPay group. With this platform, you can obtain a loan in Nigeria within minutes at any time.

Pros

1.Quick and secure handling of loan payments
2.No collateral and deposit requirements.

3.Simple sign-up procedure
4.They occasionally offer incentives such as bonuses from time to time.

5.You can complete the entire procedure on your mobile device. You are not required to make a physical visit.

Cons

1.Privacy issues
2.The cost of loan repayment is expensive. There are affordable  options.

3.Loans are for brief terms.
4.There is a maximum quantity that can be borrowed.

How to Borrow Money from Opay

The first stage is to download the mobile app for OKash loans. It takes less than five minutes to register by creating an account and entering the required information. There will be a call or text verification option.

Apply for a loan through the app, read the Terms and Conditions, and be mindful of the interest rate and due date. If you agree with the terms outlined above, confirm your loan request and you will receive the funds in minutes.

ALSO READ: How to Become Wealthy via Loans

Maximum or Minimum Amount You Can Borrow

On OKash, the maximum quantity you can request at any given time is N50,000. You can request for loans with a minimum of N3000.

Opay Loan (Okash Loan) Requirement

The application process for an OPay loan is simple. The loan service targets all Nigerians and does not impose conditions that prevent the average Nigerian from borrowing.

1.The applicant must be a resident of Nigeria
2.The applicant's age must fall within the range of 20 to 55 years.

3.The applicant must have a source of monthly income or provide an explanation for needing the loan.
4.ID Card

5.BVN Number (see BVN Verification)

Opay Loan (Okash Loan) Interest Rate

The daily interest rate ranges from 0.1% to 1%, whereas the annual interest rate ranges from 36.5% to 360%. In addition, you will be required to pay a loan origination fee ranging from N1299 to N6000. The shortest duration of the loan is 91 days, and the greatest duration is 365 days.

How To Repay Opay Loan (Okash Loan)

1.Open your mobile app

2.Log into your account

3.Click on the button that says ‘make a repayment’

4.Provide all required details

5.Click on the ‘repay’ button

Important to note is that the platform uses a system that debits your bank account automatically when your loan repayment is due. This indicates that if you have sufficient funds in your account, you are not required to complete the steps outlined above.

Opay Loan USSD Code

The USSD code for Opay is *955#. This works if you have an existing account on the platform. The code affords you a seamless experience when conducting account transactions.

ALSO READ: Emergency loans in Nigeria

OKash, a subsidiary of OPay, is a reputable lender in Nigeria that provides quick loans. The application for a loan is straightforward. It is deposited into your account in a matter of minutes.