Opay Loan App is an initiative of OPay, a Nigerian online mobile payment platform. The Opay app is used to carry out online payment transactions such as saving, paying utility bills, making transfers, buying data or airtimes, and even ordering food. Currently, the Opay platform boasts 6 million online users.
Here, we will look at the Opay loan app, how to borrow money from Opay, and everything you need to know about Opay.
How to Borrow Loan from Opay
There are two ways to borrow a loan from Opay. It can be through the app or using the Opay USSD code.
You must have first have an OKash account if you want to borrow money from Opay. Your Okash account will be requested of you during the application process. Below are the steps.
Step 1: Head to the Google Play Store or IOS and download the Opay Okash App. For Android users, go for the App inscribed with a green logo, while iPhone users should go for the app inscribed with the white and green logo.
Step 2: Sign up for the Okash app using your functioning phone number. After you are done, you can apply for the Opay loan via the Okash app.
Step 3: Select the kind of loan you want. There are three types of loans on the Okash loan app. There are merchant loans, airtime loans, and cash loans. Click on any of the loans, and a new page will be displayed. Input the required loan amount, and information about the loan, like the repayment due date, interest rates, and other important information, will be displayed.
Step 4: Choose the purpose of the loan from the six displayed purpose options. They are business, daily consumption, medical, rent, education, etc. suit the one that aligns with your purpose of requesting the loan.
Step 5: Allow the app to access your phone location, and dial “Agree to Continue.”
Step 6: Fill in correctly your personal information like your name, BVN, gender, email address, nearest bus stop, and so many more.
Step 7: After inputting your details, you can click on “submit.” After which, you wait for the money to drop into your account.
Using USSD Code
You must have an account with Opay loan to use the Opay loan USSD code. To get started on the loan, simply dial *955# on your mobile phone, and follow the direction.
Maximum or Minimum Amount You Can Borrow
The maximum amount you can apply for at any given time on OKash is
N50,000. You can apply for loans as low as N3000.
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
It’s important to note that the platform makes use of a system that automatically debits your bank account once you loan repayment is due. This means that you do not really need to go through the steps listed above as long as you have sufficient balance in your account.
Opay Loan (Okash Loan) Requirement
The requirement for applying for an OPay loan is easy. The loan service targets all Nigerians and doesn’t have any stringent conditions the average Nigerian is not able to borrow.
1. The applicant must be a Nigerian resident
2. The age bracket of the applicant has to be in the range of 20-55 years.
3. The applicant needs to have a source of monthly income or state the reason why he or she wants the loan.
4. Valid ID Card
5. BVN Number
Opay Loan (Okash Loan) Interest Rate
The daily interest rate is between 0.1% to 1%, while the annual interest rate is between 36.5% and 360%. Apart from this, you will have to pay an origination fee with your loan ranging from
N1299 to N6000. The duration of the loan is 91 days for the shortest tenure and 365 days for the longest tenure.