How to Borrow Money from Opay

Sometimes we run out of money, but thanks to some Microloan providers, we are able to obtain some loans to keep us going. This article provides a complete guide on how to borrow money from Opay.

OPay is a mobile-based platform founded by internet behemoth Opera that provides necessary services including payment, commercial transportation, food, and grocery deliveries, among others.

Especially now that it is so simple to borrow money in Nigeria. Opay offers customers rapid, short-term loans without requesting any security. These days, getting a payday loan, a student loan, etc. in Nigeria is simple.

How to Borrow Money from Opay

Follow these easy steps to borrow money from Opay

• Install the App
• Create an Account
• Enter Your Information
• Enter Loan Amount

Install the App

In order to use this service, which is mobile-based, you must first download the Okash app from the Google Playstore. To properly download the software to your mobile device, you must have internet access.

Also, check out How to Borrow Airtime from 9mobile.

Create an Account

After downloading the app successfully by signing up or doing so. To successfully create the account, you must supply your personal data, including your complete name, email address, phone number, and a strong password.

You must enter a working phone number since they will call you with a verification code to activate your account.

Enter Your Information

Entering your information is the next step. You would be given a form from Okash to complete in order to provide more private information, such as your BVN, location of employment, monthly income, etc.

Your entire information is secure with Okash. However, banks require this information to ascertain the maximum credit amount you are eligible for.

Enter Loan Amount

The loan application will provide you with the loan amount you are eligible for when you have correctly entered your information. The smallest amount that anyone may often qualify for on the app is between three thousand and fifty thousand nairas (N3,000) (N50,000).

Enter the loan amount you want from Okash (it must fall within the allowed loan limit) and submit your application. Once accepted, please wait for the money to transfer into your account. The approval process is quick.

Opay Loan Requirements

Before applying for Opay loan, there are some things you need to be eligible for, this includes;

• You must be a Nigerian citizen
• Also, You must be aged from 20 to 55
• In addition, you must have a legal and working Id card, BVN, or source of identification
• You must also have a good credit score and a bank account
• An active phone number or email address
• You also must be earning some amount of money per month to be eligible

Also, check out How to Share Airtime on Glo.

Interest Rate for Opay Loans (Okash Loans)

The interest rate structure in Okash is distinct. They provide daily interest rates between 0.1% and 1%. This interest rate is more understandable when viewed through the lens of a yearly cumulative interest rate.

In percentage terms, it ranges from 36.5% to 360%. You’ll have to pay an origination fee in addition to the interest rate, which is often included in the loan.

Depending on the length of the loan and the amount you are receiving from Okash, this cost can range from N1,299 to N6,000. Now, you have a repayment window of 91 to 365 days for any loans you make to Okash.

Your credit history and record with Okash define the time frame. You will receive a duration term extension and loan limit increase as a result of your attentive repayment.

How much minimum and maximum can you borrow?

On OKash, you can only apply for a total of N50,000 at any given moment. Applying for loans as cheap as N3000 is possible.

How to Pay Back Opay Loan

• Open the mobile app on your phone
• Access your account.
• To make a repayment, select the “make a repayment” button.
• Give all necessary information
• Press the “repay” button.

The platform uses a mechanism that automatically debits your bank account when your loan payback is due, which is a crucial detail to be aware of.

This means that as long as your account balance is sufficient, you do not necessarily need to follow the preceding steps.

Also, check out All You Need to Know about Renmoney.

USSD Code for Opay Loan

*955# is the Opay USSD code. When you have a platform account that has already been created, this works. You can conduct transactions on your account with ease thanks to the code.

In Nigeria, a trusted lending service provider that provides speedy loans is OKash (a division of OPay). On the app, applying for a loan is simple. Within minutes, it is transferred to your account.

OKASH Loan Advantages and Disadvantages

Pros

• Excellent, secure loan processing.
• High approval rates are quick.
• Bonuses were frequently given as rewards to loyal consumers.
• The process for applying and signing up is quick and simple.

Cons

• Your personal data is not safe.
• The majority of your loans would be short-term.
• Adaptable but expensive interest rates
• The maximum loan is N50,000.

Final Notes on How to Borrow Money from Opay

Microloans provide another chance when an emergency arises, Okash can solve this problem, but you must also be careful about its terms and options. Thank you, and don’t forget to drop your comments below.

Before you go, check out Personal Loans in Nigeria.