Nigerians can easily borrow money thanks to the recent explosion of internet lending providers. These businesses give their clients rapid, short-term loans without requesting any security. These days, getting a payday loan, a student loan, etc. in Nigeria is simple.
About Opay
OPay is a mobile-based platform founded by internet behemoth Opera that provides necessary services including payment, commercial transportation, and food and grocery deliveries, among others.
Opera Pay is referred to as OPay. It is an extensive online payment system that enables a wide range of transactions. They consist of purchasing data, and airtime, Pay TV subscriptions, paying electric bills, ordering food, sending and receiving payments, etc.
Review of Opay Loan App (Okash Loan)
The OPay group in Nigeria has a loan app called Okash Loan. You can quickly obtain a loan in Nigeria with the help of our platform.
Pros
- Loan payments are processed quickly and securely.
- There are no deposits or collateral demands.
- Easy registration
- On occasion, they provide incentives like bonuses.
- On your mobile device, you can complete the entire process online. You are not required to physically visit.
Cons
- Privacy issues
- The cost of repaying a loan is considerable. Other, less expensive choices exist.
- Short-term loans are available.
- There is a limit to how much you can borrow.
How to Use Opay to Borrow Money
The OKash lending mobile app must first be downloaded. It takes fewer than five minutes to register by creating an account and entering the required information. For verification, you will have the choice of a call or SMS.
Use the app to apply for a loan; read the terms and conditions; and pay attention to the interest rate and the payback schedule. If all of the aforementioned is acceptable to you, submit your loan request, and you’ll have your funds in a matter of minutes.
Your Maximum and Minimum Borrowing Cap
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.
Read also on how to use Short Code To Borrow Loan in Nigerian and to use USSD Codes For Loans In Nigeria
Requirement for Opay Loan (Okash Loan)
Applying for an OPay loan has simple requirements. The loan service is intended for all Nigerians and has no onerous requirements that prevent the average Nigerian from borrowing.
- The candidate must reside in Nigeria.
- The applicant’s age range must be between 20 and 55 years old.
- A monthly income source or a justification for needing the loan must be provided by the applicant.
- True ID Card
- Number BVN
Interest Rate for Opay Loans (Okash Loans)
The annual interest rate is between 36.5% and 360%, while the daily interest rate is from 0.1% to 1%. In addition, you will be required to pay an origination charge with your loan, which can be anywhere between N1299 and N6000. The smallest length of the loan is 91 days, and the longest tenure is 365 days.
How To Pay Back A Loan (Okash Loan)
- Your mobile application
- 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.
Opay Loan USSD Code
*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.
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