How to apply for a loan with Opay Loan (Okash Loan)

With the recurring growth of lending institutions in line with the passing years, it is getting easier and easier to apply for a loan in Nigerian territory. The companies are known for providing short term loans quickly as well as requiring no collateral. This has made it easy to access loans in the country today, be it student loans, payday loans, among others.

Opay

Opay is an online platform founded by one of the largest internet companies in the country, Opera. As such, it is known for providing its customers with essential financial services such as payment, product delivery, transportation services, etc.

The name of the platform, OPay, is an abbreviation that combines the name of the credit institution, “Opera”, with payments, “Pay”. It is a mobile environment where you can perform a number of financial operations, made available by the tool, including hiring Airtime, data, subscribing to the app’s streaming service, Pay TV, paying electricity bills, hiring a ride through OCar and OTrike, ordering deliveries through OFood, moving money in a traditional way and through a QR Code, with OWealth, loans through Okash Loan, among others. 

Okash Loan Review 

When applying for a loan with OPay, through the Okash Loan app, the applicant can achieve success in no time. In some cases, the review process can even take minutes.

Advantages

Fast and secure processing of loan payments: The entire process is done in an online and fully controlled environment.

The company does not require collateral or deposit statements

Fast and easy application process

Incentives such as certain bonuses and rewards are eventually offered to Okash Loan customers.

All steps of the loan application process can be carried out fully online, via your smartphone: This makes physical visits and submission of printed vouchers unnecessary.

Disadvantages of the Loan

There are privacy issues with the application.

The repayment amount required by the institution is extremely high compared to other institutions. Therefore, there are cheaper alternatives on the market.

The loans are mostly short term.

The company sets a maximum amount to be borrowed.

How to apply for an Opay loan

First of all, you need to install the Okash Loan app on your smartphone. It is available in all major app stores. After that, you need to register and fill out a form with the information required by the institution. This step takes less than five minutes. Finally, the app will issue a message or a call to verify the account.  

Now, when applying for a loan through the Opay app, it is important to read the Terms and Conditions set by the institution, paying attention to the essential features of the application, such as the interest rate and the repayment date of the loan. Thus, if you agree to the requirements, when you confirm the loan application, you should receive the amount in question within two minutes.  

Loan

The maximum that a loan made through Okash Loan’s app is N50,000. Thus, the minimum amount to be borrowed is N3,000.

Opay (Okash Loan) Loan Requirements

The requirements for an Okash Loan to be applied for are not stringent. It basically seeks to cater for all Nigerians and has no terms that cannot be met by an ordinary Nigerian.

First and foremost, the applicant must be a resident Nigerian.

In addition, the individual must be between 20 and 55 years of age.

It is also necessary to provide a source of monthly income or instead specify the reason why the loan was requested.

The citizen must also have a valid identification document on hand.

Your BVN Number

Interest Rate

The daily interest rate presented by Okash Loan ranges between 0.1% and 1%, while this same rate, now in the annual perspective, remains between 36.5% and 360%. An origination fee will also apply if the loan in question ranges from N1,299 and N6,000. Thus, the minimum duration of the loan requested is 91 days. The maximum, in turn, is 365 days.

How to repay an Opay Loan through Okash Loan

First of all, you need to open the app on a smartphone

Next, log into your account 

After that, you need to click on “make a repayment”.

After providing all the required information in the fields, you just need to click on “pay” for the loan payment to be made

The platform provided by Opay uses an automatic debit system, which debits your account once the payment is completed. This way, as long as the customer has enough money in his account, he will not have to go through all the steps described again.

USSD Code

Opay has a USSD code, which is *955#. However, it is only functional once an account on the platform has already been created. By using Opay’s USSD code, the applicant has access to a unique experience while transactions are performed on their account.

In conclusion, Okash is a subsidiary of Opay, with the aim of providing lending services to Nigerian citizens. Providing short term and quick loans, the institution does not set stringent requirements to determine whether a customer is eligible for credit or not. With a quick application process, the amount is debited from your account in a matter of minutes.