Need a financial boost without the hassle?
OPay’s Okash app might be your hero.
This mobile loan app lets you borrow money on the go, legally and conveniently.
I’ll show you how to borrow money from OPay (Okash loan) in this guide.
So, ditch the stress and discover how Okash can help you bridge the gap and get the funds you need!
How to Borrow Money From OPay
To borrow money from OPay, dial *995# using the phone number you used to register with your OPay account. Then select “Loans” from the options. Next, follow the on-screen instructions to complete the application. Lastly, upon approval, receive the loan amount directly in your OPay wallet.
How to Borrow Money From OPay Via Okash App
- Download the OPay loan app on your smartphone.
- Ensure your BVN and other required information are linked to your account. (See, how to check BVN)
- Tap on the “Loans” section within the app.
- Select the loan product you’re interested in.
- Apply for the loan.
- If approved, receive the loan amount directly in your OPay wallet.
Note: You need to already have an OPay account for this to work. If you don’t know how to create one, check out my guide on how to open an OPay account.
BVN can sometimes be an hassle, which is why I have a list of top 10 loan apps in Nigeria you can borrow money from without BVN. Check it out!
Opay Loan Requirements
The requirement to borrow a loan on OPay is easy:
- The applicant must be a Nigerian resident
- The age bracket of the applicant has to be in the range of 20-55 years.
- The applicant needs to have a source of monthly income or state the reason why he or she wants the loan.
- Valid ID Card
- BVN Number
Opay Loan Code
Remember, the OPay loan code is *995#. Simply dial *955# from your registered phone number and follow the prompts to apply for your loan.
Still unsure of the OPay loan? Or you need another alternative?
Well, check out how you can borrow money from Palmpay!
Okash Loan Interest Rate
Rates range from 0.1% to 1% daily, 5% to 10% monthly, and 36.5% to 360% annually.
Expect origination fees ranging from N1,299 to N6,000.
The duration of the loan is 91 days for the shortest tenure and 365 days for the longest tenure.
How To Repay OPay Loan
If you get a loan, you’d need to repay the loan. Follow these steps to learn how to repay an OPay loan:
- Open the OPay loan app.
- Log in with your phone number and password.
- Go to the “Loans” section.
- Select the loan you want to repay.
- Choose your preferred payment method (OPay wallet, linked bank account, or debit card).
- Enter the payment amount and confirm.
- You’ll receive a confirmation message upon successful repayment.
Maximum or Minimum Amount You Can Borrow on OPay
The current maximum loan amount on Okash is N50,000, while the minimum is N3,000.
However, OPay Merchant Loan offers short-term loans of up to N1 million and long-term loans of N5 million.
How Much Can I Borrow from OPay for the First Time?
The amount you can borrow from OPay for the first time depends on your credit history and transaction records.
OPay evaluates these factors to determine your eligibility and loan limit.
Can I Borrow Money from OPay Without BVN?
No, you can’t. Borrowing money from OPay generally requires a Bank Verification Number (BVN).
The BVN is crucial for verifying your identity and maintaining financial security.
With the OPay app, you can do a range of other things, like saving!
Saved-up money can sometimes be a hard temptation to resist, so how about you check out my guide on how to lock money on OPay
Final Thoughts
Conclusively, borrowing money from Okash is easy and can help you when you need finances.
Now that you’ve read my guide, I’m sure the OPay loan application will be a breeze.
Remember, before getting a loan, carefully check the rules, and use our tips to increase your chances of approval.
