Opay (Okash Loan) – Everything You Need to Know About Accessing Opay Loan

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Borrowing money has become increasingly accessible in Nigeria, thanks to the emergence of online loan companies like Opay.

These platforms offer convenient, short-term loans without the need for collateral.

Whether you’re a student in need of funds, or you’re looking for a payday loan, Opay has become a popular choice for quick financial assistance.

In this article, we’ll explore all the essential details you need to know about accessing Opay loans.

About Opay

Opay, short for Opera Pay, is a mobile-based platform developed by the internet giant Opera.

This comprehensive online payment platform offers a plethora of services, ranging from payment solutions and commercial transportation services to food and grocery deliveries.

It’s a one-stop platform for various transactions, including purchasing airtime, data, Pay TV subscriptions, and more.

Additionally, Opay provides lending services through the Okash loan app, allowing users to access loans swiftly and conveniently.

Opay Loan App Review: Okash Loan

Okash loan is a product offered by Opay, enabling users to acquire loans in Nigeria within minutes. Here are some key aspects of Okash loan:


– Fast and secure loan processing
– No collateral or deposit requirements
– Simple and easy sign-up process
– Periodic incentives and bonuses
– Entire loan process can be completed online, eliminating the need for physical visits


– Privacy concerns
– Comparatively higher loan repayment costs
– Short-term loan options
– Maximum borrowing limit

How to Borrow Money from Opay: Step-by-Step Guide

Accessing a loan through Opay is straightforward. Follow these steps to get started:

1. Open the Opay app on your mobile device.
2. Locate the loan section within the app.
3. Review the terms and conditions, including interest rates and repayment dates.
4. If you agree with the terms, confirm your loan request.
5. Receive the loan amount in your account within minutes.

Loan Amounts: What You Can Borrow

Opay offers loan amounts ranging from as low as N3,000 to a maximum of N50,000. This flexibility accommodates various financial needs, whether you require a small sum or a larger amount.

Opay Loan Requirements: Who Can Apply

Applying for an Opay loan is designed to be inclusive. The requirements include:

– Nigerian residency
– Age between 20 and 55 years
– Source of monthly income or reason for loan
– Valid ID card
– BVN number

Opay Loan Interest Rates and Fees

The daily interest rate for Opay loans falls between 0.1% and 1%, while the annual interest rate ranges from 36.5% to 360%. Additionally, an origination fee ranging from N1,299 to N6,000 is applicable. Loan durations range from 91 days to 365 days, depending on the chosen tenure.

Repaying Your Opay Loan

Repaying your Opay loan is simple:

1. Open the Opay app.
2. Log into your account.
3. Click on the ‘make a repayment’ button.
4. Provide the required details.
5. Click ‘repay.’

Notably, Opay employs an automatic debit system, deducting your loan repayment from your bank account when it’s due.

Accessing Opay Loan via USSD Code

Opay provides a seamless USSD code option for loan access:

1. Dial *955# using your registered Opay number.
2. Select the “loans” option.
3. Apply for an eligible loan.
4. Receive the loan in your account.


How much can I borrow from Opay for the first time?

Opay allows first-time users to borrow up to 50,000 Naira initially.

Are Opay loans available for students?

Yes, Opay offers loans to students and individuals with a source of income.

Can I repay my Opay loan before the due date?

Yes, you can repay your Opay loan before the due date without penalties.

Is my personal information secure when using Opay’s loan services?

Opay takes privacy seriously and employs measures to safeguard user information during transactions.

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