How to Apply for Opay Loan (Okash Loan): Getting money in Nigeria has become easy for me, all thanks to the fast-growing quick online loan companies like Opay Loan (Okash Loan) in recent years.
They provide me with instant, short-term loans without asking for any collateral. These days, I can easily access different types of loans, such as student loans and personal loans, business loans, making the process quite convenient for me.
In this article, StudyLoaded shares everything you need to know about Opay Loan (Okash Loan), How to apply for Okash Loan, Interest rate, Requirements, Repayment terms, How much you can borrow from Okash Loan for the first time, and Opay Loan (Okash Loan) USSD code.
About Opay
OPay is a mobile-based platform founded by the internet giant Opera that provides important services such as payment, commercial transportation services, food and grocery deliveries, and others.
OPay is an abbreviation for Opera Pay. It’s a comprehensive online payment platform that lets you do a variety of things. They include purchasing airtime, purchasing data, subscribing to Pay TV, paying electric bills, hailing a rider with OCar and OTrike, ordering food with OFood, transferring money, sending and receiving payment with QR, investing with OWealth, loan services with OKash loan, funding your betting account, listing your products and services with OList, and creating an online presence with OLeads.
About Okash Loan App
Blue Ridge Microfinance Bank Limited presents OKash, a microlending platform. It provides registered users with instant collateral-free loans if they match the standards.
OKash offers loans 24 hours a day, seven days a week, and the entire process is completed online. Loan amounts ranging from NGN 3,000 to NGN 500,000 are available. All you have to do is download the app, complete the requirements, and submit your information.
When your OKash loan application is approved, the desired money will be transferred to your bank account.
Opay Loan (OKash loan) Requirements
If you are a Nigerian and wish to acquire a loan from the OKash loan service, you must meet the following requirements:
- A valid mobile phone number where you can receive your verification code.
- Your National Identification Number (NIN), which confirms your name and age.
- Bank Verification Number (BVN): This is to verify your banking information and ensure that you are not owing money from other loan businesses.
- A Nigerian bank account into which you would deposit the loan proceeds
- You must be between the ages of 20 and 55 to apply.
- The loan applicant must have a consistent monthly source of income.
If you do not meet all of these qualifications, you should work to meet them. If you are eligible, proceed to the next step and download the OKash loan app.
ALSO READ: Top 6 Instant Loan App Without BVN in Nigeria [2023/2024]
Opay Loan (Okash Loan) Advantage
- Fast and secure processing of loan payments
- No collateral and deposit requirements.
- Easy sign-up process
- They offer incentives such as bonuses from time to time.
- You can do the whole process online on your mobile phone. You don’t have to pay a physical visit.
Opay Loan (Okash Loan) Disadvantages
- Privacy concerns
- The cost of loan repayment is high. There are other cheaper options
- Loans are for short-term
- It has the maximum amount you can borrow.
How to Borrow Money from Opay
Read the Opay Loan (Okash Loan) Terms and Conditions for the interest rate and repayment date. If you agree to the terms given above, submit your loan request and you will receive the funds within minutes.
Follow these simple steps to borrow money from Opay Loan (Okash Loan):
- Download the Opay Mobile App: Visit your device’s app store and download the Opay mobile app. It is available for both Android and iOS devices.
- Create an Opay Account: Open the app and follow the registration process to create an Opay account. You may need to provide some personal information and verify your identity.
- Log in to Your Opay Account: Once you have created an account, log in to your Opay account using your registered credentials.
- Access the Loan Services: Within the Opay app, navigate to the loan section or finance section to access the loan services.
- Apply for a Loan: Follow the instructions provided within the app to apply for a loan. You may need to provide additional information, such as your employment details, income, and loan amount.
- Submit Your Loan Application: After providing the required information, submit your loan application through the app.
- Wait for Approval: Opay will review your loan application and notify you about its status. The approval process may take some time, so be patient.
- Receive the Loan Amount: If your loan application is approved, the loan amount will be disbursed to your Opay account.
Opay offers different types of loans, such as personal loans, business loans, and student loans. The loan terms and interest rates may vary depending on the type of loan and your eligibility.
Maximum or Minimum Amount You Can Borrow
The maximum amount you can apply for at any given time on OKash is N50,000. You can apply for loans as low as N3000.
How To Repay Opay Loan (Okash Loan)
- Open your mobile app
- Log into your account
- Click on the button that says ‘make a repayment’
- Provide all required details
- Click on the ‘repay’ button
It’s important to note that the platform uses a method that automatically debits your bank account when your loan payback is due. This implies you don’t have to go through the processes outlined above if you have a sufficient amount in your account.
ALSO READ: How to Apply For Student Loan in Nigeria – Everything You Need to Know
How to Apply for an OKash Loan on Your Android Device
- Choose the loan amount you want to apply for from the OKash loan dashboard.
- Provide your personal information as well as your banking information. The application should then be submitted.
- Following your submission, you may receive a call from OKash management. No need to worry, the call is only to confirm a few pieces of information.
- After some time, the outcome of your application will be displayed on the APP. If the loan is approved, you will be notified through SMS.
- Following approval, confirm the financing arrangement.
- The approved loan amount will be deposited into your bank account upon confirmation.
Opay Loan USSD Code
With just a USSD code, you can borrow money from Opay. The steps for using the Opay USSD code to apply for loans are as follows:
- Dial *955# with the phone number you used to set up your Opay account.
- Select the “loans” option.
- Apply for the loan that is suitable for you.
- Receive your loan into your account.
The code ensures that you have a smooth experience when making transactions on your account.
How much can I borrow from Opay for the first time?
At the moment, the Opay (Okash) loan allows you to borrow a minimum of 30,000 Naira, with a maximum of 50,000 Naira available to first-time users. This means that first-time users can apply for an initial loan of up to 50,000 Naira on Opay.
How much loan can you get from the OKash Loan App?
The OKash loan app is excellent for quick loans and requires no collateral. On the OKash Mobile App, you may acquire a loan for as little as 3,000 Naira and as much as 500,000 Naira.
Opay Loan (Okash Loan) Interest Rate
The OKash loan service carries a 3 months interest rate of 9.1%. Here’s an example to help you understand the breakdown.
If you borrow 3,000 using the OKash loan mobile app and specify your repayment term to three months, the following will occur:
- The rate of interest will be 9.1%.
- The total amount of interest will be $273.
- The total sum to be repaid is $3,237.
Where is Okash’s head office located?
OKash has a head office address in Nigeria. From this office, they maintain the OKash loan service and also attend to customer issues.
Their head office is located in Room 301, Japaul House, Plot 8 Dr. Nurudeen Olowopopo Way, Central Business District, Ikeja, Lagos, Nigeria.
ALSO READ: How to Apply for FairMoney Loan in Minutes, Interest Rates, Requirements, Loan Terms
OKash Customer Support and Email Address
For questions and complaints, you can reach out to OKash customer care through their email address and customer care hotlines.
Customer care line: 08097755512, 08097755514
Email address: [email protected]
Conclusion
The Okash Loan App is a simple and easy way to borrow money from your OPay account. The app provides reasonable interest rates and loan payback terms to fit your financial requirements. However, before asking for a loan through the app, it’s important to understand the eligibility restrictions, interest rates, and fees. It’s also essential to borrow only what you can afford to repay and to make timely payments to prevent any bad outcomes or legal actions.
Frequently Asked Questions About The Opay Loan (Okash Loan App)
How Much Can I Borrow From an Okash Loan App As A First Timer?
As a first-time borrower, you can borrow between N3,000 and N10,000. However, your ability to return your first few loans on time without delay raises your maximum amount limit.
Which Company Owns Okash?
Blue Ridge Microfinance Bank Limited owns Okash. The Central Bank of Nigeria (CBN) has authorized this company.
Is Okash The Same As Opay?
No, they are not the same. Okash is an arm of the Opay group.
Is Okash Loan Real Or Fake?
The Okash lending app is genuine and trustworthy. It offers its customers quick loans.
It has a rating of 4.3 out of 5.0 on Google Play. And this indicates that the app has been performing well to receive such ratings.
How do I borrow from OKash?
To borrow from OKash, you must first download the OKash app, register, complete the required verification, and then follow the loan application process explained in the app. Fill out the necessary personal information, choose the desired loan amount and repayment period, and agree to the loan terms. If the loan is authorized, it will be transferred to your OKash wallet or associated bank account.
Is OKash still giving loans?
The availability of OKash loans may change over time. It’s best to check the OKash app or website for the most up-to-date information on loan availability.
What happens if I don’t pay the OKash loan?
Failure to repay an OKash loan might result in additional fees, penalties, and a negative impact on your credit score. To avoid any negative effects, you must meet your loan agreements and repay the borrowed amount according to the agreed-upon terms.
What are the interest rates and fees on Okash Loan App?
The interest rates and fees on Okash Loan App vary depending on the loan amount and duration. The OKash loan service carries a 3 months interest rate of 9.1%.
What are the loan repayment periods on Okash Loan App?
You have three months (91 days) to a year (365 days) to repay your loan.
What are the eligibility requirements for Okash Loan App?
You must be a Nigerian citizen, at least 18 years old, have a mobile phone number registered in your name, have an OPay account, and meet other creditworthiness conditions to be eligible for a loan through Okash Loan App.
How secure is Okash Loan App?
Okash Loan App protects your personal and financial information using encryption. The app also follows data protection standards and collaborates with reputable financial institutions to conduct loans and payments.
Is Okash Loan App a good option for borrowing money?
If you meet the requirements for approval and can afford to repay the loan on time, Okash Loan App may be an option for borrowing money. However, it is important that you carefully read the terms and conditions, fully understand the interest rates and fees, and borrow only what you can afford to return.
DOWNLOAD VIDEO NOW (Fast Server)
Be the first to comment