Thanks to the online banking system like Opay loan (Okash) which made it easier for Nigerians to enjoy instant loans. Are you in need of quick cash to solve your immediate needs with the hope of paying back later? Why not try out the OPay loan app?
This article is to guide you on how to access Opay loans, the requirements, and their interest rate. So keep on reading to learn how to request and get an Opay loan.
What is Opay or Okash App?
Opay is a mobile-based platform or App that offers essential banking services such as transferring and receiving money, paying bills, and even making online purchases with many more.
Here in Nigeria, Opay has become one of the most popular online banking platforms because of the streamline service they provide. The most amazing things about Opay is that they can easily give out loans to their consumers without asking for collateral. Without wasting much time let see how we can borrow from from Opay and their requirements.
Steps to borrow money from Opay
For you to borrow money from Opay and enjoy their loan service without collateral, follow the steps below.
- Download the Opay mobile App. (Okash): The first thing to do is to visit the Play Store or AppleStore to download the Opay mobile App(Okash). Download and install the App on your mobile phone. The app is available for both Android and iPhone users.
- Open the Opay app to create an Opay account: Open the app and follow the instructions to open an account with them. Here they will be requiring you to put your personal information and details like your BVN and valid ID card.
- Login to your Opay account: After successfully creating an account with them and verifying the account, log in using your details to the app.
- Accessing the loan service: As you open the app, you will see many displays for different services they are rendering. Navigate to the loan/finance section to apply for a loan.
- Applying for the Opay loan: strictly follow the instructions on the app and appt for a loan.Here Opay will demand for your additional informations like, employment details, Income and the loan amount.
- Summit your loan application: summit after satisfying and providing them with the loan conditions.
- Wait for your loan request approval from Opay: They will review your application and access the informations you provide to them. So be patient and wait for there feedback.
- Receiving the Opay loan request: Immediately after your loan request is approved, Opay will disburse the money to your Opay account.
What are the types of loans do Opay offer.
Opay offer numerous types of loans like personal loan, business loan, and even student loans. The interest rate of those loans differs so their requirements differ too.
To repay the Opay loan just make sure you have funds in the account. When the loan is due for payment, it will automatically be deducted from your account.
Requirements for borrowing money from Opay.
To be eligible to apply for an Opay loan, you need to have an existing account with Opay, BVN, and a transaction history of the account. Those are the basic requirements before you can access their loan.
How much can Opay borrow out to their first-time customer?
The minimum amount Opay can give you as a loan is N30,000 and the maximum amount for first-time customers is N50,000. So as a first-time user, you can be given up to N50,000 when you request for it.
The interest rate of Opay loan(Okash)
The daily interest rate of Opay ranges from 0.1% to 1% while the annual interest rate ranges from 36.5% to 360%. In addition to that, you need to pay an origination fee with your loan, which ranges from N1,299 to N6,000.
The Opay duration of the loan is 91 days for the short tenure while the longest tenure is 365 days.
How to register for an OKash loan.
OKash Loan is an online lending App owned by Opay. When applying for a loan with Opay you need to apply through yhe OKash loan App.
Here are ways to register for the OKash loan.
Go to Play Store or App Store to download the OKash app and install it on your mobile.
Register an account with the Okash app. After downloading and installing the app, proceed to register using the register button. During the registration, you will be filling in your phone number, Email address, ID card number, address, and BVN. Fill in the required necessary information and create a strong password you can always remember.
Login to your Okash app to select your desired products. Go to the button labeled Appy now and tap to see the various loans they offer. Navigate and select the one that suits you and then click on apply.
Fill in the requirements needed for the type of product you chose. Here they will be asking for your income, with other personal information. Fill correctly and review before submitting.
The Opay will proceed to verify you and the documents you provide to them. At this stage, they might contact you through a phone call. Talk to them and cooperate with them for a smooth process of your loan request. Accurately verify your details with them to move on to the next stage.
E-signing of the loan agreement. When Opay approves your loan request, a notification message will be sent to you. Carefully read the message and understand the terms and conditions of the loan before proceeding to sign up for the e-sign of the up of the agreement. Once the agreement is signed, the funds will be disbursed into your account.
What is the difference between Opay and Okash?
Both Opay and Okash are owned by the same company only that Opay is a mobile service that runs financial services like money transfers, bill payments, buying airtime, and recharging our cable TV. While the Okash on the other hand is designed to provide cash assistance like loans to their customers.
- Before going for a loan to any bank, be it online or Offline, take your time to study their term and conditions to see if it ok for you.
- Borrow according to your income and what you can pay back tomorrow.
- Always keep a good repayment history as this can make you stand a chance of being given a higher loan tomorrow.
Borrowing money from Opay is a straightforward process and stress-free. Follow the step-by-step guide we provide you and you won’t find difficulties borrowing from Opay/okash.