Personal Loans

A loan is one way to get temporary relief from financial burdens. If you have a good plan on ground to repay it, many financial institutions are more than willing to help. One of the largest institutions that offers this is the Central Bank of Nigeria. With a loan and proper strategy, you can finally take your business to the next level with Central Bank Loans.

In this article, we would consider loans that you can get from the Central bank of Nigeria.

About the Central Bank of Nigeria

The house of representatives of Nigeria found the Central Bank of Nigeria in 1958. From then to date it remains the Central Bank and apex monetary body of the country. It is 100% owned by the government. According to CBN’s official release, their functions include:

1. To ensure monetary and price stability.
2. Issue legal tender currency in Nigeria.
3. Maintain external reserves and safeguard the international value of the legal tender currency.
4. Promote a sound financial system in Nigeria.
5. Act as a banker and provide economic and financial advice to the federal government.

What are the pros of Central Bank Loans?

1. Accessible by everyone.
2. It caters to the needs of businesses in different sectors of the economy.
3. Less stringent eligibility criteria.

Cons

1. Loan disbursement time is usually long due to the numerous protocols in place.
2. Loan application involves a lot of documentation and processes.

What are the maximum and minimum amount of Central Bank Loans?

This depends on the type of loan in question. Generally, there are loan options as small as N500,000, and as high as N500 million or more.

What services does the Central Bank Loans offer?

The Central Bank of Nigeria currently offers the following loans:

• AGSMEIS Loan for SMEs and Agricultural businesses without collateral: this loan is available for SMEs and agricultural business owners.  

Features:

1. You can access up to N10 million.
2. Interest rate of 9%.
3. Disbursed by NIRSAL Microfinance bank and other banks.

• Accelerated Agricultural Development Scheme loan (AADS): the objective of this loan is to engage youths in agricultural production.

Features:

1. You must be a Nigerian youth between the ages of 18 to 35.
2. You must sign an undertaking on the terms and agreements from CBN.
3. Up to N1.5 million loan is accessible.
4. Interest rate of 9%.

• Micro, Small, and Medium Enterprises Development Fund MSMEDF Loan: this loan service is strictly for SMEs and micro-enterprises.

Features:

1. Only available to SMEs and micro-enterprises.
2.  Your business must be involved in one of the agriculture value chain, cottage. industries, artisans, services, renewable energy, trade and commerce, and or the businesses allowed by the CBN.

• Anchor Borrowers Program Intervention for Agriculture (ABP): this loan is available to small farm owners engaged in producing specific commodities in the country.

Features:

1. You must belong to between 5 and 20 groups or cooperatives.
2. It is available to businesses that intend to become anchor or farm product suppliers.

• Creative Industry Financing Initiative Loan (CIFI): the CIFI was developed to boost job creation among young individuals in the creative and information technology (IT) industry.

Features:

1. Your business must be in the creative and information technology (IT) industry.
2. Loan of up to N500 million.

• CBN Healthcare Research and Development Grants: CBN developed this loan for the healthcare sector and research and development. It is accessible to institutions, pharmaceuticals, research and development of drugs, vaccines, herbal medicines, etc.

Features:

1. Your business must fall under one of the categories listed above.
2. Up to N500 million in loan.

Note that the loan services listed above have elaborate requirements and application processes. Visit the CBN official website at www.cbn.gov.ng to access the full information.

Are there any additional fees?

No. There are no additional fees to the CBN loan application and disbursement.

What are the minimum requirements for taking up a Central Bank Loans?

The requirements vary from one loan service to another. Go through the aforementioned loan services offered by CBN to get a glimpse of their respective requirements.

How quickly are funds released for a Central Bank Loans?

Because of the many processes and protocols in place, CBN loans are not often disbursed quickly. It could take months or up to a year to receive the loan after approval. Because of things, we cannot put a duration on how quickly loan funds are disbursed.

What are Central Bank Loans repayment terms?

The CBN only repayment terms are the pre-agreed interest rates. These interest rates are usually between 5 to 10% or more, depending on the specific loan in question. During the loan application, however, important details like the rates would be specified. After you exceed the stipulated time for payment, applied interest grows in successions.

Are there any Restrictions to Central Bank Loans?

The only restrictions to Central Bank Loans are the eligibility requirements. If you qualify and have all the documents, then you can apply. Asides that, there are no other restrictions.

Conclusions

The Central Bank loans are one of the ways through which the government of Nigeria aims to improve the economy. The loan offers services to SMEs and individuals across different sectors of the economy, especially those in certain lagging areas.

 If eligible, apply to enjoy the full benefits of the government for growing your business today. 

Opening a pension account is now a statutory requirement for all Nigerian employees. Every month, they make a token contribution to the Retirement Savings Account (RSA) through a Pension Fund Administrator (PFA). 

One unsung benefit of owning an RSA is that you can borrow from your pension funds when in need. Wondering how that can be done? This article would serve as a guide on how to borrow from your pension fund in Nigeria.

Owning a pension account with funds can be a source of help during emergencies. Although there are cons in borrowing this fund, it remains a better option than obtaining a loan from financial institutions.

Conditions for borrowing from your pension fund in Nigeria

To borrow from your pension fund before retirement, you must satisfy one of the three criteria:

1. You must have made additional or voluntary lump sum contributions into your RSA. It is from that money that you can withdraw before retirement.
2. They also allow you to withdraw up to 25% of your retirement account fund if under the age of 50. This holds on to the event of losing your job and you cannot secure another within 4 months. The sum is also tax-free.
3. You intend to get a mortgage loan. RSA allows withdrawal of up to 25% of retirement funds.

Please note that asides these conditions, the Pension Reform Act of 2014 strictly prohibits withdrawal from your pension account.

How to borrow from your pension fund in Nigeria

This depends on your Pension Fund Administrator. Different pension fund administrations have different methods and requirements for releasing funds to you. However, the process requires that you approach your PFA with the following documents:

1. Letter of termination of appointment issued by your former employer or letter of resignation.
2. PFA last three months’ payslip.
3. A letter from you requesting a desired percentage of payment from your RSA balance (25% maximum). This could also be a percentage from your voluntary lump sum contribution.
4. Evidence of accrued pension rights if applicable (mostly for public sector workers).
5. Letter of introduction from your bank or bank statement.
6. Proof of age through a birth certificate or sworn declaration of age
7. Letter from your employer which confirms full remittance of all contributions made to your RSA (for private sector workers).
8. PenCom retiree indemnity form if you work in the public sector.
9. A form your PFA would give, and four passport photographs.

However, if you intend to obtain a mortgage loan, then you must satisfy the following criteria:

• You must be in active employment either as a salary earner or self-employed.
• You must have been contributing consistently to your RSA account for the last 10 years.
• Your debt to income ratio shall not be more than 33.33% of your monthly income at the time of application.
• You must provide all the requested documentation.

The documentation required for a Mortgage loan are:

1. Application letter to access your RSA account
2. A mortgage loan offer letter issued by a licensed Primary Mortgage Bank (PMB) or Deposit Money Bank (DMB).
3. Valid copies of documents to property on which mortgage loan was granted
4. A letter of confirmation issued by the PMB or DMB to your PFA to attest to the authenticity of the mortgage transaction. They must sign this letter by at least two directors of the bank, along with an official stamp or seal.

 

Conclusion

Although with restrictions, RSA allows you to borrow money under certain conditions. Under the right conditions, you can borrow to obtain a property asset or meet other needs. Such money can even be used to fund your business on retirement or invested in something else.

Accessible loans are becoming mainstream in the Nigerian economy. Gone are the days where you must enter the banking offices and institutions for a loan. 

While there are some loans that’ll still force you to see the four walls of a banking office, we can access some in five minutes on your mobile phone. 

Aella Credit is one of the many institutions pioneering access to instant loans. Apart from loans, it’s also an investment platform and a marketplace for health insurance. It’s close to a one-stop-shop for all your business needs.

In this article, we will discuss Aella credit and investment opportunities.

How to access Aella Credit

1. Download the Aella Credit app – it is available on the Apple App Store or the Google Play store. 
2. Create your account. It’s a straightforward form (They won’t ask for your kidneys or anything)
3. Update your profile (Again, no kidney requests)
4. Check your eligibility. This is where you’ll know if they approve you for a loan. This is also where you get to find out how much they have approved you for.
5. Apply for the loan. (Just because you’ve been approved for a certain amount doesn’t mean you have to borrow all of it, especially if you don’t need it. 
6. Only borrow what you need! Remember, loans aren’t free money. You will need to pay back. And even though they aren’t asking for your kidney during the process, don’t put yourself when you must sell to pay back. Just teasing. But seriously though, take only what you need)
7. Receive the funds in your bank account! 

Aella Credit prides itself as being fast with their decision-making process. They claim five minutes is all you need (If you have slow internet, you can’t blame them – but all things equal, five minutes is all you need).

How much can you get and what is their interest rate?

Available loan amounts are between N2000 and N1,000,000 with a maximum tenure of 3 months. Interest rates range between 6% and 20%, and there are no late or rollover fees. 

The hack to qualify for higher loan amounts is to make prompt repayments so you can build your credit score to be available for not just higher loan amounts but more favourable interest rates. 

Aella Notes (Investments)

With Aella’s investments, you can earn a 26% annual return. Pretty impressive considering that the average annual return is about 12% according to the New York Stock Exchange. As if that’s not great enough, investment packages start as little as N10,000! 

To take advantage of this opportunity, simply open an account on https://notes.aellacredit.com/ and follow the prompts. Everything can be done online with the convenience of your mobile phone!

Conclusion

Aella Credit has made it it’s mission to offer affordable financial services in a fast and convenient way. With the facilities available, they have made it pretty easy to use their products to meet any business need. 

Be it, borrowing, or even investing, this platform has made its mark. To learn more about Aella Credit, visit https://aellaapp.com/.

Mkobo was established in 2015 as a microfinance bank and licensed by the Central Bank of Nigeria (CBN). However, they do not operate like traditional banks or microfinance banks, because they have no banking hall, nor do they accept cash.

Just like similar banks like Nirsal microfinance bank, mkobo focuses on providing financial services through secured and unsecured credits to small and medium-sized businesses in the country. They carry out all transactions electronically and it involves no cash.

Why should I use Mkobo?

Mkobo provides one of the fastest micro loans in the country today, for those who do not have access to traditional financial services like banks.

Advantages

1. They require No collateral.
2. Very little paperwork.
3. Quick loan payout within 24 hours.

Also, note that to take a loan, they require guarantors, and your current employment status and details. 

What services are offered by Mkobo?

Mkobo has three different finance packages for you to choose from. They are:

1. Emergency loans

An emergency loan designed specially for you as an employee of certain organizations (both private and public), to give you access to quick short-term loans. 

Getting this loan is quick and simple and takes only about 4 hours between your application and disbursement. You repay the loan from your monthly salary.

Benefits

• Easy application.
• Quick access to money.
• You as an employer is in control of which employee can access the loans.
• Financial literacy – only loans you can afford are granted.

How to apply

• All registered companies have a unique BP NUMBER. Contact your company’s HR for yours.
• Proceed to complete the online application form on their website by following this link (https://mkobo.com.ng/loan/apply/agreement/).
• They will process your application after applying.
• They would deposit requested money in your account within 24 hours.

2. Asset finance

This service targets assets that help you generate income. Mkobo finances such an asset and requires you to use the asset as collateral for the loan.

Also, to access this loan, you must be a member of one organization within their partnership network.

Benefits

• Large loans are available, although still subject to each business partnership agreement.
• No lengthy application process required, it is an instant decision and disbursement.
• The asset you intend to purchase serves as collateral, therefore you do not have to look for another.
• Flexible loan repayment terms (weekly or monthly). The loan term is a maximum of 12 months.

3. Working capital loan

The last loan service offered by Mkobo is the capital loan. It targets experienced agents who work for licensed network managers.

As an agent, you can access up to N500,000 to be used to grow your business. To access this service, you must be an agent for a network manager within Mkobos’ partnership network and have been trading for at least 6 months. 

Benefits

• Instant decision and disbursement mean it does not take time.
• No collateral is needed.
• Flexible weekly or daily payment with a maximum term of 7 days.
• Fair interest rates that decrease over time.

How do I apply for Mkobos’ working capital loan

Simply follow this link to their website to apply: http://mkobo.com.ng/contact.html

Mkobo Festivesave

A digital savings platform which makes regular savings for the festive periods (Eid, Easter, Christmas or New Year) simpler. They carry out the process through the use of automated recurring payment.

Festivesave encourages and helps people cultivate the habit of regular savings. It also rewards its customers with a cash bonus of up to 10% on their savings. 

Festivesave is available on the web and mobile.

Conclusion

Mkobo is one of the best and fastest microfinance institutions to take loans from. They have packages that cater to you as an individual employee, or agent of an organization.

Since all transactions are electronic, you go through minimal stress during the application and get disbursement within 24 hours.

Their services are very easy and quick to use with no collateral. You should patronize them today. 

What if you could eat your cake and have it too? If we are being honest, I have always wondered what that really meant. Like, why would you give me a cake if I can’t have it too? Anyway, before we get sidelined by cake (we can have that conversation another day), let’s focus on Hire Purchase. 

Hire Purchase, I guess will fit the bill of eating your cake and having it too (you already know how I feel about that statement) as you mostly get to use the product you’re paying for. 

What does Hire Purchase mean?

In the actual sense of the definition, it is a system by which one pays for a thing in regular instalments while having the use of it. For example, we can define a hire purchase car as you driving the vehicle while making payments on it until its completely paid off. 

This may sound similar to leasing a vehicle; however, the significant difference is that one doesn’t become an owner when renting a vehicle; it’s only driven for a time and then returned. With hire purchase, you get to own the car after you complete payments.

Common Use

Using hire purchase is common in industries where they use expensive or heavy machinery to run daily operational activities. Examples of such industries could include  construction, manufacturing, engineering and professional services industry.

They can also use it to finance some other capital requirements of a business, for example cars, phones and photocopiers

Benefits of a Hired Purchase Agreement

1. You can spread payments of an asset over a while. Can be as long as 3 – 5 years sometimes
2. You’ll own the asset after paying the last installment. 
3. Immediate use of the asset instead of waiting until you have saved the lump sum of the item.
4. It’s a simple way of financing
5. The interest rate is fixed, so both parties know what is due per time.

Disadvantages of Hired Purchase Agreement 

1. Since hire purchase is usually fixed, if you get into any financial difficulty, you could lose the asset and give up previous payments.
2. There is typically an interest rate attached to the payment, so you’ll be paying more long term versus if you paid outright. 
3. You don’t own the asset until its wholly paid off, which means the owner can seize the asset if you foul on their terms.
4. The duration of the plan can be lengthy. Consider if it’ll still be worth it in the long run.
5. In the purchase of an asset such as a car, if it gets stolen or an accident occurs that results in the total loss of the vehicle, there is typically no protection against that. Even where it’s insured, the full value of the car may not be recovered, which puts you in a shortfall. 

Termination of a Hire Purchase agreement

Termination of a hire purchase agreement can take any of the following forms

1. The terms and conditions as set out in the hire purchase agreement
2. Parties agreeing to a renewal before the expiration of the current agreement
3. When a notice of termination is given by either party
4. The hirer has refused to exercise his option to purchase the goods even after the stipulated time

Conclusion

As discussed, hire purchases have their various advantages and disadvantages. It is a financing method that works well as long as you understand all the risks involved.

It is also good to know that financing assets like this is common, as this agreement typically works well for both parties.

If payments can’t be made because of financial hardship, we recommend that communication must prioritize the owner to avoid seizure of property. 

Sometimes, financial needs arise out of literally nowhere. Imagine having a regular day, and you need to finance something. Unfortunately for you, what’s available as funds for you is not enough to cut it. What do you do? Borrow from friends? 

What happens when that doesn’t work out? You could always try your bank. 

You’re probably thinking about the amount you need, and if it’s that serious to take out a loan from your bank. The bank loan process is enough to discourage you, and you probably think it is not that deep. But then again, we’re not talking about regular loans. We’re talking about an OVERDRAFT. 

In this article, we discuss what an overdraft entails. 

What is an Overdraft? 

An overdraft is the most common form of bank lending. An overdraft occurs when a bank permits drawing on an account in excess of the funds which the customer pays in. 

We commonly know the amount to which a bank will permit overdrawing as the limit, and several factors determine this limit.

Some of the factors include: 

1. the purpose and duration of the required accommodation
2. the standing and means of the customer, and
3. the nature and the value of the security. 

In simpler terms, an overdraft is a credit extension from a bank or any other financial institution. The extension allows an individual (an account holder) to withdraw from the account even when it has a zero balance, or when the amount proposed for withdrawals exceeds the actual balance in the account. 

Overdraft Explained

Take, for instance, Mr A operates an account with XYZ Bank with a balance of 50,000 naira. Suppose he needs to withdraw 70,000 naira for a transaction. Obviously, his balance cannot meet that withdrawal, but XYZ Bank can decide to let him make the withdrawal anyways. This is what an overdraft is all about. 

They usually set an overdraft at an amount, determined by the bank and many other individual factors. 

How an Overdraft Works?

When you operate an overdraft account or an account with overdraft privileges, your bank allows you to make withdrawals or payments that exceed the balance in your account up to a certain amount. 

Usually, such a request would bounce, but because there is a pre-existing agreement, the bank allows it. You could say the overdraft is an advanced loan

Is there an interest rate on Overdraft?

Yes. The account holder pays interest on the overdraft. However, overdraft interest with credit cards. It only pays interest on the actual amount used. 

How can you get an Overdraft?

You need to contact your bank to see if you are eligible for an overdraft account. It usually requires little to no serious documentation and is a fast process. Banks in NIGERIA that offer overdraft services include UBA, Access Bank, First Bank, Union Bank and Stanbic IBTC. 

Conclusion

An overdraft is one of the easiest ways to access funds from the bank. In recent time, it has taken different forms by leveraging on the transparency of the BVN registration process.

Access Bank is one of the leading Financial institutions in Nigeria providing dependable financial services to the public, facilitating seamless transactions, helping to manage wealth, and creating it. 

Sometimes emergencies pop out of nowhere, and as a salary earner, or any income earner, waiting till the end of the month before your next influx of cash can be a really long wait. During an emergency, you’d need a payday loan. 

In this post, we’ll be looking at Access Bank Payday Loan and how you can apply as well as other factors surrounding the loan itself.

Access Bank payday loan – what is it?

The Access Payday loan is a digital credit facility that disburses loans instantly to the requesting customer, as soon as they receive the application and approved. 

Approval of this digital loan product depends solely on whether you meet Access Bank’s lending criteria, which they call Risk Acceptance Criteria (RAC).

In a nutshell, the payday loan primarily targets providing financial assistance to salary earners and non-salary earners.

Access Bank payday loan eligibility

The following will make you eligible to be granted this Access bank loan:

1. No outstanding loan in Access bank or any other bank
2. A phone number that is linked to your BVN
3. Evidence that you received salary payment in the previous month

The maximum Access bank payday loan you can get

With this Access Bank loan, you are eligible for up to a maximum amount of 75% of your monthly income. This rate is subject to the following factors

• Salary account holders with Access Bank: If you’re a salary account holder with Access Bank, you will be eligible for a payday loan amount of 75% of your monthly salary.
• Other bank customers: If you receive your salary through another bank, processed via IPPIS or Remita, you will be eligible for an Access bank payday loan amount of 50% of your monthly salary as long as it doesn’t exceed NGN 500,000.

Applying for the Access bank payday loan

The payday loan is a digital product, and so you need not apply for it physically. You can get access to the payday loan through the Access bank payday loan code using the USSD – *901*11*1#, through internet Banking – which enables you to borrow money online instantly or even Access Bank’s WhatsApp Banking platform. You can also access it through the Access Mobile App and QuickBucks App.

You can check out this post for other USSD code for loans in Nigeria.

The application process usually takes up to 24 hours, after which the bank disburses the funds. 

How to repay Access bank payday loan

Your Access Bank loan is eligible for repayment either by your next salary payment or 30 days from the day you take the loan. You don’t have to go through any process to repay. The loan amount is automatically deducted from your salary bank account.

Access Bank payday loan interest rate

The Access bank payday loan interest rate is 3% flat and this is subject to prevailing market conditions. This means that your interest rate may be different from 3%. Ensure that you make all the necessary enquiries from the bank before applying for a loan.

Conclusion

Finding yourself in a financially hard situation is no joy. For a salary or steady income earner, the Access bank payday loan is a great soft loan option for the rainy days. You can check out the Zenith Bank loan for other options.

Ever since it began its operations in February 1991, Guaranty Trust Bank (GTBank) has grown into a major powerhouse in the financial sector in Nigeria. 

Guaranty Trust Bank or GTBank is one of the most prominent banks in Nigeria. The bank is a leading provider of financial services to the public, offering services such as retail banking, investment opportunities, corporate banking, amongst the other services it provides to its vast customer base. One of such extra services is the loan and credit facilities it gives to its customers. 

Here we look at Guaranty Trust Bank Loans and the GTBank payday loan in particular; and how you can apply for them. 

About GTBank Salary Advance

The GTBank salary advance is a type of GTB loan that is based on the payday or cash advance theme provided by Guaranty Trust bank. The salary advance is the same as a payday loan. 

With the GTBank salary advance loan, you can get up to 50 percent of your salary before month end to meet up with your financial and transactional needs. The loan tenure is up to 30 days, and you can apply monthly.

The payday loan, as mentioned earlier, is an unsecured instant loan and therefore does not need collateral for processing.

How Much Salary Advance Can You Get From GTBank? 

GT Salary Advance lets borrow a minimum of N 25,000 if you’re a civil servant or N 50,000 if you work in the private sector. As for the maximum amount, funds are borrow able up to 50 percent of your monthly salary.

How Long Does It Take To Apply For The GTBank Salary Advance?

The application process only takes within 24 hours, after which they disburse the funds. 

Who is Eligible For A Salary Advance From GTBank?

Anyone fully employed and can provide proof of employment, and their income statements, is eligible for a GT Payday loan. However, you must be a GT bank customer in the first place to access this loan. 

How To Apply For The GTBank Salary Advance

You can apply for the loan by logging into GT Bank’s internet banking platform, or dial *737*8*2#. You can also visit any of the bank’s branches.

GTBank Payday Loan Code For Non-Salary Earners

A loan for non-salary earners is also available at the bank under the QuickCredit loan scheme. The short code for QuickCredit is *737*51*51#

As a non-salary earner you can apply for the QuickCredit for as long as you are earning a minimum of N10,000 every month.

Conclusion

Finally, there are certain considerations before applying for any kind of loan from a bank.

However, if you are ever in a bind financially, and need some help, as a Guaranty Trust Bank customer, you can get that much needed financial assistance through the GTBank payday loan platform. You can check out our posts on other commercial bank loans like the Zenith Bank loan.

Borrowing money in Nigeria is easy, thanks to the boom of online loan companies in recent years.

These companies provide quick, short-term loans for their customers without asking for any collateral. These days, you can easily access student loan in Nigeria, payday loan, and so on.

About Opay

Founded by the internet giant Opera, OPay is a mobile-based platform that offers essential services such as payment, commercial transportation services, food and grocery deliveries, and others.

OPay is short for Opera Pay. It’s a comprehensive online payment platform that allows you to carry out a host of transactions. They include buying airtime, buying data, subscribing to Pay TV, paying electric bills, hailing a rider with OCar and OTrike, food delivery with OFood, transferring money, sending and receiving payment with QR, investment with OWealth, loan services with OKash, funding your betting account, listing your products and services with OList and building an online presence with OLeads.

Opay Loan App Review (Okash Loan)

Okash loan is the loan outlet of the OPay group. With this platform, you can get a loan in Nigeria at any time within minutes.

Pros

1. Fast and secure processing of loan payments
2. No collateral and deposit requirements.
3. Easy sign-up process
4. They offer incentives such as bonuses from time to time.
5. You can do the whole process online on your mobile phone. You don’t have to pay a physical visit. 

Cons

1. Privacy concerns
2. Cost of loan repayment is high. There are other cheaper options
3. Loans are for short-term
4. It has a maximum amount you can borrow.

How to Borrow Money from Opay

The first step is to download the OKash mobile app. Open an account and fill in the necessary information; it takes less than five minutes to complete the registration. You will get a call or text option for verification. 

Apply for a loan on the app, read the Terms and Conditions and look out for the interest rate and the repayment date. If you are okay with the following listed above, confirm your loan request, and you will get the money within minutes.  

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. 

Opay Loan Requirement

The requirement for applying for an OPay loan is easy. The loan service targets all Nigerians and doesn’t have any stringent condition the average Nigerian is not able to borrow.

1. The applicant must be a Nigerian resident
2. The age bracket of the applicant has to be in the range of 20-55 years.
3. The applicant needs to have a source of monthly income or state the reason why he or she wants the loan.
4. Valid ID Card
5. BVN Number

Opay Loan Interest Rate

The daily interest rate is between 0.1% to 1%, while the annual interest rate is between 36.5% and 360%. Apart from this, you will have to pay an origination fee with your loan ranging from N1299 to N6000. The duration of the loan is 91 days for shortest tenure and 365 days for the longest tenure.

Conclusion

OKash (a subsidiary of OPay) is a reliable loan service provider that offers quick loans in Nigeria. Applying for a loan on the app is easy. You get it disbursed into your account within minutes.