How to apply for Opay Loans

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. Anybody can access these loans (student, the employed and the unemployed.

About Opay Loans

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.

Pros and cons of Opay loans

OKash is the loan outlet of the OPay group. Users enjoy access to short-term emergency loans. 

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 with OKash

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. 

Minimum Requirements for Taking Up A Loan

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 interest rates

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.