How To Borrow Money From Opay(Okash Loan) in 2024

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Did you know that Opay’s Okash loan app offers a convenient and legal way to borrow money on the go?

In this guide, we’ll show you how to borrow money from Opay (Okash) prioritizing responsible borrowing. We’ll cover applying, who can apply, and how you can pay it back.

So, let’s dive in and discover how you can get the money you need.

Method 1: Using the Opay USSD Code *995#

This method allows you to apply for Opay loans directly through your phone without needing the app:

  1. Dial *995# on your phone.
  2. Select “Loans” from the options.
  3. Choose the loan product you’re interested in (e.g., Salary Advance, Awoof Cash Loan).
  4. Follow the on-screen instructions to complete the application.
  5. Upon approval, receive the loan amount directly in your Opay wallet.

Method 2: Using the Opay App

This method offers a more personalized experience and potentially wider loan options.

  1. Download the Opay loan app on your smartphone.
  2. Ensure your BVN and other required information are linked to your account. (See, how to check your BVN)
  3. Tap on the “Loans” section within the app.
  4. Select the loan product you’re interested in.
  5. Complete the application form with your details.
  6. Apply and await Opay’s decision.
  7. If approved, receive the loan amount directly in your Opay wallet.

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Opay Loan Requirements

The requirement to borrow a loan on Opay is easy:

  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 (see how to check BVN)

Opay Loan Code

Remember, the Opay loan code is *995#. Simply dial *955# from your registered phone number and follow the prompts to apply for your loan.

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Key Benefits of Opay Loan:

  • Fast access: Get loan decisions in minutes and funds within minutes of approval.
  • Flexible options: Choose loan amounts from ₦3,000 to ₦50,000 with repayment periods ranging from 91 days to 365 days.
  • Simple application: Apply through the Opay app or by dialing *955# on your phone.
  • Transparent terms: Understand interest rates, fees, and repayment requirements before borrowing.

Opay Loan Types

Opay offers diverse loan options beyond Okash, including personal, emergency, business, and educational loans.

Opay Loan Terms and Conditions

Before you borrow money from Opay, it’s important to know the terms and conditions. Understanding these rules will help you make a smart choice before taking a loan.

  • Interest Rates: Opay offers competitive interest rates on their loans. The interest rate you can get depends on things like your credit score and how much you want to borrow. Knowing your loan’s interest rate helps figure out how much you’ll pay back in total.
  • Repayment Periods: Opay provides flexible repayment periods for their loans. Choose a loan product and pick a time for repayment that suits you. It can be a few days to several months. Think about your financial situation and if you can pay on time when choosing the time for repayment.
  • Additional Fees: Opay loans might have extra fees along with the interest rate. These fees can include processing fees, late payment fees, or early repayment fees. Know the fees beforehand. This helps you plan your money better and avoids surprises while repaying the loan.

Opay takes transparency and provides clear terms and conditions seriously. It is important to read and fully comprehend the loan agreement before signing it.

Okash Loan Interest Rate

Rates range from 0.1% to 1% daily, 5% to 10% monthly, and 36.5% to 360% annually. Expect origination fees ranging from N1,299 to N6,000.

The duration of the loan is 91 days for the shortest tenure and 365 days for the longest tenure.

<<Learn MoreTop 10 Loan Apps in Nigeria (With User Ratings)

Common Concerns and Alternatives

Loan Rejection:

While Okash strives to be accessible, sometimes, your loan application might not get approved. Some common reasons for rejection include:

  • Insufficient income or lack of stable income source.
  • Poor credit history or existing debt obligations.
  • Incomplete or inaccurate information on the application.
  • Not meeting the age or residency requirements.

If your application is rejected, don’t be discouraged. Review the feedback provided (if available) and address any shortcomings. Wait for 30 days, then apply again with better information or improved finances.

Alternatives to Borrowing:

Think about other options that might be better for you before you apply for a loan.

  • Budgeting and saving: Create a budget. Keep an eye on what you spend to find ways to save money. Even small savings can accumulate over time and help cover unexpected costs.
  • Negotiating with creditors: If you have debts, talk to the people you owe money. Ask if they can lower the interest rates or give you more time to pay.
  • Seeking government assistance: Check out government programs that can help with money for certain things like school or health
  • Asking family or friends: If you can, ask family or friends for a loan. Make sure to talk openly and write down the details to avoid any confusion.

Remember, borrowing money should be a last resort. Look closely at your choices. Pick the solution that matches well with your money situation and future plans.

How To Repay Opay Loan

If you get a loan, you’d need to repay the loan. Follow these steps to learn how to repay an Opay loan:

  1. Open the Opay loan app.
  2. Log in with your phone number and password.
  3. Go to the “Loans” section.
  4. Select the loan you want to repay.
  5. Choose your preferred payment method (Opay wallet, linked bank account, or debit card).
  6. Enter the payment amount and confirm.
  7. You’ll receive a confirmation message upon successful repayment.

Opay Loan Approval Process

Opay assesses applications based on various factors, including income and credit score. You can track your application status within the Opay app.

Maximum or Minimum Amount You Can Borrow on Opay

The current maximum loan amount on Okash is N50,000, while the minimum is N3,000. However, Opay Merchant Loan offers short-term loans of up to N1 million and long-term loans of N5 million.

How Much Can I Borrow from Opay for the First Time?

The amount you can borrow from Opay for the first time depends on your credit history and transaction records. Opay evaluates these factors to determine your eligibility and loan limit.

Can I Borrow Money from Opay Without BVN?

No, you can’t. Borrowing money from Opay generally requires a Bank Verification Number (BVN). The BVN is crucial for verifying your identity and maintaining financial security. To check your BVN, see our guide.

Steps to Borrow Responsibly on Okash:

  1. Eligibility: Ensure you meet the basic requirements:
    • Nigerian resident aged 20-55.
    • Valid BVN and ID.
    • Active phone number and email.
    • Regular source of income or valid reason for needing a loan.
  2. Download the Opay app: Available on Google Play and App Store.
  3. Register for Okash: Create an account and link your bank details.
  4. Choose your loan: Select the desired amount and repayment period.
  5. Review terms: Carefully read and understand interest rates, fees, and repayment details.
  6. Submit application: Provide accurate information and complete the process.
  7. Await decision: Opay will inform you of the decision within minutes.
  8. Repay responsibly: Make timely payments to avoid penalties and build a positive credit history.


  • Borrow only what you can comfortably repay within the chosen timeframe.
  • Consider alternative options before taking a loan.
  • Understand the full cost of borrowing, including interest and fees.
  • Repay on time to avoid penalties and maintain a good credit score.

Final Thoughts

Conclusively, borrowing money from Okash is easy and can help you when you need finances. After reading our guide, you’ll know more about applying for an Opay loan, who can apply, and how to pay it back.

Remember, before getting a loan, carefully check the rules, and use our tips to increase your chances of approval.

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