Complete review of the Opay Loan app also known as Okash loan app has been provided on this page for your consumption. Nigerians can easily borrow money thanks to the recent explosion of internet lending providers. These businesses give their clients rapid, short-term loans without requesting any security. These days, getting a payday loan, a student loan, etc. in Nigeria is simple.
What is Opay?
OPay is a mobile-based platform founded by internet giant Opera that provides necessary services including payment, commercial transportation, food and grocery deliveries, among others.
Opera Pay is referred to as OPay. It is an extensive online payment system that enables a wide range of transactions. They consist of purchasing data, airtime, Pay TV subscriptions, paying electric bills, ordering food with OFood, sending and receiving payments with QR, investing with OWealth, borrowing money with OKash Loan, funding betting accounts, listing your goods and services with OList, and creating an online presence with OLeads.
Okash Loan App
The OPay group in Nigeria owns the loan app called Okash Loan. You can quickly obtain a loan in Nigeria with the help of the Okash lending platform.
- Loan payments are processed quickly and securely.
- There are no deposits or collateral demands.
- easy registration
- On occasion, they provide incentives like bonuses.
- On your mobile device, you can complete the entire process online. You are not required to physically visit.
- Privacy issues
- The cost of repaying a loan is considerable. Other, less expensive choices exist.
- Short-term loans are available.
- There is a limit to how much you can borrow.
How to Get Loan From Okash
The OKash lending mobile app must first be downloaded and installed on your mobile device. It takes fewer than five minutes to register by creating an account and entering the required information. For verification, you will have the choice of a call or SMS.
Use the app to apply for a loan; read the terms and conditions; and pay attention to the interest rate and the payback schedule. If all of the aforementioned is acceptable to you, submit your loan request, and you’ll receive your funds in a matter of minutes.
Is Okash Still Giving Loans?
The answer is YES Okash is still giving loans although, the parent company, Opay discontinued the services on the opay mobile app but the Okash services can still be accessed with the Okash mobile application which is available on the Google play store.
Minimum and Maximum Amount you Can Borrow on the Okash App
On OKash app, you can only apply for a maximum of N500,000 at any given moment. Applying for loans as low as N3000 is possible.
Okash Loan Application Requirements
Okash loan application requirements are very easy. The loan service is intended for all Nigerians and has no onerous requirements that prevent the average Nigerian from borrowing.
- The candidate must reside in Nigeria.
- The applicant’s age range must be between 20 and 55 years old.
- A monthly income source or a justification for needing the loan must be provided by the applicant.
- BVN Number (see how to check BVN)
- Valid ID Card
Okash Interest Rate
The annual interest rate is between 36.5% and 360%, while the daily interest rate is from 0.1% to 1%. In addition, you will be required to pay an origination charge with your loan, which can be anywhere between N1299 and N6000. The smallest length of the loan is 91 days, and the longest tenure is 365 days.
How to Repay Your Outstanding Okash Loan
- Lunch your Okash mobile application
- Access your account.
- To make a repayment, select the “make a repayment” button.
- Give all necessary information
- Press the “repay” button.
The platform uses a mechanism that automatically debits your bank account when your loan payback is due, which is a crucial detail to be aware of. This means that as long as your account balance is sufficient, you don’t necessarily need to follow the preceding steps. Loans can also be repaid by transferring the total outstanding loan amount to your Okash virtual account number.
Okash Loan USSD Code
*955# is the Okash USSD code. When you have an account created with the platform, You can conduct transactions on your account with ease thanks to the code.
In Nigeria, a trusted lending service provider that provides speedy loans is OKash which is also called Opay loan (a subsidiary of OPay). On the app, applying for a loan is simple. Within minutes, The total loan amount applied for is transferred to your bank account.
You are always welcome to explore other Loan apps in Nigeria.