Opay Loan (Okash) – Everything you need to know on how to access Opay loan

opay loan

Are you in need of a quick loan in Nigeria? Opay loan provides a convenient and hassle-free solution for borrowers looking to access funds quickly. This comprehensive guide will explore everything you need about borrowing money from Opay, including the loan app review, requirements, interest rates, repayment options, and customer reviews. 

About Opay

Opay, short for Opera Pay, is a mobile-based platform that offers a wide range of financial services, including payment transactions, commercial transportation services, food and grocery deliveries, and more. Founded by the internet giant Opera, Opay has gained popularity in Nigeria with its user-friendly interface and convenient features.

Opay Loan App Review (Okash Loan)

Opay loan allows users to borrow money easily through their Okash Loan app. The app offers a straightforward process for loan applications, making it a popular choice among borrowers in Nigeria.


Pros of Opay Loan:

  • Fast and secure processing of loan payments.
  • No collateral or deposit requirements.
  • Easy sign-up process.
  • Occasional incentives and bonuses.
  • Convenient online application process.

Cons of Opay Loan:

  • Privacy concerns related to data collection.
  • Relatively higher cost of loan repayment compared to other options.
  • Short-term loan durations.
  • Maximum loan amount limitations.
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How to Borrow Money from Opay

Accessing a loan from Opay is a straightforward process. By following these steps, you can easily apply for and receive a loan from Opay:

  1. Download the Okash Loan app from your mobile app store.
  2. Create an account by providing your active phone number and creating a password.
  3. Complete your profile information, including personal details and employment information.
  4. Grant the app permission to access certain mobile device features for evaluation purposes.
  5. Link your bank card to facilitate loan payments and identity verification.
  6. Provide your bank account details where the loan amount will be disbursed.
  7. Choose your desired loan amount and submit your loan request.
  8. Review the loan terms and conditions, including the interest rate and repayment date.
  9. Confirm your loan request, and once approved, the money will be credited to your account within minutes.

Maximum or Minimum Amount You Can Borrow

Opay allows borrowers to access loans ranging from a minimum of N3,000 to a maximum of N50,000. The loan amount you can apply for depends on your eligibility and the information provided during the application process.

Opay Loan (Okash Loan) Requirement

To qualify for an Opay loan, you need to meet specific requirements, including:

  • Nigerian residency.
  • Age between 20 and 55 years.
  • Proof of a source of monthly income or a valid reason for needing the loan.
  • Valid identification card.
  • Bank Verification Number (BVN).

Opay requires these requirements to ensure that borrowers can repay the loan and to protect both the borrower and the lender.

Opay Loan (Okash Loan) Interest Rate

The interest rates for Opay loans vary depending on the loan amount and the repayment term. The daily interest rate ranges from 0.1% to 1%, while the annual interest rate ranges from 36.5% to 360%. An origination fee is also charged with loan amounts ranging from N1,299 to N6,000. Considering these interest rates and fees when applying for an Opay loan is important.

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How To Repay Opay Loan (Okash Loan)

Repaying your Opay loan is a simple process. You can choose from the following repayment options:

  1. Repay using your Opay balance: If you have sufficient funds in your Opay balance, you can use it to repay your loan directly through the app.
  2. Automated Direct Debit (ADD): Set up automatic loan repayments using your bank account details, such as your ATM card or account number. This ensures timely repayments and avoids any additional charges.

It’s crucial to repay your loan on time to avoid penalties and maintain a good credit score.

Opay loan USSD code

If you prefer not to use the Okash Loan app, you can borrow money from Opay using their USSD code. Dial *955# on your mobile phone and follow the instructions to access loans through Opay.

How much can I borrow from Opay for the first time?

For first-time users, Opay allows a minimum loan amount of 30,000 Naira and a maximum loan amount of 50,000 Naira. The specific loan amount you can borrow depends on various factors, including your creditworthiness and repayment history.

What Customers have to say About Opay Loan

Opay loan has received both positive and negative reviews from customers. Here are some customer testimonials:

Positive Reviews:

  • “Opay loan app remains as fantastic as ever. The easy login process and quick loan disbursement make it my go-to choice for accessing funds.” – Olanrewaju Heritage.
  • “Great banking app with smooth transactions and no unnecessary charges. I’ve been using Opay for two years now, and it has been a reliable platform.” – Odion Daniel.
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Negative Reviews:

  • “I have concerns about the app’s security as it doesn’t log the user out automatically after a period of inactivity. There should be an option to turn off transaction notifications as well.” – Godsgift Iheanacho.
  • “After two weeks of using the app successfully, I encountered constant sign-in issues. The app repeatedly asked me to sign in, making it unusable for me.” – Aaron Gold.


Opay loan (Okash loan) offers a convenient and accessible way for individuals in Nigeria to borrow money quickly. With its user-friendly app and straightforward application process, Opay has become a popular choice among borrowers. However, it’s essential to consider the interest rates, repayment terms, and customer reviews before applying for a loan. By understanding the requirements and terms, you can make an informed decision and effectively manage your finances with an Opay loan.

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