Recently, there has been a surge in the number of fintech companies in Nigeria that offer loan services to their customers. These fintech companies enable their users to take a loan to meet their financial needs hence giving them financial peace of mind. One of such fintech companies that has gained popularity is Opay platform.
The Opay loan is also called an Okash loan, so don’t be confused if we use them interchangeably during the course of our discussion.
Like other online lending companies, Opay has its own policies that regulate their activities when it comes to giving out loans. Hence, customers are expected to meet these criteria before they can qualify for a loan at Opay platform. But the good news is that they offer collateral free loans.
1. How Much Loan Can I Take From Okash?
The loan amount that customers can take from Okash is not fixed because it is normally determined by several factors like credit score, creditworthiness among other factors.
Nevertheless, the loan amount that a user can take from Okash ranges from N3,000 to N50,000.
2. Okash Loan Interest Rate
The Okash Annual Percentage Interest(APR) rate ranges from 36.5% – 360% but the daily interest rate ranges from 0.1% – 1%.
Additionally, apart from the interest rate, you’ll also pay an origination fee with your loan which is between N1,299 to N6,000.
3. Okash Repayment Plan
The repayment plan for the Okash loan is between 91 days – 365 days depending on the agreed terms.
4. Okash Loan Requirement
To qualify for the Opay loan, customers are expected to meet these eligibility criteria. The requirements are outlined below:
- The applicant must be between the age bracket of 20 to 55 years.
- You’re expected to have a steady and stable source of monthly income.
- You must be resident in Nigeria.
- The applicant must have a functional Bank Verification Number(BVN).
- You must have a valid means of identification like National ID card, Voter’s card, Driver’s license etc.
5. How To Apply For An Okash Loan?
To apply for the Opay loan, follow the simple steps below:
- Download the Opay app from Google Play Store or Apple Store.
- Open the app and register with your details.
- Go to the loan section.
- Access the loan that you’re qualified for.
- Go through their terms and conditions.
- After reviewing their terms and you’re okay with it, then confirm your loan request.
- Finally, your loan amount will be disbursed to your account in a matter of minutes.
6. How To Repay Okash Loan
To pay off your Opay loan, follow the steps outlined below:
- Go to your Opay app.
- Sign in to your account with your details.
- Tap on the ‘’make a repayment’’ button.
- Enter the relevant details.
- Finally, tap on the ‘’REPAY’’ button.
The Opay loan repayment process is automated such that a certain percentage of the loan amount will be deducted from your account whenever the repayment is due so long as you’ve the sufficient balance in your bank account. Hence, you may not need to follow the above steps if you have enough balance in your account before the due date.
7. Okash Loan Review
Our check on different forums like Truespilot, Google Play Store where people review apps reveals that users have diverse views about the Opay Loan App.
On Google Play Store, we found out that over 5 million users have downloaded the app. The app has 4.2 stars ratings from over 160k reviews which is slightly good for the platform of its nature.
On Google Play Store, Fyshy Efe Meshack has this to say: ‘’I have been using this app for 4 months now, their services were good but they changed recently and I don’t know why? Instead of increasing my loan credit, it was drastically reduced, my loan history was wiped out, the new loan interest is extremely high, new loans are always lower with ridiculous high interest rates up to 30 percent. I have uninstalled the app, their way of operation is fraudulent’’.
On the other hand, my favs angelwright shares her experience: ‘’This is my first time ever commenting on any app. This platform is terrible especially with their customer service. They’re very insensitive to their customers. Instead of providing a forum where a debtor can extend time with interest charges, they rather choose to call you every second and the worst part is that the call isn’t conversational at all. As if they’re using AI to reach their customers. So annoying! Don’t ask for a loan here if you don’t want to die of frustration from calls’’.
Okash Loan Summary
The Opay loan is summarized in the table below
|Loan amount||N3,000 – N50,000|
|Interest rate||36.5% – 360% (APR)0.1% – 1%(Daily)N1,299 – N6,000 origination fee|
|Repayment plan||91 – 365 days|
|Age range||20 – 55 years|
Opay is one of the leading fintech companies in Nigeria that offers collateral free loans to their customers.
However, they have their terms and conditions. Hence, it is important to understand their terms to enable you to make informed decisions before opting for their loans.
By following the steps outlined in this article, you’ll be able to take a loan from Opay and still repay it seamlessly.