One of those companies that offer loans to help people in financial situations is Opay. `Owned by the tech company, Opera, Opay started in 2019 and introduced the Okash feature to their app which gives people the option of accessing small loans. The best part of this service is the fact that these loans are given without any collateral via the Opay loan code! We will be checking out how you can access an Opay loan without stress.
How much money can one borrow from Opay?
One can access a minimum of N3,000 and a maximum amount of N50,000 through Opay’s Okash app or the Opay loan code.
What qualifies one to be able to access an Opay loan?
There are a few requirements that can qualify one eligible for an Opay loan. They are:
- The applicant must have a valid ID card as means of identification.
- He/she must also be living in Nigeria.
- The person applying for the loan must be between the ages of 20 to 55 years of age.
- The applicant must also ensure that he/she has their Bank Verification Number (BVN) available.
- He or she must finally have a monthly source of income or give a reasonable explanation why he or she really needs the loan.
How to get an Opay Loan or OKash loan in 4 easy steps
Follow the steps below to access Opay loans:
1. Download the OKash app
Log on to your mobile app store, download and install the application on your device. Open it and accept the various permissions the app presents to have access to your phone.
2. Open an account
Open a new account if you are a first-time customer and fill in your details. Customers coming back to the app would have to sign in with their pre-registered login details.
3. Terms and Conditions
Read and accept the terms and conditions of the app to gain access to borrow money.
4. Request a loan
Here, you now have access to requesting a loan. You can rearrange the timeline of your loan, and what the repayment structure will be like. You can also check out the interest rates on the loan to guide you in making your decision.
What is the interest rate of an Opay loan?
For the Opay loan app, the interest is between a daily rate of 0.1% to 1%. The annual rate ranges between 36.5% and 360%. But before all these come to fruition, one has to pay an origination fee with one’s loan that extends from N1,290 and N6,000.
How long is it required to pay back an Opay loan?
For a short-tenure loan, the loan is expected to be paid back in 91 days, while for a long-tenure loan, the maximum time allocated to pay back is 91 days.
How do I repay an Opay loan I borrowed?
Opay automatically repossesses their loans through deductions in your bank account once your payment is due. This works as long as you have sufficient funds in the account of the registered bank.
In the event that this doesn’t happen, all you indeed to do to repay an Opay loan is the following:
- Open the app on your mobile device.
- Input your log-in details.
- Click on the “make repayment” icon.
- Input the required financial details.
- Tap the “repay” icon.
What is Opay loan code?
Opay USSD loan code is *955#. Dail it from any mobile device and gain unparalleled access to their offers. But there is a catch. You must have an account with them.
Frequently Asked Questions (FAQs)
Here are answers to some frequent questions asked by customers regarding the Opay loan.
What are the advantages of accessing an Opay loan?
- It is fast
- It is secure.
- It requires no collateral.
- No need to make deposits.
- You can access the loans from the comfort of wherever you are.
Why would it not be advisable to get an Opay loan?
- Your privacy is compromised. They have access to your contacts and other personal information.
- The interest rates may be way higher than other loan avenues.
- The maximum amount offered may be too small for some.
- The loans are mostly accessible for the short term.
In conclusion
An Opay loan code could be the best thing that ever happens to you in times of need and all, but always ensure that you get to understand the terms and conditions of any loan company before you get your hands stuck in their cookie jar.
