Can Opay Borrow Me Money? How to Borrow Money from Opay (Okash Loan)

Are you looking for a quick and easy way to get a loan in Nigeria? Do you want to access a loan without collateral, paperwork, or physical visits? If yes, then you might want to consider Opay loan, also known as Okash loan.

Opay loan is a mobile-based lending service that offers short-term loans to Nigerians who need urgent cash. Whether you need money for personal or business purposes, Opay loan can help you meet your financial needs in minutes.

In this guide, i will tell you everything you need to know about Opay loan, how to get a loan from Okash, the benefits, requirements, interest rates, and repayment options. Oya take your popcorn let’s go.

What is Opay Loan (Okash Loan)?

Opay loan is a product of Opay, a mobile payment platform that offers various services such as money transfer, bill payment, food delivery, ride-hailing, and more. Opay was founded by Opera, the internet giant behind the popular Opera browser and Opera News app.

Can Opay Borrow me Money?

The answer is yes, Opay can borrow you money through its loan service called OKash. OKash is a micro-lending app that allows you to borrow up to N50,000 from Opay with a repayment period of 7 to 14 days. The interest rate varies depending on your credit score and loan amount, but it can range from 0.1% to 1% per day.

Okash is a subsidiary of Opay that provides the lending service. Okash was launched in 2018 and has since become one of the leading online loan providers in Nigeria. Okash uses artificial intelligence and big data to assess the creditworthiness of borrowers and offer them loans within minutes.

Read also: Can Palmpay Borrow Me Money?

Read also: How to Use USSD Code to Get Loan from Access Bank in Minutes

How to Get a Loan from Okash

Getting a loan from Okash is very simple and convenient. All you need is a smartphone with an internet connection and the Opay app. Here are the steps to follow:

– Download the Opay app from Google Play Store or App Store and register with your phone number.

– Log in to the app and tap on the Finance tab at the bottom of the screen.

– Swipe right to select the Loan option and choose either Easemoni or Okash. Easemoni is another loan partner of Opay that offers low-interest loans for longer durations. Okash offers higher-interest loans for shorter durations.

– Tap on Apply Now and fill in your personal details such as name, date of birth, gender, email address, bank account number, BVN, etc.

– Grant Okash permission to access your phone contacts, SMS, location, and other information. This is necessary for Okash to verify your identity and credit history.

– Choose the amount and duration of your loan. You can borrow from N3,000 to N50,000 for 7 to 30 days.

– Read and accept the terms and conditions of the loan agreement and submit your application.

– Wait for a few minutes for Okash to review your application and approve your loan.

– Once approved, you will receive an SMS notification and the money will be credited to your bank account or Opay wallet.

Benefits of Opay Loan (Okash Loan)

Opay loan has many advantages over other traditional or online lenders in Nigeria. Some of them are:

– No collateral or guarantor required. You can get a loan without having to provide any asset or person as security.

– No paperwork or physical visit required. You can apply for a loan from anywhere and anytime using your phone.

– Fast and easy approval. You can get a loan within minutes after submitting your application.

– Flexible repayment options. You can repay your loan through bank transfer, debit card, USSD code, or Opay app.

– Low eligibility criteria. You only need to be a Nigerian resident between 20 and 55 years old with a source of income and a valid ID card.

– Incentives and bonuses. You can get discounts on interest rates or cash rewards for referring friends or repaying on time.

Requirements for Opay Loan (Okash Loan)

To qualify for an Opay loan, you need to meet the following requirements:

– You must be a Nigerian resident with a valid ID card such as national ID card, driver’s license, voter’s card, or international passport.

– You must be between 20 and 55 years old.

– You must have a source of income or state the reason why you need the loan.

– You must have a bank account number linked to your BVN.

– You must have an active phone number registered with Opay.

Interest Rates for Opay Loan (Okash Loan)

The interest rates for Opay loan vary depending on the amount and duration of your loan. The minimum interest rate is 0.1% per day and the maximum interest rate is 1% per day. The annual percentage rate (APR) ranges from 36% to 360%.

For example, if you borrow N10,000 for 14 days at an interest rate of 0.5% per day, you will have to repay N10,700 at the end of the loan term. This means you will pay N700 as interest, which is equivalent to an APR of 182%.

Repayment for Opay Loan (Okash Loan)

Repaying your Opay loan is easy and convenient. You can choose from the following options:

– Bank transfer. You can transfer the amount due to the bank account number provided by Okash. Make sure you use your phone number as the reference or narration for the transfer.
– Debit card. You can link your debit card to the Opay app and authorize Okash to deduct the amount due from your card on the due date.
– Opay app. You can open the Opay app and tap on the Loan option. Then tap on Repay and choose either Wallet or Bank Card. If you choose Wallet, you need to have enough balance in your Opay wallet. If you choose Bank Card, you need to link your debit card to the app.

It is advisable to repay your loan on or before the due date to avoid late fees and penalties. You can also repay your loan before the due date to reduce the interest amount. If you repay on time, you can improve your credit score and increase your loan limit.

Read also: Can Palmpay Borrow Me Money?

Read also: How to Use USSD Code to Get Loan from Access Bank in Minutes


Opay loan is a great option for anyone who needs a quick and easy loan in Nigeria. With Opay loan, you can get a loan without collateral, paperwork, or physical visit. You can also enjoy flexible repayment options and low eligibility criteria.

However, you should also be aware of the high interest rates and privacy concerns that come with Opay loan. You should only borrow what you can afford to repay and use the loan for productive purposes.

Ayodeji Kolawole

My name is Ayodeji Kolawole. Please note that I am not in any way affiliated with any company you read about on this blog. For more info email me on

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