Opay Loan and all you Need to Know about Opay Loan App

Opay Loan and all you Need to Know about Opay Loan App

Opay is no longer a new name when it comes to the Nigeria mobile money industry as POS terminals managed by different agents are spread across different cities in the country. But with Opay loan, the case is different because not so many people are currently aware of the existence of Okash which is why I’m writing this post.

In this post, you will get to know details about Opay loan, how it works, how much loan you can request, terms of payment, interest rate and how long it takes to get the loan.

What is Opay Loan or Okash

Opay loan or Okash is a feature in the Opay app introduced by Opay in 2019 to enable individuals to request for a microloan(small loan) from the comfort of their smartphone using the Opay app.

Read also: Opay User Guide and How to Get a free POS

How it Works 

The loan feature in Opay is easy to use, all you have to do is install the Opay app, complete the registration process, then login to the app and click on the loan option in the app to request for a loan. The process is Just like other microloan services we previously discussed in this post top Ways to Get Loan in Nigeria Without Collateral. But the major difference here is the initial amount (N30,000 and N50,000) which you can request is quite higher than that of Pay Later(Caborn), Fairmoney and other microloan apps and services outlined in the above link. 

The similarities include; instant loan disbursement to qualified persons. the percentage charged and payment duration. More on this later.

Read also: 3 Ways to Get Loan as an SME in Nigeria

How Much Can I Request from Opay Loan App?

Just as stated above, the minimum about you can request from Okash at the moment is 30,000 Naira while the maximum as a first time user is 50,000 Naira. You can request a higher amount after repayment of the initial loan just like in other microloan apps.

How Long Does it Take to Get a Loan from Opay?

Just like other microloan services, the Opay Okash is an instant loan service which means you can get the loan almost instantly provided the automated system approves your request to get a loan. The approval is done within a few minutes of requesting a loan with the help of the loan calculator which “I” think runs a background check on your banking activities to know if you are capable of repaying the requested amount. Once approved, your loan will be disbursed into your dashboard from which you can transfer to any account of your choice.

Read also: HOW TO START A SMALL SCALE BUSINESS WITHOUT CAPITAL

OKash Terms of Payment 

The terms of payment or repayment process vary depending on the amount you are requesting. They have two options for first-timers which depend on the amount you are requesting. For 30,000, you are given two(2) months repayment period while N50,000 has three(3) months repayment period. We will verify the duration for a higher amount and update that as soon as possible.

What is the Interest Rate of Okash Loan(Opay Loan Interest Rate)?

Since Okash from Opay is not a grant or an interest-free loan, it has an interest rate and we have worked out the interest rate.

The interest rate for Opay loan is 19.8 percent(%) for N30,000 and 22.5 percent (%) for N50,000. This can be verified by doing the calculation of the repayment amount depending on the requested amount. For N30,000 Naira simply divide 30,000/100 = 300. Multiply 300×19.8 = 5,940 and 50,000/100 = 500×22.5 =11,250.

Read also: From OPay to OBus The Journey of Opera into Nigeria Transport Industry

Benefits of MicroLoan like Okash

The one major benefit of using such a loan is it can help you to start a small business if you are in need of capital to start a mini-business. It can also help you solve minor financial issues rather than running from pillar to post.

Conclusion

Microloans are good when you have pressing financial needs and Okash is out to solve this problem but then, it can also leave you in debt; so it is important that you consider your options carefully before requesting a loan and also make sure you have the means to repay the loan at the end of the day. Don’t request for an amount you can’t pay and always check how important getting the loan at that moment is and if it’s worth it. To avoid running into too much debt, use other loan app options if you need a lesser amount than offered by the Opay loan app because you still have to pay in full. 

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