Posted by: Editor Category: Loans Comments: 0

How To Borrow Money From Opay (Opay Loan)

Do you want a fast loan? One of the methods to get a quick instant loan is from Loan Apps even without collateral, The quickest and most trusted app right now in Nigeria is Opay – Okash app.

OPay is a digital banking app that enables users to buy data, Pay TV subscriptions, and airtime, send and receive payments via QR, borrow money with OKash Loan, and fund their betting accounts. even get a free transfer to other banks and cashback.

Opay is one of the apps that have been discovered to be legit in Nigeria that you can trust.

Opay is managed by Opay Digital Services Limited owned by Opay Inc (Opaycom).

Going through with Opay App to borrow a loan, you have to log in to your Okash account.

Are you interested in borrowing money from Opay but don’t know how to proceed? we are going to guide you through the step-by-step guide from creating an Okash account, the requirements to request a loan and the Okash loan interest rate.

We believe you already have an Opay account and just want to know how to borrow money from Opay, so we are going to deep dive straight into all you should know about an Okash account. before we proceed to get a loan from the Okash app, let’s see how to create an Okash account using the app.

opay loan


What is Okash All About

Okash is among the top loan app approved by CBN and has over 5M+ download on Playstore, but how does Okash works?

OKash is a Micro-lending product which is provided by Blue Ridge Microfinance Bank. Users can download OKash from Google Play and set up their loan account in seconds, select their preferred bank account, link their active bank card for repayment, fill out a set of questions, and get a decision on their loan application in minutes with paperless.

How To Create An Okash Account And Get Approved

  • Install the OKash APP from the Google Play Store.
  • Open the App.
  • Click on Register an Account.
  • Select the product you would like to apply for Cash loans, airtime loans, and store loans are available
  • Fill out your basic information, then submit the application.
  • After the submission, you may receive a call for verification.
  • You can see your account status on the Okash App and you will be informed by SMS if approved.
  • You have to E-sign the loan agreement after the approval.
  • After the E-sign, the approved loan amount will be sent to the account you provided

Okash Loan App Conditions (Eligibility)

  • You must be a resident of Nigeria in good standing.
  • You must be at least 20 years old and no older than 55. 
  • Income or a good cause why you need the loan.
  • You need to have a functioning credit account.
  • Source of Income

How to Use Opay to Borrow Money

You must satisfy certain eligibility requirements to apply for the Opay loan, Opay Loan is also known as Okash. here is almost the same procedure.

  • The OKash loan mobile app must first be downloaded from the Apple App Store or Google Play. It takes less than five minutes to register by creating an account and entering the required information.
  • Create an Account and register for the Okash program with a working phone number. Once finished, use the Okash loan app to apply for the Opay loan.
  • Select the type of credit you desire. Cash loans, airtime loans, and store loans are available. Any of the loans can be clicked to open a new tab. When you enter the necessary loan amount, information about the loan, including the interest rate and other crucial details, will be displayed.
  • Choose the loan’s goal from the six choices that are displayed and study the terms and conditions, and pay attention to the interest rate and the repayment schedule. They include business, everyday needs, medical, rent, education, and others. Choose the one that best fits your borrowing goal.
  • The app will now need access to your position as well as your call and SMS history and contact information. By dialling “Agree to Continue,” you give the app permission to view your phone’s location. 
  • You will need to update your personal information after the following stage. Correctly enter your name, BVN, gender, email address, closest bus station, and other personal details.
  • After entering your information, select “submit “ your credit request. You will receive your funds in your account in a matter of minutes.
  • BNV and a legitimate form of identity are required.
  • You must have an active phone number and email account.
  • You must have a device that can connect to the internet, such as a PC or smartphone.

OPay Loan Code

USSD banking is a type of mobile banking service that was first offered in the banking system of Nigeria many years ago. You can conduct transactions by dialling a short code on your mobile phone without the use of the Internet.

Before you can use the Opay loan USSD code, you must have an account with an Opay loan (Okash). Simply call *955# on your mobile phone and follow the prompts to begin the loan process.

Okash Loan Interest Rate

Opay’s interest rate is in the range between 0.1% and 1% per day, adding up to a yearly interest rate between 36.5% and 360%.

Mathematically how the interest is calculated.

For example,

91-day loan payment term

the interest is 9.1%.

For the loan processed with a principal amount of NGN 3,000, the interest would be NGN 273, and the total amount due would be NGN 3,237.

The total amount due in the first month would be N1,093, the interest would be N93,

the total amount due in the second month would be N1,090 and the interest would be N90,

the total amount due in the third month would be N1,090, and the interest would be N90.

This is the breakdown of how your interest rate + repayment is calculated on the Okash Loan App.


In Summary; You can only be able to borrow money from the Opay app through the Okash loan app and you need to meet the basic requirement to be eligible for a loan grant. Hope this guide helps you know How To Borrow Money From Opay.

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