How Much Can I Borrow from Opay For The First Time: In Nigeria, the emergence of Fintech companies and online loan apps has simplified the process of accessing loans from the convenience of your home.
Opay, a popular mobile-based platform, offers various financial services, including instant loans through its subsidiary app, Okash.
Overview on Okash
Okash is designed to provide users with easy access to funds to address their financial needs. As a first-time user, you can borrow a maximum of N50,000. The app offers the flexibility of accessing funds ranging from a minimum of N3,000 to a maximum of N500,000 within minutes, and the best part is, that no collateral is required.
It’s worth noting that your credit limit may increase over time as you continue to use the app. However, timely repayment is crucial, as failure to repay by the due date can impact your credit score.
Opay Loan Requirements
To be eligible for an Opay loan, you need to meet the following criteria:
- Nigerian citizenship
- Age of 18 years or above
- Active bank account with Opay or any other commercial bank
- Bank Verification Number (BVN)
How to Create an Account with Okash
- Download the Okash app from your Playstore (currently unavailable for iPhone users).
- Input your number to create an account.
- Enter the OTP code sent to your phone.
- Create a four-digit PIN and accept the Terms and Conditions.
- Give permission to complete the account creation.
See Also: How to Send Money To Bolivia
How to Borrow Money from Okash
- Log in to your Okash account.
- Fill in basic information such as first name, date of birth, BVN, and email address.
- Take the face verification test, and your credit limit will be revealed.
- Enter the desired loan amount and E-sign the loan agreement.
- Once signed, the approved loan amount will be credited to your account.
How to Repay Loan on Okash
- Log in to your Okash account.
- Click on “Make a repayment” and provide the required details.
- Click on the “Repay” button and enter your PIN to complete the transaction.
Opay Loan USSD Code
Opay’s USSD code is *955#, but at the time of writing, instant loans cannot be obtained through this code. You need to download the Okash app for quick access to loans with low interest rates and flexible repayment plans.
FAQs
Can a new user borrow money from Opay?
Yes, new users can borrow money from Opay by downloading the OKash app.
Is it safe to bank with Opay?
Yes, it is safe to bank with Opay. The platform is licensed by the Central Bank of Nigeria, and all deposits are insured by NDIC.
Where is Opay headquarters located?
Opay’s headquarters is situated at Alexander House, Otunba Jobi Fele Way, Ikeja, Lagos.
Conclusion
Okash, a feature offered by Opay, provides a hassle-free way for users to access instant loans. First-time users can borrow up to N50,000 without the need for collateral, and with responsible use, the credit limit may increase over time.
We hope this guide has been informative. Feel free to drop your comments and share the post with your loved ones and friends.