In recent years, Nigeria has witnessed a surge in online loan companies, with Opay leading the pack. This platform, backed by internet giant Opera, offers a range of essential services, including payment solutions, transportation services, food and grocery deliveries, and more.
Opay Loan App Review (Okash Loan)
Pros
- Fast and Secure Processing: Opay ensures quick and secure loan processing.
- No Collateral or Deposit: No need for collateral or deposit requirements.
- Convenient Sign-Up: The sign-up process is user-friendly and straightforward.
- Incentives: Users may receive bonuses and incentives from time to time.
- Online Accessibility: The entire process can be completed online, without the need for physical visits.
Cons
- Privacy Concerns: Some users may have concerns regarding privacy.
- Cost of Repayment: The cost of repaying the loan may be higher compared to other options.
- Short-Term Loans: Opay primarily offers short-term loan options.
- Maximum Borrowing Limit: There is a maximum cap on the amount that can be borrowed.
How to Borrow Money from Opay
- Access Loan Services: Open the Opay app, locate the loan section, and check for available loan options.
- Review Terms and Conditions: Take a close look at the interest rates and repayment terms. If agreeable, proceed to request the loan.
- Receive Funds: Once approved, you’ll receive the loan amount within minutes.
Maximum and Minimum Loan Amounts
- Maximum Loan: N50,000
- Minimum Loan: N3,000
Opay Loan Requirements
To apply for an Opay loan, you’ll need:
- Nigerian residency
- Age between 20-55 years
- Source of monthly income or a valid reason for requiring the loan
- Valid ID card
- BVN Number
Opay Loan Interest Rates
- Daily Interest Rate: 0.1% to 1%
- Annual Interest Rate: 36.5% to 360%
- Origination Fee: N1299 to N6000
- Loan Duration: 91 days (shortest) to 365 days (longest)
How to Repay Opay Loan
- Open the mobile app
- Log into your account
- Click on ‘Make a Repayment’
- Provide required details
- Click ‘Repay’
Please note that Opay employs an automatic debit system for loan repayments.
Opay Loan USSD Code
You can also borrow money from Opay using a USSD code:
- Dial *955# with your registered Opay number.
- Select the “loans” option.
- Apply for the loan you’re eligible for.
- Receive the loan in your account.
Customer Reviews:
Positive:
- Olanrewaju Heritage: [Positive feedback]
- Odion Daniel: [Positive feedback]
Negative:
- Godsgift Iheanacho: [Negative feedback]
- Aaron Gold: [Negative feedback]