Opay /Okash Loan Review: Requirements, Interest Rate

You’ll agree with me that borrowing money from the bank is so old school and comes with a lot of stress and high blood pressure.

Aside from the fact that you’ll need a lot of paperwork, you’ll constantly live under the fear of losing what you used as collateral if unfortunate circumstances occur and you can’t pay back the bank.

More so, the application procedure is stressful. After the application process, the worst part is that they might find you unworthy of the loan and not give you the loan after the strenuous process.

Opay loan

But that’s not the case with a reliable loan app. Although you might not get the exact amount of money you need from the loan app, maintaining a good record with a loan app would eventually make them release a considerable sum of cash to you to meet your need.

Looking for a reliable loan app? Okah/ Opay makes the list of legit and reliable loan apps in Nigeria. Let’s dive into what they’re about and all you should know about them.

What Is OPAY/ OKASH Loan?

You’re already familiar with the Opay brand if you’re a true Nigerian. They had quite a lot of subsidiary brands underneath them. Some of these subsidiaries cater to food and grocery deliveries, payment services, Mass transportation, etc.

The Opay/ Okash loan app is one of its many subsidiaries. With the Okash brand, Opay gives out loans to Nigerians who need personal loans to fulfill a specific need, with the promise and agreement to pay at an appointed future date.
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The best part is that you can also obtain business loans from Okash. If you’re curious about the brain behind the Opay brand, it is none other than the legendary Opera browser, which is pretty evident in the name Opay.

In case you’re wondering, Opay is short for “Opera Pay,” It caters not only to money-lending but also to perform some related financial services like purchasing and sending airtime and data, POS withdrawal, etc.

Specifically, Okash is a subsidiary under Opay that handles the money lending services.

How Do You Apply?

Borrowing money from Opay is not difficult at all. You need to follow some steps. Since it is a mobile-based platform, you’ll experience convenience and ease when using the service.

Follow the steps below to borrow money from Okash, the subsidiary of Opay that operates the money-lending platform.

  • Get the App: Since this service operates on a mobile-based level, you need to download the Okash app from Google Playstore to get started. You’ll need to be connected to the internet to download the app on your mobile device successfully.
  • Create an Account: After successfully downloading the app, Sign up or create an Okash account. You’ll need to provide your personal information like your full name, email address, phone number, and a secure password to successfully create the account. You’ll need to use a valid phone number as they would send a verification code to your phone number to activate the account.
  • Fill in Your Details: The next stage is to fill in your details. Okash would present you with a form to fill in more private information like your BVN, place of work, the amount you earn monthly, etc. All the information you provide is safe with Okash. But they need this information to determine how much loan amount you qualify for.
  • Loan Offer: After you’ve successfully filled in your details, the loan app will provide you with the loan amount you qualify for. Usually, the minimum amount anyone can be eligible for on the app ranges from three thousand naira (N3,000) to fifty thousand naira (N50,000). Punch in the amount you want to borrow from Okash (it must be within the loan limit provided for you) and apply for the loan. Please wait for the approval and watch the money enter into your account once approved. Approval doesn’t take long.
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Download Opay App From Play Store

OKASH Loan Requirements

Before you can qualify for any amount of money from Okash, you’ll need to provide all the information on their requirement list. That’s how they’ll determine the loan amount to be awarded to you. Some of these requirements include;

  • Valid means of identification that prove you’re a resident of Nigeria.
  • DOB that proves you’re within the age of 20- 55 years of age.
  • You must be willing to state the purpose of the loan
  • BVN.
  • Valid account details.

Once you fit into this description, you’ll quickly get a loan from OKASH.

OKASH Interest Rates

Okah has a unique interest rate system. They offer a daily interest rate from o.1% to 1%. When you look at this interest rate through the lens of an annual cumulative interest rate,

it amounts to figures between 36.5% and 360%. Aside from the interest rate, you’ll be required to pay an origination fee that’s usually added to your loan.

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This fee ranges from N1,299 to N6,000, depending on the loan amount you’re collecting from Okash and the duration. Now, you can pay back what you borrow from Okash between 91 days and 365 days.

What determines the duration period is your credit history and record with Okash. As you pay back diligently, you’ll be rewarded with a duration period extension and loan limit increase.



  • Top-notch secure loan processing.
  • Fast and high approval rates.
  • Loyal customers would get incentives in the form of bonuses quite often.
  • Fast and easy application and sign-up process.


  • Your privacy is not secure.
  • You would mostly get short-term loans.
  • Flexible but high-interest rates
  • The loan limit is N50,000.

OKASH Repayment

You can repay the Okash loan via the USSD code *955#. You can also pay directly on the app via the ATM you provided on the platform.

Ensure the ATM is linked to a valid account so that you can initiate a withdrawal to pay back the loan amount you got and the interest. You could also save yourself the stress and initiate the automatic debit option.


4 thoughts on “Opay /Okash Loan Review: Requirements, Interest Rate”

  1. I don’t have any have any problem with okash because it help many people may God bless this organisation ,but I want to know the total amount of interest on ₦300,000 because I want to apply for it.

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