Opay is no longer a new name when it comes to the Nigerian 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 the 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.
Table of Contents
WHAT IS AN OPAY LOAN OR UKASH
Opay loan or Okash is a feature in the Opay app introduced by Opay in 2019 to enable individuals to request a microloan(small loan) from the comfort of their smartphone using the Opay app.
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 a loan. The process is Just like other microloan services we previously discussed in this post’s 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.
HOW MUCH CAN I REQUEST FROM THE 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.
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) monthly repaymenperiodsod while N50,000 has a 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 THE 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 the 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.
BENEFITS OF MICROLOANS LIKE OKASH
The one major benefit of using such a loan is it can help you to start a small business if you need capital to start a mini-business. It can also help you solve minor financial issues rather than running from pillar to post.