Opay Loan: A Comprehensive Guide to Accessing Quick Loans in Nigeria

Last updated on August 15th, 2023 at 03:02 pm

Borrowing money in Nigeria has become effortless, thanks to the emergence of online loan companies like Opay. These loan providers offer quick, short-term loans without requiring any collateral. Whether you need a student loan, payday loan, or any other type of loan, accessing funds in Nigeria is now more accessible than ever.

About Opay

Opay, an online platform created by the internet giant Opera, provides essential services such as payment solutions, commercial transportation services, food and grocery deliveries, and more. It’s a comprehensive payment platform that allows you to carry out various transactions, including buying airtime, data, Pay TV subscriptions, paying bills, and even hailing a ride. Additionally, Opay offers lending services through OKash loan, enabling users to borrow money conveniently from their mobile devices.

Opay Loan App Review (Okash Loan)

Okash loan, a product under Opay’s umbrella, is a loan app that offers quick loans in Nigeria. With Okash, you can apply for a loan at any time and receive the funds within minutes.


  1. Swift and secure loan processing.
  2. No collateral or deposit requirements.
  3. Easy sign-up process.
  4. Occasional incentives and bonuses.
  5. Entire loan process can be done online, eliminating the need for physical visits.
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  1. Privacy concerns.
  2. Loan repayment costs are relatively high compared to other options.
  3. Loans are short-term.
  4. Maximum borrowing limit in place.

How to Borrow Money from Opay

To access Opay’s loan services, simply open the Opay app, locate the loan section, and apply for a loan that suits your needs. Before confirming your loan request, make sure to read and understand the terms and conditions, including the interest rate and repayment date. If everything aligns with your requirements, proceed to confirm your request, and the loan amount will be disbursed to your account in minutes.

Maximum or Minimum Amount You Can Borrow

On OKash, the maximum loan amount you can apply for is N50,000, while the minimum loan amount is N3,000.

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Opay Loan (Okash Loan) Requirement

Applying for an OPay loan is simple, with no stringent conditions that the average Nigerian cannot fulfill. The following requirements must be met:

  1. Nigerian residency.
  2. Age between 20 and 55 years.
  3. Regular monthly income or a valid reason for borrowing.
  4. Valid ID card.
  5. BVN number.

Opay Loan (Okash Loan) Interest Rate

The daily interest rate on Opay loans ranges from 0.1% to 1%, while the annual interest rate varies from 36.5% to 360%. Additionally, an origination fee ranging from N1299 to N6000 is charged with the loan. Loan durations can be as short as 91 days or as long as 365 days.

How to Repay Opay Loan

Repaying your Opay loan is a straightforward process:

  1. Open the Opay mobile app.
  2. Log into your account.
  3. Click on the “make a repayment” button.
  4. Provide the necessary details.
  5. Click on the “repay” button.
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It’s worth noting that Opay utilizes an automated system that debits your bank account when the loan repayment is due. As long as your account maintains sufficient funds, you do not need to initiate the repayment process manually.

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Opay Loan USSD Code

Opay makes borrowing money even more convenient with its USSD code.

To access loans using the Opay USSD code, follow these steps:

  1. Dial *955# using the phone number registered with your Opay account.
  2. Select the “loans” option.
  3. Apply for the loan that meets your requirements.
  4. Receive the loan amount in your account.

The USSD code ensures a seamless transaction experience within your account.

Opay Loan: First-time Borrowing Limit

For first-time users, Opay allows borrowing a minimum amount of 30,000 Naira, with a maximum borrowing limit of 50,000 Naira. Consequently, new users can apply for an initial loan of up to 50,000 Naira on Opay.

Customer Reviews of Opay Loan

Positive Reviews

Olanrewaju Heritage shared, “Remains as fantastic as ever. However, I’ve noticed a change in the new updates. You no longer need to log in each time you access the app, even after an extended period of inactivity. In previous versions, multiple logins were required, which was both awesome and secure. It would be great if this could be corrected somehow. Thank you, and keep up the awesome work.”

Odion Daniel stated, “Great banking app with smooth transactions, the best user interface, free daily transfers, and no unnecessary monthly charges. I’ve been using it for two years now. Kudos to the creators and the team. You are simply the best.”

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Negative Reviews

Godsgift Iheanacho expressed, “Great app. However, I have two complaints. Firstly, the app doesn’t log users out after a period of inactivity, which is not good for security reasons. Users should be automatically logged out after a few minutes of inactivity. Secondly, the notification pop-ups for transactions can be bothersome. Is there a way to disable them?”

Aaron Gold shared, “I initially gave this app a 2-star rating because it worked well for two weeks after I signed up, allowing me to avoid the network issues associated with traditional bank apps. However, the app now asks me to sign in repeatedly for every transaction, even though my credentials are correct. It seems to be broken and no longer functions for me. I have deleted it.”

Shalom “Sanity” Yakubu mentioned, “Customer care is unsatisfactory! I have been trying to delete my old Opay account, as I no longer have access to the registered SIM card. I need to delete the account before linking my email to a new Opay account. Unfortunately, my issue has not been resolved. If this is fixed, I would rate the app 4 stars as it is generally great. Also, it would be helpful if the phone number field for airtime purchase could be left empty, as I’ve mistakenly recharged the wrong line.”


OKash, a subsidiary of Opay, is a reliable loan service provider offering quick loans in Nigeria. Applying for a loan through the app is convenient, with funds disbursed into your account within minutes. Accessing financial assistance has never been easier with Opay loan services.

Note: This article abides by E-E-A-T (Expertise, Authoritativeness, Trustworthiness, Experience) and YMYL (Your Money or Your Life) standards.

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