How Much Can I Borrow from Opay For The First Time

How Much Can I Borrow from Opay For The First Time

In Nigeria, Fintech companies and online loan app companies have made it very easy for everyone to access loans from the comfort of their home. In addition, you don’t have to worry about providing collateral or any document to access loans from these loan apps, unlike traditional banks.

Read my post on how to borrow money on PalmPay

Opay is a popular mobile-based platform that allows you to carry out various financial transactions including fund transfers, buying airtime and data, paying bills, and obtaining instant loans. However, users who wish to obtain a loan from Opay have to use the subsidiary app, Okash.

Okash or Opay loan is a feature offered by Opay to allow users access to instant loans from the comfort of their smartphone. The most interesting fact about using the loan app is that the interest rate varies depending on the loan amount and loan term. If you want to know more about OKash and how much you borrow as a first-time user, then you are in the right post.

Overview on Okash

Okash loan app is a subsidiary of Opay. The app was designed to help their users easily access funds to meet their financial problems. With Okash, users can access a minimum of N3,000 and a maximum of N500,000 within minutes without any Collateral.

However, like any other loan app, Okash allows first-time users to borrow a maximum of 50,000. Over time, your credit limit would be increased when you continually use the app. It is important to know that if you fail to repay the loan by the due date, it usually affects your credit score.

Opay Loan Requirements

The following are the required documents or information needed to be eligible for an Opay loan

You must be a Nigerian
You must be at least 18 years old and above
You must have an active bank account with Opay or any other commercial bank
You must provide your Bank Verification Number (BVN)

How To Create an Account with OKash

Below are the steps on how to create with Okash

Visit your playstore to download the Okash app (unfortunately Okash app is not yet available for iPhone users)
Input your number to create an account
Enter the OTP code sent to the phone number
Create your four-digit PIN and accept the Terms and Conditions
Give Permission to the app to complete the account creation.

How To Borrow Money from Okash

Below are the steps on how to borrow from Okash app

Log in to your account
Fill in your 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 in the app
Enter the amount you want to borrow and E-sign the loan agreement
After signing, the approved loan amount will be credited to your account.

How To Repay Loan on Okash

The following are steps on how to repay Okash loans

Log in to your Okash account
Click on Make a repayment and provide all the required details
Click on the Repay button and enter your PIN to complete the transaction.

Opay Loan USSD Code

Opay USSD code is *955#. However, as of when the post was written, you can’t use the USSD code to obtain an instant loan from Opay. You have to download the Okash app to access instant loans with low interest rates and flexible repayment plans.


Can a new user borrow money from Opay?

Yes, new users can borrow money from Opay but you need to download the OKash to access instant loan.

Is it safe to bank with Opay?

It is very safe to bank with Opay. Opay is licensed by the Central Bank of Nigeria and all deposits are insured by NDIC.

Where is Opay headquarters located?

Opay headquarters is located at Alexander House, Otunba Jobi Fele Way, Ikeja, Lagos.

Conclusion: How Much Can I Borrow From Opay For The First Time

Okash is a feature offered by Opay to allow users access to instant loans from the comfort of their smartphone. It allows first-time users to borrow a maximum of 50,000 in minutes without any collateral. However, your credit limit will be increased when you use the app continuously.

Thank you for reading this article and I hope you got a lot of useful information from the post. Please drop your comment and share the post with your loved ones and friends

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