How to Borrow Money From Opay App Easily

As technology continues to advance and mobile phones become more accessible, fintech apps are on the rise in providing innovative financial solutions right from our smartphones. One such leading fintech app in Nigeria is OPay, created by the global internet company Opera.

OPay introduced an instant loan service feature called Okash in 2020 that allows users to easily borrow quick cash right within the app. So if you ever find yourself in a tight spot financially and need some extra funds to cover an expense, Opay’s Okash offers a quick and convenient way to access credit.

In this simple guide, we’ll walk through step-by-step on how OPay app users can quickly take an instant loan through Okash.

Overview of OPay Loans

While banks provide personal loans, it often involves extensive paperwork, long verification process, high interest rates and delayed disbursal of approved loan amounts. This creates problems when you need cash instantly to tackle a pressing expense.

This is where OPay loans proves extremely useful, by providing the following benefits:

Loan Amount: Borrow between 500 Naira to 500,000 Naira instantly
Quick Approval: Get loan eligibility decision in hours if not minutes

Disbursal: Receive loan amounts immediately in wallet on approval

Low Rates: Competitive interest rates starting 5% per month

Flexi-Tenure: Pick convenient repayment dates aligning cash flows

So if you ever face pressing financial situation and don’t have delay privileges, OPay loans provide quick fix to get cash in hand instantly by using your phone.

Understanding OPay Loan Charges

While a lot of aspects around OPay loans is user-friendly, you need to evaluate associated charges which are:

Upfront fee – 1% of loan amount

Interest fee – 5% to 15% charged monthly

Processing fee – Typically 1% to 3% of loan amount

Late repayment fine – 5% additional fee is applicable

While it’s not cheap money, for urgent loans it proves a lot more affordable than other informal lending options out there. Responsible borrowing with timely repayment is key to limit total financing charges paid.

How to Borrow Money From Opay App (Okash)

Step 1: Download the OPay App & Complete Registration

If you don’t already have the OPay app, first download it free either from Google Play Store or Apple App Store. OPay is available for Android, iOS and Huawei smartphone devices.

Once you have the app, complete the quick and easy self-registration process by adding your personal details like name, phone number, BVN etc. OTP verification will be required as well during registration to activate your account.

Step 2: Upload Required Documents for Account Verification

To be eligible for instant loans on OPay, you need to upload ID document like national ID card, voters card or drivers license as well as proof of address document like utility bill.

This is required under lending regulations for Money Lenders to verify identity and personal details of borrowers. Make sure pictures of your documents are clear for faster verification.

Step 3: Wait for Account Verification

After uploading documents, your account will need to be verified by OPay before loan requests can be made. Average verification times range from 5 minutes up to 1 hour.

You will receive notification from Opay when your account has been successfully verified and activated for borrowing loans using Okash service.

Step 4: Tap Okash & Select Desired Loan Amount

Once your account is verified, you can scroll down and tap on “Okash” feature icon in OPay app. This will open the instant loan page to initiate a new loan request.

You can use slider button or taps to select your desired loan amount. Loan amounts range from 500 Naira up to 500,000 Naira based on eligibility. Select amount you wish to borrow.

Step 5: Input Repayment Date & Confirm Details

Before confirming loan, you need to set intended repayment date when expecting to fully repay loan amount borrowed along with interest fee accrued.

Carefully review repayment date, loan amount and repayment breakdown including interest fee. Then check box to accept Okash terms and conditions.

Step 6: Authenticate via OTP & Receive Loan Credit

Last step is OTP authentication required to process approved loan disbursement. You will receive OTP to enter and submit as digital signature of loan contract.

Once authenticated successfully, you will get instant disbursement of approved loan amount directly to OPay wallet balance within few seconds.

Frequently Asked Questions

How much money can I borrow from OPay?

You can borrow anywhere from 500 Naira to 500,000 Naira through the OPay loans feature. The maximum limit offered depends on your creditworthiness.

What are the interest rates charged on OPay loans?

OPay typically charges between 5% to 15% interest per month, based on the loan amount, tenure, and your credit profile. Higher amounts for longer duration tend to have higher interest.

What documents do I need to provide to apply for an OPay loan?

You need a valid government ID proof and address proof to submit KYC documents for verification by OPay for loan approval.

How long does it take to get loan approval on OPay?

Most loan applications get processed within a few hours and you can receive the money in your account almost instantly once approved. But it can take up to 48 hours during busy periods.

How much time do I get to repay my loan?

OPay offers you flexible loan repayment tenure between 61 days to 180 days. Evaluate your repayment capability and pick a suitable date.

What happens if I miss my repayment date?

Late repayments negatively hurt your credit rating. If you expect delays, reach out to OPay immediately before the repayment deadline to avoid penalties.

Can I pay back only interest and extend my loan tenure?

No, partial payments are not allowed. The full principal loan amount along with all accrued interest must be paid as per contracted repayment schedule.

What if I want to repay before my repayment date?

Early repayments are allowed without any prepayment penalties. You can repay at any time ahead of tenure and save on extra interest.

How soon can I apply for another OPay loan after repaying one?

You need to repay existing loans and maintain good credit history for atleast 3 months before being eligible to take another loan.

Will taking too many loans from OPay impact my credit score?

Too many loans or repayments delays indicate credit risk. Avoid excessive borrowing and maintain repayment discipline to keep credit score healthy.


I hope this guide covered the quick and hassle-free process of how OPay users across Nigeria can access fast cash loans in minutes all through the OPay app.

Whether you have an unexpected bill to pay or arranging funds for a family emergency, the OCredit loan feature makes borrowing super convenient without paperwork or long approval delays.

Just follow the verification steps, select loan amount needed, get approved and receive instant disbursement right to your phone using OPay’s cutting edge fintech platform.

So next time any pressing financial needs arise, you know Opay offers the fastest way to get short term credit loans 24/7.

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