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Opay Loan (OKash): How to Borrow Money and Payback, No collateral

Opay Loan (OKash): How to Borrow Money and Payback, No collateral


If you are looking for how to get a loan or borrow money without collateral, then Opay Loan (OKash) is definitely one of the best place and easiest way to get a loan in no time.

It is no doubt that if you are here on this post, you are definitely looking for a well in-depth post of Opay Loan (OKash) Including;
  • How it works
  • How to apply/get 
  • Repayment
  • And so on.
In this article, I would be explaining to you how to apply and get Opay loan (OKash) and how to pay back.

But before applying for Opay loan (OKash), here are some detailed information you need to know about OPay and OPay loan (OKash).


About OPay Loan (OKash)

The OKash service enables you, either as an individual or as an OPay agent as the case may be, to qualify to borrow small amounts of money over short periods of time (each a “Loan”). The Service is operated by Blue Ridge Microfinance Bank Ltd.

You know the good thing about (Okash) OPay loan? Everything can be done on your smartphone, no paperwork, no collateral and no referee is required to get this loan.

All you need to do is apply for the loan using OPay app or Okash app and wait for 5-30mins and your loan request would be granted if you're qualified.

Not leaving that behind,

How to qualify for OPay loan (OKash)?

To qualify for OPay loan (OKash), you need to agree to their terms of service which states that;
  1. You must be above the age of eighteen (18). Any individual below the age of eighteen may not be able to use the OPay loan (OKash) Service.
  2. You must consent to the Terms and authorize the collection and use of your personal information in accordance with the Privacy Policy.
  3. You must be truthful; truthful in terms of providing the accurate and complete information about yourself.
  4. You must authorize OPay (OKash) to verify your provided information and it is deemed necessary.
  5. You must have a good credit score
  6.  If you fail to repay, you will be in default. If you still have not repaid the Loan amount and fees, by the end of the Rollover Period, you will be in default. This default may be reported by us to credit reference bureaus duly licensed under the Credit Reporting Act 2017, within 28 (twenty-eight) days of your default and such report may affect your ability to borrow money in the future. You will become responsible for the reasonable costs we or our suppliers may incur in collecting the payment in accordance with applicable law. Overdue amounts will be rounded up to the nearest whole Nigerian Naira.
  7. Nigeria resident.
Having known this, I know you are eager to know how to apply for this loan now but you need to take things slowly.

So now I will walk you through the requirements.

OPay loan (OKash) Requirements

As I have previously stated, OPay loan doesn't require and paperwork or collateral. All you need to apply for OPay loan (OKash) are as follows;
  • Your mobile phone
  • Your BVN number
  • Your bank account details
  • Other informations may include driver's license, electricity bill, employee card and wage flow.

Types Of OPay (OKash) Loan

There are three types of OPay/OKash loan namely;

  • Cash Loan
  • Agent Loan
  • Airtime Loan
Cash Loan: cash loan is for individuals and you can borrow up to N50,000 with interest.

Agent Loan: As an OPay agent, you can get a loan of large amount up to N200,000.

Airtime Loan: you get 15% off for buying airtime with OKash Loan. But it seems before you qualify for an airtime loan, you have to apply for cash loan first.

How to apply for OKash/OPay Loan

  • Download and install OKash from PlayStore
  • Open the application
  • Input your phone number
  • Read the Terms and conditions and click continue
  • Enable Location access for the app
  • Select Cash Loan (if you want large amount of up to N200,000, apply to be an agent by reaching OPay through WhatsApp  +234 (01) 8888329)
  • Enter amount
  • Click 'Apply Now'
  • In few minutes, you will receive an SMS if the loan was approved
  • E-sign the loan agreement after the approval
  • After the E-sign, the approved loan amount will be disbursed into your account shortly and a SMS notification will be sent.

Repayment of OPay loan 

Repayment is required from 91 days to 365 days.

There are two stages of repayment of OPay/OKash loan. 

The first stage includes; Origination fee, interest, repayment and due date.

The second stage includes; interest, repayment and due date.

Interest Rate: With a minimum of 0.1% up to 1% and Annual interest rates from 36.5% to 360%.


Origination Fee: Range from NGN 1,229 – NGN 6,000 for one-time charge


For example, 91-day loan payment terms have a processing fee of 41% and interest of 9.1%. For the loan processed with principal amount of NGN 3,000, the processing fee would be NGN 1,229, the interest would be NGN 273, the total amount due would be NGN 4,502.

That's all folks. If you have any questions, leave it in the comments section below and don't forget to share this post with your friends and family.
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