How to Borrow Money From Opay (Opay Loan)

Do you want to get an Opay Loan? If the answer to your question is yes then you have landed on the right page. This page aims to provide you with a comprehensive guide about how to borrow money from Opay and other important things you need to know about the platform. So, continue reading if this is what you are looking for!

About Opay

OPay Digital Services Limited is currently at the top and one of the leading financial technologies in Nigeria and other parts of the world. Almost everyone with a smartphone enjoys banking activities with the platform.

This fintech was established in 2018 by Opera Norway AS Group and currently offers services across Asia, Africa, and Latin America in countries like Mexico, Nigeria, Egypt, and Pakistan.

Since its existence, Opay has experienced rapid growth covering a wide range of customer base. They currently have over 35+ million registered app users and more than 500,000 agents in Nigeria and other nations.

With Opay, you can send and receive money, pay bills, buy airtime, buy data, do TV subscriptions, and perform some other financial transactions.

One awesome thing about Opay is that it provides users with opportunities to earn extra cash on their platform. Once you have an account with them, you can start partaking in simple tasks to earn passive income. You can also earn money by participating in their referral program. Once a user you refer signs up and funds his account (N2,000 or more), you will earn N800, and the user will earn N1,200 as a welcome bonus.

In addition to that, their platform is one of the top-notch you can see over there. With the Opay app, you can easily navigate and perform your financial transactions conveniently, easing the stress of going through the overloading or slow domestic bank apps to make transactions.

Opay Loan

Opay does not just stop from offering the services mentioned above, they also provide an option for users to conveniently access loans on their platform.

Once you have an Opay account, you can borrow money from the platform anytime. They offer loans ranging from NGN 4,000 to NGN 500,000 which are to be paid back within 14 days to 6 months. Their loans are processed in minutes and are deposited in your account with no stress.

No need to disturb your neighbors or friends to lend you money again, and no need to go through the domestic process of queueing in the bank or looking for connections to access a loan, when you have an Opay account.

Note that Opay is currently partnering with the EaseMoni loan app and Okash Loan App to offer loans to their customers. All their loans are provided by BlueRigde Micro Finance Bank Ltd.

Read Also: Loan Apps in Nigeria: Compare, Choose, and Apply

Opay Loan Eligibility Requirement

Opay doesn’t bother its users with a lot of processes. They don’t request a guarantor, collateral, or other forms of documentation like the domestic banks. However, you need to meet the following eligibility requirements to borrow money from Opay:

1. You must have a smartphone with internet connection
2. You must be a citizen of Nigeria or reside in the country
3. You must have a Bank Verification Number (BVN).
4. You must have a valid means of identification, be it a National Identity Card (NIN), driver’s license, or international passport.
5. You must be at least 20 years old and not more than 55 years old.
6. You must have a monthly source of income.

With these requirements, you can successfully borrow money from Opay conveniently.

Opay Interest rate

Interest rate is one of the most important things to consider when borrowing money. Users should always be mindful of the interest rate before going ahead to borrow from any loan app. This will help avoid being a victim of loan sharks.

As for Opay, the Loan’s interest rate is between 0.1% to 1%. Annual Percentage Rate(APR) from 36.5% to 360%.

Having known much about Opay, let me go straight and show you how you can successfully access a loan on the platform!

Read Also: A Must Check: Full List of Loan Apps Approved by CBN & FCCPC

How to Borrow Money From Opay

Below is the step-by-step guide on how to borrow money from Opay:

Step 1: Download the Opay App.

To borrow money from Opay, you must first of all install the Opay app. If you are yet to do so, simply head over to the Play Store or App Store, search for the app, and install it. The app is available for both Android and iOS users.

Step 2: Login or sign up.

After getting the app available on your phone, launch it and sign in. If you are yet to have an Opay account, sign up instead.

You can visit this page and follow the step-by-step guides to sign up if you are confused about how to go about it.

Step 3: Click on the “Finance” tab.

Now that you have logged in, you are left with just a few steps to access your loan. Opay has made its platform straightforward to provide a seamless and good user experience.

Simply click on the “Finance” option located at the bottom of the dashboard to continue with your loan application.

Step 4: Navigate to the “Loan” option.

On the next page, you will see “Savings” and “Loan” options. Navigate to the loan option on the right-hand side to continue.

Step 5: Choose between EaseMoni and Okash.

You have the freedom to choose your favorite between EaseMoni and Okash loan. Just like I previously stated, Opay is currently partnering with the EaseMoni loan app and Okash Loan App to offer loans to their customers.

Both lenders (EaseMoni and Okash) have good reputations and their loans are all provided by the same company, BlueRigde Micro Finance Bank Ltd. They also offer the same services with similar experiences. With EasMoni, you can access loans up to N100,000, and with Okash you can get loans up to N500,000.

Step 6: Download the loan app.

After selecting your preferred loan app, a page will open for you to download the app. Go ahead and install the app to continue with the process.

Step 7: Sign up on the loan app.

To have access to your loan, you must sign up by providing the required information. This information includes your active phone number, name, gender, Bank Verification Number (BVN), bank account information, email, relationship contact number, and income. you will also be required to create a 4-digit password.

Step 8: Apply for your loan.

After filling in all the required information, you can now get your loan. Choose your loan amount and click on the submit button. The system will review your loan in a few minutes and if approved, will be deposited in your provided account number.

Note: It’s always important to carefully read the privacy policy before going ahead to access a loan on any platform. This will give you a clear understanding of how your data will be handled and protected and other crucial things you need to know about the loan.

Read Also: Loans For Startup Business in Nigeria: How to Apply & More

Opay Loan USSD Code

Do you want to borrow money from Opay but don’t have a smartphone? You are not left out, Opay has provided an option for users to access loans even without a smartphone!

The Opay loan USSD code is *955#. To make use of this code, simply dial it using the phone number you used during your Opay account opening. A prompt will be opened for you. Select the “Loan” option and follow up with the processes to access your loan.

You can also perform other financial transactions with this code. These include money transfers, buying airtime and data, checking your balance, withdrawing, and managing of account, among others.

How to Borrow Money From Opay: FAQs

These are questions people asked relating to this topic (how to borrow money from Opay).

Does Opay Give Loan?

Yes, Opay gives loans. They are currently partnering with the EaseMoni loan app and Okash Loan App to offer loans to their customers. All their loans are provided by BlueRigde Micro Finance Bank Ltd.

Can I Borrow Money From Opay?

Yes, you can borrow money from Opay. To do this, simply download the Opay app, sign in/log in, click on the “Finance” tab located at the bottom of the dashboard, and navigate to the “Loan” option to access your loan. Their loans are processed and approved within minutes.

How do I Borrow Money From my OPay Account?

To borrow from your Opay account, follow the steps we explained above.

How Much Can I Borrow From Opay For the First Time?

Opay offers loans from N3,000 to N500,000. However, the amount of money you can borrow from Opay for the first time depends on several factors, which include your credit score, financial history, income level, and creditworthiness. They also utilize the information you provided to decide on the best loan offer for you.

Read Also: Education Loan in Nigeria: How to Apply & All You Need to Know

How to Borrow Money From Opay: Conclusion

Thanks for following up on this article to the end. I believe that by now you have clearly understood everything you need to know about borrowing money from Opay.

To add to this, always make sure you conduct thorough research and compare different data before deciding to borrow from any loan app. This will prevent you from being a victim of loan sharks or bad loan apps.

Finally, it’s advisable to borrow responsibly. The technology of digital lending apps has helped a lot of people to attend to their financial challenges or even start their businesses. However, borrowing irresponsibly can lead you to a bad reputation, legal consequences, or financial instability.

If you have a question to ask or anything to say concerning this, don’t forget to use the comment section below!

Source: InstantMoni.com