If you need quick access to credit in Nigeria, Opay offers a convenient solution through its loan services. This guide will walk you through the process of borrowing money from Opay, covering eligibility, application steps, interest rates, and repayment options.
How Opay Loan Services Work
Opay does not directly provide loans. Instead, it collaborates with third-party lenders like Easemoni and Okash, offering users access to instant, collateral-free loans.
Eligibility for an Opay Loan
To qualify for an Opay loan, you must meet the following requirements:
- Be a Nigerian citizen.
- Have a registered Opay account.
- Possess a valid Bank Verification Number (BVN).
- Provide a valid means of identification (National ID card, driver’s license, or international passport).
Steps to Borrow Money from Opay
- Download and install the Opay app from the Google Play Store or Apple App Store.
- Log in to your Opay account.
- Navigate to the “Finance” tab and select “Loan.”
- Choose between Easemoni or Okash and download the respective app.
- Fill out the loan application form with accurate personal details.
- Select the loan amount you need.
- Review your application and submit it.
- Wait for approval—this usually takes only a few minutes.
- If approved, the loan amount will be credited to your bank account or Opay wallet.
Opay Loan USSD Code
For users without smartphones, borrowing money via USSD is possible:
- Dial *955# using your registered phone number.
- Select the “Loan” option.
- Follow the on-screen prompts to apply.
- Receive your loan disbursement upon approval.
Opay Loan Interest Rate
Interest rates depend on the lending partner:
- Easemoni: 5% to 20% interest rate.
- Okash: 3% to 30% interest rate. Your credit score influences the exact rate you receive.
How to Repay an Opay Loan
Timely repayment is essential to avoid penalties. You can repay your loan using:
- Opay Balance: Pay directly through the Opay app.
- Automated Direct Debit (ADD): Set up automatic deductions from your bank account.
Benefits of Opay Loans
- Fast loan approval and disbursement.
- No collateral required.
- Flexible repayment options.
- Competitive interest rates.
FAQs About Opay Loan
- Does Opay offer direct loans? No, Opay facilitates loans through Easemoni and Okash.
- Can I borrow without a BVN? A BVN is required for larger loans, but small amounts may be accessible without it.
- What is the maximum loan amount? Loan limits vary based on your credit score, with some users qualifying for up to ₦1,000,000.
- What is the USSD code to borrow from Opay? Dial *955#.
By following these steps, you can access quick and hassle-free loans through Opay. Always borrow responsibly and repay on time to maintain a good credit score.