How to Borrow Money from Opay (Loan)

Opay is a digital banking app in Nigeria that offers users different services ranging from data subscription, payment for TV subscription, airtime recharge, send and receive payments via QR, and provides instant loan access to users from trustworthy lenders on the app.

Opay does not directly give loans to its users but partners with trusted loan apps like Easimoni to make borrowing easy.

This article is prepared for those interested in borrowing money from Opay. Here you will find the step-by-step process to borrow from Opay, eligibility requirements, interest rates, who are the partners of Opay, and the mobile code to borrow on Android or iPhone, etc.

How Does Opay Loan App Service Work?

The Opay Loan App Service simplifies the borrowing process through a user-friendly mobile application. To get started, download the Opay app, register an account, and complete the necessary verification steps. Once verified, navigate to the loan section and submit your application, specifying the loan amount and repayment terms. 

Opay evaluates your creditworthiness using advanced algorithms and, upon approval, disburses the loan directly into your account. Repayments can be made conveniently through the app, ensuring a seamless and efficient loan experience. The service is designed to provide quick, reliable access to funds whenever needed.

Opay works with Easimoni to give out loans. This loan is given through third-party platforms (Okash or Easimoni).

Requirement and Eligibility for Opay Loan

1. You must be a citizen of Nigeria. 
2. You must at least be 18 years of age and have a valid phone number.
3. You must have a registered Opay account.
4. You must have a valid bank verification number (BVN).Valid means of identification (national ID card, driver’s license, or international passport).

Steps to Borrow Money from Opay

If eligible and having met all requirements simply follow the following steps.

1.  Download the Opay app using either the Google Play Store or the iOS App Store.
2.  Log into the Opay app and create an account.
3. Set up your transaction PIN and navigate to the finance section in the app.
4. Find options for savings and loans, and choose loans to access third-party loan services. like Easimoni or Okash click on one of them. Set up an account and link it to your Opay account.
5. Enter the loan amount you want to borrow or go with the current limit.
6. Go through your loan application details and submit. Within a few minutes of submission, the application will be reviewed and you will be notified if the loan is approved or rejected.

Note that at the time of preparing this article Opay only partners with Easimoni.

How to Borrow Money From Opay on iPhone

1. Visit the app store and download the Opay app.
2. Open the app and choose the lending service of your choice to begin your loan application.
3. Provide necessary information like phone number, and email address to complete the loan application.
4. Then submit and wait for approval.

How to Borrow Money From Opay on Android

1. Visit the Google Play Store,  download the Opay app, and install it.
2. Open the app and choose the lending service you want to begin your loan application.
3. Provide necessary information like phone number, and email address to complete the loan application.
4. Then submit and wait for approval.

What Is Okash?

Okash is a micro-lending company that is provided by Blue Microfinance Bank. It is a top loan app approved by CBN (Central Bank of Nigeria). Users can download Okash from Google Play and set up their loan account in seconds, select their desired bank account, link their active bank card for repayment, fill out a set of questions, and get a decision on their loan application in minutes.

How to Get an Okash Account and Get Approval

1. Install the Okash app either from the App Store or Google Play Store.
2. Open the app and click on register an account.
3. Select products you like to apply for either cash loan, airtime loan, etc.
4. Provide your basic information and apply.
5. After submission is done a verification call will be made to you.
6. Your account status will be displayed on the okash app and an SMS will be sent to show approval if approved.

Opay Loan Interest Rate and Payment

The interest rate on Opay loans depends on the chosen loan partner. Respective third-party partners have their different interest rates, for example, Easemoni offers rates between 5% and 20% while Okash ranges from 3% to 30%.

Note that credit scores may influence their rates and delayed repayment can draw additional charges.

OPay Loan Code

If you don’t have a smartphone, Opay offers an alternative with the USSD code, you can dial the shortcode on your mobile phone without an internet connection. Note that before you can get access to use the USSD code you must have an account with an Opay loan partner (Easimoni or Okash).

1. Dial *955#.Select the loan option.
2. Follow the prompt to apply and receive your loan.

Benefits of Opay Loan

1. Fast loan disbursement within minutes.
2. Flexible repayment option tailored to your income flow.
3. No collateral is required for loan approval.
4. Competitive and low interest rates from partner loan companies.

Read also: Moniepoint Loan: How to Apply Without Collateral

Get Opay Loan Today

In conclusion, borrowing money from Opay is a straightforward process. Follow the outlined steps, ensure you meet the eligibility criteria, and enjoy quick access to funds. Opay makes securing a loan convenient and efficient for its users.

FAQS About Opay Loan App

Can I Borrow Money from Opay?

Sure, you can borrow money on your Opay app. Simply locate and click on the loan option, choose a loan lending service like Okash or Easimoni, agree to terms and conditions, provide personal details, and see your eligible loan amount. It’s a straightforward process on Opay.

Can I borrow money from my Opay account?

Yes, you can borrow money from your Opay account, simply go to the finance option, click on loan, choose a lending service, and proceed to register with them.

Does Opay Give Loan?

Yes, Opay gives loans but through a third-party platform like Easimoni if you follow the necessary process the loan your account will be credited immediately.

What Is the Ussd Code to Borrow Money from Opay?

The USSD code to borrow money from Opay is *955# dial the code and proceed to obtain your loan.

How to Borrow Money from Opay Without BVN?

Create a basic (Tier1) Opay account, apply for a loan through the app (Easemoni or Okash), and link your BVN later.

Is Okash and Opay the Same?

Okash is Opay’s automated lending service focused on providing quick loans to users. Okash is one of the third-party platforms Opay uses to provide loans to users.
How much can I borrow from Opay for the first time?

The loan amount depends on the chosen loan company, credit score, and other factors. Users can borrow up to one million naira if all requirements are met.

How to borrow money from Opay using the USSD code?

You can dial the shortcode on your mobile phone without an internet connection. Simply dial *955#, follow the prompt option, and proceed to get your loan.