Are you looking for how to borrow money from Opay or how to borrow loan from Opay.
In this article you will find out:
- How you can borrow money from Opay
- How Opay loan services work
- How to Be Eligible for Opay Loan
- How to Borrow Money From Opay
- Opay Loan Interest Rate
- How to Repay Opay Loan
- How to borrow money from Opay on iPhone
- How to borrow money from Opay without BVN and much more.
Before you find out how to borrow money from Opay and the necessary requirements needed before money can be borrowed, feel free to also check out our recommended articles:
- How to transfer money from Opay
- How to get Opay ATM debit card
- How to get Opay POS machine
- How to block Opay account
- Opay customer care service number, email and office location
Let’s get started…
- 1 How Does Opay Loan Services Work?
- 2 How to Be Eligible for Opay Loan?
- 3 How to Borrow Money From Opay
- 4 Opay Loan Ussd Code
- 5 Opay Loan Interest Rate
- 6 How to Repay Opay Loan
- 7 Benefits of Opay Loan
- 8 How can I borrow money from Opay?
- 9 Does Opay give loans?
- 10 How can I borrow money from Opay
- 11 How to borrow money from Opay on iPhone
- 12 How to get loan from OPay
- 13 How To Register For An OKash Loan
- 14 How to borrow money from Opay without BVN?
- 15 What is the USSD code to borrow money from Opay?
- 16 Is OKash The Same As OPay?
- 17 How much can I borrow on Opay?
- 18 How Much Can I Borrow From Opay For The First Time?
How Does Opay Loan Services Work?
Opay is not a stand-alone loan company. They house some loan companies that offer its users collateral-free instant loans.
With this service, users have the opportunity to access credit loans from popular Nigerian loan companies such as Easemoni and Okash. These companies offer low-interest loans online on their platform with the aid of Opay.
From our findings, we discovered that Opay no longer works with these companies but this doesn’t mean that you can’t access a loan from Opay.
It is very easy to borrow from Opay as the most important thing needed is to have an account with them. This does not remove the fact that there are more requirements. However, if you want a convenient way to manage your OPay account and explore more financial options, consider using the Zintego app, which can simplify your financial experience.
How to Be Eligible for Opay Loan?
There are certain eligibility requirements that must be met for you to be able to borrow money from Opay. Here are the requirements:
- You must be a Nigerian citizen.
- You must have a registered Opay account.
- You must have a valid Bank Verification Number (BVN).
- You must have a valid means of identification (e.g, National ID card, driver’s license or international passport). Either will do.
As long as you meet all these requirements, then you are eligible to apply for a loan with Opay.
How to Borrow Money From Opay
Once you have confirmed your eligibility, you can simply follow these steps to get a loan from Opay.
- Visit your Google Play Store or Apple App Store to download the Opay App.
- Log in to your Opay account on the mobile app.
- Click on the “finance” tab at the bottom of the homepage.
- Look for the “loan” option.
- Select your favourite between Okash and Easemoni and proceed to download it.
- As a new user, fill out the loan application form by providing accurate information about yourself, including your name, phone number, and address.
- Go with your current limit or enter the loan amount you want to borrow.
- Review your loan application details and click on ‘submit’.
- Once you have submitted your loan application, it will be reviewed and you will be notified of the loan’s approval or rejection within a few minutes or hours.
- If approved, the money will be sent to the account number you entered during your application process.
This is how you can borrow money on Opay. it is important that you read the terms and conditions before submitting the loan application. This will enable you to know the penalties for defaulters of loans on Opay.
Opay Loan Ussd Code
It is interesting to note that those without smartphones are not left out as they can use the Opay loan code to borrow money.
Here are the steps to use the Opay USSD code to access loans.
- Dial *955# using the phone number you used to register with your Opay account.
- Select the option that says “loan”.
- Follow the promot and apply for a loan.
- Get you loan disbursed into your account.
Opay Loan Interest Rate
The interest rates of loans used by Opay are determined by the loan service used. Easemoni loan interest rate ranges fro 5 to 20% while Okash ranges from 3 to 30%.
Remember that Opay does not determine the interest rates and they may be higher or lower depending on your credit score. Also note that failure to repay your loan when due may attract an increase in the interest rate of your loan.
How to Repay Opay Loan
After your oan has being approved, the next thought process will be repaying the loan on the due date. There are different repayment options, which includes:
- Repay using your Opay balance: As long as you have an Opay balance, you can use it to repay your loan by clicking on the ‘repay’ button on the loan details page.
Since both Easemoni and Okash are no longer on the Opay app, you can repay your laons on the apps via Opay by just transfering your loan amount to the account number provided on the oan repayment page.
- Automated Direct Debit (ADD): This feature allows users to se up automatic loan repayments using your bank account details such as ATM card or account number.
It is important to note that any delay to repay your loan on the due date can attract additional charges and this in turn will affect your credit score.
Benefits of Opay Loan
- Fast loan disbursement: Both Easemoni and Okash process loan applications quickly and once approved, the loan is disbursed within minutes to your bank account.
- Flexible repayment loan options: Opay offers different repayment options that works for your income flow.
- No collateral needed: Unlike conventional banks, you don’t need any collateral for your loan to be approved.
- Low-interest rates: Both Easemoni and Okash offer competitive interest rates.
How can I borrow money from Opay?
To be able to borrow money from Opay, you need to downlaod the Opay app, create an account, and apply for a loan through the Opay Credit service which includes Okash and Easemoni.
Does Opay give loans?
Yes, Opay offers loans via third party platforms such as Okash and Easemoni.
How can I borrow money from Opay
You can borrow money from Opay by accessing the loan services option on your Opay app, and get access to a loan eligible for you.
Read the Terms and Conditions and look out for the interest rate and the repayment date. If you are okay with the following listed above, confirm your loan request, and you will get the money within minutes.
How to borrow money from Opay on iPhone
You can borrow money from Opay on iPhone through Okash or Easemoni (if any of these app is available on Apple store).
How to get loan from OPay
You can get loan from Opay by using the Opay app. You will need to apply for loan through Easemoni or Okash on Opay.
You need to be within the age of 20-55 years old before you can borrow loans on OKash. You will also need to provide your BVN and other bank information.
How To Register For An OKash Loan
Here is A Step-by-Step Guide to registering for a loan on the Okash loan app:
- Install the OKash APP from the Play Store: To begin the registration process, you’ll need to download the OKash app from Google Play Store or Apple app store. Once the download is complete, proceed to install the app on your mobile device. For iOS users, please download the app from the App Store if it is available.
- Create an Account: After successfully installing the app, it’s time to register for an account. Locate and tap the “Register” button within the app’s interface. You’ll be prompted to provide necessary details such as your name, mobile phone number, email address, and ID number. Once you’ve filled in the required information, create a secure password, and finalize the registration by clicking on the “Register” button.
- Select Your Desired Product: Once you’ve completed the registration process, log in to the app using your newly created account. Within the app, you’ll find an option labeled “Apply Now.” Tap on this button to access various loan options available. Choose the OKash loan that suits your needs and click on the “Apply Now” button to proceed.
- Providing Your Basic Information and Submitting the Application: In this step, you’ll need to provide additional information required for your loan application. Fill in details regarding your income and other personal information as requested. Once you’ve completed the form, review your entries and submit the application for processing.
- Verify by a Call: After submitting your application, it is possible that the Opay team will contact you for verification purposes. It is important to answer this call and cooperate with the team to ensure a smooth process. Verify your details with them accurately to proceed further.
- E-Signing the Loan Agreement: Upon approval of your application, you will receive a notification on your mobile phone. Take your time to carefully review the terms and conditions of the loan agreement. If you agree to the terms, proceed to e-sign the loan agreement using the provided method. Once the agreement is signed, the funds will be disbursed to your Opay account, which can be accessed conveniently through your mobile phone.
By following these step-by-step instructions, you can easily register for an OKash loan and access the funds you need. Good luck with your loan application.
How to borrow money from Opay without BVN?
To borrow a loan from Opay without BVN, you will need to create a Basic (Tier 1) account with Opay, and apply for a loan on the Opay app through Easemoni or Okash bearing in mind that you will only be eligible for a small loan amount until you link your BVN.
What is the USSD code to borrow money from Opay?
The USSD code to borrow money from Opay is *955#.
Is OKash The Same As OPay?
Yes, Opay is a mobile wallet service that offers financial services like bill payments, airtime recharges, and money transfers. Okash, on the other hand, is a mobile lending service owned by OPay.
How much can I borrow on Opay?
The loan amount you can borrow is dependent on your choice of loan company, your credit score and other factors. However, you can borrow up to one million naira if you meet all the requirements.
How Much Can I Borrow From Opay For The First Time?
The minimum amount you can request from Opay’s Okash service at the moment is 30,000 Naira, and the maximum amount for a first-time user is 50,000 Naira. This means that as a first-time user, you can request up to 50,000 Naira for your initial loan on Opay.
For Easimoni, the minimum amount you can borrow as a first-time user is 1,000 naira. However, please note that the exact minimum amount may vary depending on the specific lender and your creditworthiness.
It’s essential to consider your financial needs carefully and borrow only the amount that you can comfortably repay within the agreed-upon terms.
If you have any question, please feel free to make use of the comment box that is below the page, your queries will be answered as soon as possible.