Procedures, requirements to apply for Opay loan in Nigeria

By Charity Obi Last updated Jun 24, 2023

This article will provide you the procedures, requirements to apply for Opay loan in Nigeria.

Nowadays, it’s very simple to apply for an internet loan in Nigeria. This post will show you how to stress-free apply for a Opay loan in case you are short on cash.

You can now obtain a loan without going through the anxiety of visiting a bank thanks to technological advancements. The Opay lending app is one of the simplest ways to get a loan without any paperwork or security.

Like other banks like GTB, UBA Access, Zenith, etc., you can transfer money, receive money, withdraw money, buy airtime, pay bills, save money, invest money, and do a lot more on Opay.

We appreciate Opay for providing convenient loan options that make applying for an online loan uncomplicated. Loans are available from other well-known names in online banking besides Opay. But it differs from the major platforms in a number of ways.

An Overview Of Opay

OPay is a mobile-based platform founded by internet behemoth Opera that provides necessary services including payment, commercial transportation, food and grocery deliveries, among others.

Opera Pay is referred to as OPay. It is an extensive online payment system that enables a wide range of transactions. They consist of purchasing data, airtime, Pay TV subscriptions, paying electric bills, ordering food with OFood, sending and receiving payments with QR, investing with OWealth, borrowing money with OKash Loan, funding betting accounts, listing your goods and services with OList, and creating an online presence with OLeads.

Opay Loan Services, How Does It Work?

Opay is not a standalone lending institution. They house a few loan organizations that provide instant loans without collateral to their customers.

Users have the option to get credit loans using this service from well-known Nigerian loan providers like Easemoni and Okash. These businesses use Opay to provide low-interest loans online through their platform.

Our research led us to the conclusion that Opay no longer partners with these businesses, however this does not preclude you from applying for a loan from Opay.

Since having an account with Opay is the only requirement, borrowing money from them is incredibly simple. The reality that there are more requirements still exists.

Opay loan Application Review

The OPay group in Nigeria has a loan app called Okash Loan. You can quickly obtain a loan in Nigeria with the help of our platform.

Pros

Loan payments are processed quickly and securely.
There are no deposits or collateral demands.
Easy registration.
On occasion, they provide incentives like bonuses.
On your mobile device, you can complete the entire process online. You are not required to physically visit.

Cons

Short-term loans are available.

Privacy issues
The cost of repaying a loan is considerable. Other, less expensive choices exist.
There is a limit to how much you can borrow.

How to Use Opay to Borrow Money

The Opay lending mobile app must first be downloaded. It takes fewer than five minutes to register by creating an account and entering the required information. For verification, you will have the choice of a call or SMS.

Use the app to apply for a loan; read the terms and conditions; and pay attention to the interest rate and the payback schedule. If all of the aforementioned is acceptable to you, submit your loan request, and you’ll have your funds in a matter of minutes. Following this steps below, you will successfully borrow from Opay.

To download the Opay App, go to the Google Play Store or the Apple App Store.
Open the Opay app on your phone and log in.
The “finance” tab can be found at the bottom of the webpage.
Search for the “loan” option.
Choose your favorite from Okash or Easemoni, then download it.
Give correct information about yourself on the loan application form as a new user, including your name, phone number, and address.
Choose your current borrowing limit or enter the loan amount you desire.
Click “submit” after reviewing the information of your loan application.

Your loan application will be examined when you submit it, and you will find out within a few minutes or hours whether the loan has been approved or denied.

If your application is accepted, the funds will be transferred to the account number you provided.

Your Maximum and Minimum Borrowing Amounts

On Opay, you can only apply for a total of N50,000 at any given moment. Applying for loans as cheap as N3000 is possible. The Maximum amount of loan you can get from Opay is N500,000 while minimum amount is N3000

Requirement for Opay Loan

Applying for an OPay loan has simple requirements. The loan service is intended for all Nigerians and has no onerous requirements that prevent the average Nigerian from borrowing.

The borrower must reside in Nigeria.
Must have a bank account linked with BVN.
The applicant’s age range must be between 20 and 55 years old.
Must have a valid ID card.
A monthly income source or a justification for needing the loan must be provided by the applicant.

Opay Loan Interest Rate

The annual interest rate is between 36.5% and 360%, while the daily interest rate is from 0.1% to 1%. In addition, you will be required to pay an origination charge with your loan, which can be anywhere between N1299 and N6000. The smallest length of the loan is 91 days, and the longest tenure is 365 days.

How To Pay Back An Opay Loan

Open your Opay mobile application
Access your account.
To make a repayment, select the “make a repayment” button.
Give all necessary information
Press the “repay” button.

The platform uses a mechanism that automatically debits your bank account when your loan payback is due, which is a crucial detail to be aware of. This means that as long as your account balance is sufficient, you are not necessarily need to follow the preceding steps.

Opay Loan USSD Code

It’s noteworthy to notice that those without smartphones are not excluded because they can still borrow money using the Opay loan code.

*955# is the Opay USSD code. When you have a platform account that has already been created, this works. You can carry out transactions on your account with ease thanks to the code.

Advantages of an Opay Loan

Quick loan disbursement: Loan applications are processed swiftly by both Easemoni and Okash, and once granted, the money is transferred to your bank account in a matter of minutes.

Flexible loan repayment options: Opay provides a variety of payback plans that fit your income flow.
You don’t need any collateral, unlike traditional banks, in order for your loan to be authorized.

Low interest rates: Okash and Easemoni both have reasonable interest rates.

Frequently Asked Questions

How can I get a loan from Opay without a BVN?

To apply for a loan via the Opay app through Easemoni or Okash without linking your BVN, you must first create a Basic (Tier 1) account with Opay. Keep in mind that you will only be eligible for a limited loan amount until you attach your BVN.

How do I obtain a loan from Opay?

You must download the Opay app, register for an account, and submit an application for a loan using the Opay Credit service, which includes Okash and Easemoni, in order to borrow money from Opay.

Does Opay offer loans?

Yes, Opay provides loans through independent platforms like Okash and Easemoni.

What is Opay’s USSD code for borrowing money?

To borrow money from Opay, enter the USSD code *955#.

What is the maximum loan amount on Opay?

Your choice of loan provider, your credit score, and other criteria will all affect the loan amount you are eligible for. However, if you meet all the standards, you can borrow up to one million naira.

Conclusion

In Nigeria, a trusted lending service provider that provides speedy loans is OKash (a division of OPay). On the app, applying for a loan is simple. Within minutes, it is transferred to your account.