How to Borrow Money from Opay Without BVN in Nigeria | A Step-by-Step Guide

Want a quick loan? Knowing how to borrow money from OPay without BVN might be a problem because most of the financial services in Nigeria require BVN for verification purposes.

Many online loan services let you access loans in Nigeria quickly and easily because you don’t need any collateral or guarantor.

Despite many loan apps, Opay has one of the best lending services in Nigeria. The app exposes customers to lend instantly from its trusted lenders.

Whether you are looking for how to borrow money on Opay without BVN or how to get an Opay loan on iPhone or Android, we have got you covered here.

This article will let you in on all you need to know regarding how to borrow money from Opay without BVN, how to be eligible, how to apply, the interest rate that is applied, and how one can make repayment. Let’s get started.

Also read – OPay Warns Customers About Fraud and Starts Checking Physical Addresses

About Opay

Opay is a mobile application from which one can access or get online banking and financial services across Nigeria.

Different services on the app entail an array of financial activities, including money borrowing.

As a user of the Opay app, you can save money, transfer funds for free, raise funds, recharge your airtime, pay bills, and get a daily free cashback on the app.

How Does Opay Loan Services Work?

Opay is not a loan company per se. They house some loan companies which give their users collateral-free instant loans.

This service, therefore, gives its users the chance to get a credit loan from popular Nigerian loan companies like Easemoni and Okash.

With Opay’s assistance, these companies give collateral-free, low-interest loans online on their website.

From our findings, we realized Opay no longer partners with these companies, but that doesn’t mean you can’t access a loan from Opay.

It’s very easy to borrow from them, as the most important thing is to have an account with them. This does not remove the fact that more requirements exist.

Also read – How to Delete Transaction History on Opay Easily

Is it Possible to Borrow Money from Opay without BVN?

Yes, while providing your BVN before securing a loan from any bank in Nigeria is mandatory, Opay makes provisions for obtaining a loan without such needs.

Mostly, Opay provides lending facilities that include emergency, business, and personal loans, all without BVN verification.

You can access Opay loans without revealing your BVN if you fall into these categories.

However, you have to be very considerate of your options as most of the mentioned platforms come with compensating terms and conditions.

One also needs to know Opay requirements for a loan application without BVN.

Requirements To Borrow Money from Opay Without BVN

Those who want to know how to borrow Money from Opay Without BVN online will have to meet the eligibility requirement decided by Opay.

This is going to be a standard case of requirements:

1. Valid Identification

While you are not required to tender a Bank Verification Number as a prerequisite to obtaining an Opay loan, you are nonetheless expected to provide at least a valid means of identification before the loan is made available.

Your national ID card, driver’s license, or voter card will do as a means of identification.

They are demanding your ID to check your identity, to be certain that you are somebody of good legal standing.

2. Age

The law requires that one, upon entering any financial institution for borrowing, be of age, and Opay is no different.

If you wish to sign a financial agreement with Opay, you must be 18 years and above.

A legal document showing your age will be required as proof.

3. Opay Account:

This involves the need for an Opay account. You are expected to have opened an account with them before they will consider lending you money.

You can do this from the comfort of your home by downloading the Opay mobile app.

4. Creditworthiness

Opay will also assess your creditworthiness using various factors.

Your ability to repay a previous loan at the required time will determine your qualifications for a loan on Opay.

In other words, your repayment history, income level, and other financial indicators.

5. Compliance with Terms

Generally, you will have to operate within the terms of Opay for loan borrowing.

You are advised to review them before initiating the application process and find out if you are okay with that.

Also read – Kuda vs Opay: Making the Ultimate Choice Between the Two Giant Nigerian Fintechs

How to Borrow Money from Opay Without BVN

If you have gone through the eligibility requirement to borrow from Opay and want to proceed, you will need to follow the instructions below to start the application process for Opay loan.

1. Download The Opay Mobile App from your app store(Google Play Store or Apple App Store). This is specifically for those who do not have an Opay account.
2. Sign up and open an account. In case you have one, you have the option to log in.
3. On the menu, click on the Loan option and select the kind of loan you want to apply for.
4. Following the Application prompt, complete all required information with relevant document attachments.
5. When all is okay, go through to check that everything is correct.
6. If all your information is correct, your application can be submitted, and you must wait for approval. It doesn’t take much time, and on approval, the funds will reflect directly in your Opay wallet.

Advantages of Borrowing Money from Opay without BVN

• Accessibility: This is one of the major reasons people want to know how to borrow money from Opay without BVN. They will loan you money without needing BVN if you meet their requirements.
• Convenience: Opay is known to provide convenient service, including their loan application. Their ease of use allows one to get an Opay loan anywhere, provided one has a smartphone and data.
• Flexibility: You can borrow money to finance the need because Opay has different loan options. Another advantage is that you get credited instantly; hence, you should be able to solve any problems you might have as soon as they arise.

Disadvantages and Risks

• Limited options: Even though it is quite easy to borrow from Opay without BVN, not all loan options can be accessed without providing BVN. You might not be able to borrow for some issues that the loan without BVN can’t cover. You will be restricted from accessing certain loan types and amounts.
• Security concerns: Since BVN’s main idea is to help combat fraud, failure to use BVN for a loan request increases one’s chances of becoming a victim of fraud and theft.

Also read – OPay NG to Visit all POS Stores across Nigeria for Security Reasons

Opay Loan Interest Rate

Interest rates for Opay loans vary depending on the nature of their loan services. Easemoni offers a 5-20% loan interest rate, while Okash does at 3-30%.

Please note that Opay doesn’t determine interest rates; they could 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 getting an approved loan, the next line of thought will be how to repay the loan on the due date. There are various methods available for repayment, and they include:

1. Repay using your Opay balance.

You can pay off your loan using your Opay balance if you have one by clicking the ‘repay’ button on the loan details page.

Since both Easemoni and Okash are no longer on the Opay app, you can repay your loans in the app through Opay by transferring your loan amount to the account number provided on the loan repayment page.

2. ADD (Automated Direct Debit)

This can make it possible for users to create automatic repayment with your bank details—either using the number of your ATM card or that of your account.

It should be noted that any delay in paying the due date of your loan draws more charges, which will, in turn, affect your credit score.

Also read – Moniepoint, Kuda and Others are Facing Regulatory Issues

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 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.

FAQs

Conclusion

You can borrow money from Opay without BVN, but other collateral requirements would be needed, and also, there would be limitations on the kind of loans you can get.

Just remember to always read the terms and conditions of the loan option before opting for it.

References

• bing.com: How To Borrow Money From Opay In 3 Simple Steps

• bing.com: OPay: How to use, make money, get loans & more

• bing.com: OPay | We are Beyond Banking

Recommendations

• OPay Warns Customers About Fraud and Starts Checking Physical Addresses

• How to Delete Transaction History on Opay Easily

• Kuda vs Opay: Making the Ultimate Choice Between the Two Giant Nigerian Fintechs

• OPay NG to Visit all POS Stores across Nigeria for Security Reasons

• Moniepoint, Kuda and Others are Facing Regulatory Issues