How to Borrow Money from Opay on Android in Nigeria | A Step-by-Step Guide

Does Opay give loan to customers? Yes! What you heard is true. Opay provides loans to individuals and businesses in Nigeria. You want to join the train, right? 

With every loan application, it’s best to be fully prepared so nothing takes you off guard.

So today, we will discuss how to borrow money from Opay on Android in Nigeria, and the requirements for the application process. 

We will also touch on the Opay loan interest rate, how to repay the Opay loan, among other important details. We have also covered the best loan apps with low interest rates.

About Opay Loan

OPay Digital Services Limited is a Fintech Company in Nigeria. 

Their banking platform is known as Opay, where users can buy airtime and mobile data, pay subscriptions and make transfers through their mobile phones.

Opay provides fast, unsecured loans to individuals and businesses in Nigeria. The loan option can be accessed on the Opay mobile app, or through USSD. 

Opay provides these loan options to Nigerians through the Okash app.

You can borrow up to ₦500,000 on Okash personal loans. The interest rate ranges from 3% to 15%, determined by your loan repayment term.

Also read: How to Delete Transaction History on Opay Easily

Features of Opay Loan

Some common features of the Opay loan are: 

• Opay grants loans through Okash 
• You can borrow up to ₦500,000 on Okash for personal loans
• Interest rates range from 3% to 15% 
• Opay loans are easily accessible, either through USSD Okash 
• The Opay loan app, Okash, works on both Android and IOS.

Types of Opay Loan

Opay offers different loan types to customers, such as: 

• Cash Loan
• Airtime Loan
• Store Loan
• Opay Merchant Loan 

How to Borrow Money from Opay on Android in Nigeria

You can borrow money from Opay on Android easily.

You can either use the Opay app or USSD.

Either way, you’ll have your loan advanced within a few minutes. 

If there are any technical or procedural delays, your loan disbursement may be delayed for some hours, although this is rare.

We have also covered the full list of Opay USSD codes.

How to Borrow Money from Opay on Android in Nigeria Online

Borrowing money on OPay online is easy with the Opay digital loan app, known as OKash. 

Here is a step-by-step guide to ease your loan application process: 

Step #1: Ensure You Meet the Opay Loan Requirement

You wouldn’t like to get your hopes raised and then dashed in the middle of your application process, would you? 

To avoid the disappointment that comes with rejection, ensure you meet the Opay loan requirement before you dive in. 

To qualify for an Opay loan, you must meet the following eligibility criteria:

• You must be a citizen of Nigeria or a resident.
• You must have a valid means of identification, i.e. National ID, international passport, driver’s license, etc.
• You must have a good financial reputation.
• You must have a Bank Verification Number (BVN).
• You must have an active Opay account.
• You must be at least 18 years of age.

Also read: How to Fix “I Can’t Login My Opay Account” Problem in Nigeria

Step #2: Gather Relevant Documents

Delays might arise due to unprocessed documents, missing documents or such. 

To avoid this, put all relevant documentation together. The Opay loan requirement in terms of paperwork are:

• Proof of monthly income i.e. the past three months’ payslips or bank statements 
• Proof of Nigerian citizenship or residency 
• Bank Verification Number 

You should also have an active phone number and email address, both linked to your Opay account. 

Finally, ensure you have a stable internet connection to avoid disruption during the application process.

Step #3: Download the Okash Mobile App 

Next, download the Okash app on the Google Play Store or Apple App Store. 

Follow the given prompts to register on the app. This should take roughly five (5) minutes. 

Also read: How To Login On Opay With Email, Phone Number, Password

Step #4: Apply for the Opay Loan 

The next step is to make your application. 

Follow the procedure below for a seamless application process: 

1. Log in to your Okash account.
2. Click “Finance” on the homepage.
3. Click “loan.” 
4. Select your preferred loan type.
5. Enter the loan amount and other required information, then wait for the interest rate to be calculated.
6. Choose your loan goal.
7. Study and accept the terms and conditions of the loan. 
8. Click “Agree to Continue” to grant access to your contact book, call and SMS history, and location. 
9. Update your personal information if required. 
10. Click “submit “
11. Your application will be reviewed and they will notify you of its approval or rejection in the next few minutes

Opay will transfer the funds to your account once they approve your loan application. 

If you encounter challenges during your loan application, call or text Opay customer support on 07008888328 or 018888328. You can also send them a WhatsApp message at 09165998936. 

How to Borrow Money From Opay on Android with USSD Code 

You can also borrow money on Opay USSD with your Android. The process is as follows:

• Dial *955# from the number connected to your Opay account 
• Click “Loan”
• Follow the prompts and wait for them to review and disburse the loan. 

Also read: 7 Best App to Buy Bitcoin with Opay in Nigeria

How to Borrow Money from Opay on Android—Opay Merchant Loan

OPay Merchant loan grants small business loans for startups, up to ₦5 Million, specifically to Opay business merchants.

The interest rate is 3% for short-term loans and up to 15% for long-term loans. Active Opay users also enjoy further interest rate discounts on long-term loans. 

Follow these steps to apply for the OPay Merchants Loan:

1. Download the Opay User App (note; not the Business app) and register. If you already have the app, update it to see the new Merchant Loan feature on your homepage. 
2. Click on “Merchant Loan.”
3. Review the terms of services and click “agree.”
4. Click “Merchant Loans Credit Limits.”
5. Select your preferred loan option 
6. Follow the application procedure as outlined.

Advantages of Opay Loan 

Opay loan is one of the best fast-loan options for Nigerians. Customers prefer it for the following reasons: 

• Your loan application is reviewed and disbursed within a few minutes.
• Your repayment term is fixed based on what you earn and other preferences.
• Opay is approved by the Central Bank of Nigeria and other financial regulators. 
• You do not need collateral to access Opay personal loans.
• Low interest rates.

Also read: Fintech Companies (Opay, Kuda, Moniepoint) in Nigeria Resume Adding New Customers After Government Action

Common Issues and Solutions

Here are solutions to some common challenges that Nigerians usually face while trying to borrow money from Opay USSD: 

Q: How to borrow money from Opay without BVN?

A: You don’t need to input your BVN immediately to borrow money on Opay. You can create a Tier 1 Opay account, apply for your loan, and link your BVN later.

Q: How to borrow money from Opay on iPhone

A: Borrowing money on Opay with iPhone is the same process as Android. Simply download the Opay digital lending app, Okash, register and follow the loan application process. 

You can also use the Opay loan code: dial *955# from the number connected to your Opay account and follow the given prompts. 

Q: How to borrow money from Opay on iPhone without data? 

A: To borrow money on Opay without data, use the Opay loan code, *995#. Ensure you use the number that is connected to your registered Opay account. 

Frequently Asked Questions

Conclusion: Easy Loan Life 

Taking a loan in Nigeria can be a big scare, especially with all the stories you must have heard about loan sharks. 

Opay, however, is a trusted loan agency. It gives its users satisfaction and ease, meeting their financial needs without hassle. 

With Opay loan, be assured that your financial future is in the hands of one of Nigeria’s most digital loan apps.

Follow us on X or Twitter, @SiliconAFriTech for seamless to other intereting reads.

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References

www.koboline.medium.com – How to Borrow Money from Opay App in Nigeria

www.blog.opayweb.com – Six Easy Steps to Apply for the OPay Merchant Loan

www.quicksub.com.ng – How to Borrow Money From Opay Loan 2024

www.vtu.ng – How To Borrow Money From Opay (Opay Loan)