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

In today’s fast world, one needs financial flexibility, mostly where last-minute expenses come in. If you happen to be in Nigeria and want a quick way to raise some cash, you will benefit from knowing how to borrow money from Opay.

Opay is among the highly downloaded mobile payment platforms designed to give users fast loan services right inside the app, ensuring access to funds whenever needed.

How to borrow money from Opay App is quite an easy process, even for those not tech-savvy. Be it sudden emergencies, payment of any bills, or extra money to get by, Opay gives a seamless borrowing experience.

In this article, we will guide you through how you can borrow money from Opay in Nigeria so that you are clear on everything.

By the end of this guide, you will have all the knowledge about the successful application for an Opay loan and how to get funds quickly.

So, let’s dive in to see how Opay can help you do this and make it easier on your wallet when managing financial needs with the best of ease.

What is Opay and How Does It Work?

OPay is a wallet app through which one can send and receive money, buy airtime and data, pay bills, earn interest on one’s savings, borrow loans, and many more.

Their vision is to make financial services much more accessible and affordable for Nigerians and other Africans.

Among consumers of digital banks and microfinance banks, Opay is already well-known.

They are one of the go-to places for sending and receiving money, buying airtime and data, paying bills, saving or securing funds, and getting loans. Added to that are discounts, cashback, rewards, and coupons.

Opay functions by offering you a digital wallet on your mobile device. It gives you the ability to store money and make transactions of several kinds.

You can fund your wallet by linking your bank card or bank account. Also, you can fund it from the USSD code. Other OPay users or even agents may support you.

When you fund your wallet, you can start sending money to and receiving from any bank account for free, and make bill payments, utilities, purchase airtime or data and borrow money from Opay.

How Does Opay Loan Services Work?

The Opay app has speedy loans not collateralized, all internal to the app. You can obtain a loan from Opay through an account opening on their platform and then apply for a loan on the app.

You could borrow as much as N1 million from Opay at an affordable interest, depending on the loans obtained.

Opay helps users connect with top loan companies in Nigeria, making it easier to access low-interest loans without worrying about collateral.

It does not matter which specific loan partner changes; the process of how to borrow from Opay remains straightforward.

What Are the Eligibility Requirements to Borrow Money from Opay?

Before you can borrow money from Opay, the following criteria must be met:

Be at least 18 years old.
Have a valid government-issued ID in your name.
Have an active OPay account.
Have a valid phone number registered with the OPay account.
Have a good credit rating.
Earn a stable source of income.
You should be residing in Nigeria.
Information about oneself and finances should be true and comprehensive.
Compliance with the terms and conditions of OPay, as well as with all laws and regulations applicable.

Fulfil the eligibility, and you can be sure that the chances of approval for a loan on OPay will rise.

Sit note: If you don’t meet the eligibility criteria for OPay, there may be additional requirements or further assessment of your eligibility.

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

How to Set Up an Opay Account for Borrowing?

You need to have an account to be able to lend from Opay. Setting up an Opay account will not require much time; it is easy. How to set it up is as follows:

From the Apple App Store or Google Play Store, download the OPay app.

Input your phone number and click “Sign Up”.

Verify your phone number; that is, fill in the verification code you received via SMS.

Create a password and confirm it.

Fill in the membership application form with your personal information, such as name, email, and Identity ID number.

For identification verification, affix a copy of your official government ID.

Establish a system of security questions and responses.

Accept the terms of use.

Start waiting for verification and approval of your account.

After your account has been approved, apply for a loan.

Please note that there may be more requirements from OPay or their evaluations to prove your eligibility for a loan.

Detailed Step on How to Borrow Money From Opay App

You can borrow money from the Opay app with ease once you follow these steps:

1. Open Your Opay App

You must log in to your Opay account with your phone number and pin.

2. Access the Loan Feature

Click at the bottom of your homepage to see the “Finance” tab. Tap on “Loan”.

3. Select Your Lender

Opay has built several lenders to their service, hence you can choose from the three of them. In this case, either Okash or Easemoni, or whichever is available, download the app.

4. Fill up Your Loan Application Form

Fill up the personal information correctly according to what is stated to be required by the chosen lender. The kind of information commonly required will be your name, phone number, and address, among other personal details.

5. Choose Amount

Decide upon the amount you wish to borrow. You can also get a pre-approved loan amount under your profile.

6. Submit Your Application

Before submitting the form, please carefully read the loan’s terms and conditions.

7. Await Approval

The lender then processes your application. You will be informed whether your loan request has been approved or rejected within the period.

8. Get Your Money

In case of approval, the loan money shall be paid directly into your Opay wallet.

By these, one can securely and effectively borrow money from the Opay app and handle all their financial needs.

Code to Borrow Money From Opay

Sometimes, Opay may provide a USSD code to make things easier; however, such a feature is rarely offered in loan applications. If they do have such a feature provided, do the following;

Dial *955# from the phone number used in registering your Opay account.
To access the loan section, follow the instructions.
Complete the necessary information to apply for the loan.
After filling in your details, apply.
Now, wait while your loan is confirmed and approved.

What Are the Interest Rates and Repayment Terms for Opay Loans?

Interest rates remain competitive in OPay Loans, and the repayment terms are flexible, making them very convenient while one borrows or repays the principal amount with interest.

Depending on the size and length of the loan, the interest could range from 5% to 15% of the principal. Repayment would range from some weeks to months. Always scrutinize the agreement that lays down the specific terms of a loan.

With OPay, you can get flexible borrowing that best suits your needs and budget. Make sure to always go through the loan agreement and understand the terms before putting a check on it.

How to Repay an Opay Loan?

The next thought process that would come to your mind after your loan is approved will be how to repay the loan on the due date. Different repayment options include:

Repay With Your Opay Balance.

If you have an available Opay balance, you might use it to repay your loan just by clicking the ‘repay’ button on the loan details page. Do this by following these steps:

After logging into your Opay account, tap the “Loan” icon on the homepage;
Under “Repay,” select “Opay Balance” as the payment method.
Confirm the amount and input your PIN.

Automated Direct Debit

This is the most convenient option: you do not have to log in to your Opay account to repay your loan.

All you do is link your bank account or debit card to your Opay account and authorize Opay to deduct the loan money from your account on the due date. To set up ADD, take these steps:

Log in to your Opay account and tap the “Loan” icon from the home page.
Click on “Repay” and select the repayment method as “Automated Direct Debit.”
Then select your bank account or debit card from the list or add a new one.
Input your PIN and OTP to confirm.

Late repayment on the due date may attract an extra charge, thus affecting your credit score.

Also Read – How to Delete Transaction History on Opay Easily

What Should You Do If You Encounter Issues Borrowing from Opay?

If you are getting continuous critical errors while wanting to borrow from Opay for any reason, here is what to do:

Check Your Eligibility: You must be eligible in terms of age, income, and credit score. You must also ensure you have all required documents or details when applying.

Check Your Information: Check if all the information is correct in your account and that all personal and banking information is accurate and valid. Verify that the account is active and in good standing.

Check on Credit Score: If you have a bad credit score, improve and look forward to reapplying. You can check your credit report and set up a better credit history.

Contact OPay customer support: Relay the problem to OPay’s customer service through a call, mail, or in-app chat. Then go ahead and use their services, providing information indicating the problem.

Provide required documents: Take your time to upload all extra documents and information while applying for something if called upon. Have all at hand not to delay verification.

System errors: If you keep facing them, please restart the app or site. Then try again. If still unresolved, please get in touch with OPay customer support.

Understand use terms: Go through the agreement and the use terms before agreeing. Ensure you take your time to go through and ask questions when needed.

Be patient and calm when there are some issues; feel free to contact OPay for any assistance related to the issue.

Final Thoughts

Borrowing money from the Opay app in Nigeria can be very easy and convenient. Anyone can have the ability to be able to borrow an Opay loan with much ease whenever they need it, using this guide to point them in that order.

This makes the overall borrowing process seamless; the application’s user interface is friendly. Be it to get that fast cash to sort out an emergency or look for more in your pocket for those personal projects, then Opay has got your back. Just be qualified and follow the steps religiously.

We hope this guide helps on how to borrow money from Opay. If you have any questions or anything to share, please comment below. Don’t forget to follow us on social media for more useful tips and updates:

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Frequently Asked Questions

How can I borrow money from Opay?

You can borrow money from Opay via the Opay app or simply dial the USSD code. You only need a registered Opay account, a valid BVN, and a valid ID card.

Does Opay give out loans?

Yes, Opay offers loans to its users who meet the eligibility requirements. You can borrow up to N50,000 without collateral, no paperwork, and no guarantor.

How can I borrow without my BVN?

You can’t borrow money from Opay if you don’t have a BVN. BVN is one of the requirements for Opay’s loan. It helps to verify your identity and prevent fraud.

What is the USSD code to borrow money from Opay?

The USSD code to borrow money from Opay is *955#. You can dial this code on your phone and follow the prompts to apply for a loan.

How much can I borrow on Opay?

Up to N50,000 can be borrowed from Opay. The amount you can borrow depends on your credit score, deriving from the repayment history, transaction volume, and other factors.