How to Borrow Money from Opay Loan in 2024

Opay is a popular mobile payment platform that allows you to send and receive money, pay bills, buy airtime and data, order food and groceries, and access other services. But did you know that Opay also offers loan services to its users?

If you are looking for a quick and easy way to get a loan in Nigeria, then Opay might be the solution for you.

In this blog post, we will explain how Opay loan services work, how to be eligible for Opay loan, how to borrow money from Opay, how to repay Opay loan, and the benefits of Opay loan. We will also answer some frequently asked questions about Opay loan.

About Opay loan

Opay loan is a service that allows you to borrow money from Opay using your mobile phone. You can borrow up to N50,000 with no collateral, no paperwork, and no guarantor.

You can use the money for any personal or business needs, such as paying bills, buying goods, or solving emergencies. The loan is disbursed instantly to your Opay account or bank account, and you can repay it within 7 to 14 days with a low interest rate.

How Does Opay Loan Services Work?

Opay loan services work in a simple and convenient way. All you need is your mobile phone and an internet connection. You can apply for a loan anytime and anywhere using the Opay app or the USSD code *955#. Here are the steps to follow:

1. Download the Opay app from Google Play Store or Apple App Store and register with your phone number.
2. Log in to your Opay account and click on the “Loan” icon on the home page.
3. Choose the amount you want to borrow and the repayment period. You will see the interest rate and the total amount you have to repay.
4. Fill in your personal details, such as your name, date of birth, gender, email address, BVN, and ID card number.
5. Submit your application and wait for approval. This usually takes a few minutes.
6. Once approved, you will receive the money in your Opay account or bank account.

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.
• You must be at least 20 years old and no older than 55.
• 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

To borrow money from Opay, you can use either the Opay app or the USSD code *955#. Here are the steps for each method:

Using the Opay app:

• Download the Opay app from Google Play Store or Apple App Store and register with your phone number.
  Log in to your Opay account and click on the “Loan” icon on the home page.
• Choose the amount you want to borrow and the repayment period. You will see the interest rate and the total amount you have to repay.
• Fill in your personal details, such as your name, date of birth, gender, email address, BVN, and ID card number.
• Submit your application and wait for approval. This usually takes a few minutes.
• Once approved, you will receive the money in your Opay account or bank account.

Using the USSD code *955#:

• Dial *955# on your phone and follow the prompts.
• Select “Loan” from the menu options.
  Choose the amount you want to borrow and the repayment period. You will see the interest rate and the total amount you have to repay.
  Fill in your personal details, such as your name, date of birth, gender, email address, BVN, and ID card number.
• Submit your application and wait for approval. This usually takes a few minutes.
• Once approved, you will receive the money in your Opay account or bank account.

Opay Loan Interest Rate

The interest rate for Opay loan varies depending on the amount you borrow and the repayment period. The interest rate ranges from 1% to 30% per month.

For example, if you borrow N10,000 for 14 days, you will pay an interest of N300 (3% per month), which means you will repay N10,300 in total.

How to Repay Opay Loan

There are two ways to repay your Opay loan: using your Opay balance or using Automated Direct Debit (ADD). Here are the steps for each method:

Repay using your Opay balance:

• Log in to your Opay account and click on the “Loan” icon on the home page.
• Click on “Repay” and choose “Opay Balance” as the payment method.
• Confirm the amount and enter your PIN to complete the transaction.

Automated Direct Debit (ADD):

This is a convenient way to repay your loan without logging in to your Opay account. You just need to link your bank account or debit card to your Opay account and authorize Opay to deduct the loan amount from your account on the due date. Here are the steps to set up ADD:

• Log in to your Opay account and click on the “Loan” icon on the home page.
• Click on “Repay” and choose “Automated Direct Debit” as the payment method.
• Select your bank account or debit card from the list or add a new one.
• Enter your PIN and OTP to confirm the transaction.

Benefits of Opay Loan

Opay loan has many benefits for users who need quick and easy access to cash. Some of the benefits are:

• No collateral, no paperwork, no guarantor required.
• Instant approval and disbursement.
  Flexible repayment options and low interest rates.
• High loan limit and multiple loan offers.
• Access to other Opay services and discounts.

How To Borrow Money From Opay (Okash Loan)

Opay also partners with Okash to offer micro-lending services to its users.

Okash is a micro-lending product that is provided by Blue Ridge Microfinance Bank, a licensed financial institution in Nigeria.

Okash allows users to apply for cash loans, airtime loans, and store loans through their mobile phones.

To use Opay to borrow money from Okash, you need to follow these steps:

• Download the Opay app from Google Play or Apple App Store and register with your phone number.
• Log in to the app and tap on the Okash icon on the home screen.
• You will be redirected to the Okash app where you can apply for a loan as described above.
• Alternatively, you can also access Okash from the Opay app by tapping on More > Services > Loans.
• Choose the loan product you want and follow the instructions to complete your application.

Users can download Okash from Google Play or Apple App Store and set up their loan account in seconds. They can then select their preferred bank account, link their active bank card for repayment, fill out a set of questions, and get a decision on their loan application in minutes with paperless.

Okash Loan Interest Rate

Okash claims to offer loans with low interest rates, flexible repayment terms, and no collateral or guarantor required. Users can borrow up to N50,000 for cash loans, up to N10,000 for airtime loans, and up to N20,000 for store loans. The loan duration ranges from 7 days to 365 days, depending on the loan type and amount.

How To Create An Okash Account And Get Approved

To create an Okash account and get approved for a loan, you need to follow these steps:

• Install the Okash app from Google Play or Apple App Store.
• Open the app and click on Register an Account.
• Select the product you would like to apply for. You can choose from cash loans, airtime loans, and store loans.
• Fill out your basic information, such as your name, phone number, email address, date of birth, gender, marital status, education level, occupation, monthly income, and bank details.
• Submit the application and wait for verification. You may receive a call from Okash to confirm your details and eligibility.
• Check your account status on the Okash app and you will be informed by SMS if approved.
• E-sign the loan agreement after the approval. You need to read and agree to the terms and conditions of the loan before proceeding.
• After the E-sign, the approved loan amount will be sent to the account you provided within minutes.

Frequently Asked Questions

How can I borrow money from Opay?

You can borrow money from Opay using the Opay app or the USSD code *955#. You just need to have a registered Opay account, a valid BVN, and a valid ID card.

Does Opay give loans?

Yes, Opay gives loans to its users who meet the eligibility requirements. You can borrow up to N50,000 with no collateral, no paperwork, and no guarantor.

How to borrow money from Opay without BVN?

You cannot borrow money from Opay without BVN. BVN is one of the mandatory requirements for Opay 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?

You can borrow up to N50,000 on Opay. The amount you can borrow depends on your credit score, which is determined by your repayment history, transaction volume, and other factors.

Conclusion

Opay loan is a convenient and reliable way to get a loan in Nigeria. You can borrow money from Opay using your mobile phone and repay it within 7 to 14 days with a low interest rate. You can use the money for any personal or business needs, such as paying bills, buying goods, or solving emergencies. If you are looking for a quick and easy way to get a loan in Nigeria, then you should try Opay loan today.