Opay Loan: How to Borrow Money from Opay

Have you been searching for possible ways to borrow money on your Opay app? I know it’s not easy to locate a loan on Opay and it seems more invincible. Well, in today’s blog post, I am going to give you the A-Z guide on how to borrow money from Opay. Take your time to read this article to the end. If you don’t, you might miss some important things. 

Now, let’s get started. 

It’s a clear and common truth that Opay is a mobile payment and financial service provider that is available in several African countries such as Nigeria, Kenya, and South Africa. When I mentioned financial services, what I meant was it was all that traditional banks give. With Opay, you can transfer money, buy Airtime, pay bills, and even apply for soft loans. Let’s easily steer clear of how to apply for a loan on Opay. 

How to Borrow Money From Opay App Easily

These days, I can attest to it that borrowing money from the Opay app is a straightforward process that can be completed in a few simple steps. But before that, it’s crucial for us to know the requirements. Now let’s quickly alight on that. 

Opay Loan App Requirements

To borrow money from the Opay app, you need to meet some specific requirements. These requirements include

1. You must be a Nigerian citizen or legal resident.
2. You must be between the ages of 18 and 55 years.
3. You must have a valid government-issued ID card.
4. You must have a valid bank account.
5. You must have a smartphone with internet access.

Since we’ve understand the loan requirements, let’s now discuss on how you can borrow money from. Opay. 

The steps to borrow money from Opay is seamless. It’s in 4 different steps. Now let’s dive in. 

Step 1: Download and Install the Opay App

The very first step in borrowing money from Opay app is to download and install the app on your mobile device. Opay app is available on both the Google Play Store and Apple App Store. We all know that Opay cannot be accessed from the web. So, it’s pertinent of us to download the app on our phones. Once you have downloaded and installed the app, open it and create an account.

Step 2: Verify Your Account

This is the second step. After creating your account, you will need to verify your account by providing some personal information and documents. Opay app requires you to provide your BVN, a valid government-issued ID card, and a passport photograph. Once you have provided the necessary information, your account will be verified within 24 hours. Before you can borrow money, make sure you at least deposit 1,000 Naira. Once you’re done with that then you can now apply for the loan.

Step 3: Apply for a Loan

Once your account is verified, you can apply for a loan by following these simple steps:

1. Open the Opay app and navigate to the loan section.
2. Choose the loan amount and duration that you want.
3. Fill out the loan application form with your personal and financial information.
4. Review your loan application and submit it.

Step 4: Receive Your Loan

If your loan application is approved, the funds will be disbursed to your Opay wallet within a few minutes. You can then transfer the funds to your bank account or use them to pay bills, make purchases, or transfer to friends and family. Good right? As I have mentioned earlier, the steps are seamless. Lest I forget, let’s discuss the interest rate.

Opay Loan Interest rates

Opay loan app offers competitive interest rates and flexible repayment terms. The interest rate ranges from 5% to 15% per month, depending on the loan amount and duration. The repayment period ranges from 7 days to 180 days. 

FAQS

Can I borrow money from OPay instantly?

Currently, opay has stopped the “Lending” scheme. What this means is that you can’t borrow money from opay any longer.

Can I borrow 100k from OPay?

Yes. For you to borrow up to 100k from Opay, you will have to visit their physical branch in Lagos.