Opay Loan App is an initiative of OPay, a Nigerian online mobile payment platform. The Opay app is used to carry out online payment transactions such as saving, paying utility bills, making transfers, buying data or airtimes, and even ordering food. Currently, the Opay platform boasts 6 million online users.
Here, we will look at the Opay loan app, how to borrow money from Opay, and everything you need to know about Opay.
About Opay Loan App
Opay is a trusted, reliable fintech mobile money app that gives instant loans. Opay uses Okash, EaseMoni, and CreditMe to ease loan processing to credit anyone at any time. This makes the process of getting and repaying the loan relatively easy.
The CreditMe feature of the OPay wallet specifically allows you to pay first and repay later. You can use up to ₦100,000 free credit and repay without inclusive service charges or fees.
Opay is originally owned by the owner of OperaMini, one of the fastest-growing mobile browsers that comes with an inbuilt VPN. OperaMini has grown so well over the years with more than 500 million downloads on the Google Play store.
In 2020, they launched also the Opera News app that enabled creators to earn massively on the platform. The company was first to begin using phone numbers as a bank account when it launched its Oride (Okada riding app) which provided cheap, fastest, and reliable bikes all over Lagos.
No doubt, the company has done so well in Nigeria and contributed so well at different times. So far, Opay has become a mobile money agent in Nigeria also responsible for providing quick cash loans to people who are in urgent needs.
Opay Loan App Requirements
To apply for the Opay loan, you must meet certain eligibility requirements. Below are the Opay loan requirements you must fulfill to apply for their loan.
- You must be a valid/legal Nigerian citizen.
- You should be at least 20 of age and at most 55 years of age
- You must have a monthly source of income or a valid reason for needing the loan
- You must have an active bank account
- You must have BNV and a valid means of identification
- You must have a functioning email address and phone number
- You must have an internet-enabled gadget, which can be a smartphone or PC
How to Borrow Money From Opay (Okash)
Borrowing money on the Opay loan app is pretty simple and straightforward.
There are two ways how to borrow money on Opay loan app. It can be via the app or using the Opay USSD code.
To borrow money from Opay, you must first have an Okash account. Your Okash account will be requested of you during the application process.
Below are the Step To Borrow Money From Opay Loan:
Step 1: Download the app
The opay loan app download is very simple and string forward. Go to the Google Play Store or IOS and download the Opay Okash App. For Android users, go for the App inscribed with a green logo, while iPhone users should go for the app inscribed with the white and green logo.
Step 2: Sign Up On The App
The next step is to sign up for the Okash app using your functioning phone number. After you are done, you can apply for the Opay loan via the Okash app.
Step 3: Update personal information
After the previous step, you’ll need to update your personal information. Fill in correctly your personal information like your name, BVN, gender, email address, nearest bus stop, and so many more.
Step 4: Grant Permission to your location
The app would require access to your location and contact details including calls, and SMS history. Allow the app to access your phone location, and dial “Agree to Continue.” You can always get rid of this permission by following this guide.
Step 5: Choose the kind of loan you want
There are three types of loans on the Okash loan app. There are merchant loans, airtime loans, and cash loans. Click on any of the loans, and a new page will be displayed. Input the required loan amount, and information about the loan, like the repayment due date, interest rates, and other important information, will be displayed.
Step 6: Select the purpose of the loan
Select the purpose of the loan from the six displayed purpose options. They are business, daily consumption, medical, rent, education, etc. suit the one that aligns with your purpose of requesting the loan.
Step 7: Provide Bank Details
Your bank details would be required to complete the disbursement to you. You must be using a bank account in your country of residence that can receive a local deposit or cash transfer. An example is Nigeria or Kenya.
Step 8: Link your debit card
Your debit card is also required to enable the company removes their money from your account when it is due. You would also be charged a verification fee to preapprove the card for such transactions on their platform.
Step 9: Click on Submit
After inputting your details, you can click on “submit.” After which, you wait for the money to drop into your account.
Opay Loan Code (Opay USSD Code)
The Opay loan code is *955#. You must have an account with an Opay loan to use the Opay loan USSD code. To get started on the loan, simply dial *955# on your mobile phone, and follow the direction.
USSD banking is a form of mobile banking service introduced in the Nigerian banking system years ago that allows users to perform financial transactions by dialing a short code on their mobile phones without the use of the internet or the need to download any mobile app.
It is a convenient and accessible way of carrying out financial transactions, especially in areas where there is limited access to banking services or remote areas where the internet is not fully available. USSD banking enables users to check their account balance, transfer funds, pay bills, buy airtime, and even apply for loans, among other services. It is a secure way of carrying out financial transactions as users need to input their PIN to authorize any transaction.
Does Opay Give Loan?
Yes, Opay gives loans. You can get as much as N50,000 and as low as N3,000. However, the maximum is progressive and might increase over time. Some beginners get as high as N30,000 on their first application while others might be limited to less than N5000.
It is not clear what algorithm the Okash loan app uses but the truth is that your credit history with other loan apps might also be a prerequisite for how much you can get on the Opay loan app as a first-timer.
What is Opay Loan Interest Rate?
The interest rate of Opay ranges from 0.1% to 1% daily, accumulating to an annual interest rate of 36.5% to 360%.
Also, apart from the interest rate, you will be required to pay an origination fee with your loan, ranging from N1,299 to NGN6,000. People are usually very scared of this originating fee which can increase how much you take. Also what is absurd about this loan is the fact that you would pay your first installment on the day of applying for the loan.
How to Repay Opay Loan
There are two methods of repaying the Opay loan. Either you allow the app to debit your account automatically or go through the Okash app. The repayment duration of the Opay loan ranges from 91 days to 365 days.
For the former, you must have sufficient money to cover your loan amount. It is the fastest way to repay your Opay loan. You are required to repay your loan on time not to be added to their blacklist and probably reported to Credit Bureau which can prevent you from getting a loan with other loan companies.
You can also read how to get your name removed from the BVN blacklist or know if you have been blacklisted before by any bank.
Repaying the Opay loan Via the Okash App
Follow the steps below to repay your Opay loan via the Okash app.
- Go to the Okash app on your phone.
- Log in to your account and dial the repayment button
- You will be required to provide some data and details
- Click on the repay button to make payment after you are done inputting the requested details
Is Opay Loan Legit or fake?
Opay Loan is a legit and trusted online mobile platform that offers instant loans. Opay has gained many positive reviews in the Play Store, so it can be relied upon.
We understand the daring situation of the looming fake loan apps in Nigeria and so we review some of the fake loan apps in Nigeria. These apps have been found to be sending defamatory messages and all kinds of illegal activities but Opay is not one of them.
How much can I borrow with Opay loan?
For starters, you can borrow between N3,000 to N50,000 on the Opay loan app. However, the maximum can be extended due to certain factors. Also, it is progressive.
It is not clear what algorithm the Okash loan app uses but the truth is that your credit history with other loan apps might also be a prerequisite for how much you can get on the Opay loan app as a first-timer.
How Much Can I Borrow From Opay For The First Time?
As of today for the first timers, you can borrow from N3000 to as high as N50,000 from Opay for the first time. Since the amount capacity is relative to your performance in early repayments, you can upgrade to a higher amount later after completing two successful transactions and repaying them
Is my BVN safe with Opay?
Opay has a tested and robust infrastructure to protect your personal details, including BVN. Opay is licensed and regulated by the Central Bank of Nigeria (CBN), which requires financial institutions to implement appropriate security measures to protect customer data.
Opay also uses industry-standard encryption technology to secure its website and mobile app, which can help prevent unauthorized access to sensitive information such as BVN. So it would be safe to say that Yes, your BVN is safe with Opay.
Is there any Opay loan USSD code?
Yes. The Opay loan USSD code is *955#. However, this code only works when you have an existing account with Opay. The USSD allows you to carry out seamless Opay transactions on your mobile phone without data.
Okash Loan USSD Code
The Okash loan USSD code is the same as the Opay USSD code of *955* which refers to the USSD code that customers can use to access loan services provided by Okash without the internet. The USSD code is a quick and convenient way to apply for loans as it allows customers to access loan services using their mobile phones without the need for internet connectivity or downloading any app.
However, the specific USSD code for Okash loans may vary depending on the country or region where the service is available. Therefore, it is recommended to check the official website of Okash or contact their customer service for the specific USSD code in your region.
How To Borrow Money From Opay On iPhone
Unfortunately at the moment, it is not possible to borrow money from Opay on iPhone. However, you have the main Opay app for iPhone on the Apple App Store. You can always download the Okash loan app on your Android smartphone to request a loan but it is not possible to do the same on your iPhone.
Many loan apps don’t have the requirements to publish their apps on the Apple App Store due to the security and privacy that Apple provides. Whereas Android is open-source software and it gives you the right to decide whether to give an app permissions to your contacts or not which is not common on Apple.
Conclusion
Opay Loan App a major Nigerian fintech mobile money app has been providing instant loans to customers. The app uses Okash, EaseMoni, and CreditMe to ease loan processing and make it relatively easy for customers to borrow and repay their loans.
To borrow a loan from Opay loan app, customers can either use the app or the Okash loan USSD code. The requirements for a loan include being a legal Nigerian citizen, having an active bank account and a valid means of identification, and a monthly source of income or a valid reason for needing the loan.
The loan repayment duration ranges from 91 to 365 days, and the interest rates range from 0.1% to 1% daily, accumulating an annual interest rate of 36.5% to 360%.
If you have further inquiries about the app, you can contact the loan app customer care service via their official website at https://opayweb.com. For further reading, check “Top 10 instant loans in Nigeria with salary account.”
