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 Loan App Requirements
To apply for the Opay loan, you must meet certain eligibility requirements. Below are the requirements you must fulfill.
- 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 a Loan from Opay Loan App
There are two ways to borrow a loan from Opay. 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 steps.
Step 1: 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 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: 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 4: 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 5: Allow the app to access your phone location, and dial “Agree to Continue.”
Step 6: Fill in correctly your personal information like your name, BVN, gender, email address, nearest bus stop, and so many more.
Step 7: 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 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.
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.
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.
How to Repay Opay Loan
The repayment duration of the Opay loan ranges from 91 days to 365 days. 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.
For the former, you must have sufficient money to cover your loan amount. It is the fastest way to repay your Opay loan.
Repaying the 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. Here is the list of fake loan apps in Nigeria.
How much can I borrow with Opay loan?
You can borrow between N3,000 to N50,000 Opay loan. However, the maximum can be extended due to certain factors. Also, it is progressive.
Is my BVN safe with Opay?
Opay has a tested and robust infrastructure to protect your personal details, including BVN.
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.
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.”