How to Get a Loan from OPay [Step-By-Step Guides]

Getting a Loan from OPay is a simple task to perform. However, before we dive into the step by steps processes, here are what you need to know to obtain a personal loan or working capital loan from the OPay App.

First thing you need to put in mind is that you have to constantly using the OPay app. Be it OPay business app for your POS business or OPay personal banking app for your day-to-day transactions; you need to constantly using the app to build your credit trustworthiness.

Another thing you need to know is that OPay personal loan are being offered through a third-party partner - Easemoni, owned by Blueridge Microfinance Bank (MFB). So, when you apply to obtain the OPay Loan via the mobile money app, you'll be redirected to Easemoni Loan app to complete the Loan application on their platfomr.

However, OPay Loan for agents/merchants can be accessed through the OPay Business App. The OPay Agents Loan is also known as OPay Merchants Loan. Meanwhile, you have to understand that accessing merchant loans on OPay involves a 3% interest rate for short-term loans and up to 15% for long-term loans. Increased activity on the OPay app can reduce the interest rate. The new merchant loan feature is straightforward to use.

At the point of application on the Easemoni Loan app for OPay personal loan, you'll know the interest rate, repayment schedule and other loan terms you need to know. Notwithstanding, you can still get easy and quick approval with no collateral needed—for example, a 91-day loan term has a monthly interest rate of 5%. For a principal amount of ₦3,000, the interest would be ₦273, making the total amount due ₦3,273 on the Easemoni loan app.

Requirements for OPay Personal Loan

To get a personal loan from OPay through the Easemoni Loan App, you need to be an active OPay user with a good credit score based on your OPay transactions. You must be at least 18 years old and provide valid identification, such as a national ID card, driver's license, or international passport. Your BVN is also required to verify your identity. You may need to show proof of income, like a payslip or bank statement, to confirm your ability to repay the loan. Having a good credit history can also improve your chances of approval.

Requirements for OPay Agent Loan

For an OPay agent loan, you need an active OPay merchant account, valid business registration documents, and identification like a national ID card or passport. You’ll also need your BVN for identity verification, and you must show active business operations through transaction history on OPay. A good credit history and a consistent transaction volume will improve your approval chances, and your business must be in an area supported by OPay for merchant loans.