Hello guys! In this article, I’m going to walk you through all the processes I passed through to successfully obtained a Loan on the OPay app. This most amazing part is that borrowing money from OPay is now simple and straightforward.
Previously, obtaining a Loan from OPay required you to go through the OPay app to install the Loan app and continue with the Loan application processes. But now, everything can be done within the OPay without the need to proceed to any third party loan app.
Recently, Individuals can now apply for Loan on the OPAY app. Before, it’s only merchants that can apply directly through their business app. But now, the easemoni app is now integrated into the OPay app, allowing anyone with an OPay account to obtain a Loan easily and seamlessly without any hassle.
Requirements to Obtain a Loan from OPAY
Verified OPAY Account
This is the first thing you must first have to obtain a loan from the fintech app. Once you have a registered OPAY account, then all the loan requirements and application procedures have been updated. However, note that your OPay account must be in at least tier 2 level before you can proceed with the Loan application process.
To register an OPay Account, you’ll need to submit your National Means of Identification such as NIN, ID card, Voter Card , Driver License or International Passport. In addition to the requirements, you will be asked to submit your proof of residential address that’s not more than three months old. The require documents are not limited to Electricity Bills, Water corporation bills, TV subscription bills or House rent/Landlord agreement letter.
Furthermore, you must be at least 18 years to obtain a Loan. If you account is being managed by your parents, then your parents documents should be used in the Loan application form.
Eligibility
Once you could provide all those required documents to upgrade your OPAY account to tier 2 or tier 3, then proceed to check your Eligibility and amount you can get for the first time. To do just that, kindly login to your OPay account via app, scroll down and click on “Loan” at the service menu.
Next, click on “Get Limit” and wait for 60 seconds countdown. Once the countdown is complete, the possible disbursement amount of Loan that you can get will be displayed.
However, do note that credit history on the OPAY app also affects your Loan Limits. For instance, if your monthly transactions is valued at the of N200,000, and you don’t have any outstanding debt at other lenders, you can get up to N26,000 for the first time.
Obtain the Loan
To get the Loan, click on “Get Fund”. OPAY will then send you a one-time password to your registered phone number. Confirm the code and enter your OPAY transaction PIN to authenticate the transaction.
OPAY Loan is being offered through a third-party partner - Bluerigde Microfinance Bank. The MFB is offering Loan to OPAY customers through its loan app called Easemoni.
Therefore, after you click on “Get Fund” and you complete all the necessary verifications, the Easemoni team will see to your credit history and approve your Loan with 5 minutes. The loan amount will be disbursed into your OPAY wallet without any charges.
However, there’s possibility that the Loan application get rejected. Nevertheless, reasons for the rejection will be stated in the notification sent to you.
Repayment
To repay OPAY Loan is very simple. There are three methods of repayment in the app; repay via OPay Balance, via inter-bank transfer and using a bank card.
To payback your OPAY Loan, kindly login to your OPAY account and click on “Loan”. Then, click on “Repay Now” as highlighted in the image below.
Choose to repay in Full or Half Payment.
Next, choose your repayment options and make the payment. If you’re making payment from your OPAY Account, the due amount will be deducted from your balance.
However, also note that the fund can be automatically deducted from your OPay balance if the loan is overdue. In addition to loan overdue, the interest will continue to increase day by day until the outstanding loan is paid fully.
This is why it’s important to read and understand any lender’s terms and conditions before you proceed with their loan application. I hope you find this article really helpful? Please share to more people and do drop some lines in the comments section beneath this post.
