Before, obtaining a Loan from OPAY is like hell. Then, the OPAY Loan was only easy for Merchant and POS Agents. But, nowadays, OPAY Loan has been much easier on the personal banking app for Individuals.
You can now simply borrow money from OPAY through the app using the Easemoni tab in your dashboard. Here's how. But first, let's look out for the requirement you need to get the loan application approved.
Requirements to Borrow Money from OPAY
For every online lenders in Nigeria, they surely have requirements to qualify for their loans. Same things goes to OPAY users; to borrow loan inside OPAY, you'll need to have a fully verified OPAY Account and you know what that means?
It's simply means to get a verified OPAY account, you must be a Nigerian citizen, be at-least 18 years, have a Bank Verification Number (BNV) and National Identification Number (NIN). You can also use other valid means of identification (national ID card, driver’s license, or international passport).
How to Get a Loan from OPAY
STEP1: Download The OPAY Loan App
OPAY Loan App is just an emphasis. I simply mean download the OPAY Mobile App on your phone app store. You can follow this guidelines to install the latest version of OPAY App. Once the app is installed, register an account and verify the account with your BVN, NIN and Proof of Address.
However, if you already have an account, then login to your account dashboard using your phone number and unique password. You can also activate face ID to sign-in to your OPAY Account. Here's how to activate and use Face ID to secure your OPAY Account.
STEP2: Get a Loan From Easemoni in OPAY
Naturally, OPAY is not a microfinance bank and it's not allowed/authorized to offer loan services to users. Hence, the fintech secured a partnership with lending company BlueRidge Microfinance Bank (MFB). The MFB company now uses the privilege to integrate one of its loan app, Easemoni, into the OPAY App.
That's to say, OPAY is offering loan services to it users via a third-party lender. Now, to get a loan on the OPAY app, you need to login to your OPAY App and click on "Loan" icon with "E" which means "Easemoni". Then, you'll be taken to where you can access your credit history and know the amount you can get for the first time.
STEP3: Borrow The Loan on Easemoni
Now, Login to your OPAY App and click on "Loan." You'll be redirected to "Easemoni" Dashboard and from there, you can access your credibility check. The credibility check only takes 60 seconds to load and you'll be displayed with the amount you can borrow for the first time.
Once the you know your credibility status, you can go ahead and click on "Get Loan". Easemoni team will check your loan application and grant the loan within 5 minutes if you're worthy. However, if you're not worthy of the loan, the reason will be stated in the notification sent to you.
How to Repay the Loan
Repayment is very easy to made. You can simply pay back your outstanding by using the balance in your OPAY wallet. You can also set automatic repayment on the Easemoni Loan Dashboard. This feature actually works in the sense that when the due arrives to pay back the loan, the amount will be deducted from your OPAY Account.
The Loan Interest Rate
The interest rate on OPay loans varies depending on the loan partner you select. Each third-party partner offers different interest rates. For example, Easemoni's rates range from 5% to 20%, while Easemoni's rates can go from 3% to 30%.
Your credit score may also impact the interest rate you receive, with better scores potentially leading to lower rates. Additionally, late payments may incur extra fees, increasing the total cost of the loan.
Other Things to Know About OPAY Loan
What is OKash Loan and Why is not in the OPAY App Anymore?
Yes, the OKash Loan is no longer integrated on the OPAY app. I don't know why but all I know for sure is that OPAY is now using Easemoni to offer loan to user. OKash and Easemoni are both Blueridge Microfinance Bank's products. In other words, Okash is another online micro-lending company that is offered by Blueridge Microfinance Bank.
The company is approved by CBN. Now, that you can no longer use the Okash Loan services via OPAY, you can simply download and install the Okash App from Google Play and set up your loan account in seconds. To get a Loan from the OKash Loan App, select your desired bank account, link your active bank card for repayment, fill out a set of questions, and get a decision on your loan application in minutes.
What is OPAY Loan Code?
Without Internet connection, you can borrow money from OPAY using a USSD code. The OPay loan code is a USSD code that allows you to apply for loans directly from OPay without needing the fintech app. All you need to do is dial the USSD code on your OPAY registered number.
To use the OPay loan code, dial *955#, then follow the on-screen instructions to check available loan options, review terms, and proceed with your loan applications.
Is it possible to get OPAY Loan without BVN?
Yes, it's very possible to get a loan from OPAY without you adding your Bank Verification Number (BVN) in your OPAY Account. So far you maintain good credit history on your OPAY app, even without BVN and NIN, you can still manage to carry out N50,000 transactions per day, and with that, you can bring up a good credit history to enhance your chances of getting your Loan application approved.
