There are several information online about how to borrow money from Opay. Many of which are either incorrect or outdated. So today 25th November, 2024, we’ve decided to write a complete guide, most upto date information on how to obtain opay loan in just few simple steps.
Now, it does not matter what device you use, either android or iPhone. You can borrow money just follow the steps that we will highlight in this blog post.
We will talk about opay interest rate, their loan period, Requirements, how to make repayment, How much can you borrow from Opay for the first time, and many more. Let’s begin with Requirements.
Opay Loan Requirements
Just like many other online loans, opay loan have requirements you must meet. Some of them are listed below:
- At least 18 years
- Have an active Opay account
- Have a BVN that has been linked to your Opay account
- Live in Nigeria
- Must have performed some transactions on your Opay account
- Have good credit history
If you know you pass all of these requirements, then good luck as you can proceed to request for a loan on Opay app.
You can try FG loan instead if you do not meet any of these requirements How to Apply for FG Grant and Loan 2024
How to borrow from Opay in 2024
You are just a few steps away from obtaining your first loan from Opay. Let me guide you through the steps
On Android Phone
- Step 1: Locate the Opay App on your android phone and lunch the app.
- Step 2: on the homepage, click on Finance tab
- Then, click on Loan, as seen in the image below
- You will find the options available for you to borrow money from opay. If you’ve had enough transactions on the app, you will have the features to take a direct loan from the app, if not, you’d have to download either easemoni app or okash app to continue.
- For direct loan, fill the loan details on the app and submit for approval.
- For non direct, click on the either easemoni or okash, install the app and make a request from there.
On iPhone
The process is similar to that of android phones. Just find the app icon on your device, lunch it and follow the steps as highlighted earlier.
If you don’t have opay on your iPhone already, you cab download it from the apple app store.
Interest Rate
The interest rate on Opay loan is 3 percent. If you borrow 100,000 naira, you’ll pay the total sum of 103,000 naira over a period of 30 days. However, you need to check the interest before you take a fresh loan. Interest rates do change from time to time.
How much can I borrow from Opay for the first time?
If you’re borrowing for the first time, note that you will have a limited amount you can borrow. Depending on your credit score, you can borrow up to 250,000 naira on your first borrowing.
Your credit limit increases when you mare prompt repayment. Ensure you pay back in due date to increase your chances of borrowing up to 1m.
How to repay
To make repayment for your loan, just have enough money in your balance and opay will auto deduct the exact total amount of the loan and interest on the due date. If you want to pay early, you can repay through the opay app.
Login and go over to Loan tab, click on repayment, and select whether to make part payment of full repayment.
Conclusion
Now, you can go ahead to apply for a loan on opay. Ensure you borrow what you can repay. Also, make sure to double check loan terms and interest rate before proceeding to take a opay loan. If you have any questions, please drop them via comment section. We will respond ASAP. Thank you.
