OPay offers two primary loan options in Nigeria: personal loans through third-party services like Okash and Easemoni, and merchant loans for business owners using OPay’s POS services. Below is a detailed, step-by-step guide for each loan type, including amounts, processes, and conditions. (How To Borrow Money From Opay – Phones – Nairaland)
🧍♂️ Personal Loans via OPay (Okash & Easemoni)
These loans are accessible through the OPay app and are ideal for individuals seeking quick, collateral-free funds. (How To Borrow Loan From Opay Using Small Phone (USSD Code …)
✅ Eligibility Criteria
- Must be at least 18 years old.
- Possess a valid Bank Verification Number (BVN).
- Provide a government-issued ID.
- Have an active OPay account with regular transactions. (How To Borrow Money From Opay – Phones – Nairaland, How to borrow money from Opay | Pulse Nigeria)
💰 Loan Amounts & Interest Rates
- Okash: Offers loans with daily interest rates ranging from 0.1% to 1%, leading to an Annual Percentage Rate (APR) between 36.5% and 360%.
- Easemoni: Provides loans with monthly interest rates between 5% and 10%, resulting in an APR of 60% to 120%. (How To Borrow Money From Opay – Phones – Nairaland)
📲 Application Process
- Download and Install the OPay App: Available on Google Play Store and Apple App Store.
- Register an Account: Sign up using your phone number and set a secure transaction PIN.
- Verify Your Identity: Link your BVN and upload a valid government-issued ID.
- Navigate to the Loan Section: Open the app, go to the “Finance” section, and select “Loans.”
- Choose a Loan Provider: Select either Okash or Easemoni.
- Apply for a Loan: Enter the desired loan amount. The app will display the loan terms, including repayment period and interest rate. Review the details and, if satisfied, proceed to apply.
- Receive Funds: Upon approval, the loan amount is credited to your OPay wallet or linked bank account, often within minutes. (OPay-We are beyond Banking 17+ – App Store – Apple, How To Borrow Money From Opay – Phones – Nairaland, How to borrow money from Opay | Pulse Nigeria)
💡 Tips for Responsible Borrowing
- Borrow Within Your Means: Only take loans you can comfortably repay to avoid penalties or stress.
- Understand the Terms: Pay attention to the repayment schedule and interest rates to avoid surprises.
- Timely Repayments: Paying on time improves your credit score, making it easier to borrow in the future. (How to borrow money from Opay | Pulse Nigeria)
🧾 Merchant Loans via OPay
Designed for business owners, these loans are accessible through the OPay app and are tailored to support business growth. (Six Easy Steps to Apply for the OPay Merchant Loan)
✅ Eligibility Criteria
- Must have been using the OPay POS to perform transactions for at least 60 days.
- Maintain an active OPay merchant account with regular transactions. (Frequently Asked Questions About the OPay Merchant Loans)
💰 Loan Amounts & Interest Rates
- Short-Term Loans: Up to ₦1 million, with a flat fee of 0.3%, repayable by midnight the following day.
- Long-Term Loans: Up to ₦5 million, with interest rates up to 15%, repayable within 28–42 days. (Frequently Asked Questions About the OPay Merchant Loans)
📲 Application Process
- Update the OPay App: Ensure you have the latest version of the OPay app installed.
- Access the Merchant Loan Feature: Open the app and click on “Merchant Loan.”
- Review Terms of Service: Read and agree to the terms of service.
- Check Credit Limits: Click on “Merchant Loans Credit Limits” to view your eligible loan amount.
- Select Loan Type: Choose between short-term or long-term loans based on your business needs.
- Complete the Application: Follow the prompts to complete your loan application.
- Receive Funds: Upon approval, the loan amount is credited to your OPay merchant wallet. (Six Easy Steps to Apply for the OPay Merchant Loan, Frequently Asked Questions About the OPay Merchant Loans)
🔁 Repayment Process
- Manual Repayment: Navigate to the “My Account” page in your OPay Merchant Loans account and click “Repay” to see available repayment options.
- Automatic Deduction: If the loan reaches the due date without full repayment, OPay will automatically deduct the remaining balance from your OPay merchant wallet. (Frequently Asked Questions About the OPay Merchant Loans)
📈 Increasing Loan Limits
- Active Usage: Increase your loan limit by actively using the OPay app or POS to perform transactions like withdrawals, transfers, and bill payments.
- Merchant Levels: OPay categorizes merchants into Regular, Gold, and Platinum levels based on POS sales. Higher levels may grant access to lower interest rates and additional capital. (Frequently Asked Questions About the OPay Merchant Loans)
For a visual guide on borrowing money from OPay, you may find this video helpful:
