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How can i borrow money from opay

Opay has emerged as a trusted platform over the years back, extending its services far beyond conventional transactions. One of its notable offerings is the ability to borrow money, adding another layer of convenience and security for users, especially during unforeseen circumstances.

So, if you’re concern about borrowing money from opay, we’re here to guide you through. let’s delve into the details and explore how you can access this feature effortlessly, understanding Opay’s borrowing service, the application process, and repayment options.

Understanding Opay’s Borrowing Service

Opay’s borrowing service is meticulously designed for simplicity and efficiency, offering users the flexibility to access funds quickly and conveniently. Before proceeding, ensure that you’ve the Opay app already installed on your Android or iOS device and that your account details are up to date. (i.e functioning).

How can i borrow money from opay loan

In this guide, we’ll discuss two ways you can easily borrow money from Opay Loan: via the Opay Mobile App and through USSD Code.

How to Borrow Money from Opay via the Opay Mobile App:

  1. Log in to your Opay Account: Open the Opay mobile app on your device and log in to your account.
  2. Navigate to the Finance Section: Once logged in, navigate to the “finance” tab located at the bottom of the homepage.
  3. Select the Loan Option: In the finance section, choose the “loan” option from the menu.
  4. Choose Your Lending Partner: currently, the only loan partner with Opay is Easemoni. However, you must have upgraded your Opay account.
  5. Complete the Loan Application Form: As a first timer, you’ll need to fill out the loan application form by providing accurate personal information.
  6. Specify Loan Amount: Opt for your current loan limit or specify the desired loan amount based on your needs.
  7. Review and Submit: Review the details of your loan application carefully and submit it.
  8. Disbursement of Loan: Upon approval, the borrowed amount will be disbursed to the account number provided during the application process.

How to Borrow Money from Opay via Opay USSD Code:

  1. Dial Opay USSD Code: Using the registered phone number with your Opay account, dial *955#.
  2. Select Loan Option: From the menu, choose the option for “loan.”
  3. Follow Prompts: Follow the prompts provided to apply for a loan through the USSD code.
  4. Loan Disbursement: After completing the application process, you’ll receive the disbursed loan amount in your Opay account.

Why Choose Opay for Borrowing

There are several reasons to opt for Opay when it comes to borrowing money:

  1. Quick Approval Process: Opay understands the urgency of financial needs and ensures a swift approval process, providing timely assistance.
  2. Competitive Interest Rates: Opay offers borrowers competitive interest rates, enhancing affordability and accessibility.
  3. Flexible Repayment Options: Enjoy the flexibility of choosing a repayment plan that aligns with your financial situation, ensuring a stress-free repayment process.

Opay Loan Interest Rate

The interest rates for Opay loans vary based on the loan service utilized. Easemoni loan interest rates range from 5 to 20%, while Okash rates range from 3 to 30%. It’s important to note that interest rates may fluctuate based on factors such as credit score, and failure to repay the loan on time may result in increased interest rates.

How to Repay Opay Loan

After loan approval, repayment becomes paramount. Here are the repayment options available:

  1. Repay using Opay balance: Utilize your Opay balance to repay the loan by clicking on the ‘repay’ button on the loan details page.
  2. Automated Direct Debit (ADD): Set up automatic loan repayments using your bank account details such as ATM card or account number.

Delay in loan repayment may incur additional charges and affect your credit score adversely.

How to Borrow Money from Opay without BVN

To borrow a loan from Opay without a BVN, create a Basic (Tier 1) account with Opay and apply for a loan on the Opay app through Easemoni or Okash. However, bear in mind that you will only be eligible for a small loan amount until you link your BVN.


Does Opay offer loans?

Yes, Opay offers loans via third-party platforms such as Okash and Easemoni.

How much can i borrow from opay for the first time?

Loan amounts vary depending on your chosen loan provider, credit score, and other factors. However, you can borrow up to one million naira if you meet all the requirements.

can opay convert airtime to cash?

According to a YouTube video (wootech) below, which show that airtime can be converted into cash. However, we’ve not tested it.

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