Loan

How To Borrow Money From Opay | Opay Loan (Complete Guide)

How To Borrow Money From Opay. Need Urgent Money? Find Out How To Borrow Money From Opay App.

Fighting friends due to money problems? That stops today! We understand how hard the economy is right now and trust me, you are not alone. Have you ever heard of opay loan? Do you know you can easily get a loan on opay just using your smartphone in few easy steps. In this article, you will find the steps of borrowing through Opay loan, eligibility criteria, how to borrow money from Opay using iphone and android etc.

Opay is a digital banking app in Nigeria which offers various services including TV subscription, airtime recharge, data, subscription, provides customers with instant access to loans from trust worthy lenders through their app and many more. Keep reading this article if you are interested to know how to borrow money from Opay Loan.

What Is Opay Loan?

Opay Loan is a digital lending service offered by Opay, one of the leading fintech companies in Nigeria today. Opay Loan provides users with a quicker and simpler access to loans to customers within Nigeria to meet up with their various needs. Opay does not offer direct loan to customers but instead partners with other loan providers like Easimoni or Okash.

Opay basically checks out your worthiness of credit and if credit worthy, you loan gets approved and is disbursed directly into your account with easy repayments through the app, making a seamless and easy loan experience for customers.

Eligibility Criteria

To get a loan through Opay Loan, you must;

Be a citizen of Nigeria.
Be at least 18 years old.
Have a valid email address, phone number, Bank verification number (BVN), means of identification; National ID card, NIN, driver’s license or international passport.
Have a stable source of income.
Have a registered and active Opay Account.

How To Borrow Money From Opay

You can borrow money from Opay loans through the following steps;

Download and install the Opay App through Appstore or Play Store depending on the phone type i.e. Iphone or Android.
Register and verify your account with a valid phone number and email address
Ensure you meet up with the eligibility criteria as stated above
Tap on “Loan” icon on the opay dashboard and select “Apply Now”
Select your desired loan amount (minimum of ₦5,000 and Maximum of ₦100,000)
Choose a repayment plan (3 months or 6 month)
Submit your application
Your loan will be directly disbursed into your opay wallet

Remember to always repay your Opay loans on time to avoid a bad credit score or late fees.

How To Borrow Money From Opay On Iphone

Using an Iphone? Follow these steps to borrow money from opay loan;

Visit the App Store and download and install the opay app.
Open the app and click the loan icon and choose your lending services
Provide the necessary information for your eligibility criteria to complete the loan process.
Submit application and wait for approval.
Once approved, the chosen funds will be in your opay wallet.

How To Borrow Money From Opay On Android

Using an Android phone? No need to worry, you can also borrow money from opay. Follow these steps to borrow money from opay loan;

Visit the Play Store and download and install the opay app.
Open the app and click the loan icon and choose your lending servces
Provide the necessary information for your eligibility criteria to complete the loan process.
Submit application and wait for approval.
Once approved, the chosen funds will be in your opay wallet.

Opay Loans Interest Rate and Fees

While enjoying your Opay Loan, it is important to know that Opay loans charges service fee and have late repayment fees which are 1% – 2% of loan amount and 2% – 5% of outstanding loan amount respectively. Opay loans also have an interest fee of 5% – 15% per annum.

Opay Loans Repayment Options

Repayments can be made through the Opay app at anytime after loan disbursement time. Early repayments could help reduce interest charges and improve credit score. To repay your opay loans, there are various steps. Choose the most convenient for you from the following;

Auto-debit from opay wallet.
Manual repayment through opay app.
Bank transfer.

Borrowing Money From Opay Using USSD code

You can always get funds through Opay Loan even without a smartphone or internet connection. Simply dial the short code *955# and follow the prompt to receive your loan. It is important to know that in order to do so, you must have an already existing account with Opay partners; OKash or Easimoni.

Tips And Reminders On Borrowing

Use these tips when borrowing money from Opay Loans;

Borrow responsibly.
Repay loans on time.
Opay loans monitor credit score and history.
Use loans for legitimate purposes only.

Troubleshooting And Support

Common issues customers may encounter and their solutions are;

1. Loan Application Rejected

Check eligibility criteria, credit score and application errors.

2. Loan Disbursement Delayed

Refresh the app, contact opay support, check account details and ensure sufficient balance.

3. Repayment Issues

Contact Opay support, review repayment schedule and ensue sufficient funds.

Contacting Opay Customer Support

Phone

+23416350000 (available 24/7)

support@opay.com

in-app chat (available 24/7)
Physical Branches

Visit the Opay website for locations

Conclusion

From the article, we have discussed steps of borrowing through Opay loan, eligibility criteria, how to borrow money from Opay using iphone and android, interest rate and fees, tips and reminders etc. Borrowing money is a straight forward process using Opay loans, all you have to do is meet up with the eligibility criteria and enjoy access to quick, convenient and efficient loans.

Frequently Asked Questions

1. Can I Borrow From Opay If I Have A Poor Credit Score?

Borrowers are considered by Opay with various credit scores. However, a poor credit score may affect loan amount, interest rate or approval status.

2. How Long Does It Take To Receive My Loan From Opay?

Loan disbursement is typically done within a few minutes to hours after approval, but could take up to 24 hours in some cases.

3. Is My Personal And Financial Information Secure With Opay?

Yes, your information is secure with Opay, as they use robust security measures to protect your data, including encryption, secure servers and compliance with data protection regulations.

4. Can I Apply For Opay Loan Without BVN?

You can easily create a tier 1 Opay account, apply for loan and link your BVN later.

5. What Is OKash?

OKash is a micro-lending company provided by Blue Microfinance Bank. It is one of the top loan apps approved by CBN.

Kindly Share This Post: If you think this post can be helpful to somebody else, please share it using the buttons below!!!

Discover more from Schoolforvisa

Subscribe to get the latest posts sent to your email.