Sometimes, an emergency that requires immediate financial attention may arise, and if you don’t have money to meet such a need, you can turn to OPay for temporary financial relief. But what happens when you don’t know anything about the OPay loan? Well, that is why we have designed this article on how to take a loan from OPay to guide OPay users on how they can borrow money from the platform to meet their urgent financial needs and repay later.
Opay offers loans to their customers through a party, Easemoni and Okash. This implies that OPay doesn’t directly offer loans to its customers; instead, its partners do so. However, you can only access this loan from the OPay platform.
However, the OPay loan amount and interest rate are not fixed; they depend on the reputation that the borrower has built with the platform over time. The better your reputation and credit record, the higher the loan amount you will get and the lower your interest rate. Meanwhile, if you have not been using Opay for a long time, you may not be able to borrow huge amounts of money from the platform, and in the same vein, the loan may also come with a high interest rate.
Requirement to get OPay loan
Before you can qualify for Opay loan, you will need to meet certain eligibility criteria. The requirements are
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- You must have a valid BVN
- You must have an active Opay account with good credit records
- You must not have an outstanding loan wit Opay
How take a Loan from Opay
Accessing Opay loan is not difficult. However, you need to follow a few steps before you can get the loan. To take a loan from Opay, follow the steps below:
1. Download and Create an Account on the Opay App
The first step you will need to take if you want to take a loan from Opay is to download the Opay app and create an account using your details.
First you will need to download the Opay app from the Google Play Store or Apple App Store if you are using an Android or iOS device, respectively. After downloading the app, you will need to create an account or register on the Opay app using your details, like your full name, BVN, NIN, phone number, etc.
2. Identity Verification
After creating an account on Opay, you need to verify your identity to ensure that the details you provided when creating the account are correct. The verification process includes linking your Bank Verification Number (BVN) to your Opay account and reconfirming your NIN or any other means of identification that you enter during account creation. The essence of this verification is to ensure that you are the rightful owner of the account and to avoid fraud. According to Opay policies, they will secure all the sensitive information that you provided to them.
3. Go to the Loan Section in the Opay App
Once you are done with account creation and verification, the next thing is to proceed straight to the loan section within the Opay app. To locate this feature, you will need to sign in to your Opay account with your details. After that, you can locate the ‘’FINANCE’’ feature in your Opay dashboard.
Once you see the feature, click on it and the “LOAN” option will pop up. Kindly click on the loan option to start applying for your loan.
4. Start your Loan Application
Once you click on the ’LOAN” feature in the Opay app, you will need to choose either OKASH or EASEMONI as your lender. Each of them has their lending terms; you should read them to know the one that is most suitable for you.
Once you choose any of the lending partners, the loan amount, interest rate and repayment plan will display on your screen. If you accept the loan terms, click ‘’OK’’ and wait for loan disbursement.
5. Fund Disbursement
Finally, after approving your loan application, the loan will be disbursed to your Opay wallet or the bank account that you provided. That’s all.
FAQs
How Long Does it Take an OPay to Process a Loan?
Opay processes loans instantly. If you apply for Opay loan and you are qualified, the loan amount will be disbursed to your Opay wallet or designated bank account within minutes.
What is the name of the OPay loan app?
The names of the Opay loan apps are OKASH and EASEMONI. Opay doesn’t offer loans directly; rather, they partner with third parties to offer collateral-free instant loans to interested borrowers.