There are millions of Opay users, but only a few know how to borrow money from Opay app. As we all know, Opay is one of the best and leading fintech apps owned by Opera; it will be so discouraging to use if the users can’t borrow money from it.
Check: 5 Best Online Loan Apps in Nigeria
Even though Opay offers different services, the availability of loans makes it more interesting.
If you have been looking for how to borrow money Opay app, the Opay loan interest rate, and how to repay Opay, then look no further. This post will cover all those aspects.
All about Opay loan – How to borrow money from Opay App
Opay is a fintech app owned by Opera, and that is where the name “Opay” comes from, which means Opera pay.
Opera is a popular brand that offers many services, which include, Banking app, buying airtime, buying data, paying electric bills, subscribing to Pay TV, transferring money, hailing a rider with OCar and OTrike, sending and receiving payment with QR, food delivery with OFood, investment with OWealth, lending services with OKash loan, funding your betting account, and many others.
Can I borrow money from Opay?
A lot of people have been asking if they can borrow money from Opay. This clearly shows that many people are not aware of Opay loans.
Well, to be more straightforward, you can borrow money from Opay. However, there are some requirements and steps to follow. But don’t worry; we are going to explain everything later in this post.
Opay Loan Requirements
In every loan app, there are always requirements that one must meet before being given a loan.
There is no difference with Opay. You will also need to meet the requirements below to borrow money from Opay;
- You must have a verified Opay account
- You must be 20 years old or above
- You must be a Nigerian
- You must have a valid ID card. E.g., National ID card, voters card, driving license, etc
- A valid BVN Number
The applicant needs to have a monthly income source or state why they want the loan.
how to borrow money from Opay app
How to borrow Money from the Opay App
To borrow money from Opay, follow the steps below;
- Download Okash from the play store or the apple store
- Register an account
- Verified your email or number
- Choose a loan package on the app
- Agree with terms and conditions
- Submit
While applying, you should take note of the interest rate and ensure you are okay with it before moving to the next steps.
Also, ensure you have all the requirements ready because they will ask for them.
Opay Loan Interest Rate
Opay loan interest rate varies depending on the amount you want to borrow and the repayment period. However, the interest range from 0.1% to 1% daily interest, while the annual interest rate range from 36.5% and 360%.
Opay loan repayment is always between 91 days to 365 days, and the higher the repayment period, the higher the interest. Most times, the amount borrowed determines the interest.
How To Repay Opay Loan
To repay the Opay loan, follow the process below;
- Login to the Okash app
- Click the “Make a payment” button
- Input the details
- Then, click repay
Once everything is done correctly, the system will deduct the exact amount from your account.
Alternatively, if your card is Linked to the Okash account, you don’t need to follow the process above. The system automatically deducts the amount you borrowed once the payment is overdue. But only if you have up to that amount in your account.
Opay loan pros and cons
| PROS | CONS |
| No collateral | High-interest rate |
| No deposit requirement | Loan amount limit |
| Easy to sign up | Short-time |
| Fast and secure loan payment | |
| No physical appearance |
FAQs – frequently asked questions
Can I Open Opay account without BVN?
Yes. You can open opay account without BVN but you will be limited to using some features and the amount you can send or receive will be limited too.
The maximum you can save on Opay without BVN is N30,000 while the daily transfer limit is N10,000.
What type of bank is OPay?
Opay is not a bank, rather it is a wallet that allows people to save, spend, invest, and many others. Opay is just a fintech app just like kuda, palmpay, and others.
What is the minimum and maximum amount I can borrow from Opay?
The minimum amount you can borrow from Opay is N3,000 While the maximum of N50,000 at a time. Although, there are some Opay loan packages that allow you to borrow up to N5,000,000.
Final thoughts on how to borrow a Loan from Opay app
There are many features in Opay app, but you can’t directly borrow money from it.
Opera has different apps for different purposes. Opay is basically designed for sending, receiving, investing, and making payments.
If you will need to borrow money from Opay, you will have to download Okash.
Finally, thanks for reading our article on how to borrow money from the Opay app, we hope you find This article helpful.
