Opay Loan: How To Borrow Money From Opay App Easily

The rise of online loan services has revolutionized the way people access credit in Nigeria. Opay, a versatile mobile money, online banking, and financial services platform, stands out as a prominent player in this field. Offering users quick, collateral-free access to credit, Opay partners with various reputable lenders to provide low-interest rates and flexible terms. In this comprehensive guide, we’ll delve into how Opay’s loan service works, eligibility criteria, application process, interest rates, repayment options, and responsible borrowing tips.

What is Opay?

Opay is a multifaceted platform that empowers users with a wide range of financial services, including borrowing money. In addition to offering instant loans, Opay facilitates savings, funds transfers, bill payments, airtime purchases, and even daily cashback rewards.

Opay Loan 

While Opay itself is not a direct loan provider, it collaborates with established loan companies, such as Easemoni and Okash, to offer its users quick, collateral-free loans. Although the partnership with these companies has shifted, Opay continues to be a gateway for accessing loans. The process is streamlined and accessible, mainly requiring users to have an active Opay account.

To be eligible for an Opay loan, prospective borrowers must meet specific criteria:

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  1. Nigerian Citizenship
  2. Registered Opay Account
  3. Valid Bank Verification Number (BVN)
  4. Valid Means of Identification (e.g., National ID card, driver’s license, or international passport) – optional but recommended

How To Borrow Money From Opay App Easily

Once eligibility criteria are met, the application process for an Opay loan is straightforward:

  1. Download the Opay App and Create an Account
  2. Log in to Your Opay Account
  3. Navigate to the “Finance” Tab on the Homepage
  4. Select the “Loan” Option
  5. Choose between Available Lenders (formerly Okash and Easemoni)
  6. Complete the Loan Application Form with Accurate Details
  7. Specify the Desired Loan Amount
  8. Review and Submit Your Application

SEE ALSO: 10 Apps That Can Give A Loan Of 50,000 Naira and 100,000 Naira

After submission, Opay’s partner loan companies will review your application and notify you of approval or rejection within a short timeframe. If approved, the loan amount will be transferred to the account number provided during the application.

Opay Loan Interest Rates and Repayment Options

The interest rates associated with Opay loans depend on the loan service used, with Easemoni’s rates ranging from 5% to 20%, and Okash’s ranging from 3% to 30%. These rates are influenced by the borrower’s credit score, with better credit scores typically resulting in lower interest rates. Conversely, borrowers with lower credit scores may face higher interest rates. It’s crucial to understand these rates and how they may impact repayment.

Repaying an Opay loan is equally important. Two main repayment options are available:

  • Repaying via Opay Balance: If you have an Opay balance, you can use it to repay the loan by clicking the “Repay” button on the loan details page.
  • Automated Direct Debit (ADD): This feature allows automatic loan repayments using bank account details like a Debit (ATM) card or account number.

Defaulting on loan repayment can lead to additional charges and adversely affect your credit score. It’s crucial to repay on time to maintain financial stability.

Opay Debt Management Tips

When borrowing from Opay, it is essential to maintain a healthy borrowing habit, for instance when Seeking for loans it is advisable to borrow only what you need in order to prevent unnecessary debt accumulation.

Also, having a clear plan for repaying your loan on time is essential, alongside creating a budget that accommodates the loan repayment plan. You should also note that timely repayment of your loans enhances future credit access, as it positivity impacts your credit score.


What is the code to borrow loan in OPay? 

To borrow money from Opay (Okash Loan) through a USSD code, dial *955# on your mobile phone, provided you have an Opay account. Follow the prompts to complete the loan application. For those without an account, follow the step-by-step guide here to open an Opay account.

Can I borrow money on PalmPay? 

To borrow from PalmPay, download the app, create an account, and go to “Loans” on the dashboard. Choose your desired amount to borrow.

Can I use my BVN to borrow money?

BVN (Bank Verification Number) serves as a means to identify and verify individuals’ personal details for banking transactions. While it’s essential for loan applications and financial activities, BVN itself cannot access or manipulate bank accounts. It’s primarily used to confirm the account owner’s identity and details. While it aids in identifying loan applicants and helps prevent fraud, BVN doesn’t enable direct access to accounts or fund transfers on its own. It’s a safeguard to ensure transparency and security in banking transactions.

What happens if online loan is not paid in Nigeria?

Not repaying an online loan in Nigeria can lead to severe consequences. These include a negative impact on your credit score and potential legal action from the lender. It’s crucial to understand your loan agreement’s terms and ensure timely payments to avoid these repercussions.

How do I stop loan apps from calling my contacts?

To prevent loan apps from accessing your contacts, follow these steps: Go to “Apps & Notifications” or “Apps” in your phone’s settings. Locate the loan app from the list. Click on “Permissions.” Disable any permission linked to contacts that isn’t crucial for the app’s operation. This safeguards your privacy and restricts unnecessary access to your contacts.

What are the fake loan apps in Nigeria?

Beware of fraudulent loan apps in Nigeria like 9Credit, 9ja Cash, BorrowNow, Cash Mall, Cash Wallet, CashLion, Ease Cash, FastMoney, ForNaira, GGMoney, GoCash, GotCashger, GotoCash, KashKash, LCredit, LendCash, NairaPlus, NCash, Palmcash, and others. Both lenders and borrowers should steer clear of these apps to avoid potential scams and financial risks.

Can I sue a loan app? 

Yes, you can take legal action against a loan app in Nigeria. Courts have the authority to order companies to issue public apologies and provide compensation for damages caused, apart from other potential remedies.


Opay’s role in reshaping Nigeria’s financial landscape cannot be understated. Offering a convenient platform for accessing quick loans, Opay empowers users with financial flexibility. By following the steps outlined in this comprehensive guide, you can confidently apply for an Opay loan and manage your financial obligations responsibly. However, remember that responsible borrowing is key to avoiding potential pitfalls and securing a stable financial future.

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