OPay Loan is a personal and merchant loan service offered through the OPay mobile app. The loans are provided by EasiMoni, a third-party lender owned by BlueRidge Microfinance Bank, in partnership with OPay.
Types of OPay Loans
OPay offers two main types of loans: Personal Loans and Merchant Loans.
1. Personal Loan
OPay's personal loan service offers a convenient financial solution for individuals needing quick access to funds. The loan amounts range from ₦5,000 to ₦100,000, catering to various financial needs, whether it's for emergencies, personal expenses, or short-term financial gaps.
The application process is straightforward, leveraging OPay's user-friendly platform, making it accessible for many users across Nigeria. With minimal paperwork and swift approval times, borrowers can quickly access the funds they need, directly into their OPay wallet or linked bank account.
One of the standout features of OPay's personal loan service is the ability to increase the loan amount over time based on the borrower's repayment history. This means that as borrowers demonstrate responsible repayment behavior, they can qualify for higher loan amounts in the future.
This incentivizes timely repayments and helps build a positive credit profile for the user. This dynamic adjustment of loan limits provides a tailored borrowing experience, rewarding good financial behavior and promoting financial inclusion.
2. Merchant Loan
The OPay's merchant loan service is designed to support businesses by providing flexible financing options. With loan amounts ranging from ₦1,000,000 to ₦5,000,000, businesses can access significant capital to fund operations, expansion, or other financial needs.
Short-term loans are available at a competitive interest rate of 3%, making them an affordable option for businesses needing quick cash flow solutions. In contrast, long-term loans can have interest rates of up to 15%, providing a viable option for more substantial, longer-term investments.
This tiered interest rate structure allows businesses to choose the loan terms that best fit their financial strategy and repayment capacity. More so, a major advantage of OPay's merchant loan service is that it requires no collateral or guarantors. This makes the loans accessible to a broader range of businesses, particularly small and medium-sized enterprises that may not have significant assets to pledge.
The absence of collateral requirements reduces the barriers to obtaining much-needed funding, enabling businesses to invest in growth opportunities without the burden of stringent security requirements. This accessibility, combined with the substantial loan amounts and flexible terms, positions OPay's merchant loans as an attractive option for businesses looking to enhance their operations and achieve their financial goals.
OPay Loan Eligibility Requirements
To be eligible for an OPay Loan, you must:
- Be a Nigerian citizen
- Have an active OPay account, preferably at Tier 2 or above
- Have a good credit history on the OPay platform
- Be between 18-55 years old
- Provide a valid BVN and government-issued ID such as NIN
How to Apply for an OPay Loan
You can apply for an OPay Loan through the OPay mobile app or by dialing the USSD code *955#:
- Download the OPay app and register for an account
- Log in and click on the "Loan" or "Merchant Loan" icon
- Select the loan type and amount, review the terms
- Fill out your personal details like name, DOB, BVN, ID
- Submit the application and wait for approval, which usually takes a few minutes
- If approved, the loan amount will be disbursed to your OPay account or linked bank account.
OPay Loan Interest Rates
The OPay Personal loans have interest rates ranging from 0.1% to 1% per day. This translates to an annual interest rate between 36.5% and 360%.
However, Merchant loan, on the other hand, possesses an interest rates of 3% for short-term and up to 15% for long-term. The interest rate may be lower depending on the your activities on the OPay Business App.
How to Borrow Money from OPay
Follow these steps to successfully borrow money from OPay on Android and iPhone:
- Download the OPay app from the Google Play Store or Apple App Store and register for an account with your phone number.
- Log in to your OPay account and click on the "Merchant Loan" or "Loan" icon on the home page.
- Select the type of loan you want - cash loan, airtime loan, or store loan. Click on the desired loan to open the loan application page.
- Choose the loan amount and repayment period. The OPay app will display the interest rate and total amount to be repaid.
- Fill in your personal details including name, date of birth, gender, email, BVN, and NIN.
- Submit your loan application and wait for approval, which usually takes a few minutes.
- Once approved, the loan amount will be disbursed to your OPay account or linked bank account.
The Conclusion
Remember that to be eligible and qualify to get OPay loan, you must be a Nigerian citizen, have a registered OPay account, valid BVN, and government-issued ID. The loan amount ranges up to ₦50,000 with no collateral and paperwork required. Use this method to retrieve your BVN from OPAY.
You can also borrow money from OPay using the USSD code *955#. Follow the prompts to apply for the loan amount and repayment period of your choice.
In nutshell, OPay offers convenient personal and business loans through its mobile app, with eligibility based on having an active OPay account and good credit history. The loans come with varying interest rates depending on the loan type and the user's engagement with the OPay platform.