OPay is not directly offering Loan services to customers. Instead, the Nigerian payment app partners with third-party platform EaseMoni to provide loan services through their app. If you come across loan options in the OPay app, they're usually facilitated by EaseMoni.
EaseMoni facilitates competitive credit loans and consumer financial services in Nigeria, Egypt, Pakistan, Indonesia, Mexico, Colombia, and beyond, addressing people's needs with safe and efficient products and services. These expansion have come handy with the help of OPAY; because, these countries are major region where OPay operates.
Furthermore, EaseMoni is a product of BlueRidge Microfinance Bank (MFB), a duly License MFB company by the Central Bank of Nigeria (CBN). The financial service company is also insured by the Nigerian Deposition Insurance Cooperation (NDIC) to make sure all of your funds and savings with any of the bank's services, e.g EaseMoni via OPay, are insured.
How to use EaseMoni
You can get a Loan from EaseMoni via OPay App and you can also download the EaseMoni app directly from Google play store. Although, if you want to use the loan service via your OPay Account, you will be redirected to EaseMoni official website to complete the Loan application.
The EaseMoni Loan is easy to access; all you need to do is download the app from your device's app store and continue with registration and application processes. Better still, you can proceed from your OPay Account so that all the vital financial information needed about you will be extracted seamlessly and fasten the loan approval via the EaseMoni app.
Requirements to get EaseMoni Loan
Here are the Loan eligibility requirements with EaseMoni that will qualifies you from getting a loan in the EaseMoni app:
- Nationality: You must be a resident of Nigeria or any operational nations as EaseMoni primarily serves customers in Nigeria.
- Legal Age: You should be at least 18 years old or older, in line with legal borrowing age in the country.
- Valid BVN: A valid Bank Verification Number (BVN) is required. BVN is a unique identifier used in Nigeria for identity verification and credit history.
- Phone Number: A working phone number with SMS enabled is required. EaseMoni utilizes phone data for eligibility assessment.
- Credit History: A good credit history is needed, especially when maintained via your OPay Account. In addition, your phone data and past loan repayment behavior will be assessed to determine creditworthiness.
- Purpose of Loan: EaseMoni may inquire about the reason for borrowing, which could influence their decision. Hence, make sure you compile a good and reasonable reasons while applying for the EaseMoni Loan.
However, when all these eligibility criteria information are accurately provided during application, you're likely to get your Loan application approved. Disbursement usually happens between 2 to 4 business days. The Loan amount will be credited to your EaseMoni wallet, and from there, you can transfer to any bank of your choice in Nigeria.
EaseMoni Loan Repayment
After getting a Loan, it's mandatory to repay the debts or else you will face consequences such as visa application being disapproved. EaseMoni offers two methods of repayment via its mobile application; automatic debit and in-app repayment.
The EaseMoni Automatic Debit Loan Repayment works in the sense that you're prompted to link your bank debit card to the loan service during application and during each due date, the amount will be automatically deducted from your bank account.
The EaseMoni In-app Repayment, on the other hand, works in the sense that you make a inward transfer from other bank to your EaseMoni Account Number and use the funds to pay for the due loan.
However, any of these two methods can either be used to make a full or partial payment of your outstanding Loans on the EaseMoni Loan app.
OPay EaseMoni Customer Support
Well, it's recommended to contact EaseMoni directly if you're encountering any issues with Loan application, disbursement or repayment. Getting in touch with OPay will not solve your problems because OPay is just a host of the Loan service; they're a mobile money operator, they're not licenced to provide a Loan. Hence, it's usually advisable to contact EaseMoni customer number to report any issues.
Here are mediums to contact the EaseMoni Customer Support:
- Email: easimoni@blueridgemfb@gmail.com
- Number: 07009987769
- Address: No.77, Opebi Street, Ikeja, Lagos, Nigeria.
However, it's important to make your question short and explanatory. You wouldn't love to overwhelm your problems with customer care representatives; they're humans, not bots.
OPay EaseMoni Review
EaseMoni's loan approval process is swift and can be completed entirely online via OPay App. Borrowers who repay their loans successfully may qualify for higher loan amounts in the future.
However, there are also potential drawbacks to consider:
High Interest Rates: EaseMoni's interest rates can reach up to 5% monthly if you don't repay on time, resulting in an APR (Annual Percentage Rate) ranging from 60% to 120%. It's crucial to fully understand the repayment terms before borrowing.
Debt Collection Practices: Reports indicate that EaseMoni may contact a borrower's phone contacts for debt collection purposes, raising concerns about privacy violations. Meanwhile, government is working to Corp this unlawful actions, but you still need to take note.
In a nutshell, the reviews of OPay partnering with EaseMoni for loans indicate that both fintech companies are working to drive financial inclusions in Nigeria to the next level.