OPay is a mobile money operator (MMO) offering Loan services to its users via third-party lenders in Nigeria. Currently, Loans can be gotten on the OPay App via EasiMoni.
EasiMoni is a Loan service of BlueRidge Microfinance Bank (MFB). The financial institution is in partnership with OPay to provide personal and business Loans to users who are interested and eligible.
BlueRidge Microfinance Bank is a licenced MFB in Nigeria. Hence, you don't have to panic about getting loan from it subsidiary via OPay App. The company is legit and have no hidden fees or interest rate.
In addition, borrowing loan from OPay comes with no collateral or paperwork. You can get as much as N100,000 for personal use, and you can get upto N5,000,000 long-term loan for business purposes.
In this article, we will walk you through every steps you need to follow to borrow loans from OPay in Nigeria. If you're wishing to getting a business/personal loans from OPay, you're in the right place.
What is OPay Loan?
OPay Loan is a personal and merchant Loans that can be gotten on the fintech app. The Loans are offered through EasiMoni, a third-party loan provider owned by BlueRidge MFB, to OPay users via OPay App.
Upon accessing the Loans on OPAY App, you will be redirected to EasiMoni platform where you'll be required to proceed with the Loan application.
However, your credit history will be moved from your OPay Account to the Loan app. This will help to determine your Loan application approval. This simply implies that if you have a good credit history on OPay, you stand a higher chance to get the Loan disbursed into your account in less than 24 hours.
But, if you're having bad credit history on your OPay Account, we are afraid that you may need to work more on improving your credit scores to gain better chance of Loan approval.
Types of OPay Loans
OPay is currently offering two (2) kind of Loans; personal loan and merchant loan.
1. Personal Loan
OPay Personal Loan is a loan ranging from N5,000 to N100,000. You can simply request for this Loan on your OPay App. The personal loan amount will gradually increase depending on how sincere you are during your previous loan repayment.
2. Merchant Loan
OPay Merchant Loan is a short-term loan and long-term loan that's given to OPay POS agents. The Loan amount ranges from N1,000,000 to N5,000,000.
While the short-term loan has 3% interest, the lonng-term has up to 15% interest rate. However, the OPay Loan interest rate can be lower depending on your activity on the app.
In addition, OPay Merchant Loan offers features like no collateral or guarantors required, applying directly on your OPay business app (merchant version), fast and easy application process and disbursement directly to your OPay wallet.
OPay Loan Requiremnts
Here are documents and criterias you must have and meet to be able to borrow money from OPay in Nigeria.
- First of all, you must be at least 18-years old.
- You must have an active OPay Account
- Your OPay Account must be in Tier 2 or above.
- You must have a good credit history on OPay.
These are the major requiremnts to obtain OPay Loan in Nigeria. For merchant, you must meet some certain daily transaction limits to be able to get eligible for the OPay Merchant Loan.
Thinking about Bank Verification Number (BVN) and National Identification Number (NIN)? These are required during upgrading of account to Tier 2 and Tier 3. That's why it's compulsory that your OPay Account must be in Tier 2 to be able to borrow money from OPAY.
In nutshell, the major requiremnts needed to borrow money from OPay is your credit score. Make sure you work on improving your credit history on the fintech app to get higher chance of getting your Loan application approved.
How to borrow Money from OPay
If you're applying for personal loan, you can simply login to your OPay App and click on "Loan" from the list of services.
You will be redirected to EaseMoni official website where you can proceed with the loan application. Your credit history will be submitted by OPay to the lender and the lender will decide your loan eligibility and amount to be disbursed if you're eligible.
However, if you're applying for merchant loan, kindly login to your OPay business account. To access the 'Merchant Loan' feature on your OPay User App, ensure you have the latest version installed. If you don't see the 'Merchant Loan' option on your homepage, update the app through your device's app store. Once updated, launch the app and navigate to the 'Merchant Loan' section. Review the terms of service and agree to proceed with the loan application. Next, click on 'Merchant Loans Credit Limits' to explore available options.
Within the 'Merchant Loans Credit Limits' section, select the type of loan you wish to apply for, and follow the provided steps to complete the application process. This may involve filling out necessary information, verifying your identity, and providing any required documentation. Once the application is submitted, you'll be informed of the status of your loan request in due course.
FAQs about OPay Loans
Is OKash different from OPay?
Yes, OKash is different from OPay. OKash is a third-party lender also owned by BlueRidge Microfinance Bank. The loan platform is also featured on the OPay to offer loan and credit services to OPay ussrs.
How much can I borrow from OPay for the first time?
You can probably borrow upto N50,000 on OPay for the first time. However, it's important to note that the loan amount you can obtain on OPay for the first time depending majorly on your credit history on the fintech app.
How to borrow money from OPay on iPhone?
To access OPay Loan via iPhone, kindly open the iOS app store on your iPhone and download and install OPay App.
Register an Account or Login if you already have an account.
Next, click on "Loan" from the list of services available and proceed to the third-party website to complete the loan. application.
What is OPay Loan App?
There's no specific OPay application for Loan on the platform. However, the third-party loan provider on the OPay App, EasiMoni, has a mobile app that's available for download on the Google Play Store and Apple app store.
The Bottom Line
OPay Loans are among the personal and business Loans in Nigeria that require no collateral, guarantors or paperwork to obtain.
By following these guides, you will be able to borrow money from OPay without stress or any hassles.