How to Borrow Money from Opay in 2024

How to Borrow Money from Opay in 2024: Hello and welcome to TechSpike.com.ng. In the ever-changing landscape of personal finance, there comes a time when we might need a helping hand to navigate unexpected expenses.

Enter Opay, not just your go-to for seamless transactions but also a reliable companion when you find yourself in need of some financial support.

Today, in this post, we will unravel the simple steps on how to borrow money from Opay, making financial assistance just a few taps away.

Opay has become a trusted platform, offering a range of services beyond conventional transactions. The ability to borrow money from Opay adds another layer of convenience, providing users with a safety net for those unplanned moments.

So, without wasting much time, let’s dive into the details and explore how you can access this feature effortlessly.

Understanding Opay’s Borrowing Service

Opay’s borrowing service is designed with simplicity in mind. It offers users the flexibility to access funds quickly and conveniently.

Before you proceed, ensure you have the Opay app installed on your mobile device and that your account details are up to date.

How to Borrow Money from Opay Loan

In this post, I will be giving you two ways you can use to borrow money from Opay Loan. They are:

Via Opay Mobile App
Via USSD Code

How to Borrow Money from Opay Via Opay Mobile App

To borrow money from Opay Loan via Opay Mobile App, follow the simple steps below:

Log in to your Opay account on the mobile app.
Click on the “finance” tab at the bottom of the homepage.
Look for the “loan” option.
Select your favourite between Okash and Easemoni and proceed to download it.
As a new user, fill out the loan application form by providing accurate information about yourself, including your name, phone number, and address.
Go with your current limit or enter the loan amount you want to borrow.
Review your loan application details and click on ‘submit’.
Once you have submitted your loan application, it will be reviewed and you will be notified of the loan’s approval or rejection within a few minutes or hours.
If approved, the money will be sent to the account number you entered during your application process.

How to Borrow Money from Opay Via Opay USSD Code

Firstly, the USSD code to borrow money from Opay is *955#.

To borrow money from OPay via Opay USSD code, follow the steps below:

Dial *955# using the phone number you used to register with your Opay account.
Select the option that says “loan”.
Follow the prompt and apply for a loan.
Get your loan disbursed into your account.

Why Choose Opay for Borrowing

The following are some of the reasons you should choose to borrow money from Opay:

Quick Approval Process:
Opay understands the urgency that comes with financial needs. The platform’s quick approval process ensures you get the assistance you need promptly.
Competitive Interest Rates:
Opay strives to offer borrowers competitive interest rates, making the borrowing experience more affordable and accessible.
Flexible Repayment Options:
Enjoy the flexibility of choosing a repayment plan that suits your financial situation. Opay provides various options to ensure a stress-free repayment process.

Opay Loan Interest Rate

The interest rates of loans used by Opay are determined by the loan service used. Easemoni loan interest rate ranges from 5 to 20% while Okash ranges from 3 to 30%.

Remember that Opay does not determine the interest rates and they may be higher or lower depending on your credit score. Also, note that failure to repay your loan when due may attract an increase in the interest rate of your loan.

How to Repay Opay Loan

After your loan has been approved, the next thought process will be repaying the loan on the due date. There are different repayment options, which include:

1. Repay using your Opay balance.

As long as you have an Opay balance, you can use it to repay your loan by clicking on the ‘repay’ button on the loan details page.

Since both Easemoni and Okash are no longer on the Opay app, you can repay your loan on the apps via Opay by just transferring your loan amount to the account number provided on the loan repayment page.

2. Automated Direct Debit (ADD)

This feature allows users to set up automatic loan repayments using your bank account details such as ATM card or account number.

It is important to note that any delay in repaying your loan on the due date can attract additional charges and this in turn will affect your credit score.

How to borrow money from Opay without BVN?

To borrow a loan from Opay without BVN, you will need to create a Basic (Tier 1) account with Opay and apply for a loan on the Opay app through Easemoni or Okash bearing in mind that you will only be eligible for a small loan amount until you link your BVN.

Does Opay give loans?

Yes, Opay offers loans via third-party platforms such as Okash and Easemoni.

How much can I borrow on Opay?

The loan amount you can borrow is dependent on your choice of loan company, your credit score, and other factors. However, you can borrow up to one million naira if you meet all the requirements.

TechSpike Conclusion on How to Borrow Money from Opay Loan

In conclusion, TeezabTech.com.ng is excited to guide you through the process of borrowing money from Opay, turning financial challenges into manageable opportunities.

As you embark on this journey, remember that Opay is not just a financial service provider but a partner committed to simplifying your financial experiences.

Whether it is an unexpected expense or a planned investment, Opay’s borrowing service stands ready to support your financial goals.

Cheers to a future of financial empowerment with Opay, and stay tuned to TeezabTech.com.ng for more insights that matter in the world of technology and finance!

If you have any questions regarding this post, simply leave us a comment in the comment section below and we will get back to you as soon as possible!