How to Borrow Money from Opay in Nigeria: Opay has grown into one of Nigeria’s leading financial super apps, offering everything from bill payments and transfers to savings and loans. With its expanding financial ecosystem, Opay also enables users to access personal loans directly from its app through integrated micro-lending services. Whether you’re trying to manage an urgent expense, smooth over cash flow issues, or explore short-term credit solutions, the Opay platform has made borrowing simpler and faster.
Loan amounts start as low as ₦5,000 and can grow to over ₦250,000 depending on your credit behavior, with interest rates starting from 3% monthly. The application process is mobile-based, requiring no paperwork or collateral, and approval often happens in minutes.
In this in-depth guide, you’ll learn how Opay loans work, current interest rates, eligibility criteria, how to apply, how to repay, and everything else you need to know before applying.
Table of Contents
What Is Opay Loan and How Does It Work?
Opay Loan is a digital loan service provided through the Opay app in collaboration with licensed loan providers like EaseMoni and OKash. Users who meet eligibility criteria are allowed to borrow directly from within the Opay app, or redirected to affiliated lending apps where they can complete the process.
The loans are unsecured—meaning you don’t need collateral or a guarantor—and are often approved within minutes. Opay leverages data from your BVN, transaction history, and phone behavior to determine eligibility and borrowing limits.
Loans are usually short-term in nature and meant for emergency or personal use. First-time borrowers may receive smaller amounts, but these limits grow with timely repayment and active app usage.
Opay Loan Features at a Glance
| Feature | Details |
|---|---|
| Loan Amount | ₦5,000 – ₦250,000+ |
| Repayment Period | 7 – 91 days (up to 365 via partners) |
| Interest Rate | From 3% monthly (APR varies) |
| Collateral | Not required |
| Application Method | Opay App (or partner apps) |
| Disbursement | Instant to Opay or bank account |
| Repayment Method | Auto-debit or manual payment |
| Availability | Android & iPhone (iOS) users |
Opay Loan Interest Rates & Charges
Opay loans typically come with monthly interest rates starting at 3%, depending on the loan provider (EaseMoni or OKash), the amount, and your credit risk profile. For example:
- Loan Amount: ₦100,000
- Monthly Interest Rate: 3%
- Tenure: 30 days
- Interest: ₦3,000
- Total Repayment: ₦103,000
Keep in mind that interest rates may vary at the time of application. You’ll always be shown the full repayment amount before confirming the loan.
Note: Additional fees may apply if you default or pay late.
Eligibility Criteria for Opay Loan
To qualify for a loan through the Opay app, you must meet the following criteria:
- Be at least 18 years old
- Own and operate an Opay account
- Have a linked Bank Verification Number (BVN)
- Be a Nigerian resident
- Actively use the Opay app for transactions
- Have a clean credit history (no outstanding default on previous loans)
Some users are required to perform a certain number of transactions (e.g. transfers, airtime purchases, bill payments) before being eligible to unlock the loan feature.
How to borrow money from Opay Loan (Step-by-Step Guide)
In other to apply for Opay loan, follow this steps:
- Open the Opay App: Download or launch the Opay app on your Android or iOS device.
- Navigate to the “Finance” Section: From the homepage, tap on the Finance tab and look for the Loan option.
- Select the Loan Type: If you’re eligible, you’ll see a direct loan option or be redirected to install EaseMoni or OKash, both integrated lenders within Opay.
- Fill Out Application Form
- Provide your personal details
- Confirm your BVN and income source
- Choose your desired loan amount and repayment period
- Submit and Wait for Review: Loan decisions are made within minutes using automated scoring.
- Get Funded: Once approved, the loan is disbursed instantly to your Opay wallet or bank account, depending on the provider.
Loan Options via Opay App: EaseMoni & OKash
If you don’t yet qualify for direct loan access in the Opay app, you’ll be prompted to use one of these third-party options:
1. EaseMoni
EaseMoni is a licensed lender under Blue Ridge Microfinance Bank, offering loans of ₦3,000 to ₦1,000,000. Repayment periods range from 91 to 365 days with APRs from 20% to 60%.
2. OKash
OKash is powered by Blue Ridge and part of the OPay ecosystem. It offers short-term loans of ₦5,000 to ₦500,000, with repayment from 91 to 365 days. Interest rates typically range between 18% and 36% per annum.
How to Repay Opay Loan
There are two ways to repay Opay loan, these include:
- Automatic Deduction: Ensure your Opay wallet is funded on the due date. The app automatically deducts the full amount (principal + interest) once the loan matures.
- Manual Repayment: If you prefer to repay earlier:
- Open the Opay app
- Go to Finance > Loan
- Tap Repay
- Choose either full or partial repayment
- Confirm the payment
Early repayment may improve your credit score and increase your loan limit in the future.
Is Opay Loan Legit and Safe?
Yes. Opay and its partnered loan providers like EaseMoni and OKash are licensed financial service operators. While Opay itself is not a direct microfinance bank, it works with regulated lenders in Nigeria under CBN-compliant practices.
Security is enforced using BVN verification, in-app security PINs, and robust privacy protocols.
Opay Customer Support Details
You can contact Opay loan customer service through the following channels:
In-App Customer Service
Available 24/7 for self-service like transfer disputes and card disputes. You can also chat live with a Customer Service Agent anytime through the app.
Phone Numbers
- Phone 1: 0700 888 8328
- Phone 2: 0201 888 8328
- Phone 3: 0700 8888 329
- Phone 4: 0201 888 8329
- Phone 5: 0916 599 8936
Social Media
- Facebook: Nigeria.OPay
- Twitter: OPay_NG
- Instagram: opay.ng
Opay Headquarters Address
Alexander House, Plot 9, Dr. Nurudeen Olowopopo Avenue, Alausa, Lagos
Frequently Asked Questions
1. What is the loan limit on Opay?
First-time borrowers may get between ₦5,000 and ₦50,000. Limits grow with time and repayment history, up to ₦250,000 or more.
2. Do I need collateral or documents to apply?
No. All loans are collateral-free and processed digitally within the app.
3. Can I repay before the due date?
Yes. Early repayment is allowed and may improve your borrowing score.
4. Why can’t I access loans directly in the app?
You may not yet meet Opay’s internal eligibility metrics. In such cases, you’ll be redirected to third-party lenders like EaseMoni or OKash.
5. Can I use a USSD code to apply for Opay loan?
Currently, Opay loans are only accessible through the app. There is no active USSD code for direct loan application.
6. Is the interest rate fixed?
No. It varies by provider, credit profile, and amount borrowed. Always check terms before confirming.
7. What happens if I don’t repay on time?
Late repayment can lead to penalties, reduced credit limits, and blacklisting with national credit bureaus.
Conclusion
If you’re looking for a fast, mobile-first way to borrow small loans in Nigeria, Opay offers a reliable solution through its app and trusted third-party lenders. With a flexible borrowing process, no paperwork, and instant funding, it’s an ideal choice for users who already engage with Opay’s financial ecosystem.
Just ensure you borrow responsibly, repay on time, and monitor your credit behavior to maintain access to future credit. Always read the loan terms carefully and avoid borrowing beyond your means.
Be sure to check out our other related articles for more insights.