In Nigeria, many people face challenges when trying to borrow money through traditional banks or other loan apps. The process can be cumbersome, involving lengthy paperwork and lengthy approval times. However, the Opay app offers a streamlined and convenient solution for quick loans.
In this post, you will learn five key things about borrowing money on Opay:
- Easy steps to borrow money on the Opay app
- How to be eligible to get Opay loan
- Opay loan interest rates and repayment guide
- Other alternatives loans apps to borrow money in Nigeria
Opay Loan Eligibility:
To borrow money from Opay, here are the five requirements:
- Age: You must be between 18 and 55 years old.
- Smartphone: You need to have a smartphone to access the Opay app and the loan.
- Mobile Number: A registered mobile number is required. This is your Opay account number.
- National Identification Number (NIN): You must have a valid NIN linked to your Opay account.
- Bank Verification Number (BVN): A valid BVN is necessary to verify your identity and financial history. You must link BVN to your Opay account to borrow money on the app. If not, Opay will not loan you money
How to Borrow Money on Opay App:
Follow these six steps to borrow money from the Opay loan app successfully:
1. Open Opay App:
For existing Opay user, open the Opay app on your smartphone (Android and iPhone). Then, log in using your mobile number, and password.
For a new customer, download Opay app from Google Play Store (for Android) or the Apple App Store (for iOS). Thereafter, create a Opay account.
Read: How to earn Opay Sign-up Bonus
2. Go to the Loan Section:
On your Opay dashboard, find and select the Loan. It is among various Opay services.
3. Check Your Loan Limit:
On the Loan section, click on “Get Limit.” This is to get the amount Opay EaseMoni can loan you currently.
Once you tap on it, Opay will prompt you allow permission to access your location and SMS for eligibility verification.
Once you grant access, it will show your loan limit.
4. Review and Apply for the Loan:
Next, click on “Get Funds” to review the loan amount you can borrow.
You have the option to borrow less than the maximum loan amount you get.
Also, review the loan terms, select a repayment date, and enter any coupon code if applicable.
Once satisfied, tap on “Apply Now” for EaseMoni to process your application.
5. Receive your Loan
Once you apply for the loan, the amount will be credited to your Opay wallet within 3 minutes.
It is that fast!
Check your Opay account balance after 3 minutes for the loan
Interest Rates and Repayment Terms:
Interest Rates:
Opay charges an up to 24% interest rate on the loan amount. This rate is competitive compared to traditional lenders but can accumulate quickly if the loan is not repaid on time.
Repayment Terms:
You can choose a repayment date that suits your financial situation.
For new and most users, 30 days is the common date to repay the loan.
If you maintain a good credit score by repaying your loan on time, you will be able to borrow money up to 90 days on the Opay app.
Ensure to review the terms carefully before applying to ensure they fit your budget.
Late Repayment:
There are two consequences for not repaying the Opay loan on time:
- Firstly, If you fail to repay the loan on time, interest will continue to accrue at 1% per day.
- Secondly, late repayment can negatively impact your future borrowing credit score with Opay, making it harder to secure loans in the future.
Common Issues and How to Solve Them
Login Problems:
If you’re having trouble logging into your Opay account, ensure that your credentials are correct.
If you’ve forgotten your password, use the app’s password recovery option. For further assistance, contact Opay customer support.
Loan Application Issues:
If you encounter problems during the Opay loan application process, check that all required permissions (location, SMS) are enabled.
Make sure your app is updated to the latest version. Restart the app if needed.
Loan Disbursement Delays:
Sometimes, there may be delays in disbursing the loan. Check for any notifications from Opay regarding the delay.
Contact Customer Support:
If issues persist, contact Opay customer support through the app or their official website.
They can assist with troubleshooting and resolving any problems you encounter.
Alternatives to Opay Loan
While Opay loan offers a quick way to borrow money, it may not meet your needs. For instance, its loan amount, interest rate, repayment date etc. Here are five alternative loan apps to Opay in Nigeria:
- Carbon: Offers quick loans with flexible repayment terms and a user-friendly app.
- Palmpay: Palmpay offers quick, collateral-free loans through its mobile app, with flexible repayment terms and competitive interest rates.
- Branch app: Known for its fast approval and no collateral requirements.
- FairMoney: Provides instant loans with competitive interest rates and an easy application process.
- KwikCash: Offers micro-loans with straightforward terms and quick disbursement.
FAQs:
What is the maximum loan amount I can borrow on Opay?
Opay EaseMoni offers up to 1 million Naira loan. However, the loan limit amount you get depends on your creditworthiness and eligibility which can be as low as ₦4,000. You can check your loan limit directly in the Opay app.
How quickly can I receive the loan after applying on Opay?
Once approved, the loan amount is typically credited to your Opay wallet within 3 minutes.
Are there any hidden fees when borrowing money on Opay?
Opay’s loans displays your interest rate (up to 24%) including repayment amount. Ensure to review the loan terms in the app to understand all applicable fees.
Can I borrow money on Opay if I have a low credit score?
Yes, Opay considers various factors beyond credit score but you will get a lower loan amount.
What happens if I can’t repay the Opay loan on time?
Late repayments incur an additional daily interest of 1% and may negatively impact your future borrowing credit score.
How can I check my loan balance and repayment schedule on Opay?
You can view your loan balance and repayment schedule in the Loan section of the Opay app.
Can I borrow money multiple times on Opay?
Yes, it is called revolving loan. You can apply for multiple loans within your approved credit limit provided you meet the eligibility criteria and have repaid previous loans on time.
Is borrowing money on Opay safe and secure?
Yes, Opay employs robust security measures to protect your financial information and transactions.
Summary
Borrowing money on the Opay app provides a convenient, quick, and collateral-free solution to meet your financial needs.
Here are six key points on how to check card PIN on Opay app:
- To borrow money on Opay, go to the loan section of the app and apply
- Opay EaseMoni offers up to 1 million Naira loan but loan amount you get depends on your creditworthiness and eligibility.
- Opay loan disbursement time is within 3 minutes into your account.
- Opay loan interest rate is up to 24%.
- Late repayment of the Opay loan attracts 1% daily interest.
- Alternative Opay loan apps include Carbon, Palmpay, FairMoney, Branch, and KwikCash, each offering different features and terms.
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