The process of borrowing money in Nigeria today has been made easier with a lot of money lending platforms and applications. Unlike the usual process of borrowing from regular banks or micro finance banks which would require a lot of paperworks and collateral, the process of borrowing from most of these money lending platforms and apps are quite easy and straightforward.
One of these money lending platform is Opay which provides its customers with access to a variety of financial services. With Opay, you can receive money, send money, pay bills, purchase airtime, and even enjoy free cashbacks while you do all of these. But most importantly, you can borrow money.
In this article, we’ll put you through the steps to take to borrow money from Opay.
What is Opay all about
Opay is a digital banking platform that allows customers to perform financial transactions with just their smartphones. Just like the regular bank, Opay users can send and receive money and can as well perform other financial transactions all without having to visit a physical location.
Managed by Opay Digital Services Limited, this banking platform is approved by the Central Bank of Nigeria (CBN) and is known to be one of the few legit and trusted in Nigeria.
Eligibility requirements for borrowing money from Opay
Just like most other digital banking platforms which do not allow just anybody to borrow money, there are certain conditions you have to meet before you can be allowed to borrow money from Opay. Some of these conditions are:
1. Being a Nigerian
For now, the option to borrow money from Opay is only available to those who are Nigerian citizens. While foreigners might be allowed to have an Opay account, borrowing money with it won’t be possible.
2. Having an Opay account
Another eligibility requirement is having an Opay account. Without an Opay account that has been registered and confirmed, you won’t be allowed to borrow money from Opay
3. A valid BVN
You must also have a valid Bank Verification Number (BVN). Opay will have to verify your BVN to confirm it contains the same personal details as the one you submitted while registering your account
4. A valid means of identification
This can be in form of a driver’s license, a national ID card, an international passport, or even a voter’s card. Without any of these you will not be eligible to borrow money from Opay.
How to borrow money from Opay
In this section, we’ll provide a step by step guide on how you can borrow money from Opay. It is worthy of note that if you do not meet the eligibility requirements explained earlier in this article, you might not be allowed to borrow money from Opay.
To borrow money from Opay:
1. Download the app
If you already have an Opay account, you can skip this process. But if you don’t have an existing Opay account, the first step is to download the Opay app from here.
2. Sign up/Sign in
After downloading the Opay app, sign up by following the registration process. Also ensure that you provide the correct information that will be requested from you.
Once you have signed up and confirmed your identity, you can now sign in to your Opay account using your registered details like your account number and password.
3. Access the loan services
After successfully signing up and signing in to your Opay account, look for the “finance” or “loan” option to get access to Opay’s loan services.
4. Apply for a loan
While in the loan section of Opay, you’ll have to download Okash, which is Opay’s loan service, to continue. After downloading OKash, simply follow the instructions in the app and provide your personal details like your name, phone number, address, employment details, monthly income, etc, and enter the amount of money you want to borrow.
5. Submit your loan
After you must have entered the amount of money you want to borrow, review your application details again to check for errors. Once you are done, proceed to click on the “submit” option to submit your request for a loan.
6. Review and approval
After submitting your request for a loan, you will have to wait for some minutes or hours for it to be reviewed. At this stage, it can either get approved or rejected.
If rejected, you will have to trace back your steps to find out where you got it wrong. If approved, the amount of money you requested for will be deposited into your account immediately.
Related:
How to borrow money from Opay without a smartphone
For people who already have an Opay account but do not have a smartphone to borrow money using the Opay app, they can simply use the Opay USSD code.
To borrow money using the Opay USSD code, simply:
- Pick up your phone and dial *955#. When doing this, ensure you use the same number you used in registering your Opay account
- Select the “Loan” option
- Follow the instructions and choose the amount of money you want to borrow
Once you are done and if the loan is approved, the amount of money you requested for will be deposited into your account.
How to repay your Opay loan
While we talk or put you through the process of borrowing money from Opay, it is also important we let you know about how you can repay the loan whenever you are ready to do so.
There are two different ways in which you can repay the money you borrowed from Opay. They include the Opay balance and ADD.
1. Using Opay balance
To repay your loan using your Opay balance, simply fund your Opay account with the amount of money you want to repay. Then go to the loan details page and click on the “Repay” button.
2. Using Automated Direct Debit (ADD)
To repay your loan using the Automated Direct Debit (ADD), simply use your bank account number or bank ATM card to set up automatic loan repayment.
For instance, if you borrowe ₦4,000 from Opay and you want to repay it in a month, you can set your ADD to ₦1,000 every week. That means ₦1,000 will be debited from your bank account every week until you have completely repaid your loan.
Tools:
- Pinterest Hashtags Generator
- Enterprise SEO ROI Calculator
- Cryptocurrency Live Chart
- Amazon CPC Calculator
- CPM Calculator
- Engagement Rate Calculator
- Facebook Ads ROI Calculator
- Facebook Revenue Calculator
- Google Ads ROI Calculator
- Google Website Earnings Calculator
- Marketing Metrics Calculator
- Impressions Calculator
- Social Media Budget Calculator
- Website Traffic Growth Calculator
