A Step-by-Step Guide on How to Borrow Money from the OPay App and Have the Money Credited into Your Bank Account Immediately.
In today’s Nigerian economy, a significant portion of the population turns to borrowing apps like OPay to secure a quick loan. The inflation rate is really draining people’s pockets, especially those on a fixed salary with no extra source of income. Imagine going to the market to buy something today at a rate of N50, and in the span of 48 hours, the price of that same item has doubled to N100, while your salary or income remains the same. Surprisingly, some people exhaust their entire monthly income within one or two weeks, and month-end is still far off. This is where the thought of borrowing begins, as you need to sustain yourself until the next salary is paid. With no money in your pocket or bank account, an OPay loan could be your next lifeline. Borrowing from OPay is easy and straightforward. There’s no waiting time. As soon as you initiate and complete the process correctly, the money lands almost immediately. This step-by-step guide will show you the 1, 2, 3 steps to get a quick loan from OPay today.
What is OPay?
OPay is a mobile financial app providing services such as savings, money transfers, airtime top-ups, data, and other utility bill payments. OPay has third-party apps such as Okash and EasyMoni, which allow OPay users to access quick loans directly from their phones.
How to Borrow Money from OPay: A Step-by-Step Guide
Let’s get started!
What Are the Requirements?
- Must be a citizen of Nigeria
- Be 18 years or older
- Have a valid means of identification such as NIN (National Identification Number) and a BVN (Bank Verification Number)
Note: Your BVN is secure with OPay. The app uses secure features to encrypt your details, so it won’t be exposed.
Step 1: Download the OPay App
The app is available on Google Play Store for Android users and the App Store for iPhone users.
Step 2: After Installation
Create an account using your active phone number. Enter your personal details accurately. Follow the on-screen instructions to verify your facial identity. You will also be prompted to create a transaction PIN, which you will need every time you transact with OPay.
Step 3: Apply for an OPay Loan
After verifying your account, navigate to the app interface and look for the “Loan” section, then click on it. You will see the loan amount you are eligible for. Fill in the required details, including the names and contact information of two persons.
Note: The people you list won’t be contacted unless you fail to repay your loan.
Enter the loan amount and repayment time frame. Review the details to ensure everything is correct and agrre to the terms. Then click “Apply.” Your loan application will be reviewed. Generally, loans are approved immediately, and the money will be credited to your OPay account.
Who Can Apply for an OPay Loan?
Once you are active and transacting on the app, you are qualified to apply for a loan. The eligible loan amount you can access is determined by OPay’s system, based on your activities and transaction history.
What is the Interest Rate for OPay Loans?
The OPay loan interest rate ranges from 3% to 15%. A 3% interest rate applies to short-term loans, while 15% is charged for long-term loans.
Reasonable Borrowing Advice
- Do not borrow what you cannot repay. Even if you are eligible for a loan of N100,0000 (or more), only borrow what you can comfortably repay.
- Choose a repayment plan that is suitable for your income and won’t strain your finances. It is advisable to spread the loan repayment over at least six months. However, the longer the repayment period, the higher the interest rate.
- Even if you have the money, do not wait until the repayment date to pay. Paying earlier increases your chances of being approved for new loans in the future.
What is the OPay USSD code for mobile banking?
Dial *955# and follow the prompts for whatever service you want to carry out. It allows for transfers, recharging of airtime, buying data, paying subscriptions, applying for loans, and more.
Conclusion
OPay loans are among the fastest to obtain, and they offer interest rates that are not burdensome. Once you register and verify your account with your BVN, a few transactions will qualify you for a loan. From creating your OPay account to applying for a loan, this article has explained the process in detail. As such, it serves as a clear guide for anyone who needs to borrow money urgently.
