Sometimes, we may need money to meet our urgent financial needs and whenever you find yourself in such circumstances, you may opt to borrow money to solve your financial needs. Opay is a good option to consider. Their application process is straightforward.
Opay is one of the popular fintech companies that offers different financial services, like quick loans, savings, transfers, etc., to its numerous customers. The Opay platform is not a stand-alone company; it has partners like Okash. Hence, in the course of reading this write-up, don’t be confused if we use Opay or Okash interchangeably.
The fintech company was established in 2018. Since its inception, it has continued to expand its operations to different countries around the world, like Mexico, Pakistan, Nigeria and Egypt. It has a good customer base, with over 18 million registered app users and counting.
Opay Mode Of Operation
Opay is a fintech company; hence, it offers different financial services. Because of that, it is affiliated with other financial companies to offer quick loans without collateral.
In the recent past, Opay was affiliated with Okash and Easemoni to offer collateral-free loans to their users. However, from our recent findings, it seems that Opay has parted ways with Okash and Easemoni but that doesn’t mean you can’t access loans from Okash. During the application process, you’ll be required to choose either Okash or Easemoni.
The good news is that borrowing money from Opay is not a difficult task; just ensure that you meet their basic eligibility criteria before opting for the loan. In the next section, we shall be taking a look at the Opay loan requirements.
Opay Loan Requirement
To be able to borrow money from Opay, you are expected to meet certain eligibility criteria. It would interest you to know that this is not only peculiar to the Opay platform but it is a general norm in the financial sector that you must meet certain criteria before you can access a loan. Having said that, the eligibility criteria that you must meet before you can access a loan from Opay include:
- You must be at least 20 years old.
- You will be required to provide a valid means of identification, like driver’s license, national identification card, etc.
- Your bank verification number (BVN) will also be needed.
- You must have a functional bank account.
- You will have a valid Opay account.
How To Borrow Money From Opay On iPhone
After going through the eligibility criteria above and being qualified for the Opay loan, the next thing is to apply for the loan using your device. To do that, just follow the steps below to apply
- Go to the iOS Apple App Store and download the Opay app for your iPhone.
- Once you install the app, sign in to your Opay account via the mobile app.
- Look at the bottom of your homepage and tap on the ‘’Finance’’ tab.
- Search for the ‘’Loan’’ option.
- To proceed, you’ll need to choose between Esemoni and Okash.
- Now you will need to download the one you have chosen (Okash or Easemoni).
- After downloading, complete the loan application by filling in the necessary information like your address, full name, etc. Fill it correctly.
- Write down the exact loan amount you want to borrow.
- Go through your loan application to ensure that you entered the details correctly.
- Tap on ‘’Submit’’
- After submitting your loan application, it will be reviewed. The review takes a few minutes to an hour, and you will be notified if your application was successful or not.
- Finally, if your loan request is approved, you will be credited with the loan amount you applied for.
N/B;
It is very important to read their terms and conditions to know the repayment plans and any other important information to avoid attracting sanctions from the platform. We strongly recommend that you repay your loan on time to enable you to build trust with the Opay platform for future transactions.
Opay Loan Code
In their relentless efforts to ensure that they carry all their customers along, Opay has a specific code for their users who don’t have smartphones to apply for a loan.
However, before you can access the Opay loan with this USSD code, you need to have an Opay account. You can open it by going to the office or by using someone else’s smartphone or other device to open the Opay account. It is very easy to open.
Hence, if you don’t have a smartphone but you want to borrow money from Opay, you can use this *955# to get the Opay loan. To do that, just follow these steps:
- Go to the phone number that you linked to your Opay account and dial *955#.
- Choose the option ‘’’LOAN’’.
- Follow the on-screen instructions carefully to apply for the loan.
- If you follow the application procedures correctly and if you’re eligible, your account will be credited with the loan.
How Much Can I Borrow From Opay For the First Time?
As a new user, the exact amount of money that you can borrow from Opay is not fixed because it is dependent on several factors. Nevertheless, the amount of money that you can borrow from Opay as a new user will not be all that big because you’ll need to build creditworthiness with the platform before you can get a big amount.
Generally, as a new user, the loan amount that you can borrow from Opay ranges from N3,000 to N50,000. To get a bigger loan amount, you’ve got to build a good reputation with the platform by repaying your loans on time.
Bottom Line
Borrowing money from Opay using an iPhone is a straightforward process, though it requires a few steps. However, before you apply for the Opay loan, it is best to go through the eligibility criteria to confirm that you’re qualified. Once you get the loan, ensure that you repay it on time to enable you to build a good reputation with the Opay platform.