Opay Loan: USSD Code, How to Apply, and Requirements

If you are looking to get a quick loan without collateral, Opay Loan, one of the best online lending apps, should be your preferred choice.

One thing that no one ever wishes for is to be faced with unplanned financial challenges.

Despite that, it still comes when we least expect and we have to take the necessary measures to take care of them.

The advent of lending platforms in Nigeria was welcomed because of their ability to provide the needed financial support to people.

Since their introduction, loan platforms have been the support of many, and some have stood the test of time, establishing themselves as one of the best loan platforms for quick loans.

One of such platforms is Opay. This platform is one of the best lending platforms when it comes to quick loans.

Additionally, they give users loans without collateral, and their interest rates are relatively low with a flexible repayment option.

This platform does not only provide loans; they also perform other services, and their ability to not have constant network downtime during transfers has established them as one of the leading online platforms in Nigeria.

If you wish to know more about Opay Loan, their requirements, the application process even without BVN, how to repay the loan, and interest rate, I advise you to read this article to the end.

This is because you will get the needed insight to make the right decision during the loan application.

Overview of Opay

Opay is a mobile app that allows users to carry out banking services and pay bills.

They reward their customers when they invite new users through a referral code.

Additionally, Opay users enjoy some benefits while using the platform. They get daily cash back for using the platform.

Aside these services, they also provide quick and affordable loans to their customers.

It allows users to apply for loans with just a few clicks on the Opay Mobile app.

Furthermore, users can easily access the mobile app from the Play Store or Apple Store on their mobile device.

How does an Opay loan work?

Opay is not a single company; it’s a combination of other loan platforms offering fast loans.

This feature gives users the opportunity to get access to other lending platforms.

From my findings as an Opay user, they partner with Easemoni to provide fast loans without collateral.

Borrowers can get up to N1 million at a very cheap interest rate, and the repayment option is flexible, making repayment stress-free.

Securing a loan through Opay is straight-forward and very easy; you just need to have an account with them.

With the account, users can instantly get a loan either through the mobile app or the USSD code.

We will talk more about how to apply for and get a loan using the two methods mentioned.

Benefits of Opay Loan

Borrowers get instant cash when they apply for a loan.
The interest rate is relatively low and cheaper compare to other lending platforms.
The repayment options are flexible, which allows borrowers to repay without difficulty.
Opay does not require collateral before approving loans.
It is a good platform to build your credit score for future loans.

Opay Loan Eligibility and Requirements

Having an account with Opay is just the first step towards securing quick loans; there are a host of other simple basic requirements.

Below are other criteria listed by the lending platform:

You must be a citizen.
Eligible age for Opay Loan is 18 years
BVN (bank verification number) and should be linked to an active bank account. It should be active for not less than 3 months.
A valid means of identification like a driver’s license, voter’s card, or international passport

If you meet these requirements, you are good to go with the loan application.

One more thing, you need to have mobile data on your phone to apply for the loan.

How to Apply for an Opay Loan

Once you have confirmed that you meet all the requirements and that you have mobile data on your smartphone, you can apply for the loan using the steps below.

Here is the step-by-step process to apply for an Opay loan.

On your smartphone, go to the Play Store or Apple Store, search for Opay, and install the mobile app.
Launch the app and create an account, providing them with all the necessary details. You can also create an account without your BVN.
On the dashboard, locate and click on ‘Loan’; alternatively, you can click on finance and select ‘Loan’ from the top menu.
You will see a credit limit. Click on ‘Apply Loan’. You cannot change the credit limit because that’s the amount of loan that can allow you to borrow.
Tick the box and click on ‘I agree to all agreements and apply for credit’.
Opay will send all your details to Easemoni, and you will be asked to complete the application form.
Review the loan application, submit and wait for feedback.
Immediately after the loan is approved, you will get a notification, and the loan will be sent to your account.

I will like you to know that it is important that you read the terms and conditions of the loan before applying.

How to Apply for a Loan with the Opay USSD Code

Opay makes it easy for its customers to get loans, so even if you do not have a smartphone or mobile data, you can also secure a loan using the USSD code.

To apply for a loan using the USSD code, make sure that the phone number is registered with Opay and you have an account.

Then, follow these steps:

On the registered phone number, dial *955#.
Select the option ‘Loan’
Follow the instructions on the pop-up menu and provide the required information.
After submitting the application, wait for approval.
They will send the loan amount to your account if the application is approved.

Opay Loan Interest Rate and Repayment

As of the time of writing this article, the only loan service on the Opay loan platform is Easemoni.

Easemooni determines the interest rate, and it varies depending on the loan amount collected by a customer through the Opay Mobile app.

The interest ranges from 3% to 15% monthly, depending on the loan term.

The loan repayment is as important as securing the loan. There are different options available for repayment.

Through Opay Balance: You can repay the loan with the money on the Opay account. Go to Loan on the dashboard, click on the’repay button’, and select the option to repay with your Opay balance, and the loan amount will be deducted.
Automated Direct Debit (ADD): You can set the loan repayment to be done automatically using your bank details. When you click on the repay button’ on the loan option, you select the automated direct debit and enter your bank details. Make sure there is money in the account before the loan repayment due date for automatic withdrawal.

It is important to repay the loan on time, as there are penalties for late payment or default.

Late payment or default will affect your credit score; The credit Bureau will also blacklist you from getting loans in the future.

Even if you repay and they unblock you, getting a loan will be difficult because no loan platform will want to work with you based on your previous loan records.

Frequently Asked Questions (FAQs)

How do I increase my loan limit on Opay?

You can do that by constantly using the Opay mobile app or ATM card to perform transactions.

How much interest does Opay charge on its loan?

The loan company which is Easemoni is what determines the interest on the loan

However, their interest rate is between 3% and 15%, depending on the loan amount and term.

How do I repay my loan?

You can either repay the loan using the money on your Opay account or through automated direct debit, which requires you to provide your bank details.

To repay, open the Opay app, click on loan and select the ‘Repay button’, and choose the repayment option that suits you.

How do I borrow money from Opay without a BVN?

You need to register and create an account with Opay, and they will open a Tier 1 account for you, which is the basic account.

So, with this account, you can apply for a loan using the mobile app or the USSD code.

What is the maximum loan I can get through Opay?

You can get up to N1 million as loan from Opay.

In Conclusion

Opay Loan is a mobile app that has come to support those in need of urgent financial assistance.

They disburse loans quickly so that borrowers can take care of their financial needs.

Additionally, they get these loans without any form of collateral or guarantor, with a cheap interest rate and flexible repayment plans.

Furthermore, using the Opay app opens you up to a daily cash bank when you can make transactions.

Before applying for loans on the platform or any other loan platform, take the time to read through the terms and conditions.

Also, check out the penalty for default, the interest rate, and every other important piece of information.

If you have any questions about Opay Loan, kindly leave a comment in the comment section.

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