How to Borrow Money from Opay

by Dimlaw 6 months ago
Updated: 6 months ago

Do you want to apply for Opay Merchant loan?

If you have the Opay mobile app, you can quickly attend to your money problems, with their loan offer; when you need financial assistance.

Borrowing money from Opay is simple, fast, and does not involve long waiting times or endless paperwork. In just a few clicks, you can access the funds you need.

In this article, we will  walk you through every step to apply for a loan on Opay and get disbursement almost instantly.

Illustration for How to Borrow Money from Opay

Things You Should Know

  • Opay is a mobile app offering various financial services like money transfers, bill payments, and ride-hailing.

Steps to Apply for Loan on Opay

Step 1. Download the Opay app

First, you need to download the Opay app from Google Play Store or the App Store if you do not already have the application on your device.

Step 2. Login or RegisterNext, open the app and create an account by providing your phone number and other basic details.

You can skip the registration step and login instead, if you already have an account. 

Step 3. Apply for Loan

You will be taken to the homepage after successful login. On the homepage, navigate to the loan icon on the screen and click on it.

If you cannot find the loan icon, it means you need to update the Opay app to the latest version. Only newer versions of the app come with the loan feature.

Next, click on “Get Credit Limit” to show the amount you are eligible to take as a loan. Once the amount is shown, click on it and read through the terms and conditions of the loan before you agree to it.

Next, click on submit. After submitting the application, your loan will be disbursed into the Opay account balance in less than 5minutes.

Eligibility requirements

To qualify for a loan, you must have a verified Opay account, a valid BVN and your Opay account must be active, with regular transactions. 

Tips for borrowing responsibly

Borrow what you can repay: Only take loans you can comfortably repay to avoid penalties or stress.

Understand the terms: Pay attention to the repayment schedule and interest rates to avoid surprises.

Make timely repayments: Paying on time improves your credit score, making it easier to borrow in the future.

 

 

 

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