How to Loan Money from Opay (Okash Loan) in 2024

How to Loan Money from Opay

Do you need a loan right away? There are a lot of online loan services in Nigeria that make it quick and easy to get credit loans. This is because you don’t need a guarantee or security.

Opay is one of the best payment apps in Nigeria, even though there are a lot of them. Users of the app can get instant loans from reputable lenders on its website.

This guide tells you everything you need to know about how to borrow money on the Opay app, how to borrow money from Opay without BVN, and how to get an Opay loan on your iPhone or Android.

In this article, we will talk about everything you need on how to Loan Money from Opay. You will learn if you can get the loan, how to apply, how much the interest will be, and how to pay back the loan.


Nigerians can use the Opay app on their phones to do online banking and other cash tasks. People can use their app to get a variety of banking services, such as borrowing money.

As an Opay user, you can save money, send and receive money for free, buy credit, pay your bills, and get free cashback every day on the app.

How does Opay Loan Services Work?

Opay isn’t a loan company that works by itself. They house some loan companies that offer quick loans with no collateral.

Through this service, people can get credit loans from well-known Nigerian loan companies like Okash and Easemoni. With the help of Opay, these businesses let you get loans online with low interest rates.

Our research showed that Opay does not work with these companies anymore. However, this does not mean that you cannot get a loan from Opay.

To borrow money from Opay, all you need is an account with them. This doesn’t change the fact that there are more needs.

How to Be Eligible for Opay Loan?

To borrow money with Opay, you must meet certain qualifying requirements. Here are the criteria.

  • You must be a Nigerian citizen.
  • You must have a registered Opay account.
  • You must have a valid Bank Verification Number (BVN).
  • You must have a valid means of identification (e.g a national ID card, a driver’s license, or an international passport). Either will do.

If you meet all of these requirements, you are qualified to apply for a loan from Opay.

How to Loan Money From Opay

Once you have confirmed your eligibility, you can simply follow these steps to get a loan from Opay.

  • Visit your Google Play Store or iOS Play Store to download the Opay app.
  • Log in to your Opay account on the mobile app.
  • Click on the “finance” tab at the bottom of the homepage.
  • Look for the “loan” option.
  • Select your favourite between Okash and Easemoni and proceed to download it.
  • As a new user, fill out the loan application form by providing accurate information about yourself, including your name, phone number, and address.
  • Go with your current limit or enter the loan amount you want to borrow.
  • Review your loan application details and click on submit’.
  • Once you have submitted your loan application, it will be reviewed, and you will be notified of the loan’s approval or rejection within a few minutes or hours.
  • If approved, the money will be sent to the account number you entered during your application process.

This is how Opay lets you borrow money. Before you send in your loan application, you should make sure you read the terms and conditions. This will let you know what happens to people who do not pay back their Opay loans.

Opay Loan Ussd Code

It is interesting to note that those without smartphones are not left out, as they can use the Opay loan code to borrow money.

Here are the steps to use the Opay USSD code to access loans.

  • Dial *955# using the phone number you used to register with your Opay account.
  • Select the option that says “loan.”.
  • Follow the prompt and apply for a loan.
  • Get your loan disbursed into your account.

Opay Loan Interest Rate

When Opay takes out loans, the loan service they use sets the interest rates. The rates for an easemoni loan are between 5 and 20%, and the rates for an okash loan are between 3 and 30%.

Do not forget that Opay does not set the interest rates. Depending on your credit score, they could be higher or cheaper. Also, keep in mind that if you don’t pay back your loan when it’s due, the interest rate may go up.

How to Repay Opay Loan

Once your loan has been accepted, the next thing you will think about is when to pay it back. There are different ways to pay back the loan, such as:

Repay using your Opay balance

You can pay back your loan by clicking the “repay” button on the loan information page, as long as you have money in your Opay account. You can repay your loans on the apps through Opay since both Easemoni and Okash are no longer on the app. All you have to do is send the loan amount to the account number given on the loan payback page.

Automated Direct Debit (ADD)

This tool allows customers to set up automatic loan repayments using their bank account information, such as an ATM card or account number. It is crucial to know that any delay in repaying your loan on the due date may result in additional costs, which will impact your credit score.

Benefits of Opay Loan

  • Fast loan disbursement: Both Easemoni and Okash process loan applications quickly, and once approved, the loan is disbursed within minutes to your bank account.
  • Flexible repayment loan options: Opay offers different repayment options that work for your income flow.
  • No collateral is needed: Unlike conventional banks, you don’t need any collateral for your loan to be approved.
  • Low-interest rates: Both Easemoni and Okash offer competitive interest rates.

Frequently Asked Questions

How can I borrow money from Opay?

To borrow money from Opay, first download the Opay app, then create an account and apply for a loan through the Opay Credit service, which includes Okash and Easemoni.

Does Opay give loans?

Yes, Opay offers loans via third party platforms such as Okash and Easemoni.

How to borrow money from Opay without BVN?

To borrow a loan from Opay without BVN, first register a Basic (Tier 1) account with Opay and then apply for a loan on the Opay app via Easemoni or Okash, keeping in mind that you will only be eligible for a limited loan amount until you attach your BVN.

What is the USSD code to borrow money from Opay?

The USSD code to borrow money from Opay is *955#.

How much can I borrow on Opay?

The loan amount you can borrow is determined by the lending firm you choose, as well as your credit score. You can borrow up to one million naira, provided you meet all of the prerequisites.

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