Money emergencies have a way of showing up when you least expect them. It could be a bill you forgot about, a repair that cannot wait, or an urgent need that simply cannot be postponed. For many Nigerians, finding quick cash in those moments can be a challenge. Instead of running from one bank branch to another, OPay lets you sort your loan in minutes using nothing but your phone. This means you can borrow money without visiting a bank or filling endless forms.
But how exactly do you borrow money from OPay? How much can you get? And what should you know before taking a loan from them? Let’s break it down step-by-step.
Can You Borrow Money from OPay?
Yes, you can. OPay offers a loan service through a feature called OKash. This is a digital lending platform available inside the OPay app. Once you are eligible, you can apply for a loan and get the money credited to your OPay wallet or bank account within minutes.
Requirements for Borrowing Money from OPay
Before you can get a loan from OPay, there are certain requirements you must meet. These are to make sure you can repay and to protect the lender. The main requirements include:
- A registered OPay account – You must have an active account linked to your phone number.
- OPay mobile app – Loans are processed through the app, so you need it installed.
- Bank Verification Number (BVN) – This helps verify your identity and credit history.
- Good transaction history – Regular use of your OPay account for payments and transfers improves your chances.
- Valid identification – Your BVN and linked phone number should match your account details.
How to Borrow Money from OPay Step-by-Step
If you meet the requirements, here’s how you can borrow money:
- Download or open the OPay app – Make sure you have the latest version installed.
- Log in to your account – Use your registered phone number and password.
- Go to the “Loan” section – On the home page, look for “OKash” or “Loan” and tap it.
- Check your loan limit – The system will show how much you can borrow based on your eligibility.
- Enter the loan amount you need – It must be within your limit.
- Select repayment period – Choose how long you want before paying back.
- Review interest rate and charges – Read the terms carefully before accepting.
- Confirm and submit – If approved, the money will be sent instantly to your OPay wallet or linked bank account.
How Much Can You Borrow from OPay?
The amount you can borrow depends on your credit score and transaction history. New users might start with smaller amounts like ₦3,000 to ₦10,000. As you repay on time and use your OPay account actively, your loan limit can increase to over ₦50,000 or more.
Interest Rates for OPay Loans
Interest rates vary depending on your repayment period and loan amount. On average, OPay loans may have daily or monthly interest charges. For example:
- Small loans may have an interest rate of 0.1% to 1% per day
- Larger loans with longer repayment periods may have rates between 5% and 30% per month
Always check the exact interest and repayment amount before accepting a loan.
How to Increase Your Loan Limit on OPay
If your loan limit is too small, here’s how you can grow it:
- Use your OPay account for regular transactions like bill payments and airtime purchases
- Repay loans before the due date to build trust
- Keep your BVN and account information updated
- Avoid late payments or defaults on other lending platforms
How long does it take to get an OPay loan?
Approval and disbursement can be almost instant if you meet all requirements. In most cases, it takes less than 5 minutes.
Also Read: How to Transfer Money from Opay to Mobile Money in Nigeria
Can I borrow from OPay without BVN?
No. Your BVN is required for identity verification and credit checks.
Is OPay loan safe?
Yes, if you borrow within your ability to repay and follow the terms. OPay is a licensed mobile money operator in Nigeria.
Can I borrow money without using the OPay app?
No. The loan feature is only available through the official OPay app.
What happens if I don’t repay my OPay loan?
Late payments attract extra charges, and your credit score will be affected. OPay may also restrict your account or take legal steps to recover the debt.
Does OPay require collateral for loans?
No, OPay loans are unsecured. You do not need physical collateral, but you must meet their eligibility criteria, including having a valid BVN and good repayment history.
What is the OPay loan code?
OPay does not have a USSD loan code like some other services. To borrow money, you need to use the OPay app. However, for other transactions like transfers and airtime purchase, you can use the USSD code *955#. If you are looking for loans through OPay, go directly into the app for the application process.
How to repay OPay loan
Repaying your OPay loan is simple. Open your OPay app and go to the “Loan” or “Finance” section, depending on the loan product you used. Select your active loan, tap “Repay” and choose your payment method. You can use your OPay wallet balance, a linked bank card, or bank transfer. Make sure you repay on or before the due date to avoid extra charges or penalties.
Borrowing from OPay can be a lifesaver when you need quick cash. It’s fast, convenient, and available to millions of Nigerians who use the app daily. Still, it’s not free money. You have to repay with interest, and defaulting can hurt your financial record. If you plan to use OPay loans often, build your credit limit by repaying early, keeping your account active, and managing your borrowing wisely. That way, you will have access to higher amounts whenever you truly need it.
