Everything you need to know about an Opay Merchant Loan is written in this post. If you are an Opay user, then you have the greater opportunity to make free transfers, buy airtime, and pay bills.
Now before you apply for the Opay Merchant Loan in Nigeria, there are criteria that are expected before loans are issued out to applicants.
Eligibility for Opay Loan
In order for you to be able to get a loan from Opay Merchant Loan, there are Eligibility criteria you must meet before they can lend you the money that you may need.
- The first criterion is you must be a Nigerian
- It is required to have an account with Opay, meaning If you do not have an account with them, then you must register with their account.
- Having a valid Bank Verification Number(BVN) is required
- Other requirements are to have any means of Identification, like International Passport, Driver’s License, or National ID Card. Any of these means of identification will be necessary.
If you meet all these requirements, then you are eligible for the Opay Merchant Loan
Steps to Borrow Money from Opay
Here are the steps on how to get loan money from Opay
- First of all, visit the Google Play Store, then download the Opay App.
- When you’ve downloaded the app, log into the Opay account on your phone
- In the app, click on where you see the “Finance” tab which is at the bottom of the homepage
- Then navigate to the “Loan” option.
- From the option, you will have to select between Okash and Easemoni, then proceed by downloading it.
- The next thing to do as a new user is to fill out the loan application form and make sure the information you provide is accurate, especially information about yourself.
- After that is down, you will be required to key in the amount you want from the loan
- Make sure you review your applications then click on the “submit” button.
- After you have submitted your loan application and it is reviewed, you will be notified about the loan’s approval or the loan’s rejection, that is within a few minutes or an hour.
- But when it is approved, the amount will be sent to your account directly, the very one you used for the applications.
These are the steps on how to apply for an Opay loan, Simple right. Make sure you are acquainted with the terms and conditions for the applications before applying for them.
Opay Merchant USSD Code
Those who do not have a smartphone to make an application for the Opay Loan can use their button phones to apply for the loan. Do not worry, we have stated the steps on how to apply using the USSD Code to make applications.
Follow the steps here to apply for the Opay Merchant load using the USSD Code
- With the phone number you used to register for an Opay account, dial *955#
- Options will be displayed, click on “Loan”
- You can apply for the loan by following the prompt
- Then you will receive the loan sent to your account
READ ALSO
- Can you Pursue a BSc in Nursing in Canada without Maths?
- How Much is the Minimum Bank Balance for Canada Student Visa
- SRMS ADSU Portal Login | ADSU Student Portal
Repayment of Opay Loan
After getting a loan from Opay Merchant, you should think of returning or paying back the loan. There are different ways to repay the loan. It is Either you pay, using:
- Opay Balance
- Automated Direct Debit (ADD)
The Opay Balance
To pay using your Opay account means, that as long as you have an account with them, you can make repayments through the balance in your account.
What you need to do is click on the “Reply” button. From there you will be given options, you can transfer the money to the account number which will be provided on the loan repayment page.
Automated Direct Debit (ADD)
Repaying through Automated Direct Debit, you can use your bank account details or your ATM card to make the repayment. Please note that failure to make payment at the due date will attract extra charges and this may affect your credit score.
The Opay Merchant Loan Interest Rate
Depending on the service you use, that is how the interest rate is determined. As for Easmoni, the interest rate ranges from 5% to 20% then that of Okash ranges from 3% to 30%.
The Interest rate may be higher or may be lower, note that Opay does not determine the interest rate, it all depends on your credit score. If you fail to pay when it is due, it will attract the interest loan, or it may increase the Interest rate of the loan.
Advantages of Opay Loan
Some of the benefits of getting loans from Opay are:
- Payment options are very flexible, they give different payment options for the user to choose
- You do not need any collateral when making applications for a loan
- Their interest rate is very low
- After making an application, the loan is disbursed very quickly into your account when it is approved.
