Getting a Loan from OPay is a simple task to perform. However, before we dive into the step by steps processes, here are what you need to know to obtain a personal loan or working capital loan from the OPay App.
First thing you need to put in mind is that you have to constantly using the OPay app. Be it OPay business app for your POS business or OPay personal banking app for your day-to-day transactions; you need to constantly using the app to build your credit trustworthiness.
Another thing you need to know is that OPay personal loan are being offered through a third-party partner - Easemoni, owned by Blueridge Microfinance Bank (MFB). So, when you apply to obtain the OPay Loan via the mobile money app, you'll be redirected to Easemoni Loan app to complete the Loan application on their platfomr.
However, OPay Loan for agents/merchants can be accessed through the OPay Business App. The OPay Agents Loan is also known as OPay Merchants Loan. Meanwhile, you have to understand that accessing merchant loans on OPay involves a 3% interest rate for short-term loans and up to 15% for long-term loans. Increased activity on the OPay app can reduce the interest rate. The new merchant loan feature is straightforward to use.
At the point of application on the Easemoni Loan app for OPay personal loan, you'll know the interest rate, repayment schedule and other loan terms you need to know. Notwithstanding, you can still get easy and quick approval with no collateral needed—for example, a 91-day loan term has a monthly interest rate of 5%. For a principal amount of ₦3,000, the interest would be ₦273, making the total amount due ₦3,273 on the Easemoni loan app.
Requirements to get a OPay Personal Loan
To get an OPay personal loan, here are the typical eligibility criteria and documents you need to provide on the Easemoni Loan App:
- First of all, you need to be an active OPay user. You must have a good credit score within your OPay account. Easemoni requires you to be an active user of OPay's services, such as making regular transactions or using their payment services.
- You must be at least 18 years old.
- You'll also need to provide your valid form of identification, such as a national ID card, driver's license, or international passport on the Loan app.
- Your BVN is required to verify your identity and assess your creditworthiness.
- You may need to provide proof of income, such as a recent payslip or bank statement, to demonstrate your ability to repay the loan.
- While not always mandatory, having a good credit history can improve your chances of getting approved for a loan and may result in better terms.
Requirements to get a OPay Agent Loan
To qualify for an OPay merchant loan, you need an active OPay merchant account and valid business registration documents. You'll also need to provide valid identification, such as a national ID card, driver's license, or international passport, along with your Bank Verification Number (BVN) to verify your identity and assess creditworthiness. Demonstrating active business operations through sales records or transaction history on OPay is essential.
Having a good credit history can enhance your chances of approval and secure better loan terms. Additionally, a consistent and sufficient transaction volume processed through your OPay account is typically required. Ensure your business is located within the areas serviced by OPay for merchant loans.
How to obtain OPay Loan
Obtaining the Personal Loan
To obtain a personal loan through the OPay app, start by downloading and installing the app from your device's app store. Once you have the app, create an account or log in if you already have one. Navigate to the "Loan" section from the list of services available.
This will redirect you to the EaseMoni website, where you can proceed with your loan application. You will need to provide personal details, including your Bank Verification Number (BVN) and a valid means of identification. The amount you can borrow typically ranges from N5,000 to N100,000, depending on your credit history and repayment behavior.
After submitting your application, OPay will review your credit history and determine your loan eligibility. If approved, the loan amount will be disbursed to the bank account you provided during the application process. It's important to read the terms and conditions carefully before submitting your application to understand any penalties for loan defaults. The entire process is designed to be quick and hassle-free, allowing you to access funds without the need for collateral or extensive paperwork.
Obtaining the Business Loan
To obtain an OPay merchant loan through the OPay Business app, follow these steps:
Launch the OPay Business App and ensure you have the latest version installed. If you don't see the 'Merchant Loan' option on your homepage, update the app through your device's app store. Once updated, navigate to the 'Merchant Loan' section. Review the terms of service and agree to proceed with the loan application. Next, click on 'Merchant Loans Credit Limits' to explore available options.
Within the 'Merchant Loans Credit Limits' section, select the type of loan you wish to apply for, which can range from short-term loans of N2,500 up to N1,000,000 daily to long-term loans of up to N5,000,000 for 28–42 days. Follow the provided steps to complete the application process, which may involve filling out necessary information, verifying your identity, and providing any required documentation. Once the application is submitted, you'll be informed of the status of your loan request in due course.
