How To Get Loan From Opay

With the decline in the economy of the country, no thanks to dwindling resources, government policies and many other factors, loan facilities to businesses and individuals alike and other funding avenues are the go to sources for funds to keep their businesses running and for personal financial obligations. These needs make the need for loans and loan facilities more evident in Nigeria now more than ever. To get a loan from Opay is a seamless process if you meet all the requirements for getting a loan from Opay. Read on to learn how to get a loan from Opay and every other thing you need to know about Opay and their loan offers to their millions of users.Β 

About Opay

Founded by the internet giant Opera Norway AS Group, OPay Digital Services Limited is a financial technology company with a one-stop mobile-based platform for payments, transfers, loans, savings, and several other essential financial services carried out by individuals and businesses alike. Opay’s founder has footprints across Asia, Africa and Latin America. 

Opay boasts of more than 35 million registered customers using its app meaning that the company has a very wide reach across its areas of operation. Added to the 35+ million app users registered on OPay are 500,000 merchant agents across Nigeria that help to facilitate payments and business transactions. Opay is short Opera pay. 

Does Opay Give Loans

Yes, Opay does give business and personal loans to customers on its platform, who meet the loan requirements. Play provides loan facility opportunities to its over 35 million registered app users and 500,000 merchant agents for various needs as required by these customers. Opay provides loans to its customers through two of its third-party financing platforms Okash and Easimoni through these platforms Opay can streamline and make the loan approval process very easy, quick and optimized. 

Opay Loan Interest Rate

Opay loan interest rates are very favourable and are well within the allowed borrowing limits and rates as provided by the regulators of the financial and monetary policies. Play offers varying lending rates to different customers depending on different factors including but not limited to, the requested loan amount, proposed repayment time that is the loan duration, your identification verification, creditworthiness, credit score etc. 

Opay provides loans to its customers on interest rates ranging from 3% to 30% per annum cumulatively, regardless of which of its third-party loan providers is providing the loan be it Okash or Easimoni. Easimoni offers interest rates ranging from 5% to 20% while Okash offers interest rates ranging from 3% to 30%. While these interest rates are competitive within the lending market without collateral, your interest rate can increase significantly if you default on your loans or make late repayments. You will also get a reduced interest rate over time if you repay your loans when due. 

Opay Loan Eligibility

Play has set out eligibility criteria for anyone or business wishing to obtain any loan facility from it. You have to satisfy and meet these requirements to be eligible for any loan to be extended to you by Opay. To be eligible to get a loan from Opay via any of its third-party loan providers Easimoni and Okash you need to:

  • You need to have an account with Opay
  • Your account on Opay needs to have a transaction history showing active usage of the app
  • You need to have your BVN linked to your Opay account 
  • Valid identification document 
  • You need to have any of Easimoni or Okash downloaded on your mobile device, depending on which of the providers you wish to make use of
  • You need to have an account on either Easimoni or Okash 
  • You need to state a reason for seeking the loan and provide evidence of a source of income to be able to repay the loan.

Opay Loan Application Process

Applying for a loan with Opay follows a seamless process that does not take more than ten minutes for your loan application to be approved or rejected. To apply for a loan with the okay follow these steps: 

  • Download App: You need to download the Opay app and any of the third-party apps Easimoni or Okash that you would prefer your loan be processed or applied through. 
  • Sign In to your Opay app
  • Navigate to the finance section of the Opay app, the finance button is at the bottom centre of the Play app homepage.  
  • Click on the finance button on the app, then select the loan for the app to move you to the loan application page
  • On the loans section select either the Easimoni or Okash loan provider option
  • The Opay app will redirect you to the platform of your chosen loan provider Easimoni or Okash
  • You will be required to download the app of your chosen provider, download the app and then sign up for an account.
  • The app will provide you with several different loan options and their corresponding terms after signing up for an account on the mobile app
  • Select the one you want and fill in all the required information for your loan application then submit for the app to review your loan application and eligibility 
  • If your application is approved the loan amount will be credited to your Opay account or directly to your bank preferred bank account linked to the app.

How Much Can I Borrow From Opay?

As an Opay customer, you can borrow up to a maximum of 1,000,000 on Easimoni and 500,000 on Okash. For first-time borrowers, you can borrow up to a maximum of between 30,000 to 50,000. The minimum and maximum loan amount accessible to Opay customers on both Easimoni and Okash differs depending on several factors including creditworthiness, credit score, etc. 

Benefits of Opay Loan

There are several benefits of getting an Opay loan some of which include the: 

  • Quick access to much-needed funds
  • Easy access to funds 
  • No need for collaterals
  • Affordable interest rates 
  • Funds are credited to your play wallet or bank account instantly on approval of your loan

Pros & Cons of Opay LoansΒ 

There are a plethora of pros and cons that come with getting a loan from Opay. 


  • Loans are processed and disbursed securely and with optimum speed. 
  • You do not need to have collateral to apply for an Opay loan.
  • Easy and seamless account sign-up process
  • Periodic bonus and promotions offers given to customers 
  • Portability of the loan application process, You can move around before them.


  • Several requests for privacy permissions generate concerns
  • The loan repayment cost is high regardless of the repayment term or duration 
  • Loans are for short to medium terms and nothing for long-term borrowing
  • The loans have a maximum borrowable amount which is not very much for large businesses. 


Play offers a variety of loan options through its third-party partners that guarantee your loan application is attended to with the urgency it requires. If you’re an Opay user and have been wondering how to get a loan from Opay, you now know from this article, log in to your Opay today and make that loan request to attend to your pressing financial need. 

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