How to Apply for Loan on Opay


OPay is a leading Nigerian fintech company offering a comprehensive suite of financial services, including mobile money, savings and investments, payments, merchant services, and loans.

Founded in 2018, OPay has quickly gained popularity due to its user-friendly platform, competitive rates, and extensive network of agents.

The company has over 35 million registered users and is available in all 36 states of Nigeria.

Don’t forget, inschoolboard is your number one Education news website.

How to Apply for Loan on Opay

Also See:

Palmpay Loan App Download

Apps To Borrow Money Without Bvn

Ussd Loan Codes in Nigeria

To apply for a loan on OPay, you will need to follow these steps:

  1. Download and Install the OPay App: You can download the OPay app from the Google Play Store or the Apple App Store.
  2. Create an OPay Account: If you don’t already have an OPay account, you will need to create one. Provide your name, phone number, and email address during the account creation process.
  3. Verify Your Identity: Complete the identity verification process by providing a valid government-issued ID.
  4. Link Your Bank Account: Connect your bank account to your OPay account. This is necessary for receiving the loan funds.
  5. Complete the Loan Application: Once your account is set up and verified, proceed to complete the loan application. This involves providing information about your income, expenses, and credit history.
  6. Review and Agree to Terms and Conditions: Before submitting your loan application, carefully review and agree to the terms and conditions provided by OPay.
  7. Submit Your Loan Application: After agreeing to the terms, submit your loan application through the OPay app.
  8. Wait for a Decision: OPay will review your loan application, and you can expect a decision within 24 hours.
  9. Receive Your Loan Funds: If your loan application is approved, you will receive the loan funds in your linked bank account within 48 hours.

Additional Notes:

  • The maximum loan amount is N5 million.
  • Loan terms range from 3 to 12 months.
  • Interest rates vary between 3% and 15%.
  • For loan amounts exceeding N1 million, you may be required to provide a guarantor.

Please make sure that you provide accurate information during the application process and review the terms and conditions attentively before proceeding.

Types of Loans on Opay

OPay provides two types of loans to meet the financial needs of merchants: short-term loans and long-term loans.

Short-Term Loans:

  • Designed for immediate cash flow needs of merchants.
  • Repayment Term: Up to 7 days.
  • Fee: Flat fee of 0.3%.
  • Maximum Loan Amount: Up to N1 million.

Long-Term Loans:

  • Aimed at helping merchants finance growth and expansion.
  • Repayment Term: Up to 12 months.
  • Interest Rate: Up to 15%.
  • Maximum Loan Amount: Up to N5 million.

Eligibility Criteria

To be eligible for an OPay loan, merchants must:

  • Be a registered OPay merchant.
  • Have a good credit history.
  • Have been using the OPay app for at least 3 months.

How to Apply: Merchants can apply for an OPay loan through the OPay app, and the application process is simple, requiring only a few minutes.


FeatureShort-Term LoansLong-Term Loans
Loan AmountUp to N1 millionUp to N5 million
Repayment TermUp to 7 daysUp to 12 months
Interest RateFlat fee of 0.3%Up to 15%
EligibilityRegistered OPay merchant, good credit history, using OPay app for at least 3 monthsRegistered OPay merchant, good credit history
How to Apply for Loan on Opay

This distinction allows merchants to choose the type of loan that best aligns with their specific financial needs and repayment capabilities.

Benefits of OPay Loans

  • Quick and easy access to funds.
  • Competitive interest rates.
  • Flexible repayment terms.
  • No paperwork required.
How to Apply for Loan on Opay


Please ensure that you provide accurate information during the application process, and carefully review the terms and conditions before proceeding.


Leave a Reply