Opay Loan Access Guide – Get Quick Cash Fast


In today’s fast-paced world, where financial needs can arise unexpectedly, having a reliable source of quick and easy loans can be a lifesaver.

OPay provides short-term loan services to eligible users, making it a valuable resource for those in need of financial assistance. In my previous post I wrote about Opay and how to create an Opay account. This article will educate you more on how to access Loan from the Opay App.

Opay Loan Access Guide - Get Quick Cash Fast
Opay Loan
  • About Opay
  • How to Borrow Money from Opay App
  • Maximum and Minimum Amount You Can Borrow
  • Opay Loan Interest Rate
  • License and Regulation
  • How to Repay Opay Loan
  • Opay Loan USSD Code And Usage
  • Merits and Demerits of using Opay Loans
  • Conclusion

1. About Opay

OPay is a Nigerian fintech company that provides mobile-based financial services, including mobile wallets, payments, transfers, loans, savings, and other essential services.

It was founded in 2018 by Opera Norway AS Group and is headquartered in Lagos, Nigeria.

OPay is licensed by the Central Bank of Nigeria (CBN) and its deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC). It is a member of the Fintech Association of Nigeria (FAN) and the Nigeria Inter-Bank Settlement System (NIBSS).

2. How to Borrow Money from Opay App

How to Borrow Money from Opay App

To borrow money from the OPay app, you must first meet the following eligibility criteria:

  1. Be at least 20 years old.
  2. Have a valid Nigerian phone number and bank account.
  3. Be a Nigerian resident.
  4. Have a good credit score.

If you meet all of the above criteria, you can follow these steps to apply for an OPay loan:

  1. Download the OPay app from the Google Play Store or Apple App Store.
  2. Create an account or log in to your existing account.
  3. Tap on the “Loans” tab.
  4. Select the loan amount and repayment term that you prefer.
  5. Enter your personal and financial information.
  6. Review and submit your loan application.

OPay will review your loan application and notify you of their decision within a few minutes. If your loan is approved, you will receive the funds directly into your OPay wallet within 24 hours.

To repay your OPay loan, you can simply transfer the funds from your OPay wallet to your bank account. You can also repay your loan in installments using your OPay balance.

Here are some tips for getting your OPay loan application approved:

  1. Make sure to enter all of your information accurately.
  2. Provide all of the required documentation.
  3. Have a good credit score.
  4. Apply for a loan amount that you can afford to repay.

OPay loans can be a great way to get quick access to cash when you need it. However, it is important to borrow responsibly and only apply for a loan that you can afford to repay.

Here are some additional tips for borrowing money from OPay:

  1. Understand the interest rates and fees. OPay loans have interest rates and fees that vary depending on the loan amount and repayment term. Make sure to understand the full cost of the loan before you apply.
  2. Compare OPay loans to other lenders. It is always a good idea to compare loan offers from multiple lenders before you choose one. This will help you get the best possible interest rate and terms.
  3. Only borrow what you need. It is important to only borrow money that you need and can afford to repay. Do not overextend yourself financially.
  4. Repay your loan on time. Making your loan repayments on time will help you build a good credit history. This will make it easier to get approved for loans in the future.

3. Maximum and Minimum Amount You Can Borrow

According to the OPay website, first-time users can borrow a maximum of N50,000 and a minimum of N2,500. However, the actual loan limit you’re eligible for may vary based on factors like your creditworthiness, income, and repayment history. To determine your specific loan limit, you should follow these steps:

  1. Download the OPay app: Start by downloading the OPay mobile application from your app store.
  2. Create an account: After installing the app, follow the registration process to create your OPay account. This usually involves providing personal information and verifying your identity.
  3. Check your loan limit: Once your account is set up, you’ll be able to access your loan limit within the app. This will show you the maximum amount you can borrow.
  4. Apply for a loan: If you find the loan limit suitable for your needs, you can apply for a loan within the app. Make sure to carefully review the terms and conditions, including the interest rates and repayment schedule.

It’s important to keep in mind that OPay loans are typically short-term and may have relatively high interest rates. It’s crucial to borrow responsibly and only take out a loan if you’re confident in your ability to repay it on time. Failing to meet your repayment obligations can lead to additional fees and negatively impact your creditworthiness.

4. Opay Loan Interest Rate

OPay offers various loan products with varying interest rates, depending on factors such as the loan amount and the loan term. The daily interest rate for these loans falls within the range of 0.1% to 1%, while the annual interest rates can be anywhere from 36.5% to 360%.

For instance, let’s consider a specific example of a 91-day loan with a principal amount of NGN 3,000. In this case, the interest rate would be 9.1%, calculated as 0.1% per day for 91 days. The total interest charge for this loan would amount to NGN 273. Consequently, the total amount due at the end of the loan term would be NGN 3,273.

It’s important to keep in mind that OPay loans are typically short-term in nature, and their interest rates can be relatively high. Therefore, it is crucial to only borrow the amount you genuinely need and to ensure that you can comfortably repay the loan within the agreed-upon timeframe.

Before applying for an OPay loan, it’s highly advisable to thoroughly read and understand the terms and conditions associated with the specific loan product you’re interested in. Additionally, it’s essential to compare the interest rates and fees of different loan products to make an informed decision that aligns with your financial circumstances and needs.

5. License and Regulation

OPay Digital Services Limited is a licensed payment service provider in Nigeria, and it operates under the regulatory authority of the Central Bank of Nigeria (CBN). It holds licenses to function as both a Mobile Money Operator (MMO) and a Payment Solution Service Provider (PSSS). This licensing allows OPay to offer a wide range of financial services, including but not limited to:

  1. Mobile money wallets: Providing customers with digital wallets to store and manage their funds.
  2. Peer-to-peer (P2P) transfers: Enabling users to send and receive money directly from their mobile wallets.
  3. Airtime and data purchase: Allowing customers to purchase mobile airtime and data bundles.
  4. Bill payments: Facilitating the payment of various bills, such as utility bills and subscriptions.
  5. Merchant payments: Supporting payments at various merchants and businesses.
  6. International money transfer: Offering the capability to send and receive money internationally.

OPay is obligated to adhere to the regulations set forth by the CBN, which includes complying with rules related to customer protection, anti-money laundering, and data security. These regulatory measures are in place to ensure the safety and security of both the financial system and the interests of customers.

Furthermore, OPay is a member of the Nigeria Inter-Bank Settlement System (NIBSS), an organization responsible for processing interbank transactions in Nigeria. Being a part of NIBSS reinforces OPay’s role in the Nigerian financial ecosystem.

OPay’s compliance with the Payment Card Industry Data Security Standard (PCI DSS) means that they meet specific security standards for handling payment card data, enhancing the security of customer transactions.

In essence, customers can have confidence in the safety and security of their money and personal data when using OPay’s financial services. The company is dedicated to providing safe, convenient, and affordable financial services while adhering to all applicable regulations and conducting its operations in an ethical and responsible manner.

6. How to Repay Opay Loan

To repay your OPay loan, you have two options: using the OPay app or visiting an OPay agent. Here’s how to do it through each method:

Repaying Through the OPay App:

  1. Open the OPay App: Launch the OPay app and log in to your account.
  2. Access “Loans”: Tap on the “Loans” icon in the app.
  3. Select Your Loan: Choose the loan you want to repay from the list of loans available.
  4. Initiate Repayment: Tap on the “Repay” button for the selected loan.
  5. Choose Payment Method: You will be prompted to select your preferred payment method.
  6. Confirm Repayment: Follow the on-screen instructions to confirm the repayment.

Repaying Through an OPay Agent:

  1. Visit an OPay Agent: Go to any OPay agent location.
  2. Inform the Agent: Let the agent know that you want to repay your OPay loan.
  3. Provide Details: Give the agent your OPay phone number and specify the amount you wish to repay.
  4. Payment Processing: The agent will process your repayment and provide you with a receipt for your records.

Additional Tips for Repaying Your OPay Loan:

  1. Budgeting: Create a budget to plan for your loan repayments. This helps you ensure you have the necessary funds when repayment is due.
  2. Consider Interest Charges: Remember to factor in any interest charges when calculating your repayment amount to avoid surprises.
  3. Automatic Repayments: Consider setting up automatic repayments if available, as this can help you avoid missing payments.
  4. Contact Customer Support: If you face difficulties in making your repayments or foresee any issues, contact OPay customer support immediately to explore your options.

Remember to make your OPay loan repayments on time to avoid late fees and extra interest charges. OPay is committed to assisting customers with their loan repayments, so don’t hesitate to reach out if you need assistance or have questions.

7. Opay Loan USSD Code And Usage

The OPay loan service allows you to apply for and repay loans using a USSD code, which is a convenient way to access financial assistance. Here are the steps for applying for an OPay loan and repaying it using the *955# USSD code:

To Apply for an OPay Loan using USSD:

  1. Dial *955# on your mobile phone.
  2. Select the option for “Loans.”
  3. Enter the amount of money you want to borrow.
  4. Choose your preferred repayment period (e.g., 7 days, 14 days, 30 days, etc.).
  5. Review the terms and conditions of the loan, and when satisfied, confirm your loan application.
  6. You will receive a text message from OPay confirming your loan application. If your loan is approved, the money will be deposited into your OPay wallet immediately.

Note: You must have already created an OPay account and verified your identity to apply for a loan using USSD.

To Repay Your OPay Loan using USSD:

  1. Dial *955# on your mobile phone.
  2. Select the option for “Loans.”
  3. Choose the “Repay Loan” option.
  4. Enter the amount of money you want to repay.
  5. Confirm your repayment.
  6. You will receive a text message from OPay confirming your loan repayment.

Note: There may be a small fee associated with repaying your OPay loan using USSD.

Additional Tips for Using the OPay Loan USSD Code:

  1. Ensure that you have a strong mobile network signal before using the USSD code to avoid disruptions.
  2. If you encounter any difficulties using the USSD code, try restarting your phone to resolve potential technical issues.
  3. If problems persist, don’t hesitate to contact OPay customer support for assistance. They can provide guidance and help you with any issues you may face during the loan application or repayment process.

8. Merits and Demerits of using Opay Loans

The following are the merits and demerits of using Opay Loans presented in a tabular form for easy reference:

Merits of Opay LoansDemerits of Opay Loans
1. Easy and quick access to loans1. High interest rates
2. No collateral required2. Short repayment terms
3. Flexible repayment terms3. Late payment fees
4. No prepayment penalties4. Risk of default
Merits and Demerits of using Opay Loans

Tips for Using Opay Loans Responsibly:

  • Only borrow what you need.
  • Choose a repayment plan that fits your budget.
  • Ensure you can afford to repay the loan on time.
  • Set up automatic payments to avoid missing a payment.
  • If you have any difficulty repaying the loan, contact Opay Loans immediately.


Using Opay Loans responsibly is essential to avoid the downsides associated with high-interest rates, short repayment terms, late fees, and the risk of damaging your credit score in case of default. If you have any questions about OPay loans, you can contact OPay customer support for assistance.

Also Read: No-BVN Loan Apps: Easy Access to Funds


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