How to Get Opay Loan for the First Time on Your iPhone/Android

Launched in 2018 and for over 5 years now, Opay has redefined mobile money transfers and bill payments.

As a digital lending platform, Opay Loan offers its digital lending service through its secondary platform called EaseMoni, the loan partner under Opay Microfinance Bank.

While the loan amounts range from ₦2,000 to ₦2,000,000, it is worthy to note that not everyone can access the same loan amount at the same time due to varying qualifying factors such as user longevity, eligibility, transaction history, loan limits, and repayment commitments.

The good news is that the entire process is completed online through the Opay mobile app. Let’s dive deeper.

Opay Microfinance Bank

Licensed and approved as a Microfinance Bank (MFB) by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC), Opay operates as a one-stop payment service platform with versatile financial services, including:

• Debit cards
• Savings (OWealth)
• Bill payments
• POS services
• Money transfers
• Digital loans (via EaseMoni), and more.

How to Access Opay Loan

To access the Opay loan, you have to do so through its loan subsidiary, EaseMoni.

As the name implies, EaseMoni allows eligible users in Nigeria to access quick personal loans directly from their smartphones, without collateral, within 5 minutes, provided they have completed their loan profile.

Eligibility to Request an Opay Loan for the First Time

To qualify for an EaseMoni Opay loan, you must:

• Be between 18 and 55 years old.
• Have a valid BVN (Bank Verification Number).
• Have a valid NIN (National Identification Number)
• Own an active bank account.
• Download and install the official Opay app from iOS or Playstore. 
• Give access to your mobile device.

Cons of Taking OPay Loans

• There is a 1% daily accrued interest on your loans if you fail to repay on the due date. 
• Interest rates are high for new users – as high as 19.1%
• Repayment days are limited for new users – up to 30 days
• There is a loan limit for new users.
• They have access to your contacts – to call if you default.
• You might experience incessant calls to take loans if you show interest.

Pros of Taking OPay Loans

• You get instant loans within 5 minutes. 
• You do not need collateral.
• Everything is done online.
• There is NOT much more paperwork compared to commercial banks. 
• You can get up to ₦1,000,000 based on your loan limit profile score. 
• You can get revolving or multiple loans if you are a quality user (you make repayments on time). 
• The minimum interest rate can go as low as 3%.
• Repayment can take up to 365 days for committed users. 
• They seldom offer interest-free loan days.

How Much Can You Get from Opay Loans (Even as a First-Timer)

As a first-timer (if you’ve not used the Opay app before), you get from ₦2,000 to ₦10,000. As an Opay user and first-time loan borrower, you can get up to ₦100,000+, and as a solid user with a good repayment profile, you can get up to ₦2,000,000 per loan round.

Opay Interest Rate for First and Old Time users

As a first timer (if you’ve not collected a loan before), your initial interest rate will be up to 19.9%. 

And as you progress with a good repayment profile, the interest rate goes down to like 9%, and more. 

Opay Loan Tenure for First and Old-Time users

Loan tenure is the period you are given for the loan repayment. On Opay, as a first timer (if you’ve not collected a loan before, when you do), the initial repayment will be about 30 days.

And as you progress with a good repayment record, the loan tenure will go up to 180 days or more.

How to Apply for an Opay Loan for the first time on iPhone or Android 

Follow these steps to apply:

Step 1: Download the Opay App

Go ahead and install the official Opay Wallet app from Google Play Store (for Android) and Apple App Store (for iOS).

Step 2: Register and Verify Your Account

Launch the app, sign up, and complete KYC by submitting your BVN and NIN, and completing your personal profile information.

Step 3: Navigate to the Loan Section

Open the app and click on the Loan, and wait for the EaseMoni section to load up.

Step 4: Check Your Loan Limit

Tap on “Get Limit” to see the amount currently available to you.

And kindly note that your initial available limit may be lower than the maximum threshold displayed. This is what I mean. 

As a new user, if you just downloaded the Opay app just to access loans, your limit can be less than ₦10,000, and if you’ve been a user for a long time, your limit might go up to ₦100,000+. 

Step 5: Select Loan Amount & Tenure

Click on “take a loan”, and enter the preferred loan amount, or take the default amount as available for you.

Look under, and you will see the loan duration (repayment period) and the loan interest rates.
When you are good to go, click on “Take This Loan” to confirm.

Step 6: Receive Disbursement

Once all entries are entered, wait for the approval, and the funds will be credited to your bank account within 3 minutes. That is all – [see below].

How to get an Opay Loan for the Second Time

The only way to get an Opay loan immediately upon request for the second time is if you didn’t default on the first repayment plan. 

Meaning, if your loan repayment was due for 1st October, you paid up between 28th and 29th September. That is a few days to the repayment date. With that, you have the right standing with them to access a new instant personal loan any time, and even if it’s your 10th time.

How to Get up to ₦1mil on Opay Loan 

To improve your loan eligibility and get up to ₦1,000,000 on Opay, here are the things to do: 

• Repay loans on or before the due date.

• Increase your transaction activity on Opay.

• Maintain steady income records.

• Avoid defaults.

With the above, the system will automatically adjust your limit tenure based on your financial behavior.

How to Get an Opay Loan Using USSD Code 

Step 1. Use the phone number linked to your Opay Account.

Step 2. Dial *565*0#.

Step 3. Select Loans

Step 4. Enter the amount and follow the prompts to be credited. 

Note: this option is 50/50. It might work for you, and it might not. 

How to get Lower Interest Rates on an Opay Loan 

To get the best and lowest interest rates on Opay Loan, all you need to do is repay your Opay loan on time. With that, your credit score will be improved, hence a new loan limit tenure and lower interest rates. 

Do you get a different interest RATE if you repay the Loan early? 

Should you decide to pay the loan early, as compared to someone who waits till the repayment date, kindly note that the interest rate might not change. The interests change over time with consistent, timely repayments without defaults. 

How to Repay Opay Loan as a Borrower 

You can repay your Opay loan in 4 ways: Card Payment, Bank Transfer, App, or USSD (see details below).

1. Repayment via Opay

1) The loan that needs to be repaid will be displayed. Select the ‘Opay’ for repayment, and click ‘Make payment’;

2) Your OPay account information will be displayed, select Balance or Owealth for repayment, and click ‘Payment’.

2. Repayment via Bank Transfer

#1. Select the loan that needs to be repaid, and click Repay.

#2. Select Bank transfer and click ‘Make payment.

#3. Your transfer number information will be displayed. Go ahead to your OPay App or bank’s mobile or online banking app and input your repayment information displayed above.

3. Repayment via USSD :

#1. Select the loan that needs to be repaid and click ‘Repay.’

#2. Select the repayment method as USSD Transfer, and click ‘make payment.’

#3. The USSD repayment information will be displayed. Select the corresponding bank information, and click ‘DIAL’.

4. Repayment using For Card

#1. Select the loan that needs to be repaid, and click Repay.

#2. Select the card already linked or click on ‘Add card’ to input the details of your bank card, and then click ‘Make payment.

How to get up to ₦5,000,000 in Loan (Opay Merchant Loan): the Summary 

To get up to ₦5,000,000 loan with Opay, you must register as a business on the Opay business portal at opaybusiness.opayweb. Here are the steps.

• Go to the Opay merchant Portal 
• Register as a business 
• Get your profile ready 
• Select loan amount 
• Follow the T&C prompts. 
• Get credited in your bank.

How to Contact Opay Loan Agents for Assistance 

For more information on the EasiMoni loan by Opay, use the following channels:

Phone contact | 02014111222 and 07001236700.

Email | easemoni@opaymfb.com  

Facebook chat | @EaseMoni.

Final Thoughts

Opay Loan by EaseMoni provides a fast and convenient way for Nigerians to access personal loans without collateral.

The fully digital process, quick disbursement, and increasing loan limits make it attractive for urgent financial needs.

However, responsible borrowing and timely repayment are key to maintaining and increasing your loan eligibility.

---