When it comes to Opay loan eligibility, there are various factors that affect approval for both personal and business loans. These factors can be more challenging, especially for non-Opay users or first-time applicants.
If you’re planning to get a personal loan on Opay for the first time, then check this out.
The good news is that we will look into all the factors and show you the qualifying steps you need to take to get an Opay loan in real time. Before we begin, let’s see how Opay loan disbursement works.
How Personal and Business Loan works on Opay
Opay offers quick, collateral-free merchant loans directly through the Opay Business App, while personal loans are offered through its partner EaseMoni, which is also accessible via the Opay app.
How Much Are Opay Business vs. Personal Loans?
The minimum amount for personal loans is ₦2,000, and the maximum is ₦2,000,000. For business loans, the minimum amount is ₦20,000, and the maximum is ₦5,000,000.
Let’s get started with the eligibility factors for personal loans.
How to Qualify for an Opay Personal Loan
To get an Opay personal loan through EaseMoni, here are the qualifying factors:
1. Be of Legal Age
To qualify for an Opay personal loan, you must be between 18 and 55 years old.
2. Valid BVN & NIN
You must have a valid BVN (Bank Verification Number) and NIN (National Identification Number) to complete the KYC process.
3. Active Bank Account
You must have an active bank account for the repayment process and to link your profile to other financial institutions.
4. Active Opay App
You need to download and install the official Opay app from the iOS App Store or Google Play Store.
5. Phone Access
You need to grant access to your mobile device so Opay can verify your location and contacts. Your phone number is also required for repayment reminders and other notifications.
Maxed out your Opay limit and want an increase? Here’s how to go about it.
How to Qualify for an Opay Business Loan
To get an Opay business loan, here are the qualifying factors:
1. Be of Legal Age
To qualify for an Opay business loan, you must be between 18 and 55 years old.
2. Valid BVN & NIN
You must have a valid BVN (Bank Verification Number) and NIN (National Identification Number) to complete the KYC process.
3. Active Bank Account
You must have an active bank account for the repayment process and to link your profile to other financial institutions.
4. Active Opay Business App
You need to download and install the official Opay Business app from the iOS App Store or Google Play Store.
5. Phone Access
You need to grant access to your mobile device so Opay can verify your location and contacts.
6. Business Details
You will need to provide your business name, number of employees, type of business, number of stores, purpose of the account, source of funds, storefront photos, and business category.
7. Residential Address
You must provide the business’s residential address for official verification.
8. Emergency Contact
You will need to provide reliable contact details of a relative for communication in case you are unreachable.
Is there an Opay Loan Application Form Online?
No, there is no separate online application form. All applications are completed through the official Opay mobile apps (business and personal).
