If you are wondering how to borrow money from Opay in Nigeria, you are not alone. Many Nigerians use Opay not just for transfers and bill payments but also to access quick credit when they need it. Opay has made it simple to apply for loans using its app or USSD code, without visiting a bank or filling out long forms.
In this detailed guide, you will learn everything you need to know about Opay loan services, including eligibility requirements, loan limits, the repayment process, and tips to increase your loan limit quickly.
What is Opay and How Does its Loan Service Work?
Opay is a mobile financial platform operated by Paycom Nigeria Limited. It allows users to send and receive money, buy airtime, pay bills, and even order rides – a now suspended service, though. In recent years, Opay has added a loan feature, which provides personal loans to eligible users.
Also read: Palmpay USSD Code for Transfer, Airtime & Mobile Banking | Full Guide
The goal of this service is to make access to credit fast and hassle-free. With just a few steps in the app, you can request a loan, get approved, and receive money instantly.
Who Can Borrow Money from Opay?
Before learning how to borrow money from Opay, it is important to check if you qualify. Here are the eligibility requirements:
- You must be a Nigerian resident.
- You must be at least 18 years old.
- Your Opay account must be active for 2–4 weeks.
- You must have a valid Bank Verification Number (BVN) linked to your Opay account.
- Your account details (name, phone number, ID) must be accurate.
- You need a good credit record (no unpaid loans elsewhere).
- You should use your Opay wallet regularly for transactions such as airtime, data, bill payments, and bank transfers.
The more active you are on Opay, the higher your chances of qualifying for a loan and getting a larger limit.
Step-by-Step Guide on How to Borrow Money from Opay
Here is a simple breakdown of how to borrow money from Opay using the app:
Step 1: Download and Install the Opay App
- Visit the Google Play Store (Android) or Apple App Store (iPhone).
- Search for “Opay” and install it.
- Open the app and register with your phone number.
Also read: Latest On UBA USSD Code, For Airtime, Transfers And Mobile Banking
Step 2: Complete Your Profile
- Verify your phone number via SMS.
- Link your BVN to your Opay account.
- Fill in your personal information correctly.
- If prompted, upgrade your KYC level by uploading an ID and selfie.
Step 3: Use Your Opay Account Actively
Opay loans are usually offered to active users. Fund your wallet regularly and use it for:
- Airtime and data purchases
- Utility bill payments
- Sending and receiving transfers
This builds your credit score and shows that you are a reliable user.
Also read: Fidelity Bank Code for Transfers & Checking Account Balance | Full Guide
Step 4: Locate the Loan Feature
- Open the app and go to the “Finance” tab.
- Tap on the “Loan” tab to check if you are eligible.
- If you see the “Apply” button, you can proceed.
Step 5: Apply for the Loan
- Enter the amount you wish to borrow.
- Review the interest rate and repayment period carefully.
- If satisfied, click Apply.
Step 6: Receive Your Money
Once your application is approved, your money is credited to your Opay wallet instantly. You can transfer it to your bank account or use it for payments directly from the wallet.
How to Borrow Money from Opay Using USSD Loan Code
If you don’t have a smartphone or prefer a quick option, you can borrow money from Opay via USSD.
- Dial *955# on the phone number linked to your Opay account.
- Select “Loans” from the menu.
- Follow the prompts to check eligibility.
- Choose the loan amount and confirm.
- Your loan will be credited to your Opay wallet.
Note: Not all users have access to the loan feature via USSD. Active app usage is usually required.
Also read: Opay USSD Code for Transfer, Airtime & Mobile Banking | Full Guide
How Much Can You Borrow from Opay?
Your loan amount depends on your usage history and credit score.
| User Type | Minimum Loan | Maximum Loan |
|---|---|---|
| New Users | ₦3,000 | ₦10,000 |
| Active Users | ₦15,000 | ₦100,000 |
| Verified Users | ₦100,000 | ₦500,000+ |
To unlock higher loan limits, repay your first few loans early or on time.
Opay Loan Interest Rates and Repayment Periods
Opay loans come with short-term repayment periods ranging from 7 to 90 days. The longer your repayment period, the more interest you will pay.
Typical interest rates are between 2% and 15% per loan, with APRs ranging from 36% to 180% depending on your credit score and loan amount.
Example:
If you borrow ₦10,000 for 14 days at 10%, you will repay ₦11,000 at the end of the loan term.
Also read: Full List of Glo USSD Code for Transfer, Airtime, OTP & More
How to Repay Your Opay Loan
Opay makes repayment simple and flexible. Here are the methods:
- Auto-Debit from Wallet – Fund your wallet before the due date, and the amount is automatically deducted.
- Manual Repayment – Open the app, go to “Loans → Active Loans,” and tap “Repay.”
- Bank Transfer – In some cases, Opay provides a repayment account number for direct transfer.
Always repay on or before the due date to avoid penalties and maintain a good credit score.
Why You May Not Be Able to Borrow Money from Opay
If you cannot access loans, here are possible reasons:
- You are a new user with no transaction history.
- Your BVN is not linked.
- You have not used the app regularly.
- You have an unpaid loan with another platform.
- Your details are incorrect or incomplete.
- You do not meet the credit score requirement.
Tips to Qualify for and Increase Your Opay Loan Limit
To boost your eligibility and enjoy higher loan amounts:
- Use your Opay wallet daily for transfers, bills, and airtime purchases.
- Fund your wallet regularly and keep some balance.
- Repay all loans early to build trust.
- Avoid failed transactions or chargebacks.
- Ensure your BVN and personal details match.
- Turn on notifications so you don’t miss loan offers.
Opay Merchant Loan Option
If you are a business owner, you can also apply for an Opay Merchant Loan through the app.
- Update your Opay app to access the Merchant Loan feature.
- Click on “Merchant Loan.”
- Review the terms and agree.
- Select the loan type and amount.
- Complete the application process.
Merchant loans offer up to ₦1 million for short-term loans at about 3% interest, and up to ₦5 million for long-term loans with interest rates up to 15%.
Is Opay Loan Safe and Legit?
Yes. Opay is fully licensed by the Central Bank of Nigeria (CBN) and connected to NIBSS for BVN verification. It is also NDIC-insured, which means your funds are protected.
However, always review the loan terms carefully before borrowing.
Conclusion on How to Borrow Money from Opay
Learning how to borrow money from Opay is easy once you understand the process. Whether you use the app or the USSD loan code, Opay provides a fast and convenient way to access credit without collateral.
To get the best experience with Opay loans, stay active on the app, repay on time, and build a good transaction history. This way, you can unlock higher limits and have reliable access to emergency funds whenever you need them.
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References
- blog.opayweb.com– Six Easy Steps to Apply for the OPay Merchant Loan
- www.pulse.ng – How to borrow money from Opay
- campuscybercafe.com – How to Borrow Money from OPay in Nigeria (Loan Code, App, iPhone & Android Guide 2025)
