Opay Loan Code: How to Borrow Money from Opay in 2023

  • August 19, 2023

Opay Loan Code: This post contains complete information on how to borrow money from Opay using any phone.

Are you in need of a quick loan? Online loan services are the fastest and easiest way to access credit right now in Nigeria. This is because you don’t need collateral or a guarantor to get them.

Also, they come with low-interest rates, and flexible terms and conditions.

There are lots of loan apps in Nigeria, but Opay houses some of the best lending services. This app gives users easy access to instant loans from reliable lenders on its platform.

Whether you’re looking for how to borrow money on Opay app, how to borrow money from Opay without BVN, how to get Opay loan on iPhone and Android, or how to request money on Opay, we’ve got you covered.

In this post, you’ll discover how to be eligible for the loan, how to apply, its interest rate, and also how to repay Opay loan.

Without further ado, let’s get started!


What is Opay?


Opay is a mobile money, online banking and financial services platform in Nigeria. Through its app users can access a range of financial services, including borrowing money.

That’s not all, Opay also allows customers to save money, transfer and receive funds, buy airtime, pay bills, and also enjoy free daily cashback on the app.

Read Also: Top 6 Loan Apps Without BVN in Nigeria

How Does Opay Loan Work?

Firstly, Opay is not a stand-alone loan company. However, it houses some loan companies that offer its users collateral-free instant loans.

This service gives users the opportunity to access credit from popular Nigerian loan companies such as Easemoni and Okash. These companies offer low-interest online loans on their platform with the help of Opay.

Recently, Opay no longer works with these companies, but that doesn’t mean you can’t get a loan from Opay.

It is very easy to borrow from Opay, as the major thing you need is an account. Although, there are more requirements.

Check Out: How to Open Opay Account on Phone

How to Be Eligible for Opay Loan?

If you’re asking how can i borrow money from Opay, you must know that there are certain eligibility requirements that must be met. Here are the requirements:

  • You must be a Nigerian citizen.
  • You must have a registered Opay account.
  • You must have a valid Bank Verification Number (BVN).
  • You must have a valid means of identification (e.g., National ID card, driver’s license, or international passport). It is optional.

If you meet all of these requirements, then you are eligible to apply for Opay loan. Now let’s see how to get loan on Opay.

How to Borrow Money from Opay

Once you’ve confirmed your eligibility, you can follow these simple steps to get Opay loan:

  1. Download the Opay App and create an Account
  2. Log in to your Opay account on the mobile app.
  3. Click on the “Finance” tab at the bottom of the homepage.
  4. Look for the “Loan” option.
  5. Select your favourite between Okash and Easemoni and proceed to download it.
  6. As a new user, Fill out the loan application form by providing accurate information about yourself, including your name, phone number, and address.
  7. Go with your current limit or enter the loan amount you want to borrow.
  8. Review your loan application details and click on “Submit.”
  9. Once you’ve submitted your loan application, it will be reviewed, and you’ll be notified of the loan’s approval or rejection within a few minutes or hours.
  10. If approved, the money will be sent to the account number you entered during the application process.
Opay Loan

That’s simply how to borrow money on Opay app both on iPhone and Andriod.

It is important to read the Opay loan terms and conditions before submitting the loan application. This will let you know the penalties for defaulters of loans on Opay.

Related: How to Borrow Money from PalmPay

Opay Loan Code

Alternatively, you can use the Opay loan code to borrow money. If you don’t have a smartphone, this is the perfect method for you. Here’s how to do it.

Below are the steps to use the Opay USSD code for loan:

  • Dial *955# using the phone number registered with your Opay account.
  • Select the option that says “Loan”
  • Follow the prompt and apply for a loan
  • Get your loan disbursed into your account

Having known how to use the Opay loan code to borrow money from Opay, and also the app, let the interest rate of loans on Opay app.

Opay Loan Interest Rate

The interest rates of loans on Opay are usually determined by the loan service used. Easemoni loan interest rate ranges from 5% to 20%, while Okash interest rate ranges from 3% to 30%.

Keep in mind that these interest rates are not determined by Opay, and may be lower or higher depending on your credit score. Borrowers with good credit scores tend to have a lower loan interest rate, while those with a bad credit scores are often offered loans with high interest.

Also, note that failure to repay your loan on the due day may attract an increase in the interest rate of your loan.

Talking about repayment, let’s see how to repay Opay loan.

Check Out: List of Loan Apps with Low Interest Rate in Nigeria

How to Repay Opay Loan

Once your loan is approved and disbursed, you will need to start repaying the loan on the due date. There are different repayment options, including:

Repay using your Opay balance

If you have an Opay balance, you can use it to repay your loan by clicking on the “Repay” button on the loan details page.

Note: Since both Easemoni and Okash are no longer on the Opay app, you can repay your loans on the apps via Opay by just transferring your loan amount to the account number provided on the loan repayment page.

Automated Direct Debit (ADD)

This is a feature that allows you to set up automatic loan repayments using your bank account details such as a Debit (ATM) card and/or account number.

It is important to note that failure to repay your loan on the due date can attract additional charges and affect your credit score.

Benefits and Risks of Opay Loan

Borrowing money from Opay comes with its benefits and risks. Here are some of the pros and cons of Opay credit:


  1. Fast loan disbursement: Both Easemoni and Okash process loan applications quickly, and once approved, the loan is disbursed to your bank account within minutes.
  2. Flexible repayment options: Opay offers different repayment options that suit your income flow.
  3. No collateral needed: Unlike traditional banks, no collateral is required for loan approval.
  4. Low-interest rates: Both Easemoni and Okash offer competitive interest rates compared to other loan providers in Nigeria.

Related: Fairmoney Loan App Full Review


  • Defaulting on loan repayment can negatively affect your credit score.
  • Borrowing beyond your capacity to repay can lead to more debt and financial instability.

So, With those (above) loans on Opay come with more benefits and fewer risks.

Tips for Responsible Borrowing and Managing Debt

When borrowing money from Opay, it’s important to borrow responsibly and manage your debt effectively. Here are some tips to help you do that:

  • Only borrow what you need: Avoid borrowing more money than you need to avoid over-indebtedness.
  • Have a repayment plan: Before you borrow money, ensure that you have a plan for repaying the loan on time to avoid defaulting.
  • Budget wisely: Create a budget that includes your loan repayment plan and stick to it.
  • Keep your credit score in good standing: Late or missed loan payments can negatively affect your credit score, which can make it difficult for you to access credit in the future.

Check Out: List of Opay Transfer Code

Have more questions on how to borrow from Opay? Find your answers below.

Opay Loan App – FAQs

How can I borrow money from Opay?

To borrow money from Opay, you need to download the Opay app, create an account, and apply for a loan through the Opay Credit service including Okash and Easemoni.

Does Opay give loan?

Yes, Opay offers loans. However, these loans are offered on third party loan platforms such as Okash and Easemoni.

How to borrow money on Opay on iPhone?

To borrow money on Opay on iPhone, you need to download the Opay app from the App Store, create an account, and apply for a loan through Easemoni and Okash.

How to borrow money from Opay without bvn?

To borrow a loan from Opay without BVN, all you need to do is create a Basic (Tier 1) account with Opay, and apply for a loan on the Opay App through Easemoni or Okash. Keep in mind that, you’ll only be eligible for small loan amounts until you link your BVN.

What is the USSD code to borrow money from Opay?

The USSD code to borrow money from Opay is *955#.

How do I borrow money from Opay on Android?

To borrow money from Opay on Android, you need to download the Opay app from the Google Play Store, create an account, and apply for a loan through Opay on Easemoni or Okash.

How much can I borrow on Opay?

The loan amount you can borrow on Opay depends on the loan company you choose, your credit score and other factors. However, you can borrow up to N1,000,000 if you meet all the requirements.


Borrowing money from Opay is a convenient and efficient way to access funds quickly. With this step-by-step guide, you can now apply for a loan on Opay and manage your debt effectively.

However, it’s essential to borrow responsibly and manage your debt effectively to avoid financial difficulties. By following the tips on how to borrow money from Opay outlined in this post, you can easily get Opay loan and achieve your financial goals.