Opay Loan: Practical Guide On How To Borrow, Interest Rates, And Repayment

Opay is a mobile finance app that has gained a lot of traction among Nigerian users in past years. The Opay app allows for bank transfers for free and has other interesting investment options. However, their loans are an important talking point of the Opay mobile app platform. In the course of this article, we would be looking at a practical review of opay loans. Without further ado, let us delve in.

Loan Applications That Are Available On Opay Mobile Platform 

Opay loan

The Opay platform offers two loan packages to its users. These two loan packages are; Easemoni and Okash. Okash is a subsidiary fintech company of Opay, while Easemoni is an independent company that is in partnership with Opay. 

opay loan application

When you log into your Opay app, you can access the opay loan option from the “Finance” tab. On clicking the “Finance ”, you would see options for savings plans, investment plans, and opay loans.

Opay loan app     opay loan app

Then you would see the two opay loans that the platform offers; Okash and Easemoni. 


Easemoni Loans On Opay Mobile App 

Easemoni is one of the opay loans that you can access with the mobile app. They offer very low-interest rates for loans of varying durations. It is an independent loan app that is on Google Playstore but is also integrated into the Opay platform. The Easemoni tab features an interactive user interface that makes it easy to apply for loans. 

Okash Loans On Opay Mobile App 

Another interesting loan package that is available on the Opay platform is the Okash loan. As a subsidiary of Opay, they approve loan applications of opay customers that are frequent users. If you have a tangible credit score and have a good income record, they would offer good loan amounts with flexible interest rates. It is important to note that before your Okash loan request is processed, they would require your personal details. 

How To Apply For An Opay Loan 

There is no fuss in applying for an opay. Applying for an opay loan means applying for either an Easemoni loan or an Okash loan. Here are practical steps to follow if you want to apply for an opay loan.

  1. Log in to the Opay app.
  2. Click on the Finance tab and swipe right to select the loan options. 
  3. Click on either the Easemoni tab or the Okash loan tab to apply for an opay loan. 
  4. You would then see prompts, based on your loan package choice, of what steps to take next. 

What Are The Opay  Loan Requirements Of Easemoni And Okash?

Okash and Easemoni have pretty much the same requirements. You would be required to key in your BVN, and then verify that your phone number is linked to the BVN that you provided. You would receive prompts to accept permissions on your device. This would be so that Easemoni or Okash would be able to access your location, contacts, camera, and gallery. When you allow the app to accept this permission, you would proceed to answer some interpersonal questions. The questions related to your income level, marital status, and the reason for the loan application. In the Easemoni interface, you would be required to take a picture with your phone. This is so that Easemoni would be able to verify that your biometric data and the one you provided are matching. 

Opay Interest Rates For Their Loan Packages 

Opay loan offers have interest rates that are flexible and better for all Nigerian income classes. The two loan packages in the Opay mobile app have different loan offers. Starting with Easemoni, their interest rates start from 5% to 10%. This implies that if the loan app has the principal amount of ₦6,000, then the interest would be ₦546. This implies that the total money would be ₦6,546. An interesting perk is that there are no hidden charges with the loan. 

As for Easemoni, their interest rate is between 0.1% to 1% on a daily basis, while the annual interest rate is from 36.5% to 360%. The only downside of the Easemoni loan package from Opay is that you have to pay an origination fee. This originating fee ranges from ₦1299 to ₦6000. 

How Does Opay Loan Repayment Work?

Paying back your loans obtained from opay is easy. You can pay back your Easemoni or Okash loan by funding your Opay app. When you click on to repay, there would show you an option to “Repay with Opay balance.” You can also pay back your opay loan with a card that is linked with your account. 

If you fail to pay your loan in due time, you would be reported to Nigerian credit bureaus as a loan defaulter. Which is bad for your overall credit record. Also worth noting is that if you fail to pay back your loan on time, you would wind up with a higher interest rate. There would be a charge for late repayment. The Easemoni or Okash company would transfer your personal details to Debt Recovery companies and then would start blackmailing you to pay back your loan. They would also use Robocalls, spam calls, and all means available at their disposal to get the money back from you. 

Is Opay Loan Legit?

Opay loan offers two loan packages; Easemoni and Okash. Of the two loan packages, Easemoni is the most legit. The Okash platform has some bugs in the system because they don’t keep accurate records of past loans. The best loan package from Opay which is legit is “Easemoni.” They offer extremely low-interest rates and can allow you to loan higher money upon timely repayment. 

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