How to Borrow ₦1 Million to ₦5 Million from OPay: Complete Guide for Individuals and Business Owners

Looking for a fast and reliable way to borrow money in Nigeria? Whether you’re an individual needing urgent funds or a business owner looking to scale, OPay provides flexible loan options designed to meet your needs. Through its mobile app, OPay offers two main types of loans—personal loans via Okash and Easemoni, and merchant loans for business operators using OPay’s POS services.

Here’s everything you need to know about how to borrow money from OPay, including eligibility, interest rates, and step-by-step application processes.

📲 Table of Contents

  • 🧍‍♂️ Personal Loans via OPay (Okash & Easemoni)
  • ✅ Eligibility Criteria
  • 💰 Loan Amounts & Interest Rates
  • 📲 Application Process
  • 💡 Tips for Responsible Borrowing
  • 🧾 Merchant Loans via OPay
  • ✅ Eligibility Criteria
  • 💰 Loan Amounts & Interest Rates
  • 📲 Application Process
  • 🔁 Repayment Methods
  • 📈 How to Increase Your Loan Limit

🧍‍♂️ Personal Loans via OPay (Okash & Easemoni)

Personal loans on OPay are best for users who need quick, unsecured loans for emergencies, bills, or short-term needs. These loans are facilitated through third-party providers like Okash and Easemoni, all accessible within the OPay app.

✅ Who Can Apply?

To be eligible for a personal loan via OPay:

  • You must be at least 18 years old
  • Have a valid Bank Verification Number (BVN)
  • Own a government-issued ID
  • Maintain an active OPay account with regular transactions

💰 Loan Amounts & Interest Rates

  • Okash Loans:
    • Daily interest rates from 0.1% to 1%
    • Annual Percentage Rate (APR): 36.5% to 360%
  • Easemoni Loans:
    • Monthly interest between 5% to 10%
    • APR ranges from 60% to 120%

Loan terms and interest rates depend on your creditworthiness and repayment history.

📲 How to Apply for a Personal Loan

  1. Download the OPay App: Available on Google Play Store or Apple App Store.
  2. Sign Up & Register: Use your mobile number and set a transaction PIN.
  3. Verify Your Account: Link your BVN and upload a valid ID.
  4. Go to the “Finance” or “Loans” Section in the app.
  5. Select a Loan Provider: Choose either Okash or Easemoni.
  6. Enter Desired Loan Amount and review the loan terms (interest rate, duration, fees).
  7. Submit Your Application: If approved, funds are deposited into your OPay wallet or linked bank account—usually within minutes.

💡 Smart Borrowing Tips

  • Borrow only what you can repay.
  • Read the loan terms carefully to avoid surprise charges.
  • Make on-time payments to build a strong credit profile and unlock larger amounts.

🧾 Merchant Loans via OPay

Running a business with an OPay POS? You may be eligible for merchant loans that help grow your operation with minimal hassle.

✅ Eligibility Requirements

  • Must have used an OPay POS for at least 60 consecutive days
  • Maintain an active merchant account with regular POS activity

💰 Loan Offers & Rates

  • Short-Term Loans:
    • Borrow up to ₦1 million
    • Flat fee: 0.3%
    • Repayment: Due by midnight the next day
  • Long-Term Loans:
    • Borrow up to ₦5 million
    • Interest rates: Up to 15%
    • Repayment: Within 28 to 42 days

📲 How to Apply for a Merchant Loan

  1. Update the OPay App: Ensure you’re using the latest version.
  2. Open the Merchant Loan Feature: Tap on “Merchant Loan” within the app.
  3. Review and Accept the Terms of Service.
  4. Check Your Credit Limit: Tap “Merchant Loans Credit Limits” to see how much you’re eligible to borrow.
  5. Choose a Loan Type: Decide between a short-term or long-term loan.
  6. Complete the Application and get instant approval.
  7. Receive Funds in your OPay merchant wallet.

🔁 Repayment Options

  • Manual Payment: Go to “My Account” > “Repay” and choose your repayment method.
  • Automatic Deduction: If the loan reaches its due date, OPay automatically debits your wallet.

📈 How to Increase Your Loan Limit

Want access to higher loan amounts? Follow these steps:

  • Transact Frequently: The more active your OPay usage (POS sales, transfers, bill payments), the better.
  • Climb Merchant Levels: Merchants are rated as Regular, Gold, or Platinum. Higher levels come with bigger loan offers and lower interest rates.

🚀 Final Thoughts

Whether you’re a tech-savvy individual in need of a quick loan or a business owner looking to boost cash flow, OPay offers a secure, fast, and user-friendly loan solution. From personal micro-loans via Okash and Easemoni to robust merchant financing options, there’s something for everyone.

💡 Always borrow responsibly and understand your repayment terms to maintain a strong credit history.

For a visual guide on borrowing money from OPay, you may find this video helpful:

(How To Borrow Money From Opay | Get Loan From Opay)