If you live in Nigeria, chances are you’ve used or at least heard of OPay or Opay Loan. From paying bills and buying airtime to transferring money or using their card — it’s hard not to run into the green logo somewhere.
In fact, OPay is now the most used finance app in Nigeria. Almost every Nigerian pays their bills with it, and over 80% of transfers happen daily through the platform. It’s so widely adopted that it has genuinely reduced how often people visit banks for basic transactions. These days, OPay feels less like a fintech app and more like a part of everyday Nigerian life.
But recently, what caught many users’ attention is OPay’s loan feature, which promises quick cash without paperwork or collateral.
Now, here’s what many people don’t realize — OPay doesn’t directly give loans. Instead, it connects users to two trusted lenders: EaseMoni and OKash, both licensed under Blue Ridge Microfinance Bank. I learned this the first time I tried using OPay’s “Loan” option — and it surprised me how seamless it all worked.
This review is based on actual experience using the platform — no fluff, no generic talk. Let’s go over how OPay loans really work, what to expect, and how to avoid common mistakes many users make.
If you want to understand how each lender works, check out this detailed reviews:
EaseMoni Loan App Review: Interest Rate & How to Apply
OKash Loan App Review: Interest Rate & How to Apply
Quick Navigations
What is OPay or Loan?
OPay is more than just a mobile payment app — it’s a digital financial ecosystem that brings almost everything you need into one app: transfers, airtime, bill payments, debit cards, savings, and even loans.
Licensed by the Central Bank of Nigeria (CBN) and insured by the NDIC, OPay has grown to become one of Nigeria’s most trusted fintechs. It’s easy to see why millions of Nigerians now use it as their main financial app.
Key Features
- Fast and reliable transfers (I’ve barely seen a failed transaction)
- Cashback on airtime and data purchases
- OPay debit and virtual cards accepted Nationwide
- Savings options that earn daily interest
- Access to quick personal loans through EaseMoni or OKash
Eligibility Criteria for OPay Loan
Since OPay only connects you to the actual lenders, the eligibility rules depend on whether you get matched with EaseMoni or OKash.
A. EaseMoni Loan Eligibility
- Nigerian resident aged 20–55
- Must have a BVN and active bank account
- Proof of income required (even if it’s not a formal job)
- Active OPay account and valid phone number
check how much your Opay loan will cost with our free loan calculator tool.
For full details on EaseMoni’s process, eligibility, and rates, see the EaseMoni Loan App Review.
B. OKash Loan Eligibility
- Nigerian resident aged 20–55
- Must have a steady income source
- Requires BVN and active bank account
- Users with consistent financial activity get higher limits
Want a deeper breakdown? Read the OKash Loan App Review.
Tip: When I first applied, I didn’t get approved immediately — turns out my OPay wallet was barely used. After a few weeks of using it for airtime and transfers, the loan section unlocked automatically. So stay active.
OPay Interest Rates and Fees
Here’s where many people get it wrong. OPay doesn’t have a fixed rate because it depends on which lender you’re assigned to — EaseMoni or OKash. Both use smart algorithms to check your creditworthiness and set your rate.
A. EaseMoni Interest Rate
- Monthly Rate: 5% – 10%
- APR: 60% – 120%
- Loan Tenure: 91 – 365 days
- Hidden Charges: None
Example: If you borrow ₦3,000 at 5% monthly interest, total repayment = ₦3,273 (₦1,091/month for 3 months).
B. OKash Interest Rate
- Monthly Rate: 3% – 15%
- APR: 36.5% – 360%
- Loan Tenure: 91 – 365 days
Example: ₦3,000 at 9.1% interest = ₦3,237 total repayment.
My Take: EaseMoni tends to give better rates for smaller loans, while OKash may favor users with a longer history or stronger credit profile. If you’re new, start small and repay early — that’s how you unlock larger amounts later.
How to Apply for OPay Loan
Applying is super simple — but don’t rush it. Make sure your app is up-to-date and your BVN is verified. If you prefer to apply directly from the lender, that’s fine too.
Step-by-Step Process
- Open your OPay app.
- Tap the Finance or Loan section.
- The app will automatically match you with EaseMoni or OKash.
- Fill in your details and loan amount.
- Review the terms before submitting.
- Wait a few minutes for approval.
- Once approved by the lender, the funds are credited to your OPay account — and it usually happens in under one minute if you applied directly through the OPay app.
That’s one of the smoothest parts for me — no long waiting or disbursement delays. The money appears almost immediately in your balance, ready to use.
Ready to apply? Download the Opay app directly from Google Play and start your loan application in minutes.
A. Apply via EaseMoni App
If you prefer direct access:
- Download EaseMoni from the Play Store.
- Register with your OPay-linked number.
- Apply for your preferred loan.
- Funds hit your account almost instantly.
B. Apply via OKash App
- Download OKash on Play Store.
- Register your details.
- Choose loan amount & tenure.
- Get approval in minutes.
OPay Loan Limits and Repayment Terms
Both EaseMoni and OKash have the same general limits but slightly different repayment flexibility.
A. EaseMoni
- ₦3,000 – ₦2,000,000
- 91 to 365 days repayment
- Auto debit or manual repayment options
- Late payment may lower your future limit
B. OKash
- ₦3,000 – ₦2,000,000
- 91 to 365 days repayment
- Early repayment allowed
- Late repayment adds small penalty interest
💬 My Advice: Repay early if possible — it builds trust. After two early repayments, my loan limit increased almost 3x automatically.
Pros and Cons of OPay Loan
Advantages
- No collateral, no paperwork
- Approval in under 5 minutes
- Secure, CBN-licensed lenders
- Works right inside OPay app
- Available 24/7
Disadvantages
- Not directly managed by OPay
- High APR if repayment is delayed
- Loan amount depends on credit score
Tips to Improve Loan Approval Chances
- Keep using your OPay wallet actively.
- Repay early to build a strong record.
- Maintain stable income or transactions.
- Avoid owing multiple loan apps at once.
Frequently Asked Questions (FAQs)
1. Does OPay give loans directly? No — OPay only connects you to EaseMoni or OKash.
2. How much can I borrow? Anywhere between ₦3,000 and ₦2,000,000.
3. How long does approval take? Usually less than 5 minutes.
4. Is OPay safe? Yes, fully regulated by the CBN and insured by the NDIC.
5. Can I repay before due date? Yes! And it’s a smart move if you want better future offers.
OPay Contact Details
If you need assistance, have complaints, or want to learn more about OPay’s services, you can reach their support team through the following channels:
- Helplines: 0700 888 8328 or 020 18888 328
- Address: Alexander House, Plot 9, Dr. Nurudeen Olowopopo Avenue, Alausa, Lagos
- Website: www.opayweb.com
- WhatsApp: +234 916 599 8936
- Facebook: @OPay
- Twitter (X): @OPay_NG
- Instagram: @opay.ng
- TikTok: @opaynigeria
- YouTube: @opaynigeria
- LinkedIn: OPay
Note: These contact details are sourced from OPay’s official communication channels. Always verify from their official website or app before reaching out.
Conclusion
Is OPay Loan Right for You?
If you’re looking for a fast, reliable, and secure way to access small or medium loans, OPay is one of the best starting points. It gives you access to real lenders without the scam risks that come with random apps.
Whether it’s EaseMoni or OKash, the process is transparent, easy, and backed by trusted banks. I’d say OPay loans are perfect for quick needs — but as with all credit services, borrow smartly and repay on time.
Download OPay today to explore loans, payments, and savings — all in one app built for Nigerians.
Try our free Loan Repayment Calculator
Before you apply for Opay loan, it’s smart to know exactly how much you’ll repay. Use our free loan calculator to estimate your total cost and monthly payment based on the amount and duration you choose.
