How to Get Loan and Grant from Opay Without BVN
When it comes to loans, extra measures are taken by lenders to ensure borrowers’ compliance with the loan terms to avoid defaulting. The questions to ask in this scenario are: Is it possible to take a loan without a BVN? And if so, is that possible on Opay? The next question will be: Does Opay give grants, and, if they do, what is the possibility of accessing the grant without a BVN? The answers to these pending questions will be given in the subsequent sections of our discussion. Keep a tab as we go through it together.
Opay gives out loans to their users through a third party, BludeRidge Microfinance Bank Limited. The Okash or Easemoni loan on Opay is a collateral-free loan that comes with a competitive interest rate and a short-term repayment plan. The loan amount, interest rate, repayment plan, etc., on Opay are determined by the BludeRidge Microfinance Bank Limited and not Opay itself. On the contrary, Opay doesn’t have a grant scheme but we are going to shed more light on that as we progress with our discussion.
However, when it comes to taking an Opay loan without a BVN, there are many unresolved issues around that but we have carried out extensive research on it to unravel the truth about the possibility of accessing an Opay loan without a BVN. The tip of an iceberg here is that it is almost impossible to get an Opay loan without a BVN but I am going to give you the full gist in the section dedicated to it. Keep scrolling!
What is an Opay loan?
Opay loan is a short-term, non-collateral loan that Opay gives out to interested borrowers through third parties. This loan normally comes with interest and a relatively flexible loan term.
However, it is important to note that Opay doesn’t offer loans on its own; rather, they house third-party lenders that give out loans through their platform. These are the reasons why if you want to borrow money from Opay, you will be seeing Easemoni or Okash. What this means is that Easemoni and Okash are the ones that provide loans through Opay. BludeRidge Microfinance Bank Limited is the financial institution behind Easemoni and Okash.
So, whenever you want to take a loan from Opay, just know that they don’t give loans; rather, BludeRidge Microfinance Bank Limited gives loans through them. To this end, the loan terms, interest rates, and loan amount are determined by the microfinance bank and not Opay.
Does Opay Give Grants?
Before we answer this question, let’s look at the meaning of grants first. Literally, grant means free money. It is money that is given to you that you won’t refund. Grants can come in the form of financial aid, funding, etc., to assist you. The bottom line here is that grants are non-refundable loans.
Now let’s answer the question: Does Opay give grants? Well, the simple answer is no, although there are little exemptions.
Ordinarily, Opay doesn’t have a grant scheme where users can access non-refundable loans. This simply means that there are no grant options within the Opay dashboard where users can access free money.
On the contrary, Opay gives out scholarships to outstanding students once in a blue moon to support their academic careers, but you can’t call this a grant scheme because it doesn’t occur regularly and there is no official portal where interested individuals can apply for it. In addition, Opay still gives out lots of discounts and cashbacks to their users whenever they perform certain financial transactions but this doesn’t still represent a grant because it is not free money since users are required to carry out transactions before they can access the offer. In all, Opay doesn’t give out grants to their users.
Is it possible to get a loan and grant from Opay without a BVN?
The simple truth is that it is not possible to get a loan and grant from Opay without a BVN. Although some people say that it is possible, from our research, where we contacted the BludeRidge Microfinance Bank Limited customer care, who are in charge of giving loans through Opay, they told us that users can’t access Opay loans without a BVN.
This simply means that if you don’t have a Bank Verification Number, BVN, you won’t be able to take a loan from Opay. So, if you want to get an Opay loan, you should get a BVN first before requesting the loan.
For grants, Opay doesn’t give grants so there is no need to stress yourself about whether you can take Opay grants without a BVN since such a thing doesn’t exist.
How to Get Loan and Grant from Opay Without BVN
As we noted in the previous section, Opay users can’t access loans without a BVN. Currently, there are no known ways to access a loan from Opay without a BVN. In the financial sector in Nigeria, BVN is very important because it summarises the financial status of an individual. This means that with your BVN, a lender can run a soft credit check on your credit score to determine your financial strength and creditworthiness. In fact, if you don’t have a BVN, you can easily take a loan and abscond and no one can track you, but with your BVN, that won’t be possible because it contains every bit of your details, including your residential address.
As a sequel to that, BludeRidge Microfinance Bank Limited, which is in charge of Opay loans, normally requests borrowers BVNs whenever they want to access loans. To this end, if you really want to get an Opay loan, you will need to get your Bank Verification Number (BVN) first before requesting the loan. The good thing is that it is not difficult to get a BVN in Nigeria, since you can get it from any commercial bank in the country.
Why does Opay require a BVN for loans?
Opay requires a BVN for loans because it serves as a unique identifier, which reduces fraud and ensures its compliance with the Nigerian financial regulatory standards. As you may have known, all the financial institutions in Nigeria are required to meet a regulatory standard, and Opay is not an exception. Hence, they request your BVN whenever you want to take a loan from them.
In addition, since the Opay loan is a collateral-free loan, the only means they can use to curtail fraud and track the borrower is through their BVN. So, if you don’t have a BVN, you won’t be able to borrow from Opay because it is against the regulations, and they won’t be able to track you should you default on the loan terms.
Conclusion
As of the time of compiling this article, it is not possible to get an Opay loan without a Bank Verification Number (BVN). On the other hand, Opay doesn’t have a grant scheme where users can get non-refundable loans (free money). This means that if you really want to take a loan from Opay, then you should go and get your BVN because they require it to check for fraud and also to ensure total compliance with the Nigerian financial regulatory standard. In all, no BVN, no Opay loan.