Loan Code In Nigeria, USSD Code For Loans In Nigeria, Short Code To Borrow Loan: Most Nigerians now depend on loans to meet up with their daily needs because of the daily inflation rate in the country. However, the traditional way of accessing loans has inhibited the way in which most people can get loans. Because it involves going to the banking hall and spending the most valuable time of the day. Nowadays, things have changed thanks to technology, with just a USSD code for loans in Nigeria accessing a loan is now at the tip of your finger. Hence, if you intend to collect loans in Nigeria you can use any of the USSD codes for loans in Nigeria that will be shared here.
What is USSD?
The USSD code means Unstructured Supplementary Service Data. This service helps you to communicate with your service provider’s computer system. It is a faster and more interactive means of accessing services, especially loans.
What Is USSD Banking?
The USSD banking is a service offered by banks and other financial institutions that allows you to access your bank accounts and perform various banking transactions using the USSD codes. Some of the USSD banking services include account balance inquiries, funds transfers, bill payments, airtime and data purchases, and loan applications.
How to Apply for Loans Using USSD Codes
With the USSD code for loans in Nigeria, you can apply for a loan without stress. Just follow the steps below and receive the loan in your account in minutes.
Step 1: The first step is to dial the USSD code of the financial institution you wish to access the loan from.
Step 2: Then select the loan option from the menu.
Step 3: After that provide the required information, such as loan amount, repayment period, and your personal information among others.
Step 4: Also, review the terms and conditions of the loan you are applying for.
Step 5: Then accept the loan offer if you are satisfied with the terms and conditions.
Step 6: Ultimately, receive the loan in your account if approved.
List of USSD Code for Loans in Nigeria
Note that you can access loans from any commercial bank, Loan app, or microfinance bank. However, you must have an account with them.
List of USSD Code for Loans in Nigeria for Commercial Bank
The following are the USSD codes for loans in Nigeria for some commercial Banks.
| Banks | Loan Codes |
| Jaiz Bank Plc. | *773# or *389*301# |
| Guarantee Trust Bank (GTB) | *737*51*51# |
| First Bank First Advance | *894*11# |
| Ecobank | *326# |
| Union Bank | *826*41# |
| Unity Bank | *7799# |
| United Bank of Africa UBA | *919*28# |
| Access Payday loan | *901*11# or *426*11# |
| Zenith Bank | *966# |
| Fidelity Bank Payday Loan | *770*08# |
| Sterling Bank | *822# |
| Polaris Payday loan | *833*12# |
| Alat loan by Wema | *945*65# |
| Taj Bank Limited | *898# |
| First City Monument Bank FCMB Fast Cash | *329*11# |
| Heritage Bank | *745# |
List of USSD Code for Loans in Nigeria for Loan Apps
Aside from the traditional way of accessing loans in commercial banks, you can also apply for loans without any paper documents or collateral on several loan apps. Below you will see the USSD code for loans in Nigeria for loan apps you can get access to funds just with your smartphone in a blink of an eye.
| Loan Apps | USSD Codes |
| Carbon | *1303# |
| FairMoney | *566*15# |
| OPay | *955# |
| PalmPay | *652# |
| KiaKia | *448# |
| KwikCash | *561# |
| Paylater | *1303# |
| Zedvance | *5858# |
Requirements for Getting Loans Using a USSD Code for Loans in Nigeria.
There is no doubt that accessing loans via the USSD code is so easy. There are requirements that need to be met before you can be considered worthy of the money. For all commercial banks, before you can have access to loans from them you need to have an active account with them. However, for other instant loan providers, most of them will require that you download their app. If not, you would need to provide your full name, your bank verification number, account details, address, and any other information as specified by the loan provider.
Final Thought
There is nothing as easy as being able to meet your daily needs without struggle. One such way in which you can access loans easily is through the use of USSD code for loans in Nigeria. It is worth noting that the loan application process and requirements may vary depending on the financial institution offering the loan. Also, it is important to review carefully the terms and conditions before accepting any loan offer to avoid unforeseen charges or fees. Ultimately, with this blog post, you should not have a problem with knowing the USSD code for loans in Nigeria.
Frequently Asked Questions about Loan Code In Nigeria, USSD Code For Loans In Nigeria, Short Code To Borrow Loan
What is the USSD code for loans in Nigeria?
There is no single USSD code you can use to get a loan in Nigeria since there are numerous financial institutions that grant loans to their customers. Some of the USSD codes for loans in Nigeria are *773# or *389*301# for Jaiz Bank, *1303# for Carbon, *826*41# for Union Bank, *894*11# for First Bank, *898# for Taj Bank Limited and so on.
How long will it take to Get a Loan using the USSD code for loans in Nigeria?
The exact time it will take you to get a loan using the USSD code for loans in Nigeria can not be stated in the post. This is because the time duration of each financial institution differs. However, the product you applied for, and how to correct the information you provide will determine the time It will take for a loan application to be processed and approved. But you have no worries no financial institutions will grant you loans immediately after your information has been verified.
What is the interest rate charged on a loan?
Since there are numerous financial institutions where you can access loans from. Thus, their interest rates differ. To know the interest that will be charged I the loan you applied for make sure you contact your loan provider.
What will happen if I am unable to pay back the loan at the stated time?
We are all humans and unexpected and unforeseen situations may occur that can make you not be able to pay at the stipulated time. Make sure you get back to your loan provider to explain things to them. Doing this will help you know if they can reschedule your payment date. However, it is always advisable to take a loan you know you can pay back without stress because late fees may lead to suspension of your account, increase the interest percentage, sell off collaterals or
report to National Credit Bureaus as required by law (CRC, First Central) which may hinder your access to another loan be it on the same platform or the previous one.
Ultimately, the exact penalty that follows late payment depends on the agreement between you and your loan provider. Most times the penalties are stated in the loan terms and conditions and are enacted once there’s a default. Thus, it is advisable to always read the terms and conditions before applying for a loan.
