Before, getting a loan required opening a bank account, going to the bank, meeting with your account officer or the bank’s lending officer, filling out a loan application, and hoping that your loan would be accepted. Not to mention the mountains of paperwork that must be completed, and you may need the assistance of a legal professional at times.
Today, you can apply for a loan from the comfort of your own home, and approval can take as little as 20 minutes. Many banks and financial institutions provide their customers with a variety of loan request choices. Mobile lending apps, websites, offices, and USSD codes are the most frequent. I prefer using USSD codes because it is the most convenient and straightforward of all of these choices.
This article contains a comprehensive list of all USSD codes for loans in Nigeria for banks, microfinance institutions, and financial institutions. It’s simple to register on this site, and it’s also simple to seek loans using USSD codes.
Before rushing to apply for a loan, it’s a good idea to look into the interest rate, terms, and conditions and compare several lending platforms to choose the best one for you.
Also, see Nigeria’s Best Loan Apps.
Let’s take a quick look at what USSD and USSD Banking are before getting into the USSD codes for loans in Nigeria. If you’re in a hurry, you can skip straight to the information you need.
What exactly is USSD?
Unstructured supplementary service data is abbreviated as USSD. It may appear complicated at first and quickly become technical, but there are two key aspects to grasp to achieve financial inclusion. You’re using USSD when you dial a number that starts with * and ends with #. Second, USSD is currently the finest available communication technology for delivering mobile financial services to low-income customers.
Callbacks, mobile money, content, information, and network settings are just a few of the things you can do with USSD. We’ll look at how to use USSD in banking in this circumstance.
What is USSD Banking, and how does it work?
Users can utilize USSD Banking to conduct transactions without having to connect to the internet. Mobile banking can be accessed by dialing the *99# code if you have a smartphone or a data/internet connection. USSD-based mobile banking can be used to send money, check account balances, and generate bank statements, among other things.
The revolutionary *99# payments service’s primary purpose is to facilitate financial inclusion and integration of underbanked and economically disadvantaged people into mainstream banking.
How to Make a Loan Application Making use of USSD codes
Borrowing loans with the USSD code is simple, but there are a few steps to do before you can start making use of this perk.
- First, you must learn about the loan provider, including the interest rate, loan repayment time, loan limit, and terms and circumstances.
- Make an account with the loan provider. You may not need to register with your bank or network provider, but you may be required to register with microfinance or other loan providers. This could also be done using USSD codes, depending on the loan issuer.
- Get the USSD code that you’ll need to apply for a loan.
- Enter the code.
- Follow the directions on the screen.
- Allow time for approval.
- Your loan will be delivered to your bank account.
USSD Codes For Loans in Nigeria
The complete USSD codes for loans in Nigeria are listed below. The list comprises all available USSD codes for telecommunication networks, banks, and microfinance.
Loan USSD codes from banks
| AB Microfinance Bank | *389*755# |
| Access Bank Payday Loan | *901*11# |
| Accion Microfinance Bank | *572*6# |
| ALAT Loan By Wema Bank | *945*100# |
| Ecobank Xpress | *326# |
| FCMB | *329# |
| First Bank First Advance | *894*11# or *894# |
| GTBank Soft Loan (QuickCredit) | *737*51*51# |
| Interswitch | *322# |
| UBA Loan Code | *919# |
| Unity Bank Loan Code | *7799# |
| Zenith Bank Loan | *966# |
Network Providers and Microfinance Codes for loans in Nigeria
| Airtel Quick Cash | *561# |
| Aledin Nano | *903# |
| Carbon Loan | *1303# |
| Etisalat | *561# |
| Fairmoney Loan | *3222# |
| Glo Cash | *322*1*04225701*Amount# |
| Migo Loan (Kwikcash) | *561# |
| MTN Cash | *606*4# |
| Paga | *242# |
| Payattitude | *569# |
| Paylater USSD Code | *1303# |
| Quickteller – Glo Users | *805# |
| Quickteller Loan (Airtel, MTN & 9mobile) | *322# |
| Trader Moni | *540# |
Requirements for Using a USSD Code to Get a Loan
Before you can start lending money, you must first register with one of the loan platforms, as I explained earlier. You can also register using your phone, but you’ll need to give a few details before approving your loan.
You do not need to create an account with any banks or network providers you already have an account with. However, registration is required by some financial companies that do not have any information about you. The majority of these financial institutions ask for the following:
- Your Full Name
- BVN
- Account Information
- Address, as well as some other details.
Also, remember to examine each loan provider’s interest rate and avoid anyone who charges you an extremely high-interest rate.
