There are various ways to get loans from various institutions like commercial banks, microfinance banks, and even telecom providers. The traditional way is to go to the bank with documents to check your credit score like employment details, identity card, utility bills to prove your address, and your salary must have been paid to the bank in the last six months. You might also need to provide collateral.
Thankfully, with the advances in technology, you can do all of that with your smartphone without needing to go to the bank, mostly through the bank app. Banks are not the only platform that gives loans, there are many other platforms like microfinance and other institutes. Unlike banks, the interest rate on these other platforms is very high. Where banks will borrow you a loan for a month with an interest of just 2%, other platforms’ interest rate is between 5% – 25%.
You can also borrow loans from any platform through their USSD codes. Although not all loan platforms implement the use of USSD codes to borrow loans, there are still a few that allow you to apply for loans through USSD codes especially those that don’t own a phone with an internet connection.
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You don’t need to start searching for USSD codes for loans in Nigeria from individual platforms, because in this article, we have compiled a list of loan platforms and their USSD codes to get loans as fast as possible. But you shouldn’t go ahead to dial the code and borrow a loan from any platform without knowing about their terms of use, duration of the loan, loan limit, the amount you will be paying back, and the interest you will be paying when the loan is due.
Here is the ultimate list of USSD codes for loans in Nigeria from various platforms including commercial banks, microfinance banks, companies, and telecom providers.
USSD Codes For Loans in Nigeria
Our list of USSD codes for loans in Nigeria is divided into three different sections, USSD codes for loans from Microfinance and other Business institutes in Nigeria, Commercial Banks, and Telecom and Internet providers in Nigeria.
Microfinance/Business Institute Codes for Loans in Nigeria
Microfinance banks like Kuda and the like, and business institutes created specifically for loans provide loans to individuals in Nigeria. Because they are business institutes and microfinance banks, their profits depend on the interest they get from the borrowed loans, so their interest rate is a bit higher when compared to commercial banks.
Here is a list of all the available microfinance banks and business institute codes for loans in Nigeria;
| AB Microfinance Bank | *389*755# |
| Aledin Nano | *903# |
| Carbon Loan | *1303# |
| Accion Microfinance Bank | *572*6# |
| Accion MFB | *572*6# |
| Migo Loan (Kwikcash) | *561# |
| Interswitch | *322# |
| Paga | *242# |
| Payattitude | *569# |
| PayLater USSD Code | *1303# |
| Quickteller – Glo Users | *805# |
| Quickteller Loan (Airtel, MTN & 9mobile) | *322# |
| Trader Moni | *540# |
Commercial Banks Codes for Loans in Nigeria
Commercial banks are the go-to if you want loans with very low interest rates. The only problem with using a commercial bank is that you must be a salary earner or the account must be very active with huge credit and debit transactions in your bank account in the last three months. If you feel you meet all the requirements to get a loan from your bank, here is a list of USSD codes to check your eligibility and apply for loans from all commercial banks in Nigeria.
| Access Bank Payday Loan | *901*11# or *426*11# |
| ALAT Loan By Wema Bank | *945*100# |
| Ecobank Xpress | *326# |
| FCMB | *329# |
| Fidelity Bank | *770# |
| First Bank (First Advance) | *894*11# or *894# |
| GTBank Soft Loan (QuickCredit) | *737*51*51# |
| Heritage Bank | *322# |
| Interswitch | *322# |
| Jaiz bank | *773# |
| Keystone Bank Loan Code | *533# |
| Polaris Bank | *833# |
| Stanbic IBTC | *909# |
| Standard Chartered Bank | *120# |
| Sterling Bank | *822# |
| UBA Loan Code | *919# |
| Union Bank | *826# |
| Unity Bank Loan Code | *7799# |
| Zenith Bank Loan | *966# |
Loan/Airtime USSD Codes From Telecomm
Internet providers and telecoms don’t offer loans in the form of money, but what they offer is loans in the form of airtime and data. You can borrow airtime or data from your current internet provider at an interest of 15%. Here are the USSD codes for loans from Internet providers;
| Airtel quick cash | *500# |
| Mtn cash | *303# |
| 9Mobile | *665# |
| Glo cash | *301# or *321# |
What exactly is USSD?
USSD, or Unstructured Supplementary Service Data, is a communication protocol used in mobile telecommunications that allows mobile phone users to communicate with the mobile network provider’s computer systems through short, numeric codes entered via the device’s keypad.
USSD is typically used for quick, real-time communication and transactions, such as checking account balances, recharging prepaid mobile credit, borrowing airtime, buying data, or accessing various mobile services. It is usually a code that starts with a ‘*‘ and ends with ‘#‘.
Unlike SMS, USSDs are session-based, which means they create quick and real-time connections between the user’s mobile device and the mobile network provider’s server. This makes USSD suitable for interactive applications, with quick responses and actions initiated directly on the user’s mobile screen, making it a vital tool for mobile banking, mobile payments, and other services.
What is USSD Banking, and how does it work?
USSD banking in Nigeria, often referred to as “Mobile Banking,” is a widely used financial service that enables individuals to access and manage their bank accounts using USSD codes on their mobile phones.
The use of mobile banking by various commercial banks, microfinance banks, and loan providers makes it convenient for customers to interact with their servers without needing an Internet connection. Customers can perform various banking transactions like opening an account, checking balances, transferring funds, paying bills, checking loan credibility, applying for loans, and even loan repayment.
All you need to access any bank’s service through the USSD code is to dial a code peculiar to that bank only within a country via the number you used to register for your account. The code usually starts with a ‘*’ and ends with a ‘#’. The use of USSD code is the most common in Nigeria because of the quick accessibility and ease of use which allows people to interact with their bank account without having to buy a smartphone or connect to the internet.
How to apply for a loan Using USSD Codes
Before dialing any bank or loan provider code to get a loan, you need to know their terms of service, requirements, interest, loan duration, etc. Here are the steps we recommend you need to follow before taking a loan.
Requirements for Using a USSD Code to Get a Loan
Before any loan provider grants you any loan, they will first have your details to save their business from fraud and regular loan defaulters. Here are the requirements requested by most loan providers before approving your loans.
- Your Full Name
- BVN
- National Identity Number
- Address, as well as some other details.
Note
Many loan platforms are not licensed under the Central Bank of Nigeria, as such some loan platforms practice irregular activities to exploit their users. Mostly they offer loans without letting users know the amount repayable and the loan duration, only for users to later find out that the loan duration is only a week and the interest rate is extremely high with some close to 100% of the amount they borrowed. Some indulge in illegal practices when their users default on loans such as sending threatening messages and many other harmful practices.
Therefore it is advisable to not apply for any loans if you are not told the duration or amount to be paid back.
