USSD Code for Loan in Nigeria: A Comprehensive List for 2023
Discover the compilation of USSD code designed to facilitate loan applications from various financial institutions in Nigeria.
Unstructured Supplementary Service Data (USSD) codes have become a highly convenient means of accessing financial services in Nigeria. Thanks to these codes, you can easily apply for loans, check your account balance, block your ATM card, and transfer funds without stepping inside a bank or searching for an ATM.
Nigeria offers a wide array of USSD codes for loan purposes, with each bank or microfinance institution having its unique set of codes. Nevertheless, the fundamental process of using a USSD code to obtain a loan remains consistent.
In this blog post, we’ll delve into the diverse range of USSD codes dedicated to loan services in Nigeria. We’ll walk you through the loan application process and provide essential information on the prerequisites.
Whether you’re seeking a personal loan or funding for your business, we’ve got your back. USSD codes have truly revolutionized the accessibility of loans. So, without further ado, let’s delve into the world of USSD codes for loans in Nigeria!
Table of Contents
USSD code for loan from banks in Nigeria (2023)
| Nigerian Banks | USSD loan code |
|---|---|
| Access Bank | *901*11# |
| FCMB | *329# |
| GTBank | *737*51*51# |
| UBA | *919*28# |
| Ecobank | *326# |
| Zenith Bank | *966# |
| Fidelity Bank | *770# |
| First Bank | *894*11# or *894# |
| ALAT Loan By Wema Bank | *945*100# |
| UBA | *919# |
| Unity Bank | *7799# |
| Heritage Bank | *745# |
| Keystone Bank | *533# |
| Stanbic IBTC | *909# |
| Standard Chartered Bank | *120# |
| Sterling Bank | *822# |
| Polaris Bank | *833# |
| Jaiz bank | *773# |
| Union Bank | *826# |
USSD code for loan from Loan Apps (2023)
| Nigerian Loan Apps | USSD loan code |
|---|---|
| Opay | *955# |
| Migo | *561# |
| Carbon | *1303# |
| Fairmoney Loan | *322*2# |
| Palmpay | *652# |
| Zedvance | *347*334# |
| Kia Kia | *448# |
USSD codes for loan from Microfinance banks (2023)
| Microfinance Banks | USSD loan code |
|---|---|
| AB Microfinance Bank | *389*755# |
| Kwikcash | *561# |
| Accion Microfinance Bank | *572*6# |
| Aledin Nano | *903# |
| Paga | *242# |
| Trader Moni | *540# |
How to use USSD codes to get a loan
To apply for a loan using the USSD code in Nigeria, you will need to dial the shortcode provided by the loan provider and follow the prompts. This may include providing personal information, such as your name and income, and confirming your loan application.
To apply for a loan using USSD codes, customers need to follow these simple steps:
- Dial the USSD code for the financial institution offering the loan.
- Select the loan option from the menu.
- Provide the required information, such as loan amount, repayment period, and personal information.
- Review the terms and conditions of the loan.
- Accept the loan offer if satisfied with the terms and conditions.
- Receive loan disbursement if approved.
Requirement For Getting Started With USSD Codes for Loans in Nigeria
To get started with any loan app or platform, you will need to meet the basic requirements as follows
- Sign up with a loan provider of your choice
- Provide your full name, BVN, email, and physical address
- Provide your account number
- Get the USSD code of the loan provider
- Learn about loan repayment terms and conditions
- Ensure you meet with payment due date to avoid sanctions online
What is BVN and Why is it Important in Getting Loans in Nigeria?
BVN stands for Bank Verification Number, and it is a unique 11-digit number that is assigned to every bank account holder in Nigeria. The BVN was introduced by the Central Bank of Nigeria (CBN) in 2014 to help prevent identity theft, fraud, and other financial crimes in the country’s banking sector.
The BVN serves as a means of identifying and verifying the identity of bank account holders in Nigeria. It is a biometric identification system that captures an individual’s fingerprints, photographs, and other personal details.
Once a BVN is assigned to an individual, it can be linked to all of their bank accounts, making it easier to track their financial activities across multiple banks.
The BVN has also become an important factor in getting loans in Nigeria. Many lenders in Nigeria require a BVN as part of their loan application process. Similar topic: How long does it take to change your BVN details?
This is because the BVN serves as a form of identity verification, which helps lenders to assess an individual’s creditworthiness and determine their risk level.
By requiring a BVN, loan apps can verify an individual’s income and other financial information. This helps them to make informed decisions about loan approvals and interest rates. Similar topic: How to update all your BVN details online in 2023.
It also means that having a BVN can increase your chances of getting approved for a loan in Nigeria, especially if you have a good credit score and a regular source of income.
USSD Loan Code FAQs
What is the maximum amount of loan that can be accessed through USSD codes?
The maximum amount of loans accessed through USSD codes varies depending on the financial institution. Some financial institutions offer loans as low as ₦1,000, while others offer as high as ₦1,000,000.
What is the USSD code for loans in Nigeria?
USSD code for loans in Nigeria is a shortcode that enables customers to apply for and access loan services via their mobile phones without the need for an internet connection.
How do I apply for a loan using the USSD code in Nigeria?
To apply for a loan using the USSD code in Nigeria, you will need to dial the shortcode provided by the loan provider and follow the prompts. This may include providing personal information, such as your name and income, and confirming your loan application.
Are there any fees associated with accessing loans through USSD codes?
Yes, there may be fees associated with accessing loans through USSD codes. These fees vary depending on the financial institution and the type of loan. Some financial institutions charge processing fees, interest rates, and other fees.
How long does it take to receive a loan through USSD codes?
The time it takes to receive a loan through USSD codes varies depending on the financial institution. Some financial institutions offer instant loans that can be disbursed within minutes, while others may take a few days to process and disburse loans.
What types of loans are available through USSD code in Nigeria?
The types of loans available through USSD code in Nigeria may vary depending on the loan provider. Some common types of loans include personal loans, business loans, and emergency loans.
What documents are required to apply for a loan using the USSD code in Nigeria?
The required documents for applying for a loan using the USSD code in Nigeria may vary depending on the loan provider. However, commonly required documents include a valid form of identification, such as a national ID or voter’s card, and proof of income, such as a payslip or bank statement.
What is the interest rate for loans obtained through the USSD code in Nigeria?
The interest rate for loans obtained through the USSD code in Nigeria may vary depending on the loan provider and the type of loan. It is important to carefully review the terms and conditions of the loan, including the interest rate, before applying.
How do I repay a loan obtained through the USSD code in Nigeria?
The repayment process for a loan obtained through the USSD code in Nigeria may vary depending on the loan provider. Some loan providers may offer automatic debit or direct debit options for repayment, while others may require manual repayment via cash or bank transfer.
How do I check the status of my loan application or repayment using the USSD code in Nigeria?
To check the status of your loan application or repayment using the USSD code in Nigeria, you will need to dial the shortcode provided by the loan provider and follow the prompts. Some loan providers may also offer the option to check the status of your loan via SMS or online portals.
