The USSD codes for loans in Nigeria are the shortcut to getting loans. Read on to find out all.
Note that the typical process for obtaining a loan includes opening an account with a bank, visiting the bank, meeting with your account officer or the bank’s lending officer, filling out a loan application, and then, hopefully, waiting for your loan to be granted. That’s a lot of worry, especially given how simple it is to transmit a USSD code to your preferred loan platform to acquire loan details.
Now that there are so many codes, it might be simpler to obtain loans quickly. However, before taking out a loan facility, we firmly advise against rushing into loan decisions without first evaluating loan offers from several lenders.
We will go through what the USSD codes for loans in Nigeria are in this article and how to use it to get a quick loan in Nigeria.
What is USSD?
USSD, or Unstructured Supplementary Service Data, is sometimes referred to as fast code. They are access codes for alternatives provided by your mobile telecommunications network operator, as their name suggests.
Callback services, mobile money, content and information, as well as network setup services, are just a few of the many uses for USSD. In this instance, we take into account how USSD is used in banking.
27 USSD Codes for loans in Nigeria
The USSd codes for loans in Nigeria require that you enter the code into your phone and follow the on-screen instructions to submit a loan application via USSD. In Nigeria, some USSD codes for loans include:
| Platform | USSD Code for Loans |
| AB Microfinance Bank | *389*755# |
| Access Bank Payday Loan | *901*11# |
| Accion Microfinance Bank | *572*6# |
| Airtel Quick Cash | *561# |
| ALAT Loan By Wema Bank | *945*100 |
| Aledin Nano | *903# |
| Carbon Loan | *1303# |
| Ecobank Xpress | *326# |
| Etisalat | *561# |
| Fairmoney Loan | *322*2# |
| FCMB | *329# |
| First Bank First Advance | *894*11# or *894# |
| Glo Cash | *322*1*04225701*Amount# |
| GTBank Soft Loan (QuickCredit) | *737*51*51# |
| Interswitch | *322# |
| Kwikcash | *561# |
| Migo Loan | *561# |
| MTN Cash | *606*4# |
| Trader Moni | *540# |
| Paga | *242# |
| Payattitude | *569# |
| Carbon Paylater USSD Code | *1303# |
| Quickteller Loan (Airtel, MTN & 9mobile) | *322# |
| Quickteller – Glo Users | *805# |
| UBA Loan Code | *919# |
| Unity Bank Loan Code | *7799# |
| Zenith Bank Loan | *966# |
How Does USSD Banking work?
The USSD banking works in different ways. Through the use of short or rapid codes, USSD Banking enables you to do financial transactions from your phone. There is no need for an internet connection; all that is needed is a cell phone network.
You could do nearly any type of financial transaction with USSD banking, from money transfers to airtime purchases. More crucially, you can apply for loans using USSD codes.
How to Use USSD Codes to Apply for Loans
The procedures for submitting a loan application using USSD are simple. Simply put, you must:
- Be aware of the lender from whom you are borrowing
- Obtain the working USSD code
- Meet all the criteria
- Enter the code
- Follow the directive
- Take out a loan.
6 Requirements for getting started with USSD Code for Loans
You must fulfil the following minimum prerequisites to begin using the codes for loans or any loan application or platform.
- Join a loan company of your choosing.
- Name, BVN, email, and physical address should all be provided.
- Provide the account number.
- Get the loan provider’s USSD code.
- Learn the terms and conditions for loan repayment.
- Make sure you pay by the due date to prevent an online sanction.
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Conditions for Obtaining Loans Through a USSD Code
The prerequisites or conditions for getting loans through a USSD code are just as simple as the USSD loans. Naturally, in order to obtain most banks’ loans via USSD, you must have an account with them.
However, you do not require an account with other quick loan providers. Along with that, you would also need to furnish the loan provider with your full name, bank verification number, account information, address, and any other facts they may require.
Need Emergency Cash From Reputable Loan Apps In Nigeria With Low Interest?
Need a quick loan or an urgent cash advance in Nigeria? Any of the top loan applications in Nigeria allow you to apply and receive funding in as little as three hours, a few more hours, or within twenty-four hours.
With any of the trustworthy loan applications in Nigeria on our list, there are no hidden fees, no paperwork, and no collateral requirements.
If you are a Nigerian and live in Nigeria, there are several lending apps created for urgent and emergency cash. Anyone with an urgent financial necessity that cannot wait can apply for an emergency cash loan.
You have options outside the ALAT By Wema app if you are looking for dependable, top-rated loans in Nigeria with cheap interest rates.
However, if you operate a business, you can use the Lendigo website to apply for larger loan amounts. You can utilize the money to develop and grow your company.
Frequently Asked Questions
The following are the most typical questions regarding USSD codes for loans in Nigeria:
What is the code for an online loan?
There is no universally applicable code for online borrowing.
This is due to the fact that loans come from several lenders, each of whom has a special code. Therefore, all you have to do is locate and use your lender’s code.
Where can I get a loan without BVN?
To get a quick loan without entering your BVN, there are various loan websites and applications you can utilize. Some of the loans we highlighted above that you can use are as follows:
- Quickteller
- OKash Branch
- PalmCredit
- CarrotPay
Where can I borrow money right away?
You can take out a loan urgently or borrow money from a variety of websites online. Simply register on one of those websites and apply for a loan.
You don’t have to worry about applying for a loan in minutes without utilising your BVN. Try any of the aforementioned methods to obtain a quick USSD loan in Nigeria now without BVN.
Can I acquire a loan without submitting any paperwork?
You can obtain a loan even without providing any documentation, so yes. However, these lenders would require documentation that would attest to your financial situation, like a past account statement or proof of your current employment.
What would happen if I was unable to repay the debt when it was due?
Depending on your agreement, the specific penalty that results from failure to repay at the appointed period will vary.
The penalties are often outlined in the loan terms and conditions and are implemented after a default. Most lenders either raise interest rates or liquidate collateral.
Conclusion
When you need urgent cash or want to avoid the physically taxing process of acquiring a loan, using USSD codes is ideal.
They ask for very little, and if you can quickly complete all the requirements, you should be approved for the loan.
