Obtaining a loan usually involves having an account with a bank, going to the bank, meeting your account officer or the bank’s loan officer, filling out a loan application, and waiting for approval, hoping it gets approved. This process can be quite stressful, especially now that you have the option to easily send a USSD code to obtain loan information from your preferred loan platform.
With the availability of these codes, it may be simpler to receive your loans within a few minutes. However, we strongly recommend that you don’t hastily make loan decisions without first comparing loan offers from different lenders before proceeding with the loan facility.
This article explains what the USSD platform is and how you can utilize it to quickly access a loan in Nigeria.
See also: How to Borrow Money from Zenith Bank Using USSD Code
Contents
What is USSD?
USSD is short for Unstructured Supplementary Service Data, which is also referred to as quick code.
Simply put, USSD codes are used to access various options through your mobile network provider. These codes can be used for different purposes such as callback service, mobile money, accessing content and information, or configuring network settings. In this particular instance, we focus on how USSD is used in banking.
See also: 10 Instant Loan without BVN in Nigeria
What is USSD Banking?
USSD Banking is a form of banking that enables you to conduct financial transactions using short or quick codes on your phone. It only requires a cellular network and doesn’t need an internet connection. With USSD banking, you can perform a wide range of financial transactions, including transfers and purchasing airtime. What’s even more significant is that you can utilize USSD codes to obtain loans.
How to Apply for Loans Using USSD Codes
The steps to applying for a loan via USSD are straightforward. You simply need to:
- Know which loan provider you’re borrowing from.
- Get the functional USSD code
- Meet all specified requirements
- Dial the code
- Follow the prompt
- Get your loan
USSD Code for Loans in Nigeria
To request a loan using USSD, all you have to do is enter the code on your phone and follow the prompts that appear. Here are a few USSD codes for loans in Nigeria:
| 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# |
| 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# |
Requirements for Getting Loans Using a USSD Code
The USSD loans are straightforward, and so are the requirements. Typically, you need to have an account with most banks in order to access their loans through USSD.
However, with other instant loan providers, having an account is not necessary. Apart from that, you will also be required to provide your complete name, bank verification number, account details, address, and any additional information as requested by the loan provider. For a more detailed comparison to help you choose the right loan quickly, you can click here.
See also: How to Check Nirsal Loan Status
Frequently Asked Questions
1. Is there a universal code to borrow money online?
No, there isn’t a single code that works for all online borrowing. This is because loans come from different lenders, and each lender has its own unique code. Therefore, you just need to locate the code specific to your lender and utilize it.
2. What are the consequences if I am unable to repay on time?
The specific penalties for not being able to repay on time vary depending on your agreement. Usually, the penalties are outlined in the loan terms and conditions and come into effect when there is a default. Most lenders either increase the interest rate or seize and sell the collateral.
Conclusion
Utilizing USSD codes to obtain loans is ideal when you require immediate cash or want to avoid the physically demanding process of acquiring a loan. The requirements are minimal, and if you meet all the specified criteria, you should receive your loan within minutes.
Leave a Reply