Financial regulations in Nigeria requires going through several established processes, following laid-down guidelines, paperwork and almost endless ”hopeful” waiting periods.
Well, that in my opinion is more-less because you do not know you can apply for and receive loans using just your USSD code .
Begin to get loan information from your favorite loan platform using these simple codes. In this article, we will discuss what the USSD platform is, what you need to use it, and how you can use it to access a quick loan in Nigeria.
What is the USSD?
USSD is simply an acronym that stands for ”Unstructured Supplementary Service Data.” It is popularly known as short code.
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USSD grants access financial transactions options through your mobile telecommunication network provider. The Unstructured Supplementary Service Data (USSD) can be used for several operations– callback service, mobile money, content, and information, or to provide network configuration services.
It is worthy of note that the USSD is a banking access code.
What is Unstructured Supplementary Service Data (USSD) Banking?
USSD Banking is a type of banking that allows you to make financial transactions from your phone through the use of short or quick codes. It simply requires a cellular network. Through USSD banking you could make almost any kind of financial transaction; from making transfers, bills payments, to buying airtime. To use the USSD, you do not need the internet. You can also use USSD codes to get loans.
Learn How to Apply for Loans Using Various Bank BUSSD Codes
To apply for a loan using the USSD is quite simple, and can be achieved using the following steps:
Step 1: Decide the institution (loan provider) you wish to borrow from
Step 2: Decide on the functional USSD code to use depending on the loan provider
Step 3: Ensure you have met all specific requirements for the loan
Step 4: Apply for the loan by dialing the code
Step 5: Follow the prompts to receive
Various USSD Code for Loans in Nigeria
Below are the various USSD codes and the various banks. Carefully read through them for specificity;
This list is not exhaustive, and we will continue updating it as more platforms emerge
LOAN ISSUING PLATFORM | USSD CODE |
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# |
What You Need to Qualify for a Loan Using the USSD Code
To access most of the loans, you will need an operational bank account. For other instant loan providers, you may not need an account.
Other details you may need to provide might include; your full name, your bank verification number, account details, and address, and any other information as specified by the loan provider.
Summary
Like we have outline above, getting loans using the USSSD ode can be quite simple, time and situation saving! However, note that as with other credit agencies, the process of repayment and default reportage follows Federal guidelines.
So, if you have an urgent need for cash, and you have a cellphone, then, why not?