Welcome to an in-depth exploration of loan codes and USSD codes for loans in Nigeria, an innovative and convenient way to access financial assistance. In this comprehensive guide, we will uncover the intricacies of loan codes and USSD codes, and how they enable Nigerians to quickly borrow funds when needed.
Whether you’re facing unexpected expenses, planning a business venture, or pursuing personal goals, understanding loan codes and USSD codes will open doors to swift and hassle-free borrowing opportunities.
Loan Codes In Nigeria
Below, we have listed all the loan codes available in Nigeria, you can make use of these codes to access quick loans.
Loan Codes For Commercial Banks In Nigeria
- Access Bank – Loan Code: *901#
- First Bank of Nigeria – Loan Code: *894#
- Guaranty Trust Bank (GTBank) – Loan Code: *737#
- Zenith Bank – Loan Code: *966#
- United Bank for Africa (UBA) – Loan Code: *919#
- Fidelity Bank – Loan Code: *770#
- Stanbic IBTC Bank – Loan Code: *909#
- Ecobank Nigeria – Loan Code: *326#
- Union Bank of Nigeria – Loan Code: *826#
- Sterling Bank – Loan Code: *822#
- Wema Bank – Loan Code: *945#
- Heritage Bank – Loan Code: 322030#
- Polaris Bank – Loan Code: *833#
- Unity Bank – Loan Code: *7799#
- Keystone Bank – Loan Code: *533#
- Providus Bank – Loan Code: 322776#
- SunTrust Bank – Loan Code: *523#
- Titan Trust Bank – Loan Code: *922#
- CitiBank Nigeria – Loan Code: Not available
- Standard Chartered Bank Nigeria – Loan Code: *977#
- Stanbic IBTC Bank – Loan Code: *909#
Loan Codes For Microfinance Banks In Nigeria
- LAPO Microfinance Bank – Loan Code: *371#
- AB Microfinance Bank – Loan Code: *389*755#
- Accion Microfinance Bank – Loan Code: (*572#)
- Fortis Microfinance Bank – Loan Code: 32299#
- Addosser Microfinance Bank – Loan Code: 90110#
- LAPO Microfinance Limited – Loan Code: 5668#
- Hasal Microfinance Bank – Loan Code: 32280#
- Seedvest Microfinance Bank – Loan Code: 322222#
- Grooming Microfinance Bank – Loan Code: 38990#
- Lotus Capital Microfinance Bank – Loan Code: *7799#
- ABN Microfinance Bank – Loan Code: 389755#
- Mainstreet Microfinance Bank – Loan Code: 322776#
- Credit Direct Limited – Loan Code: 90115#
- NPF Microfinance Bank – Loan Code: *770#
- Accion MFB – Loan Code: 5726#
- FBN Microfinance Bank – Loan Code: 89411#
- Irepodun Microfinance Bank – Loan Code: 322035#
- Microcred Microfinance Bank – Loan Code: *426#
- C24 Limited – Loan Code: *745#
- AB Microfinance Bank Nigeria – Loan Code: 389755#
- Fina Trust Microfinance Bank – Loan Code: 38988#
- Baobab Microfinance Bank – Loan Code: 389033#
- Trustfund Microfinance Bank – Loan Code: 322030#
- Infinity Microfinance Bank – Loan Code: *347#
- Ibadan Electricity Distribution Company (IBEDC) Microfinance Bank – Loan Code: 389500#
- Mainstreet Microfinance Bank – Loan Code: 322776#
- Bosak Microfinance Bank – Loan Code: 322111#
- Nirsal Microfinance Bank – Loan Code: *540#
- Seedvest Microfinance Bank – Loan Code: 322222#
- Fast Microfinance Bank – Loan Code: 389234#
- Page Financials – Loan Code: *903#
- Rehoboth Microfinance Bank – Loan Code: 389775#
- HelpMint Microfinance Bank – Loan Code: 3221#
- CEEDs Microfinance Bank – Loan Code: 389755#
- Future Growth Microfinance Bank – Loan Code: 389770#
- NPF Microfinance Bank – Loan Code: *770#
- Credit Direct Limited – Loan Code: 90115#
- Lotus Capital Microfinance Bank – Loan Code: *7799#
- Ibadan Electricity Distribution Company (IBEDC) Microfinance Bank – Loan Code: 389500#
- Lapo Microfinance Bank – Loan Code: 4561#
- Mainstreet Microfinance Bank – Loan Code: 322776#
- One Credit – Loan Code: *806#
- Page Financials – Loan Code: *903#
- StartCredits – Loan Code: *588#
- Page Microfinance Bank – Loan Code: 389301#
- Creditville Limited – Loan Code: *902#
- Uptrach Microfinance Bank – Loan Code: 322968#
- FundsMart – Loan Code: *902#
- LAPO Microfinance Bank Limited – Loan Code: 5668#
- GreenBell Microfinance Bank – Loan Code: 32250#
USSD Code For Loans In Nigeria
USSD (Unstructured Supplementary Service Data) codes have revolutionized the way Nigerians access financial services, including loans. USSD codes provide a convenient and accessible means for individuals to borrow loans quickly and easily, without the need for internet access or visiting physical bank branches.
These codes are short, numeric combinations that users can dial from their mobile phones to initiate loan applications and receive funds directly into their accounts.
In Nigeria, several financial institutions and microfinance banks offer loans through USSD codes. These loan codes vary depending on the institution, allowing customers to access loan products tailored to their needs. Some of the prominent banks and microfinance institutions in Nigeria that offer loans through USSD codes include Access Bank (*901#), First Bank of Nigeria (*894#), Guaranty Trust Bank (GTBank, *737#), Zenith Bank (*966#), and United Bank for Africa (UBA, *919#).
By dialing these loan codes from their registered mobile phone numbers, customers can follow the prompts provided by the USSD menu options to select the loan product or service, provide the necessary information, review and confirm the loan terms and conditions, and receive instant notification of the loan approval status.
If approved, the loan amount is typically disbursed directly to the customer’s bank account.
These USSD codes for loans have significantly enhanced financial inclusion in Nigeria, as they enable individuals from various socioeconomic backgrounds to access credit facilities easily. They provide a faster alternative to traditional loan application processes and are available to customers at any time, day or night.
However, it is important to note that loan amounts, interest rates, repayment terms, and eligibility criteria may vary across different financial institutions and microfinance banks. It is advisable to carefully review the loan terms and conditions before proceeding with the application.
Furthermore, customers should ensure the security of their personal information and bank details when using USSD codes for loan applications. It is recommended to use these services from trusted sources and avoid sharing sensitive information with unauthorized individuals or entities.
Benefits of Using USSD Codes for Loan Applications in Nigeria
USSD (Unstructured Supplementary Service Data) codes have revolutionized the loan application process in Nigeria, offering numerous advantages to borrowers. By utilizing USSD codes, individuals can conveniently access loan services with speed and ease, making the borrowing experience more accessible and user-friendly. Below we explore the key benefits of using USSD codes for loan applications in Nigeria.
Instant and Convenient Access
USSD codes provide borrowers with instant and convenient access to loan services. With a simple dial of the designated USSD code from their mobile phones, individuals can initiate the loan application process without the need for internet access or physical visits to bank branches. This accessibility ensures that individuals can apply for loans at their convenience, anytime and anywhere within Nigeria.
Read Also: How To Check First Bank Account Number Via SMS
Time Efficiency
Using USSD codes for loan applications saves valuable time for borrowers. Compared to traditional loan application processes that often involve paperwork and lengthy approval procedures, USSD codes streamline the process, allowing borrowers to complete their loan applications within minutes.
The speed and efficiency of USSD codes enable individuals to address their financial needs promptly, eliminating the delays associated with traditional loan applications.
Wide Availability
USSD codes for loan applications are widely available across various financial institutions and microfinance banks in Nigeria. This availability ensures that borrowers have a wide range of options to choose from, allowing them to select the loan products and terms that best suit their requirements.
Whether it’s a large commercial bank or a local microfinance institution, USSD codes enable borrowers to explore diverse loan offerings easily.
Read Also: How To Check First Bank Account Number Via SMS
Financial Inclusion
USSD codes contribute to financial inclusion by extending loan access to individuals who may have limited access to traditional banking services. These codes empower individuals from diverse socioeconomic backgrounds, including those in remote areas or with limited internet connectivity, to access loan facilities conveniently. USSD codes break down barriers and promote inclusivity in the lending landscape.
User-Friendly Interface
USSD codes are designed to have a user-friendly interface, ensuring a seamless experience for borrowers. The menu-driven system guides borrowers through the loan application process, making it easy to navigate and understand the necessary steps. This user-friendly interface makes USSD codes accessible even to individuals with limited technological expertise, further enhancing the convenience and usability of loan applications.
Step-by-Step Guide: How to Borrow a Loan Using USSD Codes
Borrowing a loan through USSD (Unstructured Supplementary Service Data) codes in Nigeria is a quick and convenient process. USSD codes have simplified the loan application process, allowing individuals to access loans anytime and anywhere within the country. If you’re new to using USSD codes for loan applications, this step-by-step guide will walk you through the process.
Step 1: Ensure Mobile Phone Compatibility
Ensure that your mobile phone is compatible with USSD technology. Most modern mobile phones support USSD functionality. Check if your phone has a dialer or keypad that allows you to enter numeric codes.
Step 2: Know the USSD Code of Your Preferred Financial Institution
Different financial institutions and microfinance banks have unique USSD codes for loan applications. Find out the USSD code of your preferred bank or microfinance institution offering loan services, you can check from the list of ones that have been listed above. You can typically find this information on their official website, mobile banking app, or by contacting their customer service.
Step 3: Dial the USSD Code
Using your registered mobile phone number, dial the USSD code associated with the bank or microfinance institution offering the loan service. The code is entered as if you were making a regular phone call, followed by the call button.
Step 4: Follow the Menu Prompts
After dialing the USSD code, you will be presented with a menu of options on your mobile phone screen. Each option corresponds to a specific loan service or function. Follow the menu prompts to select the loan application option.
Step 5: Provide Required Information
Once you have selected the loan application option, the USSD menu will prompt you to provide certain information. This may include personal details such as your name, identification number, employment information, loan amount, and repayment duration. Carefully enter the requested information using your phone’s keypad.
Step 6: Review Loan Terms and Conditions
After providing the necessary information, the USSD menu will display the loan terms and conditions. Take the time to carefully review the terms, including the loan amount, interest rate, repayment duration, and any applicable fees or charges. Ensure that you understand and agree to the terms before proceeding.
Step 7: Confirm Loan Application
If you are satisfied with the loan terms and conditions, confirm your loan application through the USSD menu. This step indicates your consent to proceed with the loan application process based on the provided information.
Step 8: Receive Loan Application Status
After confirming your loan application, the USSD system will process your request. You will receive an instant notification, often via SMS, informing you of the status of your loan application. If approved, the notification will include details such as the approved loan amount and disbursement process. If declined, the notification may provide reasons for the decision.
Step 9: Loan Disbursement
If your loan application is approved, the loan amount will typically be disbursed directly into your registered bank account. The disbursement process may vary depending on the financial institution. Some institutions may require additional documentation or verification steps before disbursing the funds.
Remember to keep your personal and financial information secure throughout the loan application process. Be cautious of sharing sensitive details with unauthorized individuals or entities.
FAQS
Which code can I dial to get a loan?
You can dial *939# for SmartCash loan.
What is the code for SmartCash loan?
The code for SmartCash loan is *939#.
What is the code for MTN cash loan?
The code for MTN cash loan is *606#.
What is the first USSD code for a loan?
The first USSD code for a loan can vary depending on the loan provider. However, one example is 89411# or *894# for FirstAdvance offered by FirstBank.
How to get a loan with USSD in Nigeria?
To get a loan with USSD in Nigeria, you can follow these steps:
- For SmartCash loan, dial *939#.
- For MTN cash loan, dial *606#.
- For FirstAdvance, you can apply through the FirstMobile app or by dialing 89411# or *894#.
Conclusion
In conclusion, the introduction of loan codes and USSD (Unstructured Supplementary Service Data) codes has transformed the landscape of borrowing loans in Nigeria.
These innovative solutions have made accessing loans more convenient, accessible, and user-friendly for individuals across the country. By simply dialing a designated USSD code on their mobile phones, borrowers can initiate loan applications without the need for internet access or physical visits to bank branches.
