Getting a loan normally entails opening a bank account, going to the bank, meeting with your account officer or the bank’s lending officer, filling out a loan application, and waiting, hopefully, for your loan to be approved. That’s a lot of worry, especially now that you can acquire loan information from your favorite loan platform by sending a USSD code.
Now that there are so many codes, it may be easy to receive your loans in a matter of minutes. However, we strongly encourage you not to make any decisions without first evaluating loan offers from various lenders.
We’ll go over what the USSD platform is and how you may utilize it to get a quick loan in Nigeria in this article.
What exactly is USSD?
Unstructured Supplementary Service Data (USSD) is an acronym that stands for Unstructured Supplementary Service Data. Quick code is another name for it.
They are codes that are used to access alternatives through your mobile communications network provider, as the name implies. USSD can be used for a variety of purposes, including callbacks, mobile money, content, and information, as well as network configuration. In this scenario, we’ll look at how USSD can be used in banking.
What is USSD Banking, and how does it work?
USSD Banking is a sort of banking that allows you to conduct financial transactions using short or rapid codes from your phone. It only requires a cellphone network; there is no need for an internet connection. You can do almost any type of financial transaction with USSD banking, from making transfers to purchasing airtime. More importantly, USSD codes can be used to obtain loans.
How to Use USSD Codes to Apply for Loans
The process of applying for a loan via USSD is simple. All you have to do is:
Know who you’re borrowing from when it comes to loans.
- Get the USSD code that works.
- All conditions must be met.
- Enter the code.
- Stick to the instructions.
- Take out a loan.
USSD Codes for loans in Nigeria
To apply for a loan via USSD, simply enter the code into your phone and follow the on-screen instructions. The following are some USSD codes for loans in Nigeria:
- 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 Using a USSD Code to Get a Loan
The prerequisites are as simple as the USSD loans. To acquire access to most banks’ loans using USSD, you’ll need to have an account with them.
Other fast loan providers, on the other hand, do not require an account. Apart from that, you’ll have to supply your full name, bank verification number, account information, and address, as well as any other information requested by the loan provider.
Source: Nyscinfo