In Nigeria, the financial landscape has continued to evolve, particularly in the area of digital lending. One of the most convenient methods for accessing loans today is via USSD (Unstructured Supplementary Service Data) codes. USSD codes offer a quick and straightforward way for individuals to access financial services including loans, without the need for an internet connection. Below, you will find a detailed list of USSD codes for loans from various banks and financial institutions in Nigeria as of 2024.
Key USSD Codes for Loan Services
1. GTBank – 73751*51#
Guaranty Trust Bank offers quick loans through this USSD code. The service is known as QuickCredit and it allows eligible customers to access instant loans for urgent needs.
2. Access Bank – 90111#
Access Bank’s PayDay Loan can be accessed via this USSD code. It’s designed for salary earners who need to access funds before payday. This loan is available to customers with or without a salary account in Access Bank.
3. Zenith Bank – 96611#
Zenith Bank provides an easy loan service called ‘Eazy Loan’ which is accessible via this code. This service grants instant loans to pre-qualified customers directly through their mobile phones.
4. United Bank for Africa (UBA) – 91928#
UBA customers can dial this code to access the bank’s Click Credit loan, a simple and quick loan option designed to meet short-term financial needs.
5. First Bank – 89411# or *894#
First Bank offers its FirstAdvance loan through this USSD code. Customers can obtain a salary advance or small personal loans using this quick USSD service.
6. FCMB – 32911#
First City Monument Bank provides fast-access loans via this code. The loan service, called FastCash, is designed for immediate financial emergencies and is available to both customers and non-customers.
7. Airtel Quick Cash – *561#
For non-bank mobile money services, Airtel Nigeria offers a quick loan service through this USSD code. It is designed for Airtel subscribers and offers short-term loans repayable within a month.
8. MTN XtraCash – 6064#
MTN subscribers can access XtraCash service by dialing this USSD code. The service allows MTN customers to access short-term micro-loans to cover urgent financial needs.
FAQs About USSD Loans in Nigeria
1. What do I need to qualify for a USSD loan in Nigeria?
- To qualify for a USSD loan, you typically need to be a customer of the bank or mobile network providing the loan. Some banks may require you to have a salary account or a previous transaction history. It’s also common to require a BVN (Bank Verification Number), and you must usually be 18 years or older.
2. How much can I borrow using these USSD codes?
- The amount you can borrow depends on the lender’s assessment of your eligibility which usually includes your income level, repayment history, and sometimes, the balance in your bank account. Loan amounts can range from as little as N1,000 to over N500,000.
3. Are there any fees associated with USSD loans?
- Yes, most USSD loans come with interest rates and possibly processing fees. The interest rates vary widely between lenders but are generally higher than traditional bank loans due to the convenience and lower eligibility criteria.
4. How quickly can I receive the loan after dialing the USSD code?
- Loans via USSD codes are typically disbursed almost immediately after application. In most cases, you will receive the loan amount directly in your bank account within minutes.
5. Can I repay my USSD loan using the same USSD code?
- Repayment methods can vary by lender. Some allow you to repay directly via the same USSD code, while others might require you to make payments via bank transfer, direct debit instructions, or even through cash deposits at banks or designated payment points.
Conclusion
USSD codes for loans in Nigeria provide an invaluable resource for instant financial assistance, especially in emergencies. They eliminate the need for internet connectivity, making it easier for a larger number of Nigerians to access financial services. As these services expand and evolve, they continue to play a crucial role in improving financial inclusion in the region
