USSD Code For Loans In Nigeria

USSD Code For Loans In Nigeria

With the unending economic hardship, the need for loans has never been greater. Coupled with this is the lack of quality internet connection which sometimes leaves you stranded and troubled as to where to get funds to deal with urgent needs. 

USSD which stands for Unstructured Supplementary Service Data provides you with an opportunity to borrow loans without the need for an internet connection or a smartphone. This might differ with some loan service providers that only have an app you must sign up with to access loans and other financial services.

This article seeks to guide you on how to access loans with USSD in Nigeria, and enlighten you on different loan service providers – their terms of loan acquisition and other financial services they render.

Quick Guide: # Easy Steps To Access Loans With USSD In Nigeria

1. Look up any loan provider of your choice
2. Search for the USSD code to obtain loans
3. Dial the USSD code 
4. Follow the prompts and obtain your loan

How To Access Loans With USSD In Nigeria

Step 1: Choose A Suitable Loan Service Provider

A lot of loan service providers provide loans with inconsiderate loan terms and conditions. This, in turn, can cause a default in payment which reduces your credit score and then pose the danger of not getting loans in the future. 

You should perform due diligence by checking out the requirements of the loan service provider you are willing to access a loan with USSD.

These requirements might include

  • Terms and conditions of payment 
  • Interest rate
  • Range of loans
  • Collateral requirement
  • Personal details needed to access loans

To do this, check out the loan service provider on your preferred browser, visit their website, download their loan app (if they have one), and read their terms and conditions as well as other requirements stated above.

You can do this with a few other loan service providers. Weigh your options and choose the best loan service provider for you.

Step 2: Search For The Required USSD to Access Loan

After following the first step, you can now proceed to check for the applicable USSD code used to access a loan with your loan service provider of choice.

It should be noted that your selected type of loan service provider, which might be a bank loan service provider, a telco loan service provider, or a third-party loan service provider, might not have a USSD code but rather require you to sign up and create an account on their website or app.

Here is a list of USSD codes for common loan service providers

Bank Loan Service

ALAT by WEMA *945*100#
Stanbic IBTC*909#
Zenith Bank *966#

Telco Loan Service

Telco ProviderUSSD
MTN Cash*606*4#
Airtel Quick Cash*561#
Glo Cash*322*1*04225701*Amount#

Microfinance or Third-Party Loan Service

Loan ServiceUSSD
AB Microfinance Bank*389*755#
Accion MFB*572*6#

Step 3: Apply the USSD Code And Obtain Your Loan

Obtaining your loan is the next step. Certain loan service providers might require you to sign up and create an account with your personal details as they do not have the option to acquire a loan with USSD.

However, for the other loan service providers with USSD, you should proceed to dial the USSD code and follow the prompt. Certain requirements would be asked of you such as your BVN Number, Valid ID, account statement, home address, and email address.  

The above step also applies to loan service providers that require you to sign up to get a loan. The only difference is that you will need a smartphone and an internet connection.  

After providing the necessary information and reading the terms and conditions, obtain your loan!

The Best Loan Apps In Nigeria

1. Carbon — Low Interest And Instant Payment

Carbon is a loan service provider that offers low-interest rates and instant payment to you when you download its app, sign up and create an account with them.  Asides from its fast issuance of loans when you meet the needed criteria, Carbon also offers high-yield investment and personal financial management tools providing you with wholesome financial management.

With Carbon, you can get up to N1,000,000 without collateral, a guarantor, or paperwork. If you pay back on time, you then can unlock higher tiers to acquire more loans with lesser interest rates.

Interest rates with carbon range between 5-30% as of now. Not to worry as it can be improved based on your credit score, your profile, and relevant information provided during or after your signing up process. 

2. Branch — Offers A Range Of Loan Options

Branch is one of the best lenders out there as it offers 3 different loan types for borrowers which are

  • Single payment loans
  • Installment loans
  • Payroll loans

After signing up with its app (as all transactions occur on the app), Branch can offer up to N500,000 with its use of machine learning which uses an algorithm to determine your credit score with data from your smartphone. This is a good one but I do have privacy concerns, especially about the data obtained to determine your credit score.

Branch does not require any physical paperwork or collateral to borrow a loan plus added benefits of sending and receiving money on its app and an annual return on investments of 20%.

Interest rates on Branch vary with loan terms and duration. For 4 weeks, the rate ranges between 1.5-20% whilst for upwards of 5-52 weeks have rates up to 40%.

3. KiaKia— Connects Lenders To Borrowers

KiaKia is one loan service provider different from the rest as it offers a platform where lenders in form of investors offer loans and financial support to small businesses and individuals. As with other lenders, it requires no physical paperwork and collateral to borrow a loan.

Loan options which include

  • Personal loans
  • Business loans
  • Emergency loans

provide borrowers with leverage as to what type of loan they want. 

For the first loan tenure, you can get up to N100,000 within 2 hours with a 15% interest rate, and must be paid back within 30 days. However, you can improve your credit score to get better rates and longer duration as KiaKia has an algorithm that tracks your financial data which I don’t fully subscribe to.

Quick Comparison Table: Apps to Convert Data to Cash

No physical paperwork or collateralOffers immediate loansProvides USSD code to borrow loansProvides other financial services

Obtain A Loan Now

Obtaining a loan is made easier by the day as the need for physical paperwork and collateral is eliminated. More interesting, is the use of USSD codes which provides you with access to loans without the need for a smartphone or internet connection. 

With relatively low interest rates, good loan terms, instant loan approvals, and other financial services, these loan service providers make it easy for small-scale businesses and individuals to access loans without the stress of traditional loan service providers; the bank!

Obtain a loan now stress-free by signing up with a loan service provider, dialing in the relevant USSD code, following the prompt, and getting a loan. This might differ from some other loan service providers which require you to download an app and sign up with them.

FAQs: USSD Code For Loans In Nigeria

How To Access USSD Code For Loans In Nigeria?

To access the USSD code for loans in Nigeria, simply search for any loan service provider of your choice and check for the USSD code used to acquire loans. 

What Is The Best Loan Service Provider In Nigeria?

Determining the best loan service provider in Nigeria is largely dependent on what you want. For small businesses, KiaKia is the best. If you are looking for a wide range of loan options, Branch is the best. Overall, Carbon offers all these services plus other financial services for you, making it the best!

Can I Access Loans With USSD In Nigeria?

Yes! To access loans with USSD in Nigeria, check out a number of loan service providers and pick the one that offers the best offer. Check for their USSD code, dial in, provide the necessary information, and obtain your loan.

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