USSD Codes for Personal Loans in Nigeria

In the modern era, as technology becomes increasingly prevalent in all aspects of our lives, the financial sector is rapidly adopting Unstructured Supplementary Service Data (USSD) codes as a method of distributing personal loans.

The integration of technology inherently leads to an acceleration of daily tasks. The implementation of the USSD has had an impact on the finance and telecom industries.

USSD is characterised by its high interactivity, enabling users to promptly view responses on their phone displays and make additional requests. This facilitates speedier two-way communication and real-time involvement.

Benefits of doing transactions via USSD

The progress in technology typically results in many benefits, and USSD is no exception. As a marketing tool, it has demonstrated substantial advantages for financial transactions.

Below are some of the perks.

• USSD operates independently of an internet connection or data subscription.
• It enables free roaming without any charges.
• It is compatible with virtually all mobile phones that adhere to the GSM standard. Consequently, financial institutions are ensured to have a broader reach, as there will be no exclusions.
• Every individual owns a smartphone.
• USSD is compatible with all mobile networks. It requires a connection to the GSM network in order to function, as it is not mobile or SIM-dependent.
• USSD is characterised by a high level of interactivity. Users can promptly view responses on their mobile device screens and generate additional requests, enabling expedited two-way communication and involvement that is seven times swifter than SMS.
• Implementing and running it is highly cost-effective for organisations. Customers can use it for free.
• USSD material has the capability to be customised according to individual preferences, and users can receive immediate responses.
• It is intuitive and accessible to all users.

What is the financial industry’s reaction to this?

It is clear that USSD continues to be a significant and essential technology. When it comes to loan providers in Nigeria, USSD offers numerous chances for businesses to effectively target and reach their diverse client segments.

This technology is characterised by its simplicity and effectiveness, making it applicable in various contexts to accomplish certain corporate goals and objectives.

In addition to facilitating expedited loan access, financial institutions have implemented the technology to improve many services, including bill payments, purchasing airtime and other goods, moving funds between customers, and establishing automatic savings.

A personal loan is a type of loan that a person takes out for personal purposes, such as paying off debt, making a sizable purchase, or covering unforeseen expenses.

Personal loans are a type of borrowing that is repaid in regular installments. Contrary to the others, a personal loan provides borrowers with a single payment of cash. Personal loans require borrowers to repay the borrowed amount along with interest in monthly payments over the duration of the loan, which is referred to as its term.

Obtaining a loan with USSD

The process of applying for a personal loan with USSD is basic and uncomplicated. To obtain a loan, it is essential for the borrower to have knowledge about the loan provider, obtain their operational USSD code, fulfil all the given criteria, phone the code, adhere to the instructions, and receive the money.

USSD Codes for Personal Loans in Nigeria

Currently, numerous financial institutions have fully capitalised on USSD technology and its benefits to enhance their client service.

Here is a compilation of lending platforms in Nigeria, along with their corresponding codes for acquiring personal loans:

Wema Bank offers Alat, which is a mobile banking service. To access this service, you can dial *945*100 on your mobile phone.

Activating Alat’s code is straightforward, much like most USSD transactions. To initiate the process, simply enter the code *945# on the mobile device that is linked to your bank account. Upon dialling, adhere to the instructions and select the appropriate choices that are tailored to your needs. Select the account from which you wish to conduct transactions. Choose a secure and secret personal identification number (PIN) and verify it.

The Alat By Wema USSD code enables users to do a range of operations, such as managing their accounts, conducting cardless transactions, using it for school and exam reasons, paying power bills and internet services, purchasing airtime and data, making transfers, and applying for loans.

Carbon: dial *1303#

Despite being one of the largest loan application sites in Nigeria, the Carbon USSD code has certain restrictions. This service is exclusively compatible with the MTN and 9Mobile platforms. Users can perform a range of operations, such as loan applications and repayments, by dialling *1303#.

FairMoney can be accessed by dialling *3226#.

The USSD code to obtain a FairMoney loan is *3226#. It is as simple as verifying your calling credit. The FairMoney USSD code ensures a streamlined operation, eliminating the need for waiting. In addition, the loan is swiftly accepted and provided without the need for any warranty, guarantee, or documentation.

Glo Cash Loan can be accessed by dialling *321#.

The Glo cash loan offers convenience, security, and affordability. The rate is comparatively more affordable than certain expedited online loans. This loan provides a maximum amount of ₦ 50,000 using Glo mobile money to all active Glo prepaid users who are also able to generate income through the Glo affiliate programme.

The process of obtaining a loan from Glo is straightforward and convenient, and it may be completed using the Glo cash loan code *321#.

Quickteller can be accessed by dialling *322#.

Loans offered by Interswitch through Quickteller can be accessed through the Quickteller website, the Quickteller mobile app, or by dialling *322#.

Kwikcash can be accessed by dialling *561# on either the 9Mobile or Airtel networks.

Kwikcash is a lending website that offers prompt personal loans to individuals in Nigeria. This mobile lending service is exclusively accessible to subscribers of 9mobile and Airtel.

Typically, 9mobile customers who have enrolled in Kwikcash can utilise the service by dialling *561# and following the straightforward instructions. They will then get funds directly into their bank account.

This loan service allows you to borrow amounts ranging from ₦ 1,000 to ₦ 100,000. Finally, repaying the loan is equally uncomplicated and may be accomplished using a mobile device.

Migo Loan can be accessed by dialling *561#.

Like Kwikcash, Migo allows you to not only obtain loans through the short code but also make repayments with it. To obtain and repay personal loans, simply call *561#.

To settle a debt, call *561# using your authorised mobile number. To complete the payment, follow these steps: Go to the ‘Loans’ section, then click on ‘Pay Loan’. From the available payment methods, choose the ‘pay with phone’ option. Next, pick ‘add card’ and carefully follow the instructions provided to register your card. Verify the payment and you will subsequently receive a confirmation message on your payment.

MTN XtraCash can be accessed by dialling *606*4#.

MTN, a widely used GSM network, provides its users with the option to obtain personal loans when they require financial assistance. MTN clients can apply for a loan and find out the approved amount by dialling the USSD code *606# and selecting XtraCash from the menu.

Upon approval of your application, the Xtracash loan amount will be deposited into the customer’s Diamond Yello account. The MTN Xtracash loan has a maturity period of 30 days with an interest rate of 15%.

Payattitude can be accessed by dialling *569#.

Payattitude Digital is a versatile platform that enables users to conduct transactions across several banks using USSD and an app. These transactions may be done through various channels such as POS, ATM, Web, and person-to-person transfers, all with the convenience of using just a phone number. Payattitude Digital is connected to a subscriber’s or customer’s debit or prepaid account, allowing them to deduct funds from their account for various payment transactions.

Accounts can be linked or created by downloading the Payattitude Digital app from the app store or by dialling *569# (USSD).

Airtel Smart Loan can be accessed by dialling *903#.

In order to obtain a loan from Airtel, you must initiate the application process by dialling *903# and entering a specific Airtel loan code number. To access Airtel Smart Loan, dial the loan code *903# and select it from the menu. Then, input your mobile money PIN. Select your preference: opt for a loan, make a repayment, or seek additional information regarding Smart Loan. To obtain a loan, simply choose the desired loan amount, specify the desired loan repayment period in days, confirm the loan request, agree to the terms and conditions, and your personal loan will be promptly processed.

The loans often have a duration of 7, 14, 21, or 30 days and require a single payment at the conclusion of the chosen term.