How to Apply for a Payday Salary Advance in Nigeria Using a USSD Code
The basic aim of this article is to discuss everything you need to know about How to Apply for a Payday Salary Advance in Nigeria Using a USSD Code today, including how to use the USSD Code to apply for payday loans and how it helped salary earners solve their immediate problems before salaries were paid.
Talking about the payday loan in Nigeria, Nigeria Bank has done a very great job by providing a payday loan for workers and using a simple, technologically driven USSD code to apply for loans. Getting this pad-day loan is great, but you must have a salary account with your respective banks. Be aware that most customers have begun to enjoy payday loans before their salary is paid.
Note that there is eligibility to get a payday loan in minutes; you must not have an outstanding loan with your bank or another bank; you cannot use a phone number that is not linked to your BVN; and you cannot apply for a payday loan if there is no evidence that you received a salary payment in the previous month.
There are times when you need financial support in the form of short-term loans, which could help solve your immediate needs. You may be eligible for a loan if you are a salary earner with a reputable private company, a government parasite, or self-employed.
Nigerian banks do not give you payday loans except if you open a salary account with them, and you must have been receiving your salary later, not less than six months before you apply for a payday loan or before the payday loan is disbursed. All you need to do is complete a short application form using USSD (Unstructured Supplementary Service Data).
If you don’t have an account, kindly visit the nearest bank branch to obtain a debit card and submit documentation for the new account.
Also Read: How to For Apply GTB Salary Advance in Lagos Nigeria
Documentation required to open a bank account:
To open a bank account in Nigeria, you need to provide the following documents:
- Valid government-issued identification (ID) card, i.e., an international passport, a driver’s license, or a national ID card.
- Recent utility bill.
- Passport photograph.
- Account opening form or used the USSD code to open one.
What is a pay-day loan?
A payday loan is a digital loan that is targeted at salary earners who meet the bank’s criteria for a short-term loan. A payday loan is a form of short-term borrowing in which a lender will extend high-interest credit based on your income. The loan is typically due on your next payday.
The payday lender will confirm your income and your salary account information and deliver cash then and there at a store or, if the transaction is done via USSD, as early as the same day.
What is USSD banking?
Unstructured Supplementary Service Data is a process that allows users without a smartphone or device internet connection to bank through USSD mobile banking. This can be used for fund transfers, buying airtime, checking account balances, generating bank statements, applying for loans, and other uses.
When is the PayDay Loan due for repayment?
A payday loan will be due for repayment on your next salary payment or 30 days from the day the loan was approved. The payday loan amount will then be automatically deducted from your salary account when your salary enters your account.
Also read: How To Open Salary Account Online With UBA
How do I simply apply for a PayDay loan?
You can apply for a payday loan in any of the following ways:
Dial the USSD code of your bank code.
QuickBucks.
Download the mobile app, available on the Google Play Store or iOS App Store
Or click here to visit the online website
How to Apply for a Payday Salary Advance in Nigeria Using a USSD Code
USSD Code for Payday Loans in Nigeria
The following code will allow you to apply for a payday loan in Nigeria by dialing the following codes at the various banks, as given below.
- AB Microfinance Bank—*389*755#
- Access Bank Payday Loan: *901*11#
- Accion Microfinance Bank—*572*6#
4. Airtel Quick Cash—-*561#
5. ALAT Loan By Wema Bank—*945*100
6. Aledin Nano—*903#
7. Carbon Loan—*1303#
8. Ecobank Xpress—*326#
9. Etisalat—–*561#
10 Fairmoney Loan—-*322*2#
- FCMB—-*329#
12. First Bank First Advance——-*894*11# or *894#
- Glo Cash—-*322*1*04225701*Amount#
14. GTBank Soft Loan (QuickCredit): *737*51*51#
15. Interswitch—–*322#
16. Kwikcash—–*561#
17. Migo Loan—*561#
18. MTN Cash——*606*4#
19. Trader Moni—*540#
20. Paga—–*242#
21. Payattitude—-*569#
- Pay later USSD Code: *1303#
23. Quickteller Loan—(Airtel, MTN and 9Mobile)*322#
- Quickteller: Glo Users: *805#
25. UBA Loan Code: *919#
26. Unity Bank Loan Code: *7799#
27. Zenith Bank Loan—-*966#
28. Polaris Payday Loan— *833*12#
29. Heritage Bank Loan Code: *322#
- Keystone Bank Loan Code: *533#
31. Union Bank Loan Code: *826#
32. Sterling bank loan code: *822#
- Wema Bank Loan Code: *945#
34. Fidelity Bank Loan Code: *770#
- Unity Bank Loan Code: *7799#
Frequently Asked Questions on Payday loan
How do I repay the PayDay loan?
The Payday loan amount will be deducted from your account immediately after your salary is paid into your account from your next salary payment, meaning the funds will be taken from your salary before the salary reflects on your account.
You may also like: Simple steps on How to Transfer Money from Access bank
What is the term for the PayDay Loan?
The loan term is 30 days or your next salary payment, whichever comes first.
What are the rates and fees for a PayDay loan?
The interest rate for the PayDay Loan is 5%. Other charges include a 1% management fee and 0.3% credit life insurance, which are taken upfront.
How much can I get with a PayDay loan?
The maximum amount (i.e., eligible amount) you can get is 75% of your monthly salary, less any active loans at the bank, subject to a ₦500,000 disbursement cap. Your eligibility is displayed when you request a loan.
Read: How to Buy Now and Pay Later Phones in Nigeria
Who can’t be eligible for a payday loan?
Your eligibility will be affected by any of the following:
When you have any outstanding loan(s) with your bank or other banks.
When you apply using a phone number that is not linked to your BVN,
When there is no evidence that you received a salary payment in the previous month,
When you have taken previous digital loans and exceeded your eligible amount.
When you have an existing loan and the monthly repayment is higher than your eligible amount,
Is there any penalty for not repaying the loan on time?
Customers will face a 1% penal charge per month for defaulting on the loan 31 days past its due date.
What happens if my account is not funded for repayment on the due date?
The payday loan amount will be deducted from any inflow into the customer’s account. Where the loan is past due, the deduction will be made from any account linked to your BVN.
