What is Lapo Ussd code? Here in this post, you’ll find answer to this and many more frequently asked questions.
You can get a loan from Lapo, which is one of the microfinance banks in Nigeria that has taken their operations online; all you need is their USSD code, and you won’t need to provide any collateral or fill out any paperwork.
However, the amount of the loan that you can receive with Lapo USSD code may be very low and can range anywhere from 5,000 naira to 350,000 Naira.
You will have to log in to their website or use their mobile app if you wish to receive a higher loan.
What is Lapo USSD code?
The Lapo ussd code is *371#. This code can be used to obtain loan from the bank even while sitting on the couch in your house. In other words, This code has make borrowing money from Lapo easier than ever.
Requirements
You have to fulfill Some Lapo requirements in order to qualify for a loan either through the USSD code or online. When compared to applying in person, the requirements can easily be met.
- You must be a citizen or an authorized residence of Nigerian
- You must possess an active bank account a with your BVN linked to it
- You must have maintained a good credit history before
- at least, 18 years old
- Have a verifiable source of income
How to get Lapo Loan
Do you wish to borrow money from Lapo on your phone now? Just dial the code *371# on the SIM card that is attached to your bank account.
If you meet the requirements, various loan choices will be presented to you.
Choose from the available options, and then proceed with the procedure.
If your request for a Lapo loan is accepted, the funds will be deposited into your bank account asap.
Repayment
You don’t need to worry about paying back the loan because the network (SIM) you used to secure the loan is connected to your bank. This means that the loan will be automatically deducted on the due date, so all you need to do is make sure you have enough cash in your bank account.
Interest Rate
The interest rate that you pay might range anywhere from 2% to 25% of the total loan amount, depending on how much money you borrow. The repayment duration for a USD loan is one month, however the repayment period for a physical loan might be as long as one year.
Features
- No collateral
- Access to funds for business expansion
- Access to other business loan products to strengthen client’s enterprise, e.g. Mid-term and Asset loan
- Flexible repayment structure
- Training on basic financial management, business planning and customer relations
- Low interest rate
- Expert financial advice available
Conclusion
Now you can easily request for lapo loan from the comfort of your home. However, I advise you should only take loans that you have a means to repay back.
