Lapo USSD Code, loan Interest Rate, Repayment, Application Form

Lapo Ussd code: what is it? You may find the solution to this and a lot more frequently asked questions in this page.

If you have their USSD code, you can apply for a loan from Lapo, one of the microfinance banks in Nigeria that have moved their operations online. You won’t need to provide any collateral or complete any paperwork; all you need is their USSD code.

However, the loan amount you can get with the Lapo USSD code may only be 5,000 to 350,000 naira, which is quite little.

If you want a bigger loan, you’ll need to sign up for an account on their website or download their mobile app.

What is Lapo USSD code?

*371# is the Lapo ussd code. Even if you’re lounging on your couch at home, you can use this code to apply for a loan from the bank. In other words, this code has made it simpler than ever to borrow money from Lapo.

Requirements

You must meet certain Lapo standards in order to be approved for a loan, whether you apply online or with a USSD code. The prerequisites are simple to fulfill in comparison to applying in person.

You must be a Nigerian citizen or have permission to live there.
You must have a linked active bank account with your BVN.
Before the age of 18, you must have maintained an excellent credit history.
possess a valid source of income

How to get Lapo Loan

Want to borrow money from Lapo on your phone right this second? On the SIM card that is connected to your bank account, simply dial the code *371#.

If you are eligible, you will be given a number of loan options.
Select a course of action from the offered choices, and then carry it out.
If your application for a Lapo loan is approved, the money will be transferred as soon as possible into your bank account.

Repayment

Since the network (SIM) you used to secure the loan is connected to your bank, you don’t need to worry about paying it back. This implies that you only need to make sure that you have enough money in your bank account because the loan will be automatically deducted on the due date.

Interest Rate

Depending on how much money you borrow, the interest rate that you pay could range from 2% to 25% of the total loan amount. A physical loan could have a one-year repayment period, but a loan in US dollars has a one-month repayment period.

Features

no guarantor
funding availability for business growth
Access to additional business loan solutions, such as asset loans and mid-term loans, to help clients grow their businesses
Flexible terms for repayment
training in fundamental business planning, financial management, and customer relations
minimal interest rate
Access to professional financial guidance

Conclusion

You can quickly seek a lapo loan right from the convenience of your own home today. But I suggest that you only take out loans that you can afford to pay back.