If are you looking for Lapo USSD Code then this article will give you all you need to know on how to apply for a Lapo loan using the used code.
Lapo is one microfinance bank in Nigeria that has digitalized its operations, and with only a USSD number you can apply for loans with them without collateral or paper.
However, the amount of loan you can get using the USSD code could be limited to between #10,000 and #500,000. If you’re looking for more loans you’ll need to go to their website.
Lapo used code is *371#.
Table of Contents
Lapo loan requirements
To apply for a lapo lending using the USSD code, you will need to meet their requirement. This is less than applying physically.
If you are a Nigerian and live in a Nigerian
You need to have a bank account as well as a BVN
You cannot have been in default on any loan before
Have a great credit score
Have at least 18 years of age.
If you fulfill the above requirements, you’ll be able to get a loan from the company.
How to apply for a lapo loan using the USSD code
To apply for a loan from Lapo, make sure to dial *371# from your sim linked to your bank account.
If you’re eligible, you’ll be able to be able to see different loan options
Choose it and follow the prompts
When your credit application is approved, the loan will be deposited into your bank account immediately.
What is the amount you can expect from a loan at Lapo
If you apply via USSD code the amount you get will be low up to #500,000 However, it’s extremely fast and you won’t require collateral. If you make an application physically, it will cost large and you’ll need collateral.
How do I pay back a lapo loan
Because the system (SIM) that you used to get the loan is linked to your bank account, the loan will automatically be deducted at the time of the due date, meaning you don’t need to worry about the cost of repaying it. All you have to do is make sure that you have funds in your account at the bank.
Lapo credit interest rate and repayment time
The interest rate is contingent upon the amount of loan you receive and is typically 2 to 25%. The repayment period for used loans is one month. The physical loan can last longer than a whole year.
Is Lapo loan legit
Lapo Loans is one of the micro-finance lenders that is authorized by CBN and backed by NDIC It is an authorized loan company and many have obtained loans through Lapo loans. It is not a good idea to be frightened of dealing with the Lapo loan.
Another loan you can obtain from the Lapo
In addition to personal loans Here are some other loans that you can obtain from Lapo
If your company requires funds, you may take advantage of Lapo. This loan product could get up to 5 million dollars however you must have an asset as collateral and a guarantor.
The time frame for repayment could be as long as a year, and the interest rate could be as high as 30%.
For those working in the agriculture sector, lapo loan offers an offer of loans targeted towards agriculture-related businesses. You can get up to 1 million Nigerian loans. Like the SME loan, you’ll require collateral and a guarantor. To get the loan head over to any of the Lapo microfinance banks located in your area.
With the USSD code you’ve entered above, you’ll be granted a loan from Lapo within 24hrs If your application is approved.
When you take out a loan, make sure to take one which you can repay, lapo has the habit of sending your name along with BVN to credit bureaus to be considered blacklisted and you are aware of the meaning of this, and you’ll never be able to get a loan from Nigeria for the next time until you have paid off your outstanding debt.