Lapo is one of the microfinance bank in Nigeria that have digitise their activities, with just USSD code you can obtain loan from them without collateral or paper work.
But the amount of loan you can obtain using USSD code might be small between #10,000 to #500,000. If you want higher loan you will need to visit their location.
Lapo ussd code is *371#
Lapo loan requirements
To get loan from lapo loan using USSD code you need to meet up with their requiremen. It is lesser than if you apply physically.
Be a Nigerian and reside in Nigerian
You must have a bank account and BVN
You must not have defaulted on any loan before
Have a good credit score
Be above 18 years of age
I
f you meet up with the requirements above you will surely get a loan from them.
How to apply for lapo loan using USSD code
To apply for lapo loan dial the code *371# on the sim connected to your bank account
If you are eligible you will see loan options
Select it and follow the prormt
If your loan application is approved the money will be disbursed in to your bank account instantly
How much you can get from lapo loan
It depends, if you apply through USSD code, the amount you can obtain will be small, about #500,000 maximum, but it will be very fast and you don’t need collateral, but if you apply physically the amount will be high and you will need a collateral.
How to pay back lapo loan
Since the network (SIM) you used to obtain the loan is connected to your bank, the loan will be automatically deducted on the due day, so you don’t have to worry about paying back just ensure you have money in your bank account.
Lapo loan interest rate and repayment period
Interest rate depends on the amount of loan you obtain, it is usually between 2% to 25%. The pay back period for ussd loan is 1 month while the physical one can be as long as a year.
Is lapo loan legit
Lapo loan is a microfinance bank licensed by CBN and insured by NDIC, they are a legit loan company and many people have obtain loan from them. You should not be afraid when dealing with them.
Other loan you can get from lapo
Apart form personal loan, below are the other loan you can get from lapo
SME loan
If your business need a fund, you can approach lapo. With this loan product you can obtain upto #5m but you need to have a collateral and guarantor.
The repayment period can be as much as a year and the interest rate can be up to 30%.
Agricultural loan
For those in agriculture sector lapo loan have a loan product targeted at agric business, you can obtain upto 1m naira loan here and like sme loan above you will need a collateral and guarantor. To obtain the loan head over to any lapo microfinance bank in your location.
Conclusion
Through the USSD code above you will get loan from lapo instantly within 24rs if your application is successful.
When taking loan take loan that you know you can pay back, lapo have habit of submitting names and BVN to credit bureau for blacklisting and you know the meaning, you will never get a loan in Nigeria again until you settle your debt.
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