With the increase in technological advancement in South Africa, a lot of financial providers are employing innovative application methods. Lenders are beginning to adopt this modern method to improve their service delivery and also keep above the competition.
Imagine not having to walk to the bank to perform financial transactions. Imagine not having to go through the stress of downloading and installing the app before obtaining your loan. With a single USSD code dial, you can get a loan for half the time you would have spent on the android app.
What is USSD?
USSD (Unstructured Supplementary Service Data (USSD), also known as ‘Quick Codes’ is a means of communication protocol. It is used to communicate with the mobile network operator’s computer. Apart from mobile money and loan services, USSD can be used for wap browsing, prepaid callback service, and menu-based information services.
USSD codes become a handy option when you run out of data or have a poor internet connection. Apart from this fact, they are still other advantages of the USSD codes. These advantages include;
- It is easy to use.
- Fast response time.
- It is available round the clock.
- No mobile data charges.
- You can use it to access your account balance.
- It can also track your financial transactions
What is USSD Banking?
USSD banking is a type of banking operation that enables you to carry out bank transactions by simply dialing a shortcode. This action is executed with the smartphone and does not require the use of an internet/web connection. Once you have the appropriate code for each bank, you can bank from the comfort of your home.
Furthermore, USSD can assess loans and other transactions through an interactive clear displayed menu on your mobile screen. So you literally have access to banking transactions without having to physically visit the bank or have an internet connection. Pretty awesome, right!
How to apply for loans using USSD in South Africa.
The process involved in applying for a loan with USSD is super easy and direct. Basically, all you need to do is;
- Identify your mobile loan lender
- Take note of the mobile loan lender’s USSD code
- Meet all the requirements needed of you
- Dial the USSD code on your mobile phone
- Provide the details requested by the prompt
- Get your loan
USSD codes for instant loans in South Africa.
We have taken out time to pull together an extensive list of mobile loan lenders in South Africa. Scroll down to view and select your preferred quick loan USSD code and service provider.
Platform | USSD codes for loan |
ABSA bank | *120*2272# |
Standard Bank | *120*2345# |
First National Bank | *120*321# |
Get carbon finance | *1303# |
Ned Bank | *120*001# |
Capitec Bank | *120*3279# |
Requirements for getting loans using USSD
As interactive and short USSD codes could be, it has its requirements, which are:
- You must have an account with the bank; where the bank must have had your personal information like name, account details, and other things
- Have your sim card registered with the bank
- Dial your code using the registered sim card.
The do’s of USSD banking
Before performing a USSD transaction, there are some key things you need to take note of. Some of these keynotes include;
- Ensure your phone is charged to avoid loss of power amid the transaction.
- Double-check every detail you will be provided during the process.
- Be sure to wait for a confirmation text from the bank that the transaction is successful.
- In a situation where an inappropriate action request is sent, contact the bank immediately to rectify the error made.
The don’ts of USSD banking
Avoid the following actions to ensure a safe and successful USSD transaction and experience;
- Do not reveal your PIN or BVN to a third party.
- Do not repeat a transaction delayed or interrupted by the network.
- Wait for an hour or more for a notification on such a transaction
Keep these few guidelines in mind to maximize an effective and efficient USSD transaction experience.
Conclusion
Using USSD codes to access loans and other financial service is a perfect option when you need quick cash or service. It is also essential when youre looking to avoid strenous physical means of getting a your financial services attended to. The process requires very little and you should get your loan within minutes if you meet all the specified requirements in minutes.