FCMB Loan Code; Are you an FCM customer looking the leverage the fast and easy loan platform to meet your short-term financial needs, here’s something for you to fall back on.
As a customer, getting set with the USSD feature should be a basic step into getting access to various FCMB products moving on.
FCMB Loan Code Explained
The FCMB loan code refers to the USSD code through which you can receive loan from the bank, as well as other products designed into the USSD.
Primarily, the FCM code is designated as *329# – USSD banking gateway.
Advantages of using the FCMB loan code
- Instant money transfer – You can easily send money to anyone in any Nigerian bank via your mobile phone.
- Check account balance – The USSD code enables an on-the-spot check of account balance to enable you understand your account status.
- Pay bills – you can now pay utility bills, subscription services comfortably at home
- Airtime purchase – buy airtime conveniently even at midnight.
Types of FCMB Loans Available via USSD
1. FastCash Loan (Emergency cash loan)
The FastCash loan is a quick paperless personal loan to meet urgent financial needs.
Features;
- Instant access to funds – your loan is usually processed and account credited in minutes for value.
- Loan limit – you can receive up to N400k, however, subject to credit history and worthiness
- Repayment – Usually have up to 90 days subject to available eligibility at the time of receiving such facility.
- Who can access it – usually available for FCMB customers, as well as salary earners who are willing to have their salary account domicile with the bank. However, your credit history will be monitored for some time before you can receive a loan.
2. FCMB Airtime Loan
Using the FCMB USSD provides a fast means to small cash loan to buy airtime and data. This allows customers to top-up when they are low on funds and pay back later.
3. Salary Advance/Fast Cash Loan
Customers designed under this salary loan, can receive a portion of their net monthly income as an overdraft before salaries are being paid.
However, to get started with the loan feature, you are required to have been using the FCMB USSD code already, if you haven’t onboarded yet, kindly follow the below steps to sign up.
How to register the FCMB USSD
To get started on the FCMB USSD, you will need to have met a few requirements usually
- An active FCMB account
- Registered mobile number linked to your bank account
- A mobile device at least, not necessarily an Android, etc.
Registering for the FCMB USSD
Step one: From your registered mobile number linked to your FCMB bank account, dial *329# to get started.
Step two: Having completed the tax in step one above, choose the “Registration” option to proceed.
Step three: Follow the prompt to enter your personalized account details; account number.
Step four: Create PIN, you will need to create a 4-digit USSD PIN through which you authorize your transactions.
Step five: Enter the last 4-digit of your card PAN to complete the activation.
Your registration is successful at this point.
How much you can borrow
Using the FCMB USSD code *329#, you can borrow several amounts for both cash and airtime, however, your transaction history and eligibility has a huge role to play in this regard.
Cash Loans (FastCash)
You may receive a maximum amount to the tune of N500,000. There could be a range of N200,000 for standard non-salaried or initial loans.
Airtime Loan
Maximum loan limit range between N200 and N5,000
Interest Rate and Repayment Period using FCMB Loan Code
FCMB offers USSD-based loans, primarily known as FastCash, allowing customers to access instant funds by dialing *329*11#.
Rates and Terms for FastCash (USSD Loan)
- FCMB account holders, risk-based interest rate of 15% – 16% per month
- Non-FCMB account holders, risk-based interest rate of 3.5% per month
These loans come with a repayment period of up to 3 months, with a non-refundable management fee of 1%, penalty fee 1% flat per day on any outstanding obligation.
Eligibility Requirements
FCMB loan eligibility requires a steady income which could be salary or business turn-over, a statutory credit report, and a bank account with the institution.
For personal loans, applicants must be employed, often with salary account domiciled with FCMB. Individuals must have run such account for at least 3 months, while business loans require 1-3 years of operation, a good credit bureau report, a business or corporate account.
Step-by-Step Borrowing Process Using the FCMB Loan Code
The FCMB FastCash loan, accessible via USSD, is a quick-loan product tailored for immediate financial needs without requiring paperwork or collateral.
Customers can borrow up to N500,000 with a repayment period of up to 3 months.
Kindly follow the below outlined step-by-step process to borrow from FCMB;
Step One: Be Sure to be Eligible
- You must have with FCMB
- You must have transact with your account frequently to qualify
Step two: Initiate a Loan Request (USSD)
- Open your phone with the line registered on FCMB account
- Dial *329*11#
- Select the FastCash option from the menu
Step Three: Application Selection
- Select “Get a loan.”
- The system will display your maximum loan amount
- Enter your preferred loan amount within the approved limit
- Select a preferred payment tenor, usually 3 months.
Step four: Confirmation
- Review the interest rate and repayment terms
- Accept terms and conditions
- Enter your 4-digit transaction PIN to confirm application
Step five: Disbursement
Having applied successfully, funds are credited to your account instantly in less than 5 minutes.
How to Check Loan Balance
To check your loan balance;
- Dial *329*11# from your registered phone number linked with FCMB account
- Select “Loan balance.”
- Select “FastCash
Alternatively;
- Log in to FCMB Mobile app
- Click loans
- Click FastCash loan
- Click loan balance.
If I Have Existing FastCash loan, can I access an additional FastCash loan?
Yes. You can request an additional FastCash loan if you have not fully utilized your maximum eligible loan amount.
What is the code for FCMB?
*329# represents the code for FCMB, you can register using any phone and carry out your transactions on the go, even when you do not have data.
What is FCMB FastCash?
FCMB FastCash is an instant, digital loan for your urgent financial needs, it requires no collateral or paperwork.
How do I apply for FCMB loan?
Dial *329*11# and select FastCash or log in to the FCMB Mobile app, tap on loans, then choose FastCash loan.
Conclusion
FCMB loan code is a designated USSD through which you can apply and receive FCMB loans. However, you will need to have signed up for the FCMB USSD *329#, using an active FCMB account, have been running such account for sometime to access the loan.