How to Borrow Money from Union Bank App in Nigeria | A Step-by-Step Guide

Are you looking for ways to borrow money from Union Bank? It is like every other commercial bank in Nigeria that offers loans.

Union Bank loans are easy to access, and the whole process is swift.

Whether you are a salary earner or just a regular person who needs a loan to cover some expenses, there is always a loan available.

You have probably opted to avoid any loan apps in Nigeria and opt for something more commercial rather than digital banking apps.

If you’re a Union Bank user, you could take a loan from them.

You’re currently reading an article where we have provided how to borrow money from Union Bank and ussd code to borrow money from union bank.

Be that as it may, in case you need a payday loan, normal loan, you’ll have the capacity to get it from Union Bank.

Also read – USSD Codes for Union Bank, Polaris, First Bank & Zenith

1About Union Bank loan

2Can i borrow money from union bank?

3List of The Available Union Bank Loans

4How do I apply for Union Bank loans?

5Steps to Borrow Money from Union Bank in Nigeria

6How to borrow money from union bank app

7What is the code to borrow money from union bank?

8How to activate Union Bank code

9What is the interest rate of Union Bank loans?

10Union Bank Loan Repayment

11FAQs

12Conclusion

13References

14Recommendations

About Union Bank loan

But before knowing how to borrow from union bank, or ussd code to borrow from union bank, we shall first look at an overview of the Union bank loan.

Union bank loans are very handy as they offer customers many options to make their visions and expectations real.

Generally, from entrepreneurs to salary earners and even pensioners —there’s something for everyone.

Today, loans are very popular when someone is trying to invest or just keep up with bills.

Therefore, no matter your reason, Union Bank loans surely have your back.

Union Bank loan, being licensed by the CBN, offers many options available to the customers.

Also read – PTECSSAN Temporarily Calls Off Planned Telecoms Union Strike

Can i borrow money from union bank?

Yes, you can borrow money from Union Bank using either the USSD code or Union Bank online banking.

It is essential to know that Union Bank charges from 1% to 3.75% monthly interest.

Your credit history and the amount you intend to borrow may trigger a higher percentage.

For every repayment of the current loan, Union Bank will decrease its current interest rate by 20% and increase the subsequent loan tenure by three months.

List of The Available Union Bank Loans

Union Bank has many varieties of loans for each customer of Union Bank.

Therefore, if you know how can I borrow money from Union Bank, you will have options.

We have outlined the various types of loans that Union Bank has, and their features.

Before you take a loan from them, read their loan offers and the features first.

1. Personal Loan

A personal Loan offer is the kind of loan you may take to settle some of your personal needs from Union Bank.

You must open a salary account with Union Bank before being allowed a Personal Loan, and you could get up to N15 Million.

Features:

Minimum monthly salary – N15,000
Maximum loan amount – N15 million
Maximum loan tenor – 60 months
Salary domiciliation – 1 month

2. Salary Advance

This Salary Advance loan is designed to help you access quick cash from Union Bank before your next payday.

You will be advanced 50% of your salary as an overdraft at very good rates for over 12 months.

Features:

Minimum monthly salary – N15,000
Maximum loan amount – 50% of the monthly wage.
Maximum loan tenor – 12 months
Salary domiciliation – 1 month

Also read – Nigeria Might Face Another Internet Disruption Today

3. Back-to-school Finance

Back-to-school Finance is tailor-made for paying one’s children’s school fees, and the loan can be provided instantly.

Features:

Maximum loan amount – N15 million
Salary domiciliation – 1 month
Tenor –3 months for termly fee payment and 12 months for session fee payment

4. Retirement Loan

Union Bank Retirement Loan gives up to N10 million for retired persons.

Such a loan may be paid off within 5 years, and repayment may be made with pensions.

Features:

Minimum monthly pension – N10,000
Maximum loan amount – N10 million
Maximum loan tenor – 60 months
Pension domiciliation – 1 month

5. UnionFlexi Loans

One of the largest Union Bank Loans is the UnionFlexi Loan.

If you earn more than N30,000,000 annually, you can access as much as N50 million from Union Banks.

Features:

Minimum annual salary – N30 million
Maximum loan amount accessible – N50 million
The maximum tenor for loan repayment – 60 months
Minimum salary domiciliation period with Union Bank – 1 month.

How do I apply for Union Bank loans?

To borrow money from Union Bank you must first know how to apply for their loans:

Visit their official website at https://www.unionbankng.com/loans/#personal-loan
Scroll to your preferred loan and click on it
Click on the “loan application guide” option directly below the loan dialog box to understand what it entails
When done, click on the “apply for a loan” button to proceed and apply

Steps to Borrow Money from Union Bank in Nigeria

If you want to borrow money from Union Bank, follow these easy steps. You need to fill out a loan request form.

Step 1: Navigate to the Union Bank loan application page. Copy this link: https://www.unionbankng.com/forms/loan-application/, then paste it into your web browser tab to begin.

Step 2: Complete the online application form, which requires the following information: full name, phone number, residential address, BVN, employment states, etc.

Step 3: Click on “Submit” after filling out the form. The Union Bank will then contact you regarding your loan application status.

How to borrow money from union bank app

The Union bank app doesn’t allow user to apply for a loan.

If you want a loan, you can only apply online through their website or with the Union Bank USSD code.

Also read – How to Borrow Money from Access Bank App in Nigeria | A Step-by-Step Guide

What is the code to borrow money from union bank?

The code to borrow from Union Bank is *826*41#. To get started, dial the USSD code *826*41#.

By dialing this ussd code, a series of options would pop up.

You can, therefore, follow the prompt by choosing the available options.

How to activate Union Bank code

You must have a Union Bank account
Your phone number must be the same as the one used to open your account.
Dial *826# and send
Press 1 (Activate Mobile Banking) or press 9 if you wish to discontinue
Enter your account number and send
Create a four (4) digit PIN
Complete the registration and send

What is the interest rate of Union Bank loans?

Interest rates are not fixed on loans provided by Union Bank.

Rather, they would state the applicable interest during your application process, leaving you with the option to proceed or reject the offer.

Also, the interest rate varies depending on the type of loan, tenor, and loan size.

However, on average, it ranges from 1% to 3.75%.

Also read – How to Borrow Money from First Bank App in Nigeria | A Step-by-Step Guide

Union Bank Loan Repayment

After knowing how to borrow money from Union Bank, it is necessary to know how to repay.

You can have several repayment options for the Union Bank loan in Nigeria.

For most loans, the repayment tenure differs from 3 months to 48 months.

The loan repayment amount is usually fixed and depends on the loan amount, interest rate, and repayment period.

If your loan falls due for repayment, it will be deducted from your account.

However, you must ensure that sufficient funds are available in the account on or before the date of repayment.

FAQs

How do I borrow money from Union Bank?

To borrow money from Union Bank, you must apply for a loan online or using ussd code.

What is the code to borrow money from Union Bank?

The USD code to borrow money from Union Bank is *826*41#. You need to apply for a loan through their app, website, or by visiting a branch.

How do you borrow money from the Union Bank code?

After dialing the Union Bank ussd code *826*41#. You must then follow the prompt.

What documents do I need to borrow money from Union Bank?

You will typically need a valid ID, proof of income, recent bank statements, and any other documents the bank requests.

Can I borrow money from Union Bank if I am self-employed?

Yes, self-employed individuals can borrow money from Union Bank. You may need to provide additional documentation, such as business registration, tax returns, and financial statements.

How long does it take to get a loan from Union Bank?

The loan approval process can vary, but it typically takes a few days to a couple of weeks, depending on the type of loan and the completeness of your application.

Are there any fees for borrowing money from Union Bank?

Yes, application fees, processing fees, and interest charges may be associated with borrowing money from Union Bank. These fees will be disclosed during the application process.

Can I repay my Union Bank loan early?

Yes, Union Bank allows early loan repayment. However, you should check if there are any prepayment penalties or fees associated with it.

Conclusion

knowing how to Borrow money from Union Bank involves steps that can enable you to burrow money quickly.

Although the ussd code to borrow money from union bank is also available for loan application.

Customers still have an easy application process through their official website.

The documents normally needed include a valid ID, proof of income, and recent bank statements with a processing time frame normally within a day, probably one week or two.

The bank provides various types of loans to customers for all their needs, including personal, business, auto, and home loans.

Even self-employed persons can get loans from this bank, but they must provide more documents.

These consist of application and processing fees applicable to the bank’s loan products, and interest charges.

This is disclosed to the borrower at the onset of his application.

Other features include the early repayment of loans by Union Bank, although verification must be made if there are prepayment penalties.

Union Bank offers different loan products with a very simple application procedure, making it an ideal choice for any person or business in need of financial assistance.