Fidelity Bank
Get up to ₦5,000,000 fast with Fidelity Personal Loan at 2% monthly interest, 12-month term, minimal paperwork and flexible repayment. Ideal for salary earners in Nigeria.
Fidelity Personal Loan is a salary-based credit facility tailored for employees in Nigeria who receive their income through Fidelity Bank. With an interest rate of 2% monthly (24% per annum), borrowers can access amounts from ₦10,000 up to a maximum of ₦5,000,000, with repayment spread equally over 12 months. No documentation is required for existing salary account holders with at least six months of banking activity and a good credit rating. Additional fees include a 1% management charge and a 1.5% insurance fee, ensuring transparency and fixed costs throughout the loan period.
How To Apply for Fidelity Personal Loan
- Ensure your salary account is active with Fidelity Bank for at least six months
- Dial the USSD code *770*08# on your registered mobile phone
- Follow the prompts to choose the loan amount and provide any required information
- Wait for eligibility check and approval notification—usually swift
- Receive your funds directly into your Fidelity salary account
Advantages of Fidelity Personal Loan
One attractive feature is the fast application process, as everything is done through USSD with no paperwork. Approval is typically quick.
Borrowers also benefit from competitive interest rates, a relatively high loan limit of ₦5 million, and the flexibility to pre-liquidate the loan without penalties.
Drawbacks of Fidelity Personal Loan
The loan is only available to salary earners with a domiciled Fidelity Bank account, which excludes self-employed or freelance applicants.
Additionally, the annual rate is fairly high at 24%, and there are ancillary fees to consider, impacting the total cost of borrowing over time.
Final Verdict
For eligible workers, Fidelity Personal Loan is a hassle-free way to access funds quickly in Nigeria. The clear requirements and digital process make it ideal for emergencies and planned expenses alike. However, qualifying criteria may limit access for some consumers, and you should compare costs before committing to the loan.