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How to get a Fidelity Bank Loan – Step-by-step Guide

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If you live in Nigeria, you can probably list a few things you could use a Fidelity Bank loan for because it is fast becoming a necessity for many Nigerians. Loans can relieve you from some financial emergencies and help you key into many opportunities that can change your life. 

So have you ever wondered how you can get a Fidelity Bank loan in Nigeria? You will learn all about it in this step-by-step guide, so relax and find out for yourself as you keep reading. 

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An Overview of Fidelity Bank

Fidelity Bank Loan

Fidelity Bank is one of Nigeria’s best financial institutions, established in 1988. It initially started as a merchant bank but later, in 1991, became a commercial bank licensed by the central bank of Nigeria.

Then in 2001, they progressed further to become a universal bank. Today they have over 5 million customers with many branches in different locations, and their headquarters is in Victoria Island, Lagos state. They have several digital banking platforms that make their services efficient and easily accessible. In addition, they also offer different types of loans to individual customers and businesses, which is what we are discussing in this guide.  

Also read: BEST INSTANT LOAN APPS IN NIGERIA–TOP 11

What are the Different Types of Fidelity Bank Loans?

Fidelity Bank Loan

1. Fast Loan

As the name implies, a fast loan is a type of Fidelity Bank loan that you can get instantly. They are suitable for financial emergencies, and they are further divided into six types which are listed below:

  • Payday loan: This short-term loan is designed to meet the immediate needs of salary earners, but their accounts must be domiciled with Fidelity Bank.
  • Migo loan: A Migo loan is a fast loan designed to provide instant funds to Fidelity Bank customers without needing documentation.
  • Point of Transaction (POT) loan: This short-term loan provides funding to customers of the bank to enable them to complete their financial transactions. When transactions are made on ATM or POS and are not completed due to insufficient balance, a POT loan can help.
  • Personal loan: This loan is designed to meet people’s daily needs; it is stress-free but only available to Fidelity Bank customers. 
  • Fidelity NYSC loan: This loan service is reserved for NYSC (National Youth Service Corps) serving members. All they need to do is to apply, and they will get instant funding.
  • Fidelity Loan on Account Turnover (FLOAT): This loan is meant to cater to the needs of active fidelity account holders. However, you must have a current banking relationship with Fidelity Bank to access this loan. 
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How can I get a Fidelity Fast Loan?

Here are the simple steps to follow to get any of the Fidelity fast loans: 

  • Dial the USSD code ‘’*770*08#’’ on your device, and you will find instructions to follow. 
  • Send a WhatsApp text to Fidelity Bank Ivy via their official number – ‘’09030000302’’, and then they will give you further instructions on what to do.
  • Lastly, you can message them on Facebook at Fidelity Bank plc. 

2. Fidelity Easy Asset Leasing Scheme (FEALS)

The Easy Asset Loan Leasing Scheme (FEALS) is meant to provide funding for the acquisition of assets. If you want to purchase assets like land, jewellery, household appliances, and so on, you can get a FEALS loan to fund it. 

Features:

  • Flexible repayment plan.
  • Attractive rates.
  • Choose from a variety of dealers/vendors and manufacturers nationwide.
  • The minimum contribution is as low as 20%.
  • 48-hour approval time.

3. Instant Salary Advance Scheme

This type of loan grants you access to 50% of your next salary when it’s not your payday. So you can have half of your next salary as a loan, and Fidelity Bank will automatically deduct it once you receive your actual salary by the end of the month. This loan scheme can be beneficial for unexpected mid-month expenses of salary earners. 

Features:

  • 12-hour approval time.
  • Minimum required documentation.

4. Fidelity Bank Credit Cards  

Fidelity Bank offers credit cards to customers to allow them to spend now and pay later. If you own one of these cards, you can buy anything you want and pay later when you have the money, but the cards have limits according to your credit score or financial capabilities. 

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Fidelity credit cards come in 3 different types: Fidelity Infinite Credit Card, Fidelity Classic Credit Card and a Fidelity Platinum Credit Card. They all have specific benefits and limits,

5. Personal Mortgage Loans

If you have always wanted to own your own house but do not know how to fund it, this is the right opportunity for you; a personal mortgage loan will allow you to fund all your mortgage and own your dream home. 

Features:

  • 10% minimum equity contribution.
  • Repayment up to 10 years.

6. Fidelity Personal Loan Scheme (F-PLS)

The F-PLS provides you with funding for personal financial obligations like school fees, house rent, hospital bills, etc. 

Features:

  • Provision for enhancement (top-up) after part liquidation.
  • The tenor is up to 60 months.
  • Provision for loan buyback.
  • Attractive interest rate with a flexible repayment plan.

How do I Qualify for a Fidelity Bank Loan?

Now that you are fully aware of the different types of Fidelity Bank loans, you have probably chosen which one you want. The next question that may come to your mind will be how do you qualify for these loans because there have to be some terms and conditions involved. 

The basic requirements for a Fidelity Bank loan are listed below:

  • A good credit history.
  • A profitable business with a consistent monthly flow of income.
  • A business or corporate bank account.
  • An active customer of Fidelity bank
  • A registered business or company with CAC.
  • A good credit Bureau report.
  • Been in business for 1-3 years.
  • You must apply for your loan through Fidelity Bank digital channels.
  • A digital acceptance of the loan request through Fidelity Bank channels.
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These are the requirements you may need to apply for a Fidelity Bank loan. Still, since there are different types of loans, each of them may also have some additional requirements, so to get comprehensive information, refer to their official website and find out more about the loan you are interested in.

How do I Apply for a Fidelity Bank Loan?

The Fidelity Bank loan application is straightforward. First, go through the loan list we discussed in this guide; choose the one that best suits your needs and apply for it using your mobile phone or visit the nearest branch of Fidelity Bank in your location. 

If you want to use your mobile phone, dial *770*08# to start the process or use the Fidelity Bank mobile application to access the loans. But you can always visit their physical branch for any loan, and their agents will assist you with the application process. After the application, they will inform you whether your loan request is successful. 

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Getting a Fidelity Bank loan can save you from many heartaches and help you achieve more than you would have with your financial capabilities and limitations. Fortunately, Fidelity Bank is a reputable and reliable institution that can grant you convenient loans without putting you through stress and pressure. So if you ever need a loan, you can always count on them. 

 

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