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The short answer
Bank USSD loans in Nigeria, such as GTBank QuickCredit on *737*51*51# or Access Bank's Salary Advance on *901*11#, usually need a salary account with that bank and pay cash into it. A Loan on Spaces is offered on how your Pryme account is run and credit bureau data, can only be spent with Spaces merchants, and is drawn only after you have read and accepted the full agreement.
How a bank USSD loan works
Most large Nigerian banks let salary earners borrow by dialling a short code. You choose the loan option, see an amount you are eligible for, confirm, and the money lands in your account. Repayment is usually taken from your account when salary arrives. What each bank's own page says, as we read it in October 2026:
| Product | Code | Who can use it (bank's page) | Cost as stated |
|---|---|---|---|
| GTBank QuickCredit | *737*51*51# | Salary account held 12 months; clean credit bureau report | 2.95% a month (about 35.4% a year), plus 1% flat credit insurance; up to 12 months |
| Access Bank Salary Advance | *901*11# | Salary paid to Access for six months; at least ₦30,000 a month | 10% interest on a reducing balance, plus 1% management fee and 1% credit life insurance taken upfront; six months |
| Polaris Salary Advance | *833*12# | Salary account domiciled with Polaris | Not stated on the page; page last modified February 2023 |
Terms change. The figures above are what each bank's page showed when we checked; the USSD menu and the bank's key facts statement show the current charge before you confirm.
Who can get one
The common thread in bank USSD loans is the salary account. GTBank asks for 12 months of salary, Access for six, Polaris for a salary account with the bank. Traders, freelancers and people paid in cash usually cannot use them, however well they manage money.
A Loans on Spaces limit is offered on a different basis: how your Pryme account is run, read with data from Nigeria's licensed credit bureaus. A salary domiciled with an employer is not the test. That does not mean everyone gets an offer; no offer is assured.
Where the money goes
A USSD loan is cash. Once it is in your account you can transfer it, withdraw it or spend it anywhere. A Loan on Spaces never reaches your balance: it is paid straight to the merchant in Spaces when you buy, across nine sectors in Lagos, Abuja and Port Harcourt. That is a limitation if you need cash, and a discipline if you want the borrowing to stay tied to the thing you borrowed for.
The acceptance step
USSD screens are small. A loan can be offered, confirmed and paid out in a few key presses, and the cost often appears as one line you scroll past. With a Loan on Spaces, the agreement is shown in full in the app, with the amount, the cost and the repayment date, and you accept it as a separate step. Nothing is drawn until you do.
Working out the cost of a USSD loan
A worked example using GTBank's stated rate. This is an example only; it assumes one month's interest on the full amount, and the bank's own schedule governs.
- Example: borrow ₦100,000 on QuickCredit for one month.
- Interest at 2.95% for one month: ₦2,950.
- Credit insurance at 1% flat: ₦1,000.
- Total cost: ₦3,950, so about ₦103,950 repaid.
With the Access Salary Advance, the 1% management fee and 1% insurance are deducted upfront. Example only: on ₦200,000, that is ₦4,000, so ₦196,000 reaches you while you repay on the full ₦200,000 plus interest. The FAQ describes interest as "10% on a reducing balance" without saying over what period, so ask Access for the repayment schedule before you borrow. Our guide to APR versus flat fees explains why upfront deductions raise the true cost.
Repayment: who takes the money and when
Bank salary loans are repaid by deduction. Access Bank's FAQ says repayments are taken from your account monthly, that if the account is short the amount is taken from any incoming credit, and that past-due loans can be debited from any account linked to your BVN, with a 1% monthly penal charge from 30 days past due. GTBank's terms list a 1% flat monthly default fee above the approved rate on unpaid amounts. Read those lines before borrowing, because they reach beyond the one account. For a Loan on Spaces, the repayment date and what happens if it is missed are in the agreement you accept; how to repay a Loan on Spaces walks through it.
Which suits which need
- You need cash for something outside the Spaces sectors: a bank USSD loan, if you qualify.
- You are paid into one of these banks and the need is urgent: the USSD loan is likely quicker to reach, because you already meet the conditions.
- The need is groceries, a pharmacy bill, school fees or a hotel in one of the three cities: a Loan on Spaces, if offered, keeps the borrowing tied to that spend.
- You do not have a salary account: bank USSD loans are usually closed to you; a Loans on Spaces offer depends on your account record.
Where Pryme fits
Loans on Spaces are lent by Solid Allianze MFB and offered in the Pryme app. The product page covers the basics, Loans on Spaces versus an overdraft compares another bank product, and Loans on Spaces versus a salary advance looks at salary-based credit more closely.
Questions people ask
What is the GTBank QuickCredit USSD code?
GTBank's QuickCredit page gives *737*51*51#. It also lists eligibility, including a salary account held for 12 months.
What is the Access Bank loan USSD code?
Access Bank's Salary Advance FAQ gives *901*11#, alongside the QuickBucks and AccessMore apps.
Can I get a bank USSD loan without a salary account?
The GTBank, Access and Polaris products we checked all require a salary account with the bank.
Does Loans on Spaces need a salary account?
No salary domiciliation is required. A limit is offered based on how your Pryme account is run and credit bureau data, and no offer is assured.
Sources
- GTBank: QuickCredit product page and FAQ · accessed Oct 2026
- Access Bank: Salary Advance FAQs (PDF, undated) · accessed Oct 2026
- Polaris Bank: Polaris Salary Advance (page last modified Feb 2023) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.