How to Borrow Money From Fidelity Bank

How to Borrow Money From Fidelity Bank

Timely funds are crucial for individuals, small businesses, and corporate organizations in today’s dynamic financial landscape. Fidelity Bank, a prominent financial institution renowned for its commitment to customer satisfaction, offers various borrowing options tailored to meet diverse needs. This comprehensive guide aims to guide you on how to borrow money from Fidelity Bank, empowering individuals and businesses with the knowledge to navigate their borrowing journey successfully.

Requirements To Borrow From Fidelity Bank

  • Completed loan application
  • Bank Verification Number (BVN)
  • Phone Number
  • Valid identification (e.g., National ID card, International passport, Driver’s license)
  • Proof of address (e.g., utility bill, bank statement)
  • Proof of income (e.g., salary slips, bank statements, employment contract)
  • Bank account statement
  • Good credit history or credit rating
  • Minimum age requirement (usually 18 years or older)
  • Meeting the specific eligibility criteria for the chosen loan product

Types Of Fidelity Bank Loans

Payday Loan

The Payday Loan is a digital lending solution specifically designed for employees of both public and private organizations who have their salary accounts with the Bank.

Requirement & Eligibility

No documentation is required for the Payday Loan application process. However, to be eligible, the applicant’s salary account must be held at Fidelity Bank and should have been active for three (3) months. Also, the customer must maintain a credit balance and possess a good credit rating.

Terms & Features of Payday Loans

The Payday Loan offers a flexible repayment period of up to 30 days. A flat charge of 4.5% is applied upfront on the loan amount. The minimum loan amount that can be availed is N1,000.00, while borrowers can access up to 50% of their net monthly salary, capped at a maximum of N500,000.00. Pre-liquidation of the loan is allowed without any penalty. Furthermore, salary domiciliation and Government Service Insurance (GSI) are required.

Personal Loan

The Personal Loan is a loan product tailored for individuals working in private and public organizations, provided their salaries are domiciled with Fidelity Bank.

Requirement & Eligibility

Similar to the Payday Loan, the Personal Loan requires no documentation. However, applicants must hold a salary account with Fidelity Bank for at least six (6) months, maintain a credit balance, and possess a good credit rating.

Terms & Features

The Personal Loan offers a longer tenor of 12 months. Interest is charged at 2% per month or 24% per annum. A management fee of 1% flat and an insurance fee of 1.5% are applicable. The minimum loan amount that can be availed is N10,000.00. Borrowers can access up to 40% of their net annual salary, capped at a maximum of N5,000,000. The loan is repaid in equal monthly installments comprising principal and interest. Pre-liquidation is allowed without any penalty. Collateral or support in the form of salary domiciliation, credit insurance, and the use of Government Service Insurance (GSI) are required.

Fidelity Loan On Account Turnover (FLOAT)

The Fidelity Loan On Account Turnover (FLOAT) is an instant loan facility for active account holders who already maintain a banking relationship with Fidelity Bank.

Requirement & Eligibility

The FLOAT loan does not require collateral or a guarantor, and no hidden fees are involved.

Terms & Features

The FLOAT loan has a tenor of 30 days, with an interest rate of 4.5% flat. The maximum loan amount that can be accessed is N100,000. If needed, the loan can be extended for 30 days, subject to a restructuring fee of 0.5%. The loan amount is instantly disbursed into the borrower’s Fidelity Bank account.

Fidelity NYSC Loan

Fidelity Bank offers instant loan disbursement to serving National Youth Service Corps (NYSC) members to cater to their financial needs.

Requirement & Eligibility

Applicants must be actively serving corps members, undergo a credit check, and accept the terms and conditions of the loan.

Terms & Features

The Fidelity NYSC Loan includes both Personal and Payday loan options. The Personal Loan provides access to amounts up to N100,000, with a tenor of 10 months. It incurs a management fee of 1%, an insurance fee of 1%, and an interest rate of 2% per month. The Payday Loan also allows access to amounts up to N100,000, with a tenor of 30 days. It incurs an interest rate and fees totaling 1.95%, comprising a management fee of 1.00% flat and a credit life insurance fee of 0.25% flat. The loan application process is easy and requires minimal documentation, ensuring quick processing and instant disbursement.

Fidelity Point of Transaction (POT) Loan

The Point of Transaction (POT) Loan is a short-term financing solution designed to assist Fidelity Bank customers in completing their financial transactions initiated through ATMs, online platforms, or point-of-sale (PoS) terminals when they have insufficient balance in their accounts.

Requirement & Eligibility

To be eligible for a POT Loan, the user must hold an account with Fidelity Bank, maintain a minimum balance above N500, maintain a positive credit balance, and not have any outstanding POT loans. Additionally, the total transaction value must not exceed the ledger balance.

Terms & Features

The POT Loan has a tenor of 14 days, and customers can access loan amounts up to N10,000. The loan is expected to be self-liquidated within the specified timeframe.

How To Borrow Money From Fidelity Bank

You have multiple channels to access a loan from Fidelity Bank, including USSD, Ivy, and an online form. If you use the USSD channel, simply dial *770*08# to initiate the loan application process.

Another option is to utilize Ivy, Fidelity Bank’s virtual assistant, who can guide you through the loan application process and provide assistance.

Lastly, you can fill out an online form to apply for a loan. Follow these steps:

  • Kindly fill out the form provided below.
  • Ensure that you complete all the required fields.
  • Full Name: Please enter your first and last name.
  • Phone Number: Provide your contact number.
  • Email Address: Enter your email address.
  • Location: Specify your current location.
  • Indicate whether you have a Fidelity Account by selecting “Yes” or “No.”
  • Click on the designated area to confirm that you have read and agreed to the privacy policy.
  • Once you have completed the form, submit it.

How To Apply For Fidelity Bank Loan With Code

  • Dial *770*08# on your mobile phone.
  • Choose option 1 to “Apply for a Payday loan”
  • The loan amount that is available will show on your screen.
  • Select “Proceed” to continue.
  • Enter the specific loan amount you wish to request.
  • Confirm the requested amount by selecting “Confirm.”
  • Agree to the provided terms and conditions.
  • Complete the process by entering your secure PIN to finalize the loan request.

Frequently Asked Questions

Can Non-Fidelity Customers Access A Personal Loan?

Yes, non-Fidelity Bank customers can access a Personal loan if their salary is processed through Remita, Tenece, Etranzact, or Veripay. However, the borrower must open a Fidelity Bank account to receive the loan disbursement.

Can I Access A Pot Loan From Fidelity Bank If My Account Balance Is Below N500?

To access a POT Loan from Fidelity Bank, your account must have a minimum balance of above N500. You may not be eligible for the loan if your balance is below that threshold.

Can I Extend The Tenor Of A Float Loan?

Yes, you can extend the tenor of a FLOAT loan for an additional 30 days, subject to a restructuring fee of 0.5%. This allows for more flexibility in loan repayment.

Can I Get Cash From Fidelity?

Yes, Fidelity Bank offers cash withdrawal services to its customers. You can visit any Fidelity Bank branch or utilize the bank’s network of ATMs to withdraw cash from your account. You may also be able to access cashback services at select merchants when using your Fidelity Bank debit card for purchases.

What is the Fidelity Bank interest rate in Nigeria?

The interest rates for loans at Fidelity Bank in Nigeria can vary depending on the specific type of loan and the borrower’s creditworthiness. The interest rate range typically spans from 2% to 24%.

Does Fidelity Bank accept wire transfers?

Yes, Fidelity Bank does accept wire transfers. Wire transfer is a widely used method for transferring funds between domestic and international banks. Fidelity Bank provides wire transfer services to facilitate secure and efficient funds transfer for their customers.

What is the maximum loan amount I can access with a Personal Loan?

With a Personal Loan from Fidelity Bank, you can access up to 40% of your net annual salary, subject to a maximum cap of N5,000,000.

What is the code for Fidelity fast loan?

The code for Fidelity Fast Loan is *770*08#. You can dial this code from your mobile phone to apply for a loan from Fidelity Bank Nigeria. The loan amount you can borrow will depend on your creditworthiness and the loan terms.


Fidelity Bank provides a range of loan options tailored to meet the diverse needs of individuals and businesses. The Payday Loans and Personal Loans cater to employees of public and private organizations, while the Fidelity Loan On Account Turnover (FLOAT) offers instant loans for active account holders. The Fidelity NYSC Loan specifically serves National Youth Service Corps members, and the Point of Transaction (POT) Loan assists customers with insufficient balances for financial transactions.

You can use channels such as USSD, Ivy, or an online form to borrow money from Fidelity Bank. Non-Fidelity Bank customers can access Personal loans if their salary is processed through specific platforms, provided they open a Fidelity Bank account. The loan processing time at Fidelity Bank typically ranges from a few business days to a couple of weeks. Interest rates vary depending on the loan type and borrower’s creditworthiness, typically ranging from 2% to 24%. Fidelity Bank accepts wire transfers, and customers can also withdraw cash from their accounts through bank branches or ATMs.