How to Borrow Money From Parallex Bank

How to Borrow Money From Parallex Bank

You can borrow money from Parallex Bank easily if you are well grounded on the loan application process. However, we do not need to bother about that because in this article, we are sent to guide you on how to apply for loans on this bank.

In this article, we will explain everything you need to know about this Fintech company, the eligibility criteria for obtaining loans, and the steps to borrow money from Parallex. Kindly read down and pay close attention!

An Overview Of Parallex Bank

The Parallex bank was previously established as a Microfinance Bank in 2008. This makes it the first Micro finance Bank to convert into a fully operating commercial bank in Nigeria. It offers internet, mobile, personal, and business financial services and other services to it’s customers. Here is a summary of its history;

  • Started as a Microfinance Bank in 2008.
  • Got incorporated as a limited liability company in 2018.
  • By January 2022, it completed transition from Microfinance banking into Commercial banking.
  • While it officially embarked on commercial banking operations on Friday, January 14, 2022.

Types Of Parallex Bank Account

Here are the major bank accounts one can open with the Parallex bank;

  • Savings Account
  • Current Account
  • Fixed Deposit Account

Savings Account

This type of bank Parallex account allows customers to have financial independence while enjoying competitive rates. This account is suitable for all salary earners, youth, kids and anyone who is not a heavy spender or who have much financial responsibility. Some of the features of this Parallex savings account include the following;

  • You have access to a free Debit Card issuance and delivery anywhere you are.
  • You stand a chance for a free monthly withdrawals on any ATM for 10 good months.
  • Users can make five interbank transfers daily for free.
  • You also stand to receive a Debit Verve Card.
  • There are no hidden charges. The costs are 100% transparent.
  • There is also a high interest on target savings.
  • You can also deposit cheques and dividend warrants into your account directly.

Current account

Another Parallex bank account is the Parallex Bank Current Account. It claims to bring customers’ financial goals to fulfillment. They can choose to open any of their current accounts: from their classic, gold, platinum and salary accounts.

In addition, you will also be able to perform digital transfers, account reconciliation and even online financial advisory. E-statements and online feedback are also available for you. Here are things you need to know about this account:

  • With this account, you can borrow up to N10 million.
  • Free monthly withdrawals on any ATM for 10 months.
  • There is also free Debit Card issuance and delivery anywhere in the country.
  • There is five free interbank transfers daily.
  • There is no need for maintenance as the maintenance fee is zero.
  • There is also the bonus of real-time spending overview.
  • You can as well deposit cheques and dividend warrants directly into your account.

Fixed Deposit Account

The next is Parallex Fixed Deposits. This  gives interested customers the opportunity to save their money for a given time while also growing it. The customers can decide to cash out the interest on the due date or decide to reinvest it. Here are the common features;

  • There is a guaranteed return on investment.
  • The rates are negotiable and competitive.
  • The interest is paid in full at when due.
  • You do not need to worry about renewal. This is because there is auto-renewal upon maturity.
  • You can also make extra money while you save.

Parallex Loans

As a Parallex customer who engages the services of the bank, you are eligible to borrow personal loans as much as N10M. The loan can be salary advances, tuition loans and other consumer loans.

However, you must be eligible for the loan before your application will be successful.

How To Be Eligible For A Parallex Loan

To be eligible for a Parallex loan, the following criteria must be met;

  • You must be an active Parallex customer.
  • Have an account with Parallex Bank.
  • Have an active phone number.
  • Be a resident in Nigeria.
  • Have a smartphone with internet connection.
  • A proof and show of Identity.
  • Be ready to provide a collateral, guarantor and other paperwork if need be.

How To Borrow Money From Parallex Bank

Following the instructions on the official Parallex website, all Parallex Bank customers can apply for consumer loans when they open and transact on the Parallex Mobile App.

Whether you use are using an Android or iOS, you can download the app with ease. Here is how to do it;

For Android

You can download and install the Parallex Mobile App from the Google Play Store. It has a small size of 20 MB and over 50,000 downloads. It currently has a review rating of 3.4 from over 300 users.

  • Go to your Google Play Store.
  • Search for “Parallex Mobile App” in the search bar.
  • Click on “Install” to download the app.
  • Proceed to login if you already have an account with Parallax or you sign in if you are a new user.

For iOS

If you are using an iOS device, you can also download and install the Parallex Mobile App from the Apple App Store.

  • Go to your Apple Play Store.
  • Search for “Parallex Mobile App” in the search bar.
  • Click on “Install” to download the app.
  • Proceed to login if you already have an account with Parallex or you sign in if you are a new user.

After downloading and logging into the mobile app, go to the dashboard and search for the loan feature. Kindly follow the on-screen guide to download the app.

Meanwhile, you can also report to any of their physical branches in your area and lodge your complaint or concern. Also, the customer support system is available online.

Parallex Internet Banking

Parallex Bank also offers internet banking to all its users. Once you open a bank account with them and register for internet banking, you will have your login details and be able to make transactions on the web.

Parallex USSD Banking Code

The Parallex Bank USSD banking code is *1242#. This designated USSD code is used for Parallex banking operations.

When you dial this code on your phone, you can select from the options shown based on what you need.

How To Contact Parallex Bank

For questions and complaints, you can always contact Parallex Bank. They have customer support agents ready that will attend to you immediately.

  • Phone Number: 0700 727 25539 017002600
  • Email: and
  • Head Office Address: It is located at Plot 1261, Adeola Hopewell Street, Victoria Island, Lagos, Nigeria.
  • Website: com.

Does Parallex Bank Have Swift Code?

Yes, Parallex bank has a SWIFT code. A SWIFT code is a set of 8 or 11 digits that represents a bank branch. You’ll need to use one when sending money internationally. That of Parallex is PARANGLAXXX.

Frequently Asked Questions

Does Parallex bank give loans?

Yes, Parallex Bank gives loans. You can obtain as much as N10M if you are qualified for it.

Is Parallex bank an online bank?

Parallex bank is both a physical and offline bank. This is made available by their web or internet banking system .

What is the USSD code for Parallex code?

The used code for Parallex code is *1242#. With this code, you can perform mobile transactions conveniently.

Which bank is Parallex bank?

This bank was once a Microfinance Bank until it was incorporated as a commercial bank in Nigeria.

Since it began operation in Nigeria, the bank has been of great financial help to its users. The reviews from its users on their apps are encouraging.


Parallex Bank is an amazing bank. You can borrow up to N10M as personal loan and then repay when due. The interest rate is competitive and the repayment term convenient and flexible enough.

By following the guide in this article, you will surely have a successful loan application with Parallex bank.