Union Bank Quick Loan Application in Nigeria

Union Bank is not your typical instant loan app but a commercial bank with a traditional way of lending money to its users. It’s not the predatory loan sharks whose ads we see all over social media. However, as a lender with a quick loan application facility, Union Bank also has its own flaws, though it’s nothing compared to the frustrating experiences with loan sharks.

Union Bank is a bank owned by Union Bank of Nigeria PLC. This is a commercial bank and also a legit lender for your quick loans because it is licensed as a commercial bank by the CBN (Central Bank of Nigeria). Union Bank is not listed in the FCCPC (Federal Competition and Consumer Protection Commission) list as it’s not solely a loan app. The address is Stallion Plaza 36, Marina, Lagos. The website is unionbankng.com.

Is Union Bank App Legit for Borrowing Money?

Yes, Union Bank is a legit lender, and licensed as a commercial bank by the CBN. However, it doesn’t mean that this app is perfect. In fact, Union Bank has its own flaws. The biggest advantage is that Union Bank is not a loan shark.

Union Bank charges a monthly interest rate of 1 to 3.75%, even though we do not recognize it as one of the best instant loan apps because it’s primarily a commercial bank. It can be higher depending on your credit history and the loan amount you want to borrow. The truth is that Union Bank’s interest rate and repayment duration is better than that of many loan sharks such as Xcrosscash, UltraCash, and OxLoan Pro. Now, this loan app isn’t as predatory as others but not also perfect.

After you pay back your existing loan, Union Bank will slash their current interest rate by 20% and extend your next loan tenure by 3 months.

But what if you can’t meet up with paying back your loan? What Union Bank does is to extend the deadline to help you pay back your loan.

If you have the money to pay back, but it’s not yet time to repay, you can contact Union Bank to help you repay the money. A lot of us find ourselves in this situation, so instead of spending the money, it’s better you pay it back early.

Union Bank really, really considers your credit history before disbursing a loan. If you have not repaid your old loans with other apps and banks, you’ll either not be given a loan or will qualify for a very low amount that attracts a higher interest rate.

The bigger problem with Union Bank quick loans is that you need to have a history with this bank to qualify for a tangible amount of money. This means that after you open an account as a new customer, you have to carry out transactions with Union Bank by depositing money directly, using an ATM, USSD, UnionMobile App, UnionOnline etc. Otherwise, Union Bank is a very good app for quick loans.

How Does Union Bank Quick Loan Work?

Union Bank gives personal loans up to 15 million naira. If you install UnionMobile with the hopes of collecting an instant loan of up to 15 million naira with a long loan term, that’s giving you false hope. Your credit history needs to be very good to obtain a high amount. You must also have a long-standing relationship with this bank. New users won’t have this advantage, you’ll just qualify for far less than this maximum.

Union Bank promises up to 60 months of loan tenure. However, the longer the tenure, the higher the interest you have to pay per month. So, if you take out a loan for 2 months, you know the interest will be lower than someone taking out the same loan for 12 months.

The amount of money you can borrow is determined by the system but you can also visit any Union Bank branch and ask for a score to know how much money you can borrow.

How to Do Union Bank Quick Loan Application

  1. Go to unionbankng.com/forms/loan-application.
  2. Enter your full name.
  3. Select Yes if you have or No if do not have a Union Bank account.
  4. If you select Yes that you have a Union Bank account, you’ll only enter your account number. If you don’t have, select No, and you’ll be given an option to create a Union Bank savings account.
  5. Enter other personal information, including your BVN (bank verification number), home address, states, local government, email address, marital status, gender, and employment status.
  6. Under Loan Type, select Personal Loan.
  7. Under “How did you hear about us”, choose Blog.
  8. Click on Submit.

If your loan application is approved, the money will be credited to your bank account. As for the eligibility, you have to be resident in Nigeria and up to 18 years old.

Pros and Cons

The Union Bank quick loan application process comes with its own unique advantages and disadvantages.


  • Union Bank gives a loan, including personal loan, salary advance, and back-to-school loan
  • Available on Google Play Store and Apple App Store as ‘UnionMobile’
  • Licensed by the CBN
  • Requires a minimum salary of 15,000 naira (not good for unemployed borrowers)
  • Accepts payments in installments.
  • Low interest rates
  • 20% discount on interest when you pay back your old loan and take a new one
  • Pensioners earning at least 10,000 naira monthly can apply


  • You have to open a Union Bank account, and complete your KYC, which means the process won’t be instant
  • It’s not primarily an instant loan app
  • Requires good credit history
  • You have to make deposits with either your UnionMobile app, USSD, ATM, etc., which means new users are less likely to obtain a fast loan

Is Your Personal and Bank Information Safe with Union Bank?

Union Bank has not had any major customer data abuse reports, and you can trust this bank app with your personal and bank information. It is a CBN-licensed commercial bank.

Personal information collected includes your name, age, email address, phone number, personal description, marital status, state, photograph, NIN, and home address (such as utility bill). Bank information collected by Union Bank includes your BVN (bank verification number).

When you install the UnionMobile app, information collected from your device, with your permission, includes your installed apps, device ID, device type, IMEI, GPS information, device operating system, IP address, personal contact numbers, call logs, and SMS logs.

It’s up to you to make this decision. Union Bank app may not be a perfect quick loan app in Nigeria but one thing they do is actually give loans with low interest rates.


This bank is a legit lender because of its current CBN license. If you can’t afford to repay a loan, don’t bother borrowing money from Union Bank because it’ll reduce your credit rating when you default. In this review, Union Bank gets a 4.7 out of 5 rating.

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