There is a popular saying that Nigerians are too poor for the standard we set as even the take-home pay of most Nigerian workers can’t ‘take them home’ hence, most of them usually look for extra means of sourcing money to meet their financial demands.
This has led to the introduction and high growth rate of loan application platforms that seek to assist those in financial need. Some have delivered and still are, while some give funds to their clients who have become loan sharks, adopting unconventional means of going after their clients who may default as there is usually no collateral involved.
Little do you know that some banks offer loan services approved by the Central Bank of Nigeria (CBN) from which workers particularly monthly salary earners can obtain ‘payday’ loans. For those unaware of what ‘payday loans’ means, it is a type of short-term borrowing where a lender will extend high-interest credit to customers based on your income (but some banks offer to both salary earners and non-salary earners).
Listed below are some payday loan services rendered by banks that Nigerians who need quick cash to meet their expenses can explore.
1. GTBank Quick Credit
You can get cash from GT Bank quick credit instantly, and pay back over 6 -12 months. Quick Credit gives you funds up to N5 million at an interest rate of 1.5% monthly, without collateral and there are no hidden charges involved.
You can request for QuickCredit instantly by dialling ∗737∗51∗51# or visiting their site online as well as through the bank’s app.
The minimum amount is N10,000 and the maximum N5 million for salary earners and N500,000 for non-salary earners.
2. Access Bank Payday Loan
You can make use of Access Bank Payday Loan by dialling ∗901∗11∗1# or via Internet Banking, WhatsApp Banking, Access Mobile App and QuickBucks App.
It offers an instant loan product for customers (both salary and non-salary earners). With Payday Loan, you can borrow money at a low-interest rate with no documentation or collateral needed.
It has up to thirty-one (31) days tenor. The interest rate for Access Bank Payday Loan is 5%. Other charges include a 1% management fee, and 0.3% credit life insurance, which are taken upfront.
3. First Bank Personal Loan Against Salary Service
Applicants must have a salary account with First Bank to enjoy this service. The highest amount a consumer can borrow is N500,000, which is limited to 50% of their net monthly wage.
This product can be accessed through FirstBank’s digital channels: FirstMobile App (FirstBank’s Mobile Banking App) and USSD by dialling ∗894∗11#.
The customer must pay all charges upfront upon loan disbursement, which includes a 2.5% interest rate and a 1% management fee, while the loan amount is repaid within the next 30 days or upon receipt of paycheck inflow (whichever comes first).
4. UBA Click Credit
UBA offers salary earners a loan of up to 1 Million Naira at an interest rate of 30% annually (2.5% monthly) and payback easily over 12 months with no hidden charges through its click credit scheme.
A UBA account with a regular inflow of at least N25,000 monthly is required to access the loan. There is no need for any paperwork as the bank’s USSD code or its internet banking services can be used to apply.
5. Zenith Bank Term Loan
Customers who have a salary account with Zenith bank can access up to 60% of their monthly salaries, at a monthly interest rate of 2.16% through this service. Borrowers also pay a one-percentage-point management charge.
The following are requirements to access this loan service: account opening form, one passport photograph of authorized signatory, a letter of introduction from your employer on the company’s letterhead, and a Staff identity card.
6. FCMB Fast Cash
FCMB FastCash is a paperless credit facility with no collateral required. It is an instant loan, and you can apply via the mobile app or USSD code ∗329∗11#
Customers can get up to N200,000 at an interest rate of 8% monthly, plus a management fee of 1 per cent which would be paid upfront as soon as the loan is being disbursed. Non-salaried application is a 15% upfront charge. Other conditions are 30 days tenors for new customers, and up to 90 days clean upcycle for returning customers.
According to the CBN, “you don’t need to know anybody, just go into the portal, fill the form, send your data. If your data is correct you would be able to access loans” based on stipulated terms and conditions.