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6 Best Payday Loans in Nigeria

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 payday loans in Nigeria

Best Payday Loans in Nigeria

 Nigerians who want quick cash transfers to meet expenses have a variety of options to get the best loans to suit their needs among licensed commercial banks. 

Instead of borrowing sharks or borrowing from questionable loan application sites, these payday loan offers may be good for you, especially if you earn. 

 To access your business loan, the Governor of the Central Bank said as reported on Prudentj2, "you do not need to know anyone, just go to the portal, fill out the form, submit your data. 

If your information is correct you will be able to get a loan." Given the recent Nigerian inflation rate of 15.63% (an increase from 15.4% recorded in November 2021), it is understandable that a typical income earner may have difficulty meeting short-term daily obligations. Given the current state of the economy, it would be wise to consider borrowing money that the average Nigerian can easily access and affordable.

What is payday Loan?
A payday loan is a form of temporary loan where the lender will extend the interest rate on the basis of the amount you receive (Your income).

 6 Best Payday Loans In Nigeria

1. GTBank Instant Credit payday Loan

 Guaranty Trust Bank Plc pays the lowest monthly interest rate of 1.5%. There are no hidden fees associated with this funding. 

In other words, there are no costs associated with this loan in terms of administrative, legal, or insurance terms. Another reason why low-income Nigerians like to borrow money from GTBank is that they do not need collateral. Also, GTBank's fast loan guarantees leading and self-employed customers up to N500,000 to N5 million with a monthly interest rate of 1.5%.

 Leading customers can borrow anywhere between N10,000 and N5 million, while self-employed customers can borrow anywhere between N10,000 and N500,000. Customers in both parties can repay their loan within 6 to 12 months. There are no hidden fees here. 

2.  UBA payday Loan

United Bank for Africa Plc announced Click Credit in February 2020, a term loan intended to help UBA customers meet their immediate financial needs.

 Customers eligible for this convenient lending facility can borrow up to N5 million. According to the bank's website, the loan can be repaid in 12 months with a monthly interest rate of 2.5%. 

There are no hidden fees associated with this funding. It is very easy to apply for this loan. No need for any paperwork. You can use the USSD bank code or its online banking services to apply. 

3. Zenith Bank term loan payday Loan

Only earning professionals with tier-1 bank accounts are eligible for a loan from Zenith Bank Plc. These borrowers can borrow up to 60% of their monthly income, but with an average interest rate of 2.16%. Borrowers must also pay an administration fee of one percent.

 Requirements include: an account opening form, a single photograph of the authorized signature passport, a letter of introduction from your employer in the company register and employee ID card.

4. Access Bank Loan

 Loans With a repayment day loan, Access Bank Plc charges 4% interest, 1% administration fee (flat), and 0.15% flat life insurance (flat rate).

 Earners with Access Bank accounts can receive up to 75% of their salary, or any other amount that Access Bank may allow. 

 The day loan payment from Access Bank has a 30 day period. Customers can use the bank's electronic banking channels to apply, including their USSD code.

 The borrower agrees to cancel the cooling period of 3 days to enable payment. 


 Receive a monthly salary (by payroll administration).
 At least 1 month's salary must be paid into the Borrower's Bank Account. 
Completion of application with electronic banking forums that include, but is not limited to, USSD  * 901 * 11 #, ATM, mobile banking app, online banking and QuickBucks app. 
Automatic verification of eligibility and visibility of last month's salary through a pre-authorized client website. 

Welcome to its electronic banking platforms including, but not limited to, * 901 * 11 #, ATM, mobile banking app, online banking and QuickBucks app. 

Acceptance of Terms and Conditions. 

Unchangeable salary regulation of the Bank. 

5. FCMB instant cash payday Loan 

For First City Monument Bank Ltd customers, a quick loan of N100,000 and N200,000 is available. 

The loan can be accessed immediately with the USSD code, according to the information on the bank's website, and no collateral is required. There is an 8% interest rate every month, with an administration rate of 1% being paid in advance as soon as the loan is disbursed. 

 Features Immediate access to finance Up to N200,000 loan amount No documentation required, just apply via the mobile app or * 329 * 11 # No collateral required Interest rate for earners is 8% and for non-earners is a 15% advance payment. 30 days for new customers Up to a 90-day cleaning cycle for returning customers The customer can apply as many times a year as appropriate. 

6. First Bank's Personal Loan

 Against Salary Service, you can repay the loan up to a maximum of 36 months, depending on your retirement age of 60 and a flexible payment plan. You do not have to give a guarantee, and the processing time is fast. 

Small documents are required, but no equity contribution is required. However, during the flexible payment process, your payroll account must be FirstBank.

To apply for a Personal Loan Against Salary, you will need the following documents:

  • Letter of application
  • Loan Application Form
  • Payslip
  • Statement of accounts.
  • Letter of application for full salary.
  • Verification of the applicant's employer on the FBN accredited list.
  • Letter of non-deferred remuneration regime during institutional operations.
  • Complete the form and send it to the nearest FirstBank branch.

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