6 CBN Approved Payday Loan Sources for Nigerians and Easy Steps to Get Them
There is a general saying that the take home pay of most Nigerian workers cannot “bring them home”, hence most of them usually look for additional ways to find money to meet to their financial requirements.
This has probably led to the high growth rate of loan application sites, but many have been discovered to just promise and not deliver.
Others who actually give funds to their clients have become loan sharks, adopting unconventional means to pursue their clients who may default as there is usually no collateral involved.
But in the middle of it all, Naija News reports that some banks offer loan services approved by the Central Bank of Nigeria (CBN) from which workers, especially monthly earners, can obtain payday loans.
Payday loan 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 both salaried and non-salaried people).
According to the CBN, “you don’t need to know anyone, just go to the portal, fill in the form, submit your data. If your data is correct, you will be able to access the loans » on the basis of the stipulated terms and conditions.
Below are some payday loan services provided by banks that Nigerians who need quick cash to meet expenses can explore.
GTBank fast credit
Whether you are employed or self-employed, you can get instant money with GT Bank fast credit and repay over 6 to 12 months. Quick Credit offers you funds up to 5 million naira at an interest rate of 1.5% per month, with no collateral and no hidden charges.
You can apply for QuickCredit instantly by dialing *737*51*51# or visiting their site online as well as through the bank app.
The minimum amount is N10,000 and the maximum is N5 million for employees and N500,000 for non-employees.
Access Bank Payday Loan
You can use Access Bank PayDay Loan by dialing *901*11*1# or via Internet Banking, WhatsApp Banking, Access Mobile App and QuickBucks App.
It offers an instant loan product for customers (employees and non-employees). With the payday loan, you can borrow money at a low interest rate without documentation or collateral.
It has a maximum duration of thirty-one (31) days.
The interest rate for the Access Bank payday loan is 5%. Other fees include a 1% management fee and 0.3% credit life insurance, which are purchased in advance.
First Bank Personal Payday Loan Service
Candidates must have a salary account with First Bank to take advantage of this service.
The highest amount a consumer can borrow is N500,000, which is limited to 50% of their net monthly salary.
This product can be accessed through FirstBank’s digital channels: FirstMobile App (FirstBank’s mobile banking application) and USSD by dialing *894*11#.
The client has to pay all the fees in advance when disbursing the loan, which includes an interest rate of 2.5% and a management fee of 1%, while the loan amount is repaid within the next 30 days or upon receipt of pay check (whichever comes first).
UBA Click Credit
UBA offers employees a loan of up to 1 million naira at an interest rate of 30% per annum (2.5% per month) and easy repayment over 12 months with no hidden charges through its credit per click system.
A UBA account with a regular inflow of at least N25,000 per month is required to access the loan.
No documents are required, as the USSD code of the bank or its online banking services can be used to apply.
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 management fee of one percentage point.
The following conditions are required to access this loan service: account opening form, a photo ID of the authorized signatory, a letter of introduction from your employer on company letterhead and a card staff identity.
FCMB Quick Checkout
FCMB FastCash is a dematerialized credit facility with no collateral required. This is an instant loan, and you can apply through the mobile app or USSD code *329*11#
Clients can get up to N200,000 at an interest rate of 8% per month, plus a 1% management fee which would be paid upfront as soon as the loan is disbursed.
Non-salaried application is 15% upfront fee.
Other terms are 30-day durations for new customers and up to 90-day cleaning cycle for returning customers.
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