Top 7 Best Personal Loans in Nigeria (2024)

Last Updated on Jan 8th, 2024

Personal loans offer a lifeline in times of need. You can use them for medical emergencies, education, home renovations, and consolidating existing debts.

They have fixed interest rates, set repayment periods, and a predetermined monthly payment schedule. This makes them a predictable and manageable financial tool.

Digital banking and financial technology have made Nigerian banks provide personal loans. They use streamlined online processes.

This makes them more accessible than ever before. Many Nigerians rely on personal loans for quick access to funds without collateral. They offer competitive interest rates.

In this blog post, we’ll be discussing the top best personal loan providers in Nigeria.

7 Best Personal Loan Providers in Nigeria

1. GTBank’s Quick Credit

GTBank stands out for its low-interest personal loan called Quick Credit, which has a monthly rate of 1.33%. This is significantly lower compared to many fintech platforms.

GTBank does not require any collateral for this loan. This makes it highly accessible to working-class Nigerians. Eligible customers can apply through various channels.

These include USSD code, internet banking, or mobile app. The age requirement for applicants is between 18 and 59 years (Business Elites Africa).

To learn more, check out the GTBank website.

2. FirstBank FirstAdvance

First Bank of Nigeria Ltd. offers FirstAdvance with a reasonable interest rate of 2.5%. The loan has additional charges.

These include a 1% fiat management charge and 0.50% credit life insurance. They are collected upfront. The loan term is set at 30 days.

The loan amount is automatically deducted from the borrower’s account upon receipt of their monthly salary (Business Elites Africa).

Recommended: How to get a loan with the First Bank mobile app

3. UBA Click Credit

UBA’s Click Credit is a short-term loan. It is designed to help customers with immediate financial needs. It allows borrowing of up to N5 million, repayable in 12 months at a monthly interest rate of 1.58%.

This loan is free of any associated expenses. It does not require paperwork for application. Customers can apply via USSD code or online banking services (Business Elites Africa).

To learn more, check out the Click Credit loan on the UBA website.

4. Access Bank’s Payday Loan

Access Bank Plc offers payday loans at a 4% interest rate. In addition, they also charge a 1% administration fee and a 0.15% credit life insurance fee.

Salary earners with Access Bank accounts can borrow up to 75% of their salaries. The loan has a term of 30 days.

Applications can be made through the bank’s electronic channels, including its USSD code (Business Elites Africa).

Recommended: How to apply for an Access Bank Payday loan.

5. Zenith Bank’s Term Loan

Zenith Bank provides short-term loans to salary-earning professionals. Borrowers can take up to 60% of their monthly salaries at a monthly interest rate of 2.16%.

Moreover, they also pay a 1% flat management charge. These loans are exclusively available to Zenith Bank account holders (Business Elites Africa).

Learn more about the Zenith Bank’s term loan.

6. Fidelity Bank

Fidelity Bank is a prominent choice for personal and business banking in Nigeria. The bank is recognized for its rapid growth and customer-focused solutions.

The bank offers diverse services, including loans and investment services. It is celebrated for its commitment to social responsibility and sustainable development.

Fidelity Bank’s growth is marked by its innovative approach. The bank is dedicated to providing value to its customers​​​​.

Read more: How to get a loan from Fidelity Bank in 4 easy steps

7. Stanbic IBTC Bank

Stanbic IBTC Bank is part of the Standard Bank Group. It is known for its robust online banking platform and various products and services. It stands out as one of Nigeria’s largest banks.

The bank offers personal and business banking, mobile banking, loans, and investment services. The bank is known for reliability and efficiency. This makes it a strong candidate for people seeking comprehensive banking.

Recommended: How to get a loan from Stanbic IBTC bank.

FAQs

Which bank gives personal loans faster?

Guaranty Trust Bank (GTBank) is known for its quick loan disbursement. Specifically, their GT Salary Advance loan can be disbursed within 24 hours.

This loan is available to staff with active accounts domiciled in GTBank. It does not require collateral.

Who gives the cheapest personal loan?

Guaranty Trust Bank (GTBank) currently offers Nigeria’s cheapest personal loan interest rate. Their Quick Credit loan comes with a monthly interest rate of just 1.33%.


This rate is significantly lower than rates at other banks and fintech platforms. This makes GTBank’s loans the top choice for many working-class Nigerians.

See also: What do I need to apply for a personal loan?

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