Reviews

We live in tough times. Loss of jobs and income is the new normal even as are navigating through a global pandemic.

This is by far one of the most challenging years we’ve experienced globally; however, there is a sense of relief that comes with knowing that there are resources such as Paymyrent who can grant much-needed help.

Paymyrent is a resource available for salary earners in Lagos to help augment the annual rent imposed by most Landlords. Keep in mind that paymyrent is a loan resource that will need to be paid back. 

It is merely a way to get the much-needed cash you need without fronting everything. It only offers the convenience of splitting payments instead of cashing out a lump sum.

In western economies, they pay rent on per month; however, the distrust in a community demands that landlords request for annual lease, some even ask for two years in advance. Paymyrent can help with easing some of those financial burdens.  

There are two methods in which this resource can come to play – You’re renting a new apartment, or you are renewing a lease.

How does this work if you are renting a new apartment?

1. There are only specific properties in Lagos That accept paymyrent’s arrangement, so you must go to www.paymyrent.ng to find and select a property.
2. Inspect the property with an agent
3. After you’ve decided on the property, you’d like to proceed with, fill out a loan application and submit requested documents on the website.
4. If approved, you’ll pay paymyrent.ng 50% of the rent cost
5. Paymyrent will pay the landlord 100% of the total rent cost.
6. Monthly payments will be paid to paymyrent until you pay the total amount in full. 

How does this work if you are renewing a lease?

1. Fill the application form on www.paymyrent.ng
2. Send the requested documents.
3. If approved, a line of credit will be given to you with the recommended amount.
4. Pay a verification fee of N7,500
5. The loan gets credited to your account.
6. Monthly payments will be paid to paymyrent until you pay the total amount in full.

Easy, right? We thought so!

So who can qualify? 

Salary earners in Lagos. A general rule of thumb is that your yearly rent, when broken down into months, shouldn’t be over 30% of your gross income. 

So, for example, if you earn N150,000 per month. You shouldn’t be spending more than N45,000 on rent (150,000x 30%), which means you shouldn’t be paying more than N540,000 (N45,000 x 12) per annum on rent. Keep this in mind when renting so you do not borrow so much that you have difficulty paying back.

Conclusion

Even though paymyrent is a loan resource, the convenience it offers and the ease of the process is unmatched.

It helps you save towards paying a rent conveniently as a loan resource and protects its users from rent worries. However, it should be managed carefully.

 This is a resource solely dedicated to easing the cost of rent. Do you need more information on this? You can visit www.paymyrent.ng

IBILE in the Yoruba language means traditional or native.

When a microfinance bank names its organisation “IBILE”, that is a pointer they are genuinely there for the people. 

IBILE in this context stands for Ikorodu, Badagry, Ikeja, Lagos Island and Epe which represent the five divisions in Lagos state. This again solidifies the notion that this microfinance bank is genuinely one for Lagos by Lagos.

IBILE offers straightforward solutions to serve the middle class, farmers in rural Lagos, public servants, startups, small and medium-scale enterprises in Lagos to grow the economy.

They launched this through the 25 million naira initiative established by the Lagos State Government through the Lagos State Employment Trust Fund (LSETF) as an investment for small and medium business in Lagos state.

They appointed IBILE as the disbursement channel for this trust fund. 

Moving forward

To do this efficiently, IBILE launched two main product offerings to serve the public: Deposits and Loan products.

Deposit Products

Listed under this product are saving opportunities that can investments, manage current finances or stash money for the future

• IBILE Easy Save: Savings account with a minimum opening balance of N500
• IBILE Individual Current: Current account for one account holder
• IBILE Joint Current Account: Current account for joint account holders
• IBILE Corporate Account: Current account for corporations or organisations
• IBILE Kiddies Savings: Savings account for minors
• IBILE LOYA: Savings account with a time commitment. Save 90 days with no withdrawal to qualify for a loan.
• IBILE Esusu: Savings account with withdrawals from daily sales to help you reach a financial goal
• IBILE Rosca: Savings account to help entrepreneurs build credit to access loans by regular savings deposits
• IBILE Fixed Deposits: Traditional fixed deposit account with tenure ranging from 30 to 365 days.

Loan Products

Listed under this product are financing opportunities that can be used for commercial and personal needs

• IBILE Asset Finance: first, it can finance assets such as generators, mobile phones, laptops, washing machines, household furniture, etc.
• IBILE Travel Loan: Finance your travel ticket with this product
• IBILE Salad: As a salary earner, you can have access to an approved loan amount that will be deducted from your monthly pay
• IBILE MDA Loan: Available to staff members of the Lagos state Ministry, Department and Agency
• IBILE Get Micro: Made for small and micro businesses who need access to funds below N500,000
• IBILE Easy Get SME: Available to individuals and corporations who need access to loans over N500,000
• IBILE Back to School: This is to aid parents with their children’s school fees. This loan has a 90-day tenure. 
• IBILE Get Together: Designed for groups such as cooperatives and unions who need access to funding
• Agricultural Finance: Available to farmers to improve the expansion of small and medium-scale agricultural enterprises 

Conclusion

IBILE has made access to funding easy and accessible. With as little as N500, you can open a savings account.

This can easily set anyone on the journey to financial freedom if used smartly. If you need more information on the services that IBILE offers, please visit their website, www.https://ibilemfb.com/ . 

Nigerian Housing Fund (NHF) – What it is and how to get it

Accessing mortgage loans in Nigeria used to be near impossible. Unlike most of the western world where a satisfactory credit score, a sizable down payment and a qualifiable stream of income is enough to access a mortgage loan – there wasn’t a system like that in Nigeria. Or was there?

In this article, we will review the NHF (Nigerian Housing Fund) process and how you can enjoy it to live in the home of your reality (not your dreams because we are all about being realistic here)

What is the Nigerian Housing Fund (NHF)

The Nigerian Government started the NHF in 1992 to help citizens in all sectors of the economy who cannot afford commercial housing loans to own their houses by contributing 2.5% of their monthly salary to the Federal Mortgage Bank of Nigeria.

They establish it as a viable alternative to commercial lending that has more stringent processes from banks. 

Who is Eligible for this Loan?

To be eligible for this loan, you must be: 

1. A Nigerian citizen
2. Over 18 years old
3. Must have contributed to the funds for a period of nothing less than six months (Most preferably about a year for a higher chance of approval)
4. Must have satisfactory evidence of a regular flow of income to guarantee repayment (You should be able to prove a working history for at least five years either with business ownership or a salary income)

How to apply for the National Housing Fund

Except for commercial borrowers who can apply directly to the Federal Mortgage Bank of Nigeria, everybody else must apply through a Primary Mortgage Bank of their choice. 

Four primary mortgage banks that you may consider are: 

• FBN Mortgages 
• Platinum Mortgage Bank
• Abbey Mortgage Bank Plc and, 
• Trustbond Mortgage Bank

You can get the NHF loan application from any of these banks.

Requirements of an NHF Loan

• Open a savings account with a Primary Mortgage Bank.
• Contribute to the account for about a year
• Have evidence of income (for at least five years)
• Photocopies of approved property title documents 
• The approved site and building plans
• Bill of Quantities (if applicable)
• Valuation report by a registered firm of surveyors (if applicable)
• Tax clearance certificate for at least three years
• Letter of consent to mortgage by your chosen Primary mortgage bank
• Completed mortgage loan application
• Copy of at least five payslips
• For self-employed applicants, you must submit a copy of Articles and Memorandum and a copy of Certificate of Incorporation as evidence of employment. 
• Approved down payment amount, which can be up to 30% depending on the loan applied for

How much can be applied for?

The maximum amount allotted to any individual borrower is 15 million naira. An individual cannot qualify for over 90% of the cost or value of the property. 

Conclusion

Getting a house of your reality can be achievable in Nigeria. As long as you have the listed qualifications, you can start plans on a viable home.

If you need help or have questions on how to proceed, please do contact us for more information.

Suppose you’re looking for a loan. You’ve already exhausted your options. The regular Banks are not entertaining your applications, and even if they are —  the terms and conditions are just too over the top for you. The interest rate is too high. That you have to provide collateral is also a factor, and at this point you’ve almost given up on your search. What do you do then?

Where does SUSU microfinance bank come in

But as great as the news is, there is also the problem of choosing which Microfinance bank could best meet what exactly you are looking for. No matter where you get it, a loan is a serious business and you would want to make benefits for yourself. If that is what you’re looking for, then SUSU Microfinance Bank is your answer. 

About SUSU Microfinance Bank

Susu Microfinance Bank is a major player in the microfinance industry. The bank is one of the recognized MFBs where you can access a loan in Nigeria. It specializes in providing loans and credit facilities to individuals and small-scale businesses.

What products does SUSU Microfinance offer?

SUSU has a range of products and services designed to meet various needs. They are;

• Micro loans – microloans are credit facilities created for individuals of all walks of life. It is for people such as traders, students and entrepreneurs. You can access up to the amount of 1 million naira in micro-loans. The interest rate is about a minimum of 5 percent, although it all depends on the duration of the loans. Anyone who can not access regular loans is the basis for this product; as they do not meet the traditional requirements for loans. However, SUSU’s micro-loans aims at bridging such a gap. 
• Salary Advance – they make the Salary Advance for individuals are gainfully in employment, especially those who work at companies or organisations. With Salary Loans you can get as much as 75 per cent of your salary upfront.
• Group Loan: the group loan is a product in which a group of individuals contribute and withdraw rotationally. We commonly know it as Esusu or Ajo. 

What are the advantages of a SUSU Microfinance loan?

These are the pros of taking up a credit facility from SUSU;

• The repayment plan is highly convenient
• The loan conditions are flexible

What are the disadvantages?

These are the cons of SUSU Microfinance loans

• They are only available in Lagos.
• It requires you to deposit about 10 percent of the loan into a savings account
• They require a guarantor
• The maximum amount available is low

What are the requirements for being eligible for SUSU Microfinance credit facilities?

• The ages must be between 22 and 58
• Operate an account of about 3 months with SUSU
• Live and work in Lagos

Documents required are;

1. Two guarantors
2. Two passport photographs
3. Two signature cards
4. A duly filled application form
5. A copy of a utility bill

How can I contact SUSU Microfinance Bank for these services? 

You can reach out to Susu through any of the following channels;

• Visit their office at 34 Commercial Avenue, Sabo Yaba, Lagos, Lagos State, Nigeria. They are open from Monday to Friday, from 8am to 4pm. 
• On Telephone
• Via Electronic mail – info@susumicrofinancebank.com.ng
• Through their social media handles

CONCLUSION

This is where Microfinance banks come in. Microfinance banks are Financial institutions that provide the best credit facilities to individuals who can not attain regular loans from banks either because of a low credit score or they cannot meet up with the tedious terms and conditions. They are your go to when all else fails. 

Whatever the case may be, if you need a loan, then you should look at Susu Microfinance bank to meet your needs. 

It’s always great to possess purchasing power. That feeling you get when you can make transactions with ease has to be one of the best you can ever feel in the world. However, it’s not always the case because not everyone is Financially stable. Another fact is that not everyone is Financially stable at all times, especially the necessary times. 

Help is on the way

A lack of finances can be a downer, whether you’re trying to pay for an item you want or need, or you’re paying for an essential expense. It could very well spell a terrible day or a terrible week. What do you do when you need a quick cash loan to meet your personal needs then? Where can you turn to?

Jumia One Loan could be just what you need in your corner. In this article, we’ll look at Jumia One loans – one of the platforms where you can get a loan in Nigeria; what it’s all about, their eligibility requirements, and how you can apply for them. 

About Jumia One Loan

Everyone already must have heard of Jumia at some point or the other. It’s an online retail company that provides an excellent shopping experience for its customers. The company has since diversified its operations to not only online shopping, but other aspects. 

Jumia One Loan is one of those diversifications. It is a lending platform that is fully automated, provided by Jumia. They created the platform with a focus on making credit facilities accessible to all and sundry; especially those that are not necessarily eligible for standard Bank loans. Interestingly, this is a large portion of the African population.

What type of loans can you get from Jumia One?

Jumia One Loans are in different categories. This is because Jumia has loan products to meet everyone’s needs. They are;

• Payday loans – the payday loan is a loan that is created to provide financial assistance for the working class. It works like an overdraft would, and is expected to be paid back upon the next paycheck of the borrower. It is eligible for employees of any functional organisation, from companies to ministries and other establishments.
• Education – available to anyone for use in pursuing their academics. Meant to aid educational expenses.
• Business – These loans were created to help businesses cover cash flow payments and aid overall transactions. 

How long does it take to get a Jumia One Loan?

The loan processing on Jumia One is one of the fastest in the auxiliary credit facilities space. The loan options are provided to the applicant within a space of 15 seconds, and loan approval and disbursement is secured within 5 minutes. 

How accessible are Jumia One loans?

Jumia One loans are some of the most accessible loans you can get. They are available on the Jumia One platform for 24 hours a day and 7 days a week. This means whenever you press for financial help, you can access the platform to begin your loan process right away. You can conduct the loan process on the Jumia One mobile app.

How much is available for loans?

First-time borrowers can borrow the sum of 10,000 naira. You can get as much as 100,000 naira based on your credit scores built up over time.

How long does it take to pay back the loans?

Loans like the Jumia One loans are loans regarded as money lender loans. They are short-term loans that provide financial help until the next paycheck comes in.  

Pros and Cons of Jumia One loans

pros:

• The loan process is fast
• There is no need for a collateral
• There is no need for guarantors

Its cons are;

The maximum amount eligible for borrowing is low.

What is required to apply for a Jumia One loan? 

These are the requirements that make you eligible for a Jumia One loan:

• Your bank details
• Bank verification number
• A mobile phone with an internet connection
• The Jumia One app
• Your application

Conclusion

Jumia One loans are the best option for those looking to get an unsecured loan; that is, loans that do not require collateral or have long and tedious application processes.

It is especially great if you do not have an existing credit profile which would typically render you ineligible for a loan from a bank.

With pioneers and outliers in the Nigerian banking industry, very few do it like Zenith.

Zenith bank is a pacesetter in the banking industry of Nigeria, and it’s easy to see why. From excellent customer support to an array of financial services carefully suited to each customer, it’s easy to see why Zenith is at the top.  

People also know Zenith bank for its high-interest rates and commercial facilities, for example, its loan and credit facilities. 

Here, we take a look at Zenith Bank Payday Loan, how you can apply, as well as other factors surrounding the loan itself.

Borrowing money from Zenith Bank

The Zenith bank loan is a credit facility offered by Zenith Bank that comes with a relatively low-interest rate and is unsecured, meaning it does not require any collateral.

It is one of such quick cash loans offered by Zenith Bank to give financial assistance to those in need of it, but that is not able to get regular loans for one reason or the other. 

Zenith Bank loan eligibility

Once you meet all requirements set by the bank, your loan will be quickly approved. The age limit is a minimum of 18 years and less than 60 years. You also earn a minimum of 10,000 naira per month, and not have any preexisting loans with the bank or any other bank. 

How much can you borrow as a Zenith bank loan? 

With the Zenith Salary Advance loan, you can borrow up to 60% of your monthly income.

How long is the application for a Zenith Bank Loan?

The application process is usually instant, and at best take a day before it is approved and disbursed to the applicant. 

How do you apply for a Zenith Bank loan?

To you must contact the bank through any of its available communication channels. It could be through email or via telephone at 234-1-2787000. You could also pay a visit to the Zenith bank branch nearest to you.

Zenith Bank Instant Loan USSD Code

The code to get loan from Zenith Bank is *966#. Dial the number and follow the prompts. This option makes the Zenith Bank easy loan literally easy.

You can check out this post for other USSD code for loans in Nigeria.

Conclusion

We all could someday find ourselves in a financially hard situation, and that’s nothing to write home about. Things could get tough, and we might need a little push now and then, and the Zenith Bank loan does just the job. Get one today if you require it. 

NIRSAL Microfinance is one of the leading financial institutions operating in Nigeria. Established in 2019, Nirsal has served as a top microfinance institution in the country. 

NIRSAL Microfinance operates on the vision and ideal of providing top-notch Financial services to its customers all over the country and beyond.

The financial institution is a subsidiary of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc.), a non-banking financial institution established in 2013 with a mandate to facilitate the free flow of affordable finance and investments to the agricultural sector. NIRSAL Plc is tasked with the aim of redefining the agribusiness sector and its activities within the country. It does this by measuring, repricing and then sharing agribusiness credit risks. 

What services does NIRSAL Microfinance offer? 

As a Microfinance bank looking to deliver nothing but the best, Nirsal offers a wide array of financial and non-financial products and services to its customers. These products and services include: 

• The Agric, Small Medium Enterprise Scheme: this loan scheme provides loans of up to N10 million to small and medium-scale enterprises. Businesses eligible for the ASMES are those involved in creative & art industries (fashion, beauty, apparel & textile, arts & entertainment), Industrial & Manufacturing (agriculture & allied Processing, automobiles), Information & Communication Technology (telecommunication and media & publishing) and Hospitality (catering & event management). These loans are charged a single-digit interest of up to 9% per annum interest rate. They also do not require collateral security. 

• Anchor Borrowers’ Program: the Anchor borrowers’ is aimed at creating and fostering a link between companies engaged in the processing sector and small scale farmers who deal in essential Agricultural commodities. 

• NIRSAL Microfinance Bank Access Target Account: this is a saving scheme that is targeted at micro, small and medium-scale enterprises, as well as individuals, looking to cultivate a healthy saving culture. It usually runs for a specific period for a particular financial purpose. Through this scheme, NIRSAL Microfinance aids its customers in saving for a variety of specific reasons, such as rent, purchase of goods, purchase of equipment or even for festivities. There is a predetermined limit put on the account, meaning only a number of limited withdrawals is allowed by the account holder based on pre-agreed instructions. The Access Target account has an opening balance of₦1,000 with a minimum balance of ₦500.

How can I contact NIRSAL Microfinance for these services? 

They have a functioning, on-demand customer service and several operational branches. You can reach out to their office through any of these channels;

• Customer Walk-in to their offices 
• Telephone (available Monday to Friday – 7 am to 7 pm)
• Electronic mail – info@nmfb.com.ng
• Reach out to them via their social media handles

NIRSAL Microfinance and its parent company NIRSAL operate out of every state in Nigeria, including the FCT, with the headquarters located in Abuja. 

CONCLUSION

Whether you are searching for micro saving options, in the market for micro-loans, easy loans, or any other specific purpose loans, whatever the case may be, NIRSAL Microfinance has got you covered a hundred per cent.

It is fully licensed by the central bank of Nigeria as well as insured by Nigerian Deposit Insurance Commission (NDIC)

About Renmoney

Why Renmoney loans? Well, If you can’t stop dreaming about starting up that business then maybe you should act on it. You no longer need to rely on loved ones for the capital you need to start. There are loan companies in Nigeria that are waiting for you to reach out to them. Let’s take Renmoney Nigeria, for instance. Renmoney is a microfinance bank that prides itself as Nigeria’s most convenient lending company with innovations that deliver outstanding service experiences. They grant both personal and micro-business loans ranging from N50,000 to N6 million. 

Renmoney microfinance bank has a team of diverse executives with experience from multiple industries who work together to deliver the best to its customers. 

Renmoney Loan App 

Ratings –2.6-star rating with 48 reviews

Downloads – Over 5,000

App Size – 11mb

Version – 1.0.4

Offered By – Renmoney MFB

The Renmoney app fast-tracks loan applications and credit disbursements. It collects information seamlessly, verifies loan applications, and disburses money within 24hours. The app is available on Android only, and you can easily download Renmoney loan app from the play store.

Renmoney loan calculator

The best part about applying for loans nowadays is the fact that you can do the maths first to determine the interest you’ll get on the loan. You can understand this first even before applying for your loan through the Renmoney loan calculator. It is free to use, and when you do, this doesn’t mean that you have committed to taking the loan. It’s best to use this to know exactly how much you’ll pay back, the interest charged and the duration in which the payment is to be made. Once you’re up for it, you can go ahead and apply for the loan.

Renmoney Loan Requirements

Renmoney covers a variety of loans to suit each individual’s needs. The loans can be for school fees, smartphone funding, point of sale and loan at work. It is open to self-employed and employed individuals. It orders to qualify for the loan, and you must meet some criteria some of which include

1. You must fall within ages 22-59 years.
2. You must have an existing and active bank account with a commercial bank in Nigeria.
3. Must be well paid as an employee or own a thriving business
4. Both the employee and business owner must verify their monthly income and must have a clean credit bureau.
5. Your statement of account for up to six months is required, and there must be no issues of a returned cheque.
6. Have a recent passport photo and an identity card to prove that you’re a staff of your organisation.

If you’re certain that you meet the above criteria and more which are available on their website, you can fill the Renmoney loan application form, upload your document and submit. It is most likely that your loan request will be granted, but you must wait for this approval, and it usually happens within 24hrs.

Renmoney Loan Repayment 

Paying back a loan is never as exciting as getting the loan request granted. Most people would struggle at this point, especially if their investments or business venture with the loan yielded zero to no returns. Regardless of your emotions, once you receive a credit from RenMoney, you also choose a process for repayment. You can choose to repay in a month, or you can spread the loan across 12 months.  

Your Renmoney interest rate varies with the choice of loan repayment. The longer the duration for repayment, the more the interest rate. For instance, a full year repayment can attract up to 33.9% interest rate, but this will be lesser if the loan is paid back within 3-6 months. It is probably a method used to make its customers eager to pay back their loans. This is not just peculiar to Renmoney. It’s also the case with other loan companies like C24 loan, Palmcredit, Branch loan, Fairmoney, Paylater, Okash loan, and so on.

Renmoney Customer Care

If you’re all set to get that loan but need more guidance, you can reach to their customer care representatives through these Renmoney contact numbers 0700 5000 500 or 0700 73666639.

About Carbon Paylater

Carbon Loan is a product of One Finance and Investment Ltd. which started out as One credit in 2012. 

The company at the time only provided loans to salary earners, using a complete paper-based approach to its operation which required substantiating documents.

In 2015, after even considerable growth in operation and turnover of its business, One credit evolved into OneFi. With the involvement of the Credit Bureau of Nigeria and the introduction of unique Bank Verification Number (BVN), the company could extend its services to non-salary earners by leveraging on its field agents.

In 2016, the business evolved into a fully digital platform, and its name then changed to Paylater. As a result of this upgrade, they were able to capture the minds of millions of Nigerians through data and smartphones.

They figured that by using data and leveraging technology, they could provide credit to more customers, and simplify their application process. This led to the complete annihilation of the paper-based application process.

The Launch

The Carbon Paylater mobile App launched in May 2016 to effect this transformation. It was one of the best and first services of its kind—a fully digital lending platform which is available 24/7. You can get cash into a person’s account within minutes. Two years later, the Paylater mobile App got over 1million downloads.

To meet certain demands of the times as well as the complex nature of the customers’ need, the Carbon loan app was introduced. It expanded from just loan disbursements into bill payments, investments, and financial management.

Carbon is a representation of a person’s everyday needs and how they evolve into their existence. It also represents their intent to be a one-stop source for accessing a loan in Nigeria.

The Carbon Paylater App

• Ratings – 4.4-star rating with over 71k reviews
• Downloads – Over 1m downloads since 2016
• Year of Release – 2016

The Carbon App is a one-stop destination for mobile financial transactions. You can get instant loans to meet urgent financial obligations, effect a money transfer to another account, investments at high-interest rates, recharge airtime and pay bills anytime. All these and more can be done on the App right from your mobile phone. 

How To Use The Carbon Loan App

1. Search for the app “Carbon” on Play Store or App Store to download
2. Download the App
3. Create your account in minutes
4. Get instant access

There are four sections with distinct features you may find useful.

1. Loan Section: This is the first section where you can request for a loan.
2. Payment Section: In this section, you can carry out various payment activities. These include buying airtime, sending money to someone, subscribing to the internet and paying electricity bills.
3. Financial Tools Section: This section offers investment opportunities such as opening a fixed deposit account. You also get a free credit report here.
4. Transactions Sections: Here, you get an overview of all transactions you carried out on the App.

How To Get a Carbon Loan

• Follow the steps as mentioned above up till step 4
• Register to provide all the details. Name, phone number, email, etc
• Upload your photo before you can access loans. The picture can be taken directly from the App
• Click on the “Request a Loan” button
• Wait for your loan approval. This usually takes only a few minutes
• After loan approval, you accept the offer and provide your card details. Usually, the duration of the loan ranges from 30 days to 12 months.

Carbon Loan USSD Code

The Carbon Paylater USSD code can be used on both MTN and 9mobile platforms by dialing *1303#. You can check out this post to see other USSD code for loans in Nigeria.

How to Pay Back a Carbon Paylater Loan

Loan repayment on the Carbon Paylater app is straightforward, and there are different channels in which you can pay back your loan.

There is a direct debit channel. This channel enables the App (by your permission) to deduct the loan amount due directly from your account on the date stated by you. During the loan application, you would have filled out the details of your bank account as well as your preferred date of deduction.

You can also pay directly into their account either by transfer or over the counter. As soon as there’s confirmation of payment, your carbon account will be updated automatically.

Why Would You Want To Use Carbon Loan?

With Carbon, easy financial transactions are always just a click away.

• Their service is available 24/7 and you can initiate and effect a transaction anywhere on your mobile
• Minimum requirements of just an android phone, data connection and a valid means of identification
• Funds are available for everyone regardless of who you are
• Transparent services. No hidden charges
• There are several rewards for any positive actions like a referral, early repayments, etc.

In the recent past, getting a payday loan from a commercial bank required a lot of paperwork bureaucracy with the availability of collateral and guarantor. This process usually took weeks or sometimes even months, thereby draining the loan applicant physically and mentally. 

The emergence of fintech companies changed the landscape of how lenders offered loans in Nigeria. With the help of mobile technology, the fintech companies were able to disburse loans in minutes with no paperwork or guarantor. It led to fast exponential growth in the credit industry with the Credit Bureau of Nigeria and the administration of Bank Verification Number (BVN) playing significant roles respectively.

In a bid to compete with the financial technology companies, the Nigerian commercial banks are equally launching quick and accessible payday loan platforms. They offer easy and fast loans to their customers without collateral and with a very low-interest rate as their trademark. 

In contrast to the old practice of granting loans with high-interest rate loans with loads of paperwork and a list of guarantors, among others, the commercial banks now provide quick loans. One of the significant ways they offer these loans is through salary advance in fast and straightforward ways. They termed these payday loans.

What is a Payday Loan?

A Payday Loan is an amount of money lent at an agreed interest rate, and repayment is expected when the borrower receives his next salary.

Nigerian Banks with Payday Loan Offerings

1. Access Bank Payday Loan

With Access bank Payday loan, customers can enjoy the loan facility at low-interest rates with no paperwork or collateral needed. 

This loan service is available to both salary and non-salary earners. It helps meet the emergency needs of customers at any time before their next payday. 

Access Bank USSD Code

The Access bank payday loan is a 24/7 service that requires neither your physical presence in the bank nor any paperwork. It is an unsecured loan. This means that you are not required to provide any collateral.

You can access this loan in minutes using the Access Bank payday loan code – *901*11# or *426*11#. You can also use other channels like the Access bank Internet Banking platform, their WhatsApp Banking, or the Access Mobile App. 

2. GTBank Payday Loan

GTBank launched the GTBank payday loan and Quick Credit loan platforms to provide funds of up to N5m in a few minutes to its customers. 

The salary advance payday loan is only available to customers whose salary account is domiciled in the bank. They must have received a salary from the same employer in the past three months. 

The quick credit, on the other hand, is available to both salary and non-salary earners, and you can get between the sum of N10,000 and a maximum of N5m.

With no hidden charges, the bank charges an interest rate of 1.33% per month. This makes it a very cheap and competitive loan facility.

Requirements for Accessing a GT Bank Payday Loan

• Applicants must earn a minimum of N25,000 for the public sector and N50,000 for the private sector.
• Thirty days tenor for a salary advance platform. Renewable every month
• For applicants who are not salaried earners, you must have had an inflow of a minimum of N20,000 to your account in the last six months.
• Applicants should be at least 18 years of age.
• Convenient repayment plan between 3 to 12 months

To apply for salary advance instantly, use the GT Bank payday loan code – *737*8*2# to begin but to confirm your eligibility and request for a quick credit loan immediately, dial *737*51*51#.

GT bank Salary Advance and Quick Credit is readily available on all GTBank online and mobile banking platforms (Internet Banking, GTWorld, GTBank Mobile App and Habari App).

3. Polaris Bank Salary Advance/Payday Loan

With Polaris salary advance payday loan, you can access up to 70% of your next salary in advance.

Loans can be processed and disbursed in less than 2 minutes using the Polaris USSD payday loan code *833*12#. See other USSD code for loans in Nigeria.

Disbursed funds can also be accessed 24/7 via ATM or your mobile device using USSD codes, PolarisMobile and PolarisXperience.

Requirements for Accessing The Polaris Payday Loan 

• Applicants must be in the employment of any reputable organizations in either private or public sectors.
• Customers’ salary account must be domiciled with Polaris Bank.
• Other Terms and conditions apply.

4. Zenith Bank Payday Loan

Zenith Bank offers its customers the Zenith bank loan – a scheme designed to meet short-term expenses that may come up before the next payday. It is one of the top loan products offered by banks in Nigeria. Confirmed salary account holders of the bank can use the Zenith bank payday loan USSD code – *966# to access it.

Zenith Bank Loan Eligibility

• The salary and allowances of the customer must be domiciled in Zenith Bank.
• The bank has an Indemnity clause in its loan contract, giving the bank Right of Set-off in any other bank using BVN. Upon payment default, they have the right to deduct your loan amount due to the customer’s different bank accounts. You can learn more about professional indemnity insurance.
• As an applicant, you can borrow up to 60% of your monthly salary.

Is It Advisable To Take A Payday Loan?

Payday loans are great for a quick fix. However, it not advisable to make it a habit. They should not be a go-to solution for ongoing debts or recurring bills.

If you have a financial need, be sure to get all the facts before you consider borrowing against your next paycheck. It’s best to cross-examine your financial situation for smarter ways to free up any extra money or responsibilities before opting for a payday loan.