PayDay Loans in Nigeria
Last updated on August 7th, 2023 at 11:58 am
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. See how to check BVN if you no longer have your details.
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.
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.
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.
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.
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.
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).
Now you can compare interest rates from different lenders with our loan simulator and get the best deal. Making an informed loan decision requires comparing different loan offers before making a commitment. Through our simulator, you can see at a glance, loan offers coming from different lenders in less than 5 minutes, so you can make the right decision regarding your financing. Try it today
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.
Check out: Can Self-Employed Individuals Get Payday Loans?
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.
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.
