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Payday Loan: How To Acquire Fast Loan From CBN Approved Sources

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There is a general saying that the take-home pay of most Nigerian workers can’t ‘take them home’, hence, most of them usually look for extra means of sourcing money to meet their financial demands.

This probably has led to the high growth rate of loan application sites but many have been discovered to only promise and not deliver.

Others that actually give funds to their clients have become loan sharks, adopting unconventional means of going after their clients who may default as there is usually no collateral involved.

But amidst all these, There are some banks that offer loan services approved by the Central Bank of Nigeria (CBN) from which workers particularly monthly salary 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 to both salary earners and non-salary earners).

According to the CBN, “you don’t need to know anybody, just go into the portal, fill the form, send your data. If your data is correct you would be able to access loans” based on stipulated terms and conditions.

Below are some payday loan services rendered by banks which Nigerians who need quick cash to meet their expenses can explore.

GTBank  Quick Credit

Whether you are a salary earner or self-employed, you can get cash from GT Bank quick credit instantly, and pay back over 6 – 12 months. Quick Credit gives you funds up to N5million at an interest rate of 1.5% monthly, without collateral and there are no hidden charges involved.

You can request for QuickCredit instantly by dialing *737*51*51# or visiting their site online as well as through the bank’s app.

The minimum amount is N10,000 and the maximum N5million for salary earners and N500,000 for non-salary earners.

Access Bank Payday Loan

You can make use of 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 (both salary and non-salary earners). With Payday Loan, you can borrow money at low interest rate with no documentation or collateral needed.

It has up to thirty-one (31) days tenor.

The interest rate for Access Bank PayDay Loan is 5%. Other charges include a 1% management fee, and 0.3% credit life insurance, which are taken upfront.

First Bank Personal Loan Against Salary Service

Applicants must have a salary account with First bank to enjoy this service.

The highest amount a consumer can borrow is N500,000, which is limited to 50% of their net monthly wage.

This product can be accessed through FirstBank’s digital channels: FirstMobile App (FirstBank’s Mobile Banking App) and USSD by dialling *894*11#.

The customer must pay all charges upfront upon loan disbursement, which includes a 2.5% interest rate and a 1% management fee, while the loan amount is repaid within the next 30 days or upon receipt of paycheck inflow (whichever comes first).

First Bank’s First Advance

FirstAdvance is a 30days tenured digital loan solution that offers convenient and easy access to cash for customers awaiting payment of their salaries.

The product is designed for salary earners whose accounts are domiciled with First Bank and have received regular salaries in the last two months or more.

The maximum amount to be accessed by the customer is N500,000 subject to 50 percent of net monthly salary.

This product can be accessed through FirstBank’s digital channels: FirstMobile App (FirstBank’s Mobile Banking App) and USSD by dialing *894*11#.

There are no hidden fees associated with accessing FirstAdvance as customers only will have to pay all charges upfront upon loan disbursement which includes interest rate of 2.5%, one percent management fee while loan amount is repaid within the next 30days or upon receipt of salary inflow (whichever comes first).

UBA Click Credit

UBA offers salary earners a loan of up to 1 Million Naira at an interest rate of 30% annually (2.5% monthly) and payback easily over 12 months with no hidden charges through its click credit scheme.

A UBA account with a regular inflow of at least N25,000 monthly is required to access the loan.

There is no need for any paper works as the bank’s USSD code or its internet 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 one-percentage-point management charge.

The following are requirements to access this loan service: account opening form, one passport photograph of authorized signatory, a letter of introduction from your employer on the company’s letterhead, and a Staff identity card.

FCMB Fast Cash

FCMB FastCash is a paperless credit facility with no collateral required. It is an instant loan, and you can apply via the mobile app or USSD code *329*11#

Customers can get up to N200,000 at an interest rate of 8% monthly, plus a management fee of 1 percent which would be paid upfront as soon as the loan is being disbursed.

Non-salaried application is 15% upfront charge.

Other conditions are 30 days tenors for new customers, and up to 90 days clean up cycle for returning customers.

 

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Rema defends self-confidence after ranking himself among Afrobeats’ greats

Rema defends his self-confidence, clarifying that acknowledging his greatness doesn’t equate to arrogance, but rather hard-earned success.

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Rema defends his self-confidence, clarifying that acknowledging his greatness doesn’t equate to arrogance, but rather hard-earned success

 

Nigerian music sensation Rema has addressed the controversy surrounding his recent statement in which he ranked himself among Afrobeats’ top four artistes.

Also read: ’Let Us Remain Calm in the Face of the Storm’’ – Tonye Cole Campaign Organisation Advises

Speaking in an interview with *Rolling Stone*, the “Calm Down” hitmaker clarified that his self-confidence should not be mistaken for arrogance, stressing that his recognition of his own success is rooted in his dedication and hard work.

The 24-year-old singer’s comment had drawn attention after he included himself in a list of top Nigerian musicians. Rema, however, believes that acknowledging one’s greatness is not an act of boasting but rather a reflection of belief in one’s own journey.

He expressed his frustration over the backlash, questioning why it’s controversial to stand by one’s success.

“So on ‘Heis’, I was talking a lot of s**t. It is not cocky. It is like, what stops you from saying you’re the best? You can say it and stand your ground. It is even humble to say four,” Rema explained.

The artist also drew comparisons to rapper Kendrick Lamar, pointing out that unlike Lamar’s diss track “It’s just big me,” which often involves tearing others down, he does not feel the need to diminish other artists to lift himself up.

Instead, Rema emphasized that his belief in his place within Afrobeats is part of a larger vision of unity for the genre.

“I didn’t pull down the two, I didn’t pull down the three. I just see myself as one of the greats, and it’s a problem. I’m not saying ‘oh f**k everybody.’

I really vouch for the unity of Afrobeats,” he said, reinforcing his stance of fostering collective success within the African music scene.

Rema’s comments come at a time when Afrobeats is experiencing global recognition, with Nigerian artistes like him continuing to lead the charge in the international music scene.

His openness about his confidence highlights a broader trend where many artistes are asserting their place in the global music hierarchy, which continues to spark conversation about self-promotion and humility in the industry.

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Military attacks on electricity discos spark outrage, threat of nationwide strike

Military attacks on electricity distribution companies in Nigeria have sparked outrage, with unions warning of a nationwide strike if violence continues.

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Military attacks on electricity distribution companies in Nigeria have sparked outrage, with unions warning of a nationwide strike if violence continues

 

The Federal Government is facing intense criticism for its failure to address a series of violent attacks by military personnel on electricity distribution companies in Nigeria.

The latest in a disturbing series of assaults occurred on 14 March 2025, when soldiers from the Nigerian Army attacked the Eko Disco substation in Badagry, Lagos, continuing the trend of military aggression against power companies.

The National Union of Electricity Employees (NUEE) has expressed alarm over the growing threat to the safety of workers, warning that unless these attacks cease, they will have no choice but to withdraw their services nationwide.

The union condemned the assault on the Eko Disco facility, where two employees were abducted, tortured, and detained by soldiers after being accused of poor power supply to a military barracks.

This attack comes just one week after a similar incident at Ikeja Electric, where personnel from the Nigerian Air Force raided the company’s headquarters in Alausa, Lagos, on 6 March 2025.

The military personnel stormed the facility in military trucks, brutalising employees and journalists present on site.

The Air Force had earlier issued an ultimatum to Ikeja Electric demanding reconnection of power due to an outstanding N4bn debt, and upon expiry, took matters into their own hands, resulting in violent reprisals.

The attacks have raised concerns among industry stakeholders about the lack of action from the Nigerian government.

Despite the severity of the assaults, no response from the Presidency, Ministry of Defence, or the Chief of Defence Staff has been forthcoming, leaving many questioning the government’s commitment to protecting civilian infrastructure from military overreach.

The Association of Nigerian Electricity Distributors (ANED) has highlighted the alarming trend, suggesting that if the government had taken action against the military personnel involved in the Ikeja Electric attack, the subsequent assault on the Eko Disco substation might have been prevented.

The group’s CEO, Sunday Oduntan, warned that the lack of accountability for the officers involved emboldened others to repeat the violence.

The attacks have also drawn attention to the broader issue of the military’s relationship with civilian entities in Nigeria.

According to Oduntan, the impunity displayed by the military, particularly the officers involved in the Ikeja Air Force Base invasion, has resulted in further harassment of workers, who are now faced with both physical violence and professional intimidation.

“We are calling out the President, the National Security Adviser, and the Chief of Air Staff for their silence on this matter,” Oduntan said.

“The lack of response from these authorities is paving the way for further military aggression. This impunity must stop.”

The attacks on electricity workers have also drawn condemnation from the NUEE, which stated that the abuse of workers, particularly by military personnel, cannot continue.

The union’s Acting General Secretary, Dominic Igwebike, released a statement calling the assault on the Eko Disco substation an “unprofessional and atrocious act,” demanding that those responsible be held accountable.

The NUEE warned that unless immediate steps are taken to ensure the safety of electricity workers, they would be forced to go on strike, potentially plunging the country into a nationwide power outage. “To be forewarned is to be forearmed,” the statement concluded.

The recent spate of military invasions has exposed deep concerns about the security of critical infrastructure and the safety of workers across Nigeria.

As the situation continues to escalate, many are urging the government to act decisively to prevent further violence and restore confidence in the country’s power sector.

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FG approves Modular Refinery in Abia to boost industrial growth

The Federal Government has approved the construction of a modular refinery in Abia State, set to drive economic growth and industrial development.

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 The Federal Government has approved the construction of a modular refinery in Abia State, set to drive economic growth and industrial development

 

The Federal Government has granted approval for the construction of a modular refinery in Abia State, a move expected to boost industrialisation and economic development in the region.

Abia State Governor, Dr. Alex Otti, announced the approval during the flag-off of the reconstruction of the 11.1-kilometre Obehie-Umudibia-Owaza Road.

He revealed that the refinery would be built by H.I.S. Refinery and Petrochemical Company Limited and will be located at the Abia Industrial and Innovative Park (AIIP) in Owaza, Ukwa West Local Government Area.

Governor Otti highlighted the project’s significance beyond infrastructure development, stating that it would revitalise dormant economic assets and create new opportunities for residents and businesses.

“This project is not just about creating access to the towns and villages along this corridor.

It is about reviving dormant economic assets, opening new horizons, and reigniting the dreams that once inspired our forefathers,” he said.

The governor also assured stakeholders that the state government would provide full support to ensure the successful completion of the refinery, positioning Abia as a key player in Nigeria’s industrial growth.

The approval of the modular refinery aligns with ongoing efforts to enhance local refining capacity, reduce dependency on imported petroleum products, and create jobs in the oil and gas sector.

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