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.
Ogun State Governor, Dapo Abiodun, Wins Primary for Second term
The Ogun State Governor, Prince Dapo Abiodun, has emerged winner of the state governorship primary of the All Progressives Congress.
In the primary election conducted at the MKO International Stadium, Abeokuta, five other aspirants contested against the governor.
The aspirants include Olubiyi Otegbeye, Mrs Modele Sarafa- Yussuf, Mr Owodunni Opayemi, Remilekun Bakare and Abdukadir Akinlade.
Of the six aspirants, only Abiodun, attended the primary, while agents of all other aspirants, announced their presence and did what was expected of them.
Giving the details of the election, that was conducted in a peaceful atmosphere, the Chairman of the Ogun State APC Primary Election Committee, Chief Wale Ohu, disclosed that 1,180 delegates, from the 20 local governments, were accredited for the exercise.
Announcing the results, Ohu, said Abiodun scored 1,168 votes, while other aapirants, did not secure any vote, saying that two votes were voided.
Prior to the commencement of the process, Ohu, announced to the delegates and all the leaders of the party that attended the event, that all required agents, were present.
Ohu took time to read out names of the officials of the Independent National Electoral Commission (INEC) and other officials of the APC officials that were sent from the National Secretariat.
Lagos Security: Ifalade Host Corp Superintendents, Harps on Preparedness
The General Manager of the Lagos State Neighbourhood Safety Agency LNSA; Prince Dr. Ifalade Ajasa Oyekan has advised Corp Officers to remain focused as politics goes full swing in preparation for the 2023 general elections across the country.
Ifalade said this while speaking to Corp Superintendent from the 57 LGAs and LCDAs at a special briefing held at the Corp headquarters, Oshodi.
At the meeting, He advised Corp Superintendents to raise their level of preparedness through regular drills and security advocacy with officers of the agency.
Dr Rasak Balogun, the Executive Secretary of the Lagos State Security Trust Fund paid a surprise visit to the Agency and also enjoined officers to imbibe the culture of Multitasking in the face of the expected challenges officers will confront in view of the forthcoming Elections amid other security issues.
Prince Oyekan on behalf of the Agency, thanked Dr. Rasak Balogun for his usual support while assuring the general public of the Agency’s readiness to meet the challenges expected from the high octane politics, and sundry safety and security issues.
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