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.
”Your mentorship, humility, and resilience was exemplary” Oando Boss, Wale Tinubu Mourns Barkindo
Oando, LAMATA sign MoU on electric mass transit buse
Oando Clean Energy Limited has announced the signing of a Memorandum of Understanding (MoU) with the Lagos Metropolitan Area Transport Authority (referred to as LAMATA), the Lagos State Government agency tasked with planning, implementing, regulating and franchising sustainable integrated public transport in Lagos.
The MoU establishes a partnership between OCEL and Lagos State in her journey to becoming a sustainable city via the rollout of electric mass transit buses, supporting charging infrastructure and service centres (EV Infrastructure Ecosystem).
The statement obtained from the NGX noted that with over 25 million residents, Lagos is the most populous city in Africa and among the top ten of the world’s fastest-growing megacities.
Speaking at the MoU signing ceremony, Commissioner for Transportation, Lagos State, Dr. Frederic Oladeinde said the MoU represented the State Government’s commitment to cutting greenhouse gases by replacing them with cleaner sources of energy.
Oladeinde said, “With an understanding that transportation is a key emitter of greenhouse gases in Nigeria, we developed a strategy to cut greenhouse gases by 50%. A key component of this strategy was identifying and developing a more robust mass transit system for Lagos that would include rail and waterways amongst others. Using electricity to power mass transit is a step in the right direction, and from there we would gradually transit to private cars.
“This is just the beginning, there is still a lot more to come on stream. I commend LAMATA and Oando on this MoU signing, and both parties can be rest assured that they have my full backing to ensure success,” he added.
Commenting on the MoU signing, the Managing Director, LAMATA, Engr. Abimbola Akinajo said: “We began this journey late last year, and for us, this has been a rapid development. It speaks to the energy and zeal of both organizations, and that is commendable. Oando Clean Energy came to us with a comprehensive solution that went beyond electric mass transit buses to include supporting infrastructure, and this was key for us, as the full remit of an EV support ecosystem is the only way to achieve success.
“This initiative will not only accelerate the Government’s transportation agenda, but also positively impact the health of Lagosians and the environment. The magnitude of its impact is far-reaching, and when you start to look at it as more than a transport initiative, you will see how laudable a project it is. The Oando brand comes with know-how and experience, and we are relying on this to successfully move from MoU signing to actual implementation that will in the medium to long term benefit over 22 million Lagos commuters. We look forward to a very robust and fruitful partnership.”
In his response, the Chairman, Oando Clean Energy, Adewale Tinubu, who was represented at the MoU signing by Dr. Ainojie ‘Alex’ Irune said: “Oando Clean Energy was born out of a need to curate the best energy mix to propel Nigeria and indeed Africa, to its full potential.
As a company, Oando has always championed Public-Private Partnerships as fundamental to Nigeria’s industrialization. Through the signing of this MoU, we are revolutionizing the landscape of mobility by pioneering e-mobility in Lagos. Furthermore, we remain dedicated to achieving our national commitment to net-zero by 2060, ending energy deficiencies and further propelling the country to an industrialized phase through decentralized and sustainable energy systems.
We are excited to be embarking on this journey with Lagos State and must commend their foresight and willingness to forge a template for others to follow. It’s easy to be perturbed by the perceived challenges that come with the mega-city status tag, but by taking this bold step, Lagos is showing the continent what is indeed possible and giving other cities the impetus to redefine today how to build a public transport system for the future.”
Over the last decade, the number of vehicles on Lagos roads has quadrupled, yet studies suggest that Lagos could become the world’s most populated city by 2100 with as many as 100 million residents; and as the city grows, so will the number of vehicles.
This upward trajectory in vehicle numbers poses a significant challenge as transportation has been identified as the key contributing sector at circa 23% to 30% in annual CO2 emissions.
Against this backdrop, the Public-Private Partnership (PPP) between LAMATA and OCEL will enable the successful fulfilment of the objectives of the Lagos State Government through the deployment of an EV Infrastructure Ecosystem towards the attainment of a sustainable road transport system in the State.
Furthermore, this initiative will bridge the existing gap in available mass transit buses for the increasing number of Lagos commuters.
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.
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