Tired of loan sharks? Check out some CBN-approved payday loan offers


Nigerians looking for a quick influx of cash to meet their expenses have various options to purchase the best loans according to their needs from licensed commercial banks.

Rather than going to loan sharks or borrowing from bad loans application sitesthese payday loans offers can be great for you, especially if you are an employee.

Nairametrics reported that the Central Bank of Nigeria has told people in need of funds torefrain from borrowing from loan sharks and go to banks rather.

To access a loan for your business, the Governor of the Central Bank said that “you don’t need to know anyone, just go to the portal, fill in the form, submit your data. If your data is correct, you will be able to access the loans.

Read: Loan apps go gangster, send ‘shame’ messages to close contacts of defaulting debtors

Given Nigeria’s recent inflation figures of 15.63% (a riseohm 15.4% recorded in November 2021)it is understandable that the average salary can experience difficulty meeting day-to-day transitional obligations. Given the current economic situation situation, it would be prudent to look at loans that the average Nigerian can easily and affordably access rates.

Nairametrics reported that as many as 17 commercial bankshad approached the CBN seeking torestructure their loan portfolios due to adverse effects of the pandemic such as bank defaults. However, aAmid the risk, some banks are still giving out loans, especially payday loans.

Read: FCCPC to Investigate Illegal Practices and Violations of Rights in the Money Lending Industry

Here are some of the loan offers in Nigeria:

GTBank Quick Credit

Guaranty Trust Bank Plc offers the lowest monthly interest rate of 1.5%. There are no hidden fees associated with this financing. In other words, there are no costs associated with this loan in terms of management, legal or insurance. Another reason why working class Nigerians prefer GTBank loans is that they do not require collateral.

Also, GTBankit is ready fast insures salaried and self-employed customers up to N500,000 to N5 million at a monthly interest rate of 1.5%. Salaried customers can borrow between 10,000 and 5 million naira, while self-employed customers can borrow between 10,000 and 500,000 naira. Clients in both groups can repay their loans in 6 to 12 months. There are no hidden fees here.

Read: CBN on Watchlist for Recalcitrant Defaulters through GSI


United Bank for Africa Plc announced Click on Credit in February 2020, a term loan aimed at at to helping UBA clients meet their immediate financial demands. Customers eligible for this convenient loan facility can borrow up to N5 million. According to information on the bank’s website, the loan can be repaid in 12 months at a monthly interest rate of 2.5%. There are no hidden fees associated with this financing.

It is quite simple to apply for this loan. No paper is needed. You can use the bank’s USSD code or its online banking services to apply.

Zenith Bank Term Loan

Only salaried professionals with Tier 1 bank accounts are eligible for a Credit Zenith Bank Plcnm These consumers can borrow up to 60% of their monthly salary, but at a monthly interest rate of 2.16%. Borrowers must also pay a management fee of one percentage point.

Requirements include: account opening form, a photo ID of the authorized signatory, a letter of introduction from your employer on company letterhead and a staff ID card.

Access Bank Payday Loan

For payday loans, Access Bank Plc charges an interest rate of 4%, an administration fee of 1% (fixed) and a credit life insurance fee of 0.15% (fixed). Employees with Access Bank accounts can get up to 75% of their salary, or other amounts that Access Bank may authorize.

the payday Access Bank loan has a term of 30 days. Customers can use the bank’s electronic banking channels to apply, including their USSD code. The Borrower agrees to waive the 3 day cooling-off period to allow for disbursement.


  • Receipt of monthly salary (via payroll administration). Aat least 1 month’s salary must be received in the Borrower’s account at the Bank.
  • Complete the application via the banks electronic banking platforms including but not limited to USSD *901*11# chain, ATM, mobile banking app, online banking and QuickBucks app.
  • Automated confirmation of eligibility and visibility of last month’s payroll through a separate pre-approved customer database.
  • Acceptance of the offer via his electronic banking platforms including but not limited to *901*11#, ATM, mobile banking app, online banking and QuickBucks app.
  • Acceptance of the Terms and conditions.
  • Irrevocable domiciliation of salaries at the Bank.

FCMB Fast Cash

For Ccustomers of First City Monument Bank Ltd, fast loans of N100,000 and N200,000 are available. Loans can be accessed instantly via USSD code, according to information on the bank’s website, and no collateral is required. There is an interest rate of 8% monthly, plus a 1% management fee that would be paid upfront as soon as the loan is disbursed.

Fto eat

  • Instant access to funds
  • Up to N200,000 of loan amount
  • No paperwork required, just apply via mobile app or *329*11#
  • No collateral needed
  • Interest rate for employees is 8% while non-employees are 15% upfront fee
  • 30-day terms for new customers
  • Up to 90 days cleaning cycle for loyal customers
  • The client can apply as many times a year as he is qualified.

First Bank

With First Bank’s Personal Loan Against Salary Service, you can repay your loan over a period of up to 36 months, subject to a retirement age of 60 and a flexible repayment plan. You are not required to provide a guarantor, and the processing time is fast. Minimal documentation is required, but no capital contribution is required. However, for the duration of the flexible repayment structure, your salary account must be domiciled with FirstBank.

To apply for a Personal Payday Loan, you will need the following documents:

  • Letter of application
  • Personal loan application form
  • Payslip
  • Balance sheet.
  • Letter from the candidate indicating the total emolument.
  • Confirmation of applicant’s employer on NBF approved list.
  • Irrevocable salary domiciliation letter for the duration of the facility.
  • Fill out the form and submit it to the nearestFirstBank Branch.

FirstAdvance is a 30-day permanent digital loan solution that provides convenient and easy access to cash for customers awaiting salary payments. The product is designed for employees whose accounts are domiciled with First Bank and who have received regular salaries for the past two months or more. The maximum amount that the client can access is N500,000, subject to 50% of net monthly salary. This product can be accessed through FirstBank’s digital channels: FirstMobile App (FirstBank’s mobile banking application) and USSD by dialing *894*11#.

There are no hidden fees associated with accessing FirstAdvance, as only the client will have to pay all fees up front when disbursing the loan, which includes an interest rate of 2.5%, 1% handling fee while loan amount is repaid within next 30 days or upon receipt of salary contribution (whichever comes first).

Also with First Bank Payday Personal Loan offer, individual earners can access a higher loan limit with a flexible repayment plan. Minimal documentation is required and the processing time is fast.

However, your salary account must be domiciled with First Bank for the duration of the loan.


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