Best Payday loans in Nigeria (Salary Advance) in 2021

Best Payday Loans In Nigeria 2021

There are lots of financial companies and institutions that offer loans without collateral. Employees and workers can borrow salary advance loans from financial institutions in Nigeria.

A payday loan is a short-term loan that requires the borrower to have previous employment or payroll records. Also, they are unsecured loans that do not require the borrower to present a form of collateral to get the loan.

Previously, getting loans from banks involves filling, completing and submitting files, doing lots of paperwork, tabling a list of guarantors and most times, bringing collateral like a landed property or vehicle. These days, things have changed and you can now get salary advance loans from banks quicker and easily.

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How Does Payday loan Works?

When you obtain a salary advance loan in Nigeria, you can pay it back in your next salary payday or on an agreed date in the future. You can borrow up to N500,000, however, some lenders may restrict you from accessing higher amounts especially if you are a first-time borrower.

Typically, the loan periods begin less than a week and may last for a couple of months. For instance, Zedvance’s loan period begins at a day and runs throughout the month. There are no early repayment charges, however, you may pay some fees when setting up the loan as well as the interest rate, which is calculated on an everyday basis.

In this article, we will look into the top five salary advance loan providers in Nigeria. Also, we will provide you with information on how to get the loan and the requirements.

GTBank Payday loan

Guarantee Trust Bank (GT Bank) launched the Quick Credit program to provide funds for employees and salary earners. You can have up to three months of your salary in less than five minutes.

Quick Credit provides you with funds worth 3 months of your salary at a competitive interest rate of 1.75% every month. There are no hidden charges incurred on you, it is totally cheap and available for you as long as you have a salary account with GTBank.

If you don’t have a salary account with GTB, you will need to open an account to get the salary advance loan. You are eligible for this loan if you gave received a monthly salary from your employee for a period of at least 3 consecutive months.

  • You must be at least 18 years.
  • You must earn a minimum of N10,000 every month.
  • You must not be more than 60 years old at the loan maturity date.
  • Applicants must not have any unpaid loan from other banks on Remita.

You can access Quick Credit on all GTBank online, mobile and internet banking platforms.

UBA Bank Payday loan

UBA provided Overdraft to meet the demands and needs of its depositors. Overdraft is a short-term credit facility that allows you to overdraw as much as N3,000,000 on your current account for up to 6 months.

You have to repay 5% of the money till the end of the sixth month when you will clear out the total outstanding. Overdraft by UBA has been helpful in providing her customers with money when they have insufficient funds in their bank accounts. The method of repayment is structured and convenient.

This initiative was created for executives, partners, directors and mid-level management staff of reputable companies in the private and public sector, who have an after-tax annual income of N5,000,000.


  • They are made for individuals and account holders who do not have records of returned cheques due to a shortage of funds.
  • Salaries must’ve been paid through UBA for a period of at least three months.
  • Applicants are to complete a UBA Consumer Loan Application Form which can be obtained from any UBA branch or downloaded online.
  • Applicants must submit their application to their branch’s Customer Service Officer.

Zenith Bank Payday loan

Additionally, Zenith Bank provides its depositors with the Salary Advance Loan. The loan initiative was designed to funds short-term needs and expenses which may arise before the next monthly salary.

It is available to verify and professional salary account holders of companies. The interest rate is 26% (per annum) or 2.16% per month. Zenith Bank charges a 1% flat management fee which is subject to a minimum of N5,000.


  • Your allowances and salary as an employee must be domiciled in Zenith Bank.
  • Applicants can borrow up to 60% of their monthly salaries.
  • Indemnity clause gives the bank Right of Set-off in another bank through the use of Bank Verification Number (BVN). That is, if for any reason, you are not able to pay back the loan, or if Zenith Bank is unable to process repayment deductions when its due, the Indemnity Clause gives the bank the right to recover and take back the debt by accessing the funds you may have in other Nigerian banks by using BVN.

Access Bank Salary Advance loan

Payday Loan by Access Bank was launched to help the bank to meet up with emergencies and the needs of its numerous investors which may pop up before payday. The PayDay loan allows you to borrow money from Access bank at low-interest rates without collateral.


  • Loans are provided for a tenor of up to 31 days.
  • No collateral needed.
  • No documentation or paperwork required.
  • 24/7 service that doesn’t require you to pay frequent visits to the bank.
  • You can get the loan through the Access Bank internet and mobile banking platforms.

First Bank Salary Advance loan

First Bank launched the Personal Loan Against Salary initiative to help you meet your personal financial needs and expenses without having to wait till payday. It is all for who are under salaried employment and it doesn’t require you to bring guarantors.

Applicants get a repayment option of up to 36 months and their salary account with be with the FirstBank Plc.


  • Application letter.
  • Payslip.
  • Statement of accounts.
  • Applicant’s letter of total emolument.
  • Confirmation of your employer on the First Bank of Nigeria approved list.
  • A letter of irrevocable domiciliation of salary for the period of the facility.


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