What is a Payday loan- Banks offering Payday Loans in Nigeria

What is a Payday loans: Banks offering Payday Loans in Nigeria

Getting a payday loan from a commercial bank used to entail a lot of paperwork and bureaucracy, as well as the availability of collateral and a guarantor. This process might take weeks or even months, depleting both the physical and mental energy of the loan applicant.

The introduction of fintech companies altered the landscape of how Nigerian lenders provided loans. Fintech companies were able to distribute loans in minutes with no paperwork or guarantee because to mobile technology. The Credit Bureau of Nigeria and the management of the Bank Verification Number (BVN) both played important roles in the credit industry’s rapid exponential growth. TOP HOUSING LOANS PROVIDERS IN NIGERIA

Commercial banks now give speedy loans, as opposed to the former practice of issuing high-interest rate loans with a lot of paperwork and a list of guarantors, among other things. One of the most common methods they provide these loans is through salary advances, which are quick and easy to obtain. These loans were dubbed payday loans.

What is a Payday loans: Banks offering Payday Loans in Nigeria

What is a Payday Loan?

A Payday Loan is an amount of money lent at an agreed interest rate, and repayment is expected when the borrower receives his next salary. Payday loans are a form of cash advance that is intended to help you get by until your next paycheck arrives. They are one of the most expensive loans accessible, despite the fact that they are usually for tiny amounts.

Payday loans are ideal for short-term financial needs. It is not, however, wise to make it a habit. They shouldn’t be used to pay off long-term obligations or recurrent bills.

If you have a financial emergency, be sure you have all of the facts before taking out a loan against your next salary. Before taking out a payday loan, analyze your financial circumstances for smarter alternatives to free up any additional money or responsibilities.

List of Banks in Nigerian that offers Payday Loan

Below are a list of a few banks in nigeria that offers Payday Loans:

1. Access Bank Payday Loan

How to get Access Bank PayDay Loan through USSD code/mobile

Access bank payday loans are available 24 hours a day, 7 days a week and do not require any paperwork or physical presence in the bank. It’s a personal loan with no collateral. You are not needed to furnish any collateral as a result of this.

The Access Bank payday loan code – *901*11# or *426*11# – can be used to get this loan in minutes. Access bank’s Internet Banking platform, WhatsApp Banking, and the Access Mobile App are other options.

Customers can take advantage of a low-interest loan with no paperwork or collateral requirements with an Access bank Payday loan.
Both salaried and non-salaried individuals can use this loan service. It assists customers in meeting their immediate demands prior to their next payday.

2. GTBank Payday Loan

Gtbank Quick Credit for Payday Loan and Small Business : Requirements and How to apply - How To -Bestmarket

If you Are a Gtbank user looking for cash or loan solutions to help you pay your bills? Gtbank has got you covered with the introduction of it Quick Credit for Salary and Non-Salary account holders.
Gtbank Quick Credit is a short-term loan available to both salary and non-salary account holders. Customers who have salary accounts with the bank can borrow up to 100% of their monthly earnings at a low interest rate of 1.5 percent and enjoy a flexible payback schedule of up to 12 months.

Customers can now acquire the money they need right away and pay it back over the course of 6 to 12 months. Quick Credit provides customers with money up to N5 million at a monthly interest rate of 1.5 percent.

The salary advance payday loan is only available to customers whose salary account is domiciled in the bank. They must have received a salary from the same employer in the past three months.

The quick credit, on the other hand, is available to both salary and non-salary earners, and you can get between the sum of N10,000 and a maximum of N5m.

With no hidden charges, the bank charges an interest rate of 1.33% per month. This makes it a very cheap and competitive loan facility.

Requirements for Accessing a GT Bank Payday Loan

  • Applicants must earn a minimum of N25,000 for the public sector and N50,000 for the private sector.
  • Thirty days tenor for a salary advance platform. Renewable every month
  • For applicants who are not salaried earners, you must have had an inflow of a minimum of N20,000 to your account in the last six months.
  • Applicants should be at least 18 years of age.
  • Convenient repayment plan between 3 to 12 months.

Use the GT Bank payday loan USSD code – *737*8*2# to apply for a salary advance right away, but dial *737*51*51# to confirm your eligibility and request a quick credit loan right away.

On all GTBank online and mobile banking platforms, Salary Advance and Quick Credit are readily available (Internet Banking, GTWorld, GTBank Mobile App and Habari App).

How to pay back Gtbank Quick Credit for Payday Loan

1. Dial *737*0# on your phone
2. Select option 4 (Repayment)
3. Select option 2 (Close Credit)
4. Enter PIN to liquidate credit.
5. You will receive an instant notification to confirm that your repayment has been successful.

3. Polaris Bank Salary Advance/Payday Loan

Polaris Payday Loan - Polaris Bank Limited

With our payday loan, you can access up to 50% of your next salary in advance.

Your Payday loan is processed and disbursed in less than 1 minute using our USSD code *833*12#. Disbursed funds can be accessed 24/7 via the ATM or your mobile device using our USSD, PolarisMobile, and PolarisXperience.

Features & Benefits of Polaris Bank Payday Loan

  • Quick access to funds for bridging short-term funding gap.
  • Access 50% of monthly net income upfront
  • 24 hours loan processing time
  • No collateral required
  • Minimal Documentation
  • Competitive pricing

Requirements for Accessing Polaris Bank Payday Loan

  • Applicants must be in employment of reputable organizations in both private and public sectors
  • Applicant’s salary account must be domiciled with Polaris Bank
  • *Terms and conditions apply

How do I Apply for Polaris Bank Payday Loan


  • Dial *833*12# from your mobile phone and follow the instructions to access the Payday loan/Salary Advance. It takes less than a minute


  • Visit any of our branches closest to you to complete a loan application form and submit same with other required documents

You can also:

  • Call Polaris Yes Center on 0700-7652747, 08069880000, 01-4482100 or 01-2705850.
  • Call your relationship officer

4. Zenith Bank Salary Advance Loan

Zenith bank payday loan

The Zenith Bank salary advance is a lending facility provided by Zenith Bank that has a low-interest rate. They provide up to 60% of the borrower’s salary at a low-interest rate of less than 5% with a simple repayment option. It is one of Zenith Bank’s quick cash loans that does not demand collateral and provides financial aid to those who are in need but are unable to obtain traditional loans for various reasons.

The minimum age requirement is 18 years old, with a maximum age of 60 years old. You must also have a monthly salary of at least 10,000 Naira and have no outstanding loans with the bank or any other bank. The approval and disbursement of funds to the applicant is usually instantaneous, and it takes no more than a day at most.

Zenith Bank Loan Eligibility

  • The salary and allowances of the customer must be domiciled in Zenith Bank.
  • The bank has an Indemnity clause in its loan contract, giving the bank Right of Set-off in any other bank using BVN. Upon payment default, they have the right to deduct your loan amount due to the customer’s different bank accounts. You can learn more about professional indemnity insurance.
  • As an applicant, you can borrow up to 60% of your monthly salary.

How to borrow money from Zenith Bank using USSD code

  1. Dial *966*00# from your mobile phone to begin
  2. you will receive a prompt that requires you to fill in the last four digits of your ATM card number
  3. It will display your account name confirming the authenticity of the information provided in No.2 above
  4. It will prompt you to create your four-digit pin
  5. Confirm your four-digit pin and you are all set for the eazy banking


Can payday loan debt be forgiven?

Payday loan debt is extremely rare to be forgiven in practice. This is due to the fact that payday lenders profit handsomely from the interest they charge on these loans.

This means you should aim to pay off payday loans as quickly as possible.

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