Payday loan has not been a very common concept in Nigerian financial and banking system. But, within the past few years, it has been a very important aspect of the Nigerian system. More banks are now offering the payday loans and more individuals are becoming aware of it. As a result, we have decided to bring the list of all Nigerian banks offering payday loans to you.
Before we hight the Nigerian banks offering payday loans, it’s important to understand what a payday loan is. A payday loan is a small, short-term unsecured loan, “regardless of whether repayment of loans is linked to a borrower’s payday. It is also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan.
Payday loans are usually offered by banks to their customers. That is to say, to be eligible for the payday loan, you have to be a customer of the bank offering the loan. Also, they charge some interests which changes from bank to bank.
All Nigerian Banks Offering PayDay Loans
Below are the banks offering the payday loan in Nigeria.
The Access Bank PayDay loan was laucnhed in 2017. It has been the most prominent of all Nigerian Banks offering payday loans. Access Bank payday loan has a 3% flat interest rate. We have treated everything on that here.
Guaranty Trust Bank Payday loan is referred to as the GTBank Salary Advance. This scheme has been around for upwards of five years. GTBank allows you to draw 50% of your net monthly salary, and you must have had your salary paid through GTbank three consecutive months prior to the application. 50 of your net monthly salary” simply means that you can borrow the equivalent of the whole of your salary plus another 50%. For instance, if I earn N100,000 monthly, I’m eligible to borrow N150,000.
The Diamond Bank Payday loan is available to all Diamond Bank users. Its interest rate is 3% flat on utilization. Also, it offers a minimum of N100,000 and maximum of N1,000,000 for lending.
It “offers up to 70% of your salary at anytime before Payday”. Furthermore, the loan can be processed through Skye Bank ATMs, USSD, or Skye Mobile. Read more about Skye Salary Advance.
Stanbic IBTC offers a minimum loan of N20,000, and the borrower must earn at least N40,000 with his salary having been domiciled with the bank at least three months prior to the time of the Salary Advance request.
These are just the few banks offering payday loans in Nigeria. Click on any of them and see if you meet up with the requirements. We will update as more banks join the trend.