Payday loans are not meant to be used as regular means of borrowing; rather, they are meant to be used for immediate financial situations. Payday loans have substantial fees, so if you don’t manage them wisely, you could end up in a debt cycle. These are Nigeria’s best payday loan deals.
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First Bank, First Advance
First Bank of Nigeria created First Advance, a digital loan product, to provide payroll customers who are waiting on their salaries with quick and simple access to cash.
The product is intended for wage earners who have received regular compensation for the past six months or more and whose bank accounts are domiciled with FirstBank. The monthly interest rate is 4.0%, and the maximum amount that may be accessed is N500,000.00.
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Stanbic IBTC – Unsecured Loans
Unsecured personal loans from Stanbic IBTC Bank are medium- to long-term loans that provide access to money for a variety of personal needs, including rent, automobile maintenance, schooling costs, and household equipment.
The loan has a flexible payback schedule, but applicants need to have worked for their present job for at least six months. With monthly interest rate of 1.5%, loan amounts begin at ₦50,000.
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Personal Loans from Fidelity Bank
Bank Fidelity Individuals working for both public and private companies who have their salary deposited with the bank for a minimum of six months are eligible to apply for personal loans. Both a positive credit score and a credit balance are requirements for customers. A monthly interest rate of 2.0% is offered for the loan.
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Standard Chartered – Personal Loans
The personal loans offered by Standard Chartered Bank are totally unsecured and unsecured. For borrowers who have made consistent loan repayments, it also includes an extra financing feature for the duration of the loan. The loan amount begins at ₦30,000 at a 2.5% every month interest rate.
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UBA – Click Credit
With Click Credit by United Bank For Africa (UBA), you can obtain a loan of up to five million naira regardless of your employment status. It is necessary for the borrower to have a UBA account containing a minimum monthly inflow of N25,000. The monthly interest rate for the UBA Click Credit loan is 0.1%.
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Salary Loan from Alat
Working people can apply for a salary loan via ALAT by Wema Bank, which is billed as Nigeria’s first totally digital bank. With a monthly interest rate of 2.0%, the loan amount has a starting value of ₦100,000.
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Personal Loans at Keystone Bank
Borrowers may obtain up to N10 million with Keystone Bank Personal Loans, contingent upon the employee’s monthly income. Repayment is possible within a 36-month timeframe. The interest rate on the loan is 3.0% each month.
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Mutual Benefits – Public Sector Loan
Mutual Benefits Microfinance Bank offers the Public Sector Loan to personnel working in the Nigeria Police, Customs, Correctional Services, and Federal Capital Territory. With a monthly interest rate of 3.5%, the loan amount begins at ₦80,000.
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Quick Loan from Fidelity Bank
The Fast Loan from Fidelity Bank is a short-term loan intended to satisfy an employee’s urgent needs and is remitted to an account that is held by the bank.
The Fidelity Bank digital channels are the means by which one can obtain the loan, which is delivered in less than two minutes. With a monthly interest rate of 3.0%, loan amounts begin at ₦10,000.
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Zedvance Finance – Payroll (Private)
Zedvance Finance created the Private Sector Payroll credit program, which requires monthly loan payback from those who work for private sector employers.
Applicants in the agricultural industry are not eligible for this product, and borrowers must make at least ₦100,000 in net monthly income.
Guidelines on Payday Loan Repayment Success
Payday loan repayment must be completed successfully in order to prevent further penalties, interest, and other financial difficulties.
The following guidelines will assist you in properly handling and repaying your payday loans:
- Comprehend the terms and conditions
- Establish a budget
- Set priorities for repayment
- Automate payments
- Prevent rollovers and extensions
Conclusion
A well-managed budget keeps you accountable to your creditors. Payday loans offer quick cash, but you should be aware of the risks involved and their high costs. In general, payday loans should be used cautiously because of their high costs. If you’re having trouble making ends meet, think about talking to a financial counselor or looking into other options. You should also only borrow money that you can afford to pay back in order to avoid getting into a debt cycle.
