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Avoid predatory lenders and go for these genuine and CBN approved loan platforms

T.I Ukende
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Nigerians looking for a quick influx of cash to meet expenses have various options to shop for the best loans to suit their needs amongst licensed commercial banks.  

Rather than going to loan sharks or borrowing from questionable loan applications sites, these payday loan offers may be great for you, particularly if you are a salary earner.  

NewsWay reported that the Central Bank of Nigeria told individuals in need of funds to desist from borrowing from loan sharks and go to banks instead.  

To access a loan for your business, the Central Bank Governor stated that “you don’t need to know anybody, just go into the portal, fill the form, send your data. If your data is correct you would be able to access loans.” 

Considering Nigeria’s recent inflation figures of 15.63% (an uptick from 15.4% recorded in November 2021), it is understandable that the average salary earner may be having difficulties meeting daily transitionary obligations.  Given the current economic situation, it would be prudent to examine loans that the average Nigerian can access with ease and at affordable rates.

As  many as 17 commercial banks had approached the CBN seeking to restructure their loan books due to the adverse effects of the pandemic as bank defaults.  However, amid the risk, some banks are still giving out loans, especially payday loans. 

Here are some of the loan offers in Nigeria: 

GTBank’s Quick Credit 

Guaranty Trust Bank Plc gives the lowest monthly interest rate of 1.5%. There are no hidden fees associated with this financing. In other words, there are no expenses 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, GTBank’s rapid loan assures both salaried and self-employed clients up to N500,000 to N5 million at a monthly interest rate of 1.5%. Salaried customers can borrow anywhere between N10,000 and N5 million, while self-employed customers can borrow anywhere between N10,000 and N500,000. Customers in both groups can return their loans in 6 to 12 months. There are no hidden fees here.  


United Bank for Africa Plc announced Click Credit in February 2020, a time loan aimed at helping UBA customers fulfill their immediate financial demands. Customers who qualify for this convenient lending 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. There is no need for any papers. You can use the bank’s USSD code or its internet banking services to apply. 

Zenith Bank’s Term Loan 

Only salary-earning professionals with accounts at the tier-1 bank are eligible for a Zenith Bank Plc loan. These consumers can borrow up to 60% of their monthly salaries, but at a monthly interest rate of 2.16%. Borrowers must also pay a one-percentage-point management charge. 

The requirements include: account opening form, one passport photograph of authorized signatory, Letter of introduction from your employer on the company’s letterhead and a Staff identity card.  

Access Bank’s Payday Loan 

For payday loans, Access Bank Plc charges a 4% interest rate, a 1% administration fee (flat), and a 0.15% credit life insurance fee (flat). Salary earners with Access Bank accounts can get up to 75% of their wages, or other amounts that Access Bank may allow.  

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


Receipt of monthly salary (via payroll administration). At least 1-month salary must be received in the Borrower’s account in the Bank. 

Completion of application via the bank’s electronic banking platforms including, but not limited to, the USSD string *901*11#, ATM, mobile banking app, internet banking and QuickBucks app. 

Automated confirmation on eligibility and visibility of last month’s payroll through a separate preapproved customer database. 

Acceptance of offer via its electronic banking platforms including, but not limited to, *901*11#, ATM, mobile banking app, internet banking and QuickBucks app. 

Acceptance of the Terms and Conditions. 

Irrevocable salary domiciliation to the Bank. 

FCMB’s Fast Cash 

For customers of First City Monument Bank Ltd, rapid loans of N100,000 and N200,000 are available. The loans can be accessible instantaneously via USSD code, according to information on the bank’s website, and no collateral is necessary. There’s an interest rate of 8% monthly, plus a management fee of 1 percent which would be paid upfront as soon as the loan is being disbursed. 


Instant access to funds 

Up to N200,000 loan amount 

No paperwork required, just apply through the mobile app or *329*11# 

No collateral needed 

Interest rate for salaried is 8% while non-salaried is 15% upfront charge 

30 days tenors for new customers 

Up to 90 days clean up cycle for returning customers 

Customer can apply as many times in a year as s/he is qualified. 

First Bank  

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

To apply for the Personal Loan Against Salary, you will need the following documents: 

Application letter 

Personal Loan Application form 


Statement of accounts. 

Applicant’s letter of total emolument. 

Confirmation of applicant’s employer on FBN approved list. 

Letter of irrevocable domiciliation of salary for the duration of the facility. 

Complete the form and submit at the nearest FirstBank branch.  

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