In the recent past, getting a payday loan from a commercial bank or other money lending institutions required a lot of paperwork and bureaucracy with the availability of collateral and guarantor.

The emergence of fintech companies changed the landscape of how lenders offered loans in Nigeria. With the help of mobile technology, fintech companies were able to disburse loans in minutes with no paperwork or guarantor. It led to fast exponential growth in the credit industry with the Credit Bureau of Nigeria and the administration of Bank Verification Number (BVN) playing significant roles respectively (Dial *5650# to check BVN if you no longer have your details).

In a bid to compete with financial technology companies, Nigerian commercial banks are equally launching quick and accessible payday loan platforms.

In contrast to the old practice of granting loans with high-interest rate loans with loads of paperwork and a list of guarantors, among others, commercial banks now provide quick loans. One of the significant ways they offer these loans is through salary advances in fast and straightforward ways. They termed these payday loans.

What is a Payday Loan?

A Payday Loan is an amount of money lent at an agreed interest rate, and the repayment is expected when the borrower receives his next salary.

3 Credible Money Lending Institutions Offering Payday Loans in Nigeria

1. Access Bank Payday Loan

With Access bank Payday loans, customers can enjoy the loan facility at low-interest rates with no paperwork or collateral needed.

This loan service is available to both salary and non-salary earners. It helps meet the emergency needs of customers at any time before their next payday.

Access Bank USSD Code

The Access bank payday loan is a 24/7 service that requires neither your physical presence in the bank nor any paperwork. It is an unsecured loan. This means that you are not required to provide any collateral.

You can access this loan in minutes using the Access Bank payday loan code – *90111# or *42611#. You can also use other channels like the Access bank Internet Banking platform, WhatsApp Banking, or the Access Mobile App.

2. Flickwheel Auto Service Loan

Flickwheel offers a unique type of loan to customers, it is called an Auto Service Loan which is specifically for automobile owners. This loan is offered solely to repair or service the cars of these customers (mainly Salary Earners and E-hailing Drivers). Entrepreneurs can also apply, but will only be considered if they meet some peculiar metrics.

Requirements for Accessing Flickwheel Auto Service Loan

• Applicant must have a car that needs to be repaired or serviced
• Applicant must be 18 years of age and above
• Applicant must be a resident of Nigeria (NB: Flickwheel is a global brand, but currently operates only in Nigeria)
• Applicant must have an active bank account in Nigeria
• To apply for an Auto Service Loan, the applicant must first download the Flickwheel App, available on Play Store or App Store.

3. GTBank Payday Loan

GTBank launched the GTBank payday loan and Quick Credit loan platforms to provide funds of up to N5m in a few minutes to its customers.

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 ₦10,000 and a maximum of ₦5,000,000.

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 ₦25,000 for the public sector and ₦50,000 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 ₦20,000 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

To apply for salary advance instantly, use the GT Bank payday loan code – *73782# to begin but to confirm your eligibility and request for a quick credit loan immediately, dial *7375151#*.

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