Top Payday Loan Deals In Nigeria First Quarter 2020 – Nairametrics


Back in January this year, long before the COVID-19 pandemic hit us allI’m rethinking our plans, Tony (not his real name) was thinking which Take payday loans from the bank Advantage of. He had a small business then idea he was together, and the savings in his bank accounts had to be replenished to put this idea into practice.

Regrettably, the young man couldn’t make up my mind early on to which bank patronize. He uses three different banks, all of which have different terms for ato submit their payday loan.

The main reason Tony couldn’t make up his mind in time is that him could do not distinguish which bank offers the most cheap and cost-effective loan. And because he did don’t decide, he could not pursue his business before COVID-19 has hit Nigeria.

Now, you may have recently tried deciding which payday loan to apply for, especially now that the economy is up in a fix. Fountain, Don’t be confused. We have you covered with this article that has ranked the best payday loans available for you; based on their terms and conditionsns. this Precedence includes both traditional banks and Fintech.

A quick rundown of bank lending amid the pandemic

AttractÖte that some banks have really become careful with lending, considering the economic consequences of the Coronavirus pandemic. Just last week, Nairametry reported that as up to 17 commercial banks have reached out to the CBN for restructure their loan books due to the adverse effects of the pandemic.

Even so, some banks are still lending, especially payday loans. It all depends on whether you meet the most basic criteriaa … have constant inflow of monthly income (salary) in your Bank Account.

Below are the best Bank and Fintech Payday loan offers in Nigeria, based on interest rates

GTBanks Quick loan: At the beginning of this year, Guaranty Trust Bank Plc made a big step crashing the interest rate for his fast loanS.. At the moment, the Tier 1 bank offers the cheapest interest rate per month of 1.33% versus 1.75%. There are no hidden costs with this loan. In other words, no management, Legal or insurance fees associated with this loan. Anowhere reasonAt why Working class Nigerians love GTBank Loans is that borrowers do not need to provide collateral.

Corresponding information included on the bank’s website, There seem to be two different types of quick loans available for both salary Account holder and account holder with no salary. Applicants can apply for the advance salary loan up to 50% of their monthly salary. Note that only those who at least N25,000 (For government employees) and N50,000 (For private sector jobAh) are eligible to apply. It has a duration of 30 days. Successful applicants would be given their advance salary credit 24 Hours after application.

(READ MORE: Fitch Says Nigerian Banks Have A Risk Indicator Of 12.14, Explains Why)

Meanwhile there is also Another GTBank Quick Loan that suits both salary earners and self-employed borrowers up to N500,000 to N5 million, at an interest rate of 1.33% per month. In particular, salaried employees can borrow between N 10,000 and 5 million, while self-employed people can borrow between N 10,000 and 5 million00,000. Both categories of cCustomers can repay thateir loanS. within 6-12 months. Again, There are no hidden costs.

GTBank Customers can access these loans either through the bank’s USSD code, Internet banking function or the bank’s mobile banking app. Eligible customers must be between 18 and 59 years old.

UBA click credit: In February 2020, United Bank for Africa Plc launched Click Credit, a time loan designed to help UBA customers meet their urgent financial needs. This easily accessible credit facility allows eligible customers to receive up to N5 million. Information on the bank’s website states that the loan repaid within 12 months at an interest rate of 1.58% per month. There are no hidden costs with this loan.

Applying for this loan is very easy. No paperwork is required. You can use the bank’s USSD code or their internet banking facilities. Find out more about this payday loan by following this link.

First Bank FirstAdvance: First Bank of Nigeria Ltd has the second best Interest Rate On Payday Loans In The Market. At 2.5% the interest rate is Because of me. However there is the reservation that the interest must be collected in advance, as well as an administration fee of 1% flat rate and a credit life insurance of 0.50%.

There are others States to consider when choosing FirstAdvance. Similar to other payday loans, it is only available to First Bank customers. And different from GTBanks Fast Credit, this is only available for the salary Earner. Successful applicants can receive up to 50% of their salary, whereby a single debtor is only provided with a maximum of N 500,000.

FirstAdvance has a tenor 30 days. the First Bank will automatically debit the loan amount from the borrower’s account as soon as he receives his monthly salary.

Standing loan from Zenith Bank: Term loan… That’s what Zenith bench Plc calls his advance salary loan or short term credit. This loan is only offered to employed persons whose accounts are domiciled with the Tier 1 bank. These customers can get Loans up to 60% of their month Salaries, but at an interest rate of 2.16% per month. Borrowers are also required to pay 1% flat rateFee.

Fidelity Ban Fast Loan: Fidelity Bank Plc offers salaried employees with a Fidelity account up to 50% of their salary (between 10,000 N and 1 million N) at an interest rate of 2.95%. Customers also pay 1% administration fee, 0.25% insurance fee and N100 service fee.

Potential debtors must have received three months’ salary in a row and have a clean borrowing from the bank said in an Explanation on his website. The loan can be accessed through Fidelity Bank’s USSD code.

Renmoney: This fintech company offers one of the best interest rates among its competitors. Information from the company’s website called Both salaried employees and self-employed entrepreneurs can borrow for a period of up to N2 millionation (tenor) of tthree to twenty-four Months. This is calculated with an APR of 35.76%, which is essentially 2.98% interest rate per month.

Note that no collateral is required to access these loans. Management fees or other hidden costs were also not mentioned.

FCMB’s quick buck: Both customers and non-customers of First City Monument Bank Ltd can get quick loans of N 100,000 and N 200,000 respectively. Information on the bank’s website said the credits can be accessed instantly using the USSD code, with no collateral required. There is a monthly interest rate of 3.5% plus an administration fee of 1% which would be withdrawn in advance once the loan is paid off.

Book page Finances Transfer credit: Finance pageials is another fintech gaining a foothold in the lending business. Information included about The company website states borrowers can take up to 2.5 million N with a repayment schedule of 12 months “at an interest rate of 3.76% which is billed monthly at a flat rate.

There is no administration fee associated with this loan. Successful applicants can get their loans paid off in three hours. It should be noted, however, that this is a quick loan option is only available to salaried employees whose employers make their salary payments through Remita. transact.

Access bankPayday Loans: Access Bank Plc charges 4% interest rate, 1% administration fee (flat rate) and 0.15% credit life insurance fee (flat) for its payday loans. Salaried employees who have accounts with the bank can receive up to 75% of their salary, or other amounts that can be approved by Access Bank.

Note that the Payday is the Access Bank has a duration of 30 days. Customers can apply through the bank’s electronic banking channels, including their USSD code.


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