Some years ago, getting an instant payday loan online used to be somewhat possible with only loan apps, and taking it from banks was tasking, it demands a lot of documentation, collateral, getting a guarantor to sign, and so on. The process usually lasts for weeks some spanning to a month, making the whole thing frustrating.
The emergence of fintech and mobile financial technology brought about a simplified process where you can access quick loans without having to go through a documentation process or submit collateral. All you need is to have your BVN, a valid means of identification your phone number, and an active bank account.
To compete with these digital financial companies, the commercial banks in Nigeria had equally launched instant payday loan platforms where you can access payday loans without collateral and at a very low-interest rate. These commercial banks go as far as offering you loans despite your bad credit score.
Here, we will look at the top instant payday loans online guaranteed approval in Nigeria and how they work. Before that, let’s look at what a payday loan is.
What are Payday Loans in Nigeria?
A Payday Loan is the sum of money given at an agreed interest rate, which the borrower is expected to pay when he or she receives their salary. However, it is available for both salaried and non-salaried earners, with each having its special conditions and terms.
For none salary earners, your account needs to have a good inflow to qualify for a payday loan in Nigeria. There are also options with many banks for self-employed to acquire a payday loan. Just ensure you have the money to pay on the day you are supposed to pay up.
Top Instant Payday Loans Online Guaranteed Approval Even with Bad Credit in Nigeria
- GTBank Payday Loan
- Access Bank Payday Loans
- Creditwise Payday Loans
- Polaris Payday loan/Salary Advance
- Zenith Bank Payday Loans
1. GTBank Payday Loan
GTBank in response to helping Nigerian access instant payday loans introduced the GTBank payday loan and Quick Credit loan platforms which allows you to borrow up to NGN5,000,000 within minutes.
The GTBank payday loan which serves as the salary advance loan can be only accessed by GT customers who have their salary accounts domiciled in the bank. Also, you must receive a salary consistently from the same employer for three months before the time of accessing the payday loan.
While the quick credit can be accessed by both salaried and non-salaried individuals, however, you must be a GT bank customer. Here, you can get from the sum of NGN10,000 to NGN5,000,000 maximum.
The loan comes with an interest rate of 1.33% monthly, and has no hidden charges, making it an affordable payday loan to go for.
What are the Requirements to Access the GT Bank Payday Loan?
You must fulfill the following conditions to be eligible to access the GT bank payday loan.
- You must be of adult age of 18 years and above
- You must be ready to submit to the repayment plan that ranges from three to twelve months.
- For the salaried payday loan, you must earn at least NGN25,000 in the public sector and NGN50,000 in the private sector.
- A salaried advance payday loan has a tenure of 30 days. You are to pay when your next salary comes in and it is renewable every month.
- If you are not a salary earner, you must have an inflow of at least NGN 20,000 to your account in the past six months before the time you want to access the payday loan.
You can access the GT payday loan on all the GT mobile banking platforms such as the GTBank Mobile App, Internet Banking, and Habari App.
You can also access the loan via the USSD code. For a salary advance payday loan, dial the USSD *737*8*2# while for the quick credit loan, dial *737*51*51# to confirm if you are eligible and proceed with the borrowing.
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).
2. Access Bank Payday Loan
Access bank Payday loans can be accessed by both salary and non-salary earners to meet emergencies before their next payday. However, the loan is unsecured which means that no collateral is needed. The best part is that you can access the loan at any time of the day. It is a 24/7 loan that does not require your physical presence at the bank or any form of paperwork.
You can also get the Access Bank payday loan using the USSD code *901*11# or *426*11#.
You can also access the Access Bank Payday loan via the internet banking platform, Access Mobile App, and WhatsApp Banking.
3. Creditwise PayDay loans
Creditwise Payday loans are opened to all customers both the salaried and the unsalaried, the company confirmed. This is one of the best instant payday loans online platforms in Nigeria that s guaranteed approval. With Creditwise payday loans, you can get long and short-term loans ranging from 30 days to 6 months.
Creditwise loans have low-interest rates. The microfinance bank which has approval from the federal government to be a leading provider in Nigeria provides a seamless loan application process and imburses your loan money into your account almost instantly after approval.
4. Polaris Bank Payday Loan/ Salary Advance
Polaris salary advance payday loan only you to access up to 70% advance of your next salary. The beauty of this loan is that it is available 24/7 and can be accessed through various platforms such as the PolarisMobile, PolarisXperience, and the USSD codes. The Polaris payday loan is very fast. It can be processed and disbursed within 2 minutes using the USSD code *833*12#.
What are the Requirements to Access The Polaris Payday Loan
- You must be legally employed in either the private or public sector.
- You must have a salary account with Polaris Bank.
5. Zenith Bank Payday Loan
Zenith payday loan is specially designed for Zenith bank account holders to access funds to meet urgent expenses before their next salary payday.
You must have a confirmed salary to access this loan. It can be accessed by the USSD code *966#. It allows you to borrow up to 60% of your next monthly salary payday.
To be eligible, you must have your salary and allowance bank account in Zenith bank.
Zenith bank has an Indemnity clause associated with the loan that gives them the right to Set-off the payment in your other bank account using your BVN. When you default in paying your loan, Zenith bank can get the money bank by accessing your account in other banks.
Payday loans are very beneficial in helping you meet emergencies and urgent needs. However, you mustn’t make it a habit of always borrowing money from the bank. For further information, you can read, “How to Borrow Instant Loan from Opay Loan App (Okash).”