The Central Bank of Nigeria has facilitated loans for Nigerians through some commercial banks in the country. However, many people are unaware of this as they have fallen victim to various loan sharks.
Instead of borrowing money from a dubious source, Nigerians, especially salaried people, can take advantage of this opportunity provided by CBN to get a loan and repay easily without fear of exposing their privacy, which is what they do. most loan sharks.
To access a loan for your business, the Governor of the Central Bank said that “you don’t need to know anyone, just go to the portal, fill in the form, send your data. If your data is correct, you will be able to access the loans.
Given the current economic situation, it would be prudent to look at loans that the average Nigerian can access easily and at affordable rates.
Here are some of the loan offers in Nigeria:
GTBank Quick Credit
Guaranty Trust Bank Plc offers the lowest monthly interest rate of 1.5%. There are no hidden fees associated with this financing. In other words, there are no costs 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.
In addition, GTBank’s Quick Loan insures salaried and self-employed customers up to N500,000 to N5 million at a monthly interest rate of 1.5%. Salaried customers can borrow between 10,000 and 5 million naira, while self-employed customers can borrow between 10,000 and 500,000 naira. Clients in both groups can repay 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 term loan to help UBA customers meet their immediate financial demands. Customers eligible for this convenient loan 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. No paper is needed. You can use the bank’s USSD code or its online banking services to apply.
Zenith Bank Term Loan
Only salaried professionals with Tier 1 bank accounts are eligible for a Zenith Bank Plc loan. These consumers can borrow up to 60% of their monthly salary, but at a monthly interest rate of 2.16%. Borrowers must also pay a management fee of one percentage point.
Requirements include: an account opening form, a photo ID of authorized signatory, a letter of introduction from your employer on company letterhead, and a staff ID card.
Access Bank Payday Loan
For payday loans, Access Bank Plc charges an interest rate of 4%, an administration fee of 1% (fixed) and a credit life insurance fee of 0.15% (fixed). Employees with Access Bank accounts can get up to 75% of their salary, or other amounts that Access Bank may authorize.
The Access Bank payday loan has a term of 30 days. Customers can use the bank’s electronic banking channels to apply, including their USSD code. The Borrower agrees to waive the 3 day cooling-off period to allow for disbursement.
Receipt of monthly salary (via payroll administration). At least 1 month’s salary must be received in the Borrower’s account at the Bank.
Completion of the application through the bank’s electronic banking platforms, including but not limited to USSD *901*11# chain, ATM, mobile banking app, online banking and QuickBucks app.
Automated confirmation of eligibility and visibility of last month’s payroll through a separate pre-approved customer database.
Acceptance of Offer through its electronic banking platforms including but not limited to *901*11#, ATM, Mobile Banking App, Online Banking and QuickBucks App.
Acceptance of Terms and Conditions.
Irrevocable domiciliation of salaries at the Bank.
FCMB Fast Cash
For customers of First City Monument Bank Ltd, quick loans of N100,000 and N200,000 are available. Loans can be accessed instantly via USSD code, according to information on the bank’s website, and no collateral is needed. There is an interest rate of 8% per month, plus a management fee of 1% which would be paid upfront as soon as the loan is disbursed.
Instant access to funds
Up to N200,000 of loan amount
No paperwork required, just apply via mobile app or *329*11#
No collateral needed
Interest rate for employees is 8% while non-employees are 15% upfront fee
30-day terms for new customers
Up to 90 days cleaning cycle for loyal customers
The client can apply as many times a year as he is qualified.
With First Bank’s payday loan service, you can repay your loan over a period of up to 36 months, subject to a retirement age of 60 and a flexible repayment plan. You are not required to provide a guarantor and the processing time is fast. Minimal documentation is required, but no capital contribution is required. However, for the duration of the flexible repayment structure, your salary account must be domiciled with FirstBank.
To apply for a Personal Payday Loan, you will need the following documents:
Letter of application
Personal loan application form
Letter from the candidate indicating the total emolument.
Confirmation of applicant’s employer on NBF approved list.
Irrevocable salary domiciliation letter for the duration of the facility.
Complete the form and submit it to the nearest FirstBank branch.
FirstAdvance is a 30-day digital loan service that gives customers simple and easy access to cash while they wait for their paycheck to be paid.
Employees whose accounts are with First Bank and who have received regular salaries for the past two months or more are eligible for the product.
The highest amount a consumer can borrow is N500,000, which is limited to 50% of their net monthly salary.
This product can be accessed through FirstBank’s digital channels: FirstMobile App (FirstBank’s mobile banking application) and USSD by dialing *894*11#.
There are no hidden expenses associated with using FirstAdvance as the client has to pay all the fees up front when disbursing the loan, which includes an interest rate of 2.5% and a 1% management while the loan amount is repaid within next 30 days or upon receipt of paycheck (whichever comes first).