Ranking: Best Payday Loan Deals in Nigeria in Q1 2020

Back in January this year, long before the COVID-19 pandemic had usl rethink our plans, Tony (pseudonym) was contemplate Who bank payday loan to take advantage of. At the time he had a small business idea it was put together, and the savings in his bank accounts had to be topped up in order to realize this idea.

Sadly, the young man couldn’t make a quick decision as to which bank to contact frequent. It uses three different banks, all of which have different terms and conditions for aaccess their payday loans.

The main reason Tony couldn’t decide in time Is he could not differentiate which bank offers the more favorable and the cost– effective loan. And because he do not decide, he ended up not being able to continue his business until COVID-19 has hit Nigeria.

Now, you may have recently found yourself trying to decide which payday loan to apply for., especially now that the economy is in a patch. Good, don’t be confused. We have you covered with this article which has ranked the best payday loans available for you; according to their terms and conditionsns. This ranking encompasses the two traditional banks and fintech.

A brief look at bank lending amid the pandemic

put onohthat’s it some banks have really become pay attention to how they lend, taking into account the economic benefits of the Coronavirus pandemic. Just last week, Nairametry reported that like up to 17 commercial banks approached the CBN seeking to restructure their loan books due to the adverse effects of the pandemic.

Despite this, some banks still provide loans, especially payday loans. It all depends on whether you meet the most basic criteriahave a constant influx of monthly income (salary) in your Bank Account.

Below are the better bank and fintech payday loan offers in Nigeria, based on interest rates

by GTBank Quick credit: Earlier this year, Guaranty Trust Bank Plc take a big step in crashing the interest rate for his quickly done to lends. Currently, the Tier 1 bank is offering the cheapest monthly interest rate of 1.33%, down from 1.75% previously. There are no hidden charges for this loan. In other words, no management, legal or insurance fees attached to this loan. Aother raisonto Why working class Nigerians love GT Bank ready is that borrowers are not required to provide collateral.

According to information listed on the bank’s website, there seem to be two different types of fast loans available for both salaries account holders and non-salary account holders. For payday advance loan, applicants can get up to 50% of their monthly salary. Note that only those who win a minimum of 25,000 N (For officials) and N50,000 (FWhere private sector jobers) are eligible to apply. It has a duration of 30 days. Successful applicants would have their payday advance loans made available to them 24 hours after application.

(READ FURTHER: Fitch says Nigerian banks have a risk indicator of 12.14, explains why)

Meanwhile, there is also another one GT Bank fast loan which guarantees both employees and self-employed borrowers up to N500,000 to 5 million naira, at an interest rate of 1.33% per month. Specifically, employees can borrow between 10,000 and 5 million naira, while self-employed customers can borrow between 10,000 and 5 naira.00,000. The two categories of ccustomers can refund eeir to lends within 6 to 12 months. Again, There are no hidden fees.

GT Bank clients can access these loans either through the USSD code of the bank, an online banking service or the bank’s mobile banking application. 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 term loan designed to help UBA customers meet their urgent financial needs. This easy-to-access credit facility enables eligible customers to obtain up to N5 million. Information available on the bank’s website indicates that the loan can be reimbursed within 12 months at an interest rate of 1.58% per month. There are no hidden charges for this loan.

Applying for this loan is very easy. No documents are required. You can apply using the bank’s USSD code or its online banking services. Learn more about this personal loan by following this link.

First bank FirstAdvance: First Bank of Nigeria Ltd has the second best market payday loan interest rates. At 2.5%, the interest rate is fair enough. However, there is the condition that interest must be collected in advance, as good as a fixed 1% management commission and 0.50% borrower life insurance.

There are others states to consider when choosing FirstAdvance. Just like other payday loans, it is only available to First Bank customers. And unlike by GTBank Quickly done Credit, this one is only available at pay employees. Successful candidates can receive up to 50% of their salary, although only a maximum of N500,000 is made available to a single debtor.

FirstAdvance to tenor 30 days. the the loan amount is automatically deducted from the borrower’s account by First Bank as soon as he receives his monthly salary.

Zenith Bank Term Loan: term loan… That’s what Zenith Bank PLC calls its payday advances or short-term loans. This loan is only offered to salaried professionals whose accounts are domiciled with the Tier 1 bank. These customers can get ready up to 60% of their monthly expenses salaries, but at an interest rate of 2.16% per month. Borrowers are also required to pay 1% fixed managementfresh.

Fidelity Ban Quick Loan: Fidelity Bank Plc offers employees of the Fidelity account up to 50% of their salaries (between N10,000 and N1 million) at an interest rate of 2.95%. Customers will also pay a 1% management fee, 0.25% insurance fee, plus N100 service fee.

Potential debtors must have consecutively received three months’ salary and must have a clean credit file, the bank said in an explanatory note on its website. The loan is accessible via Fidelity Bank’s USSD code.

Renmoney: This fintech company offers one of the best interest rates among its peers. Information obtained from the company’s website noted salaried and self-employed business owners can borrow up to N2 million for a termation (tenor) of tthree to twenty-four month. This will be billed at an annual percentage rate of 35.76%, which essentially translates to Interest rate of 2.98% per month.

Note that no collateral is required to access these loans. Also, no mention was made of management fees or any other hidden charges.

FCMB Fast Cash: Customers and non-customers of First City Monument Bank Ltd can receive fast loans up to N100,000 and N200,000 respectively. Information available on the bank’s website said loans can be accessed instantly via USSD code, with no guarantee required. There is an interest rate of 3.5% per month, plus management fees of 1% which would be collected in advance upon disbursement of the loan.

Page Financial Credit discount: Funding of the pageials is another fintech that is impacting the lending industry. Information contained on the company’s site says borrowers can get up to 2.5 million naira with a repayment schedule that spans 12 months” at an interest rate of 3.76% which will be billed at a flat rate per month.

There are no management fees attached to this loan. Successful applicants can get their loans disbursed in three hours. It should be noted, however, that this quick loan option is only available to salary owners whose employers process their salary payments through Remita.

Access BankThe payday loan of: Access Bank Plc charges an interest rate of 4%, a management fee of 1% (flat), and 0.15% credit life insurance fee (flat) for its payday loans. Employees with bank accounts can receive up to 75% of their salary, or other amounts as may be approved by Access Bank.

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

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