Payday Loans In Nigeria, How To Access Payday Loans in Nigeria 2025
Looking for the best way to access payday loans in Nigeria in 2025? This comprehensive guide explains everything you need to know—from the definition of payday loans, top Nigerian banks offering them, and how to apply without stress. Whether you’re a salary earner or an entrepreneur in need of quick cash, this post will walk you through verified and safe loan options available in Nigeria today.
With the emergence of loan sharks in the country, CBN has urged individuals (Salary earners or Entrepreneurs) to resist going to borrow loans from questionable loan application sites and rather go to commercial banks to get payday loans that suit their needs.
Before we go further, let’s understand what is Payday loans.
You may also want to read List Of USSD Codes To Get Bank & Online Loans in Nigeria
What is a payday loan?
A Payday Loan is an amount of money lent at an agreed interest rate, and repayment is expected when the borrower receives his next salary.
Payday Loan is an instant loan product for customers (both salary and non-salary earners). With this loan product, you can borrow money at a low interest rate with little or no documentation or collateral.
Accessing loans for your business is now easy and no longer restricted to knowing someone before you can gain a loan, the Central Bank Governor stated that “you don’t need to know anybody, just go into the portal, fill the form, send your data. If your data is correct you will be able to access loans.”
Which Banks in Nigeria Offer Payday Loans?
- Access Bank Payday Loan
- GTBank Payday Loan
- Polaris Bank Salary Advance/Payday Loan
- Zenith Bank Payday Loan
- FCMB Fast Cash
How to Access Payday Loans in Nigeria?
1. Access Bank Payday Loan
Sometimes emergencies arise before payday and you might be low on cash. This is where PayDay Loan comes in and you can get access to an instant loan by dialing *901*11*1# or via Internet Banking, WhatsApp Banking, Access Mobile App, and QuickBucks App.
Features
- 24/7 service which does not require visits to the bank and the application is done conveniently via *901*11*1# QuickBucks App, Internet Banking, and Mobile App.
- No documentation is required.
- No collateral is required.
- Up to thirty-one (31) days tenor.
How Many Times Can You Request For Access Bank Payday Loan?
As many times as you may like, as long as you have not exceeded your eligible amount.
2. 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.
Requirements for Accessing a GT Bank Payday Loan
- Applicants must earn a minimum of N25,000 for the public sector and N50,000 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 N20,000 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
How to Apply for Gtbank Quick Credit for Payday Loan
1. Dial *737*0#
2. Select option 1 (Payday Credit)
3. Agree to Terms and Conditions
4. Enter the amount to borrow
5. Enter Tenure (up to 12 months)
6. Enter your PIN to confirm the transaction
7. Your funds will be credited to your account instantly.
How to pay back Gtbank Quick Credit for Payday Loan
1. Dial *737*0# on your phone
2. Select option 4 (Repayment)
3. Select option 2 (Close Credit)
4. Enter PIN to liquidate credit.
5. You will receive instant notification to confirm that your repayment has been successful.
Please note: Once the facility is fully paid, you can access it again by dialing *737*0# and selecting option 1 for Payday Credit.
3. Polaris Bank Salary Advance/Payday Loan
With Polaris Bank payday loan, you can access up to 50% of your next salary in advance.
Your Payday loan is processed and disbursed in less than 1 minute using the bank’s USSD code *833*12#. Disbursed funds can be accessed 24/7 via the ATM or your mobile device using the USSD, PolarisMobile, and PolarisXperience.
Features & Benefits
- Quick access to funds for bridging the short-term funding gap.
- Access 50% of monthly net income upfront
- 24-hour loan processing time
- No collateral required
- Minimal Documentation
- Competitive Pricing
Customer Eligibility
- Applicants must be in the employment of reputable organizations in both private and public sectors
- The applicant’s salary account must be domiciled with Polaris Bank
- Terms and conditions apply
4. Zenith Bank Payday Loan
Zenith Bank offers its customers the Zenith bank loan – a scheme designed to meet short-term expenses that may come up before the next payday. It is one of the top loan products offered by banks in Nigeria. Confirmed salary account holders of the bank can use the Zenith bank payday loan USSD code – *966# to access it.
Zenith Bank Loan Eligibility
- The salary and allowances of the customer must be domiciled in Zenith Bank.
- The bank has an Indemnity clause in its loan contract, giving the bank Right to set off in any other bank using BVN. Upon payment default, they have the right to deduct your loan amount due to the customer’s different bank accounts. You can learn more about professional indemnity insurance.
- As an applicant, you can borrow up to 60% of your monthly salary.
5. FCMB’s Fast Cash
For customers of First City Monument Bank Ltd, rapid loans of N100,000 and N200,000 are available. The loans can be accessed instantaneously via USSD code, according to information on the bank’s website, and no collateral is necessary. There’s an interest rate of 8% monthly, plus a management fee of 1 percent which would be paid upfront as soon as the loan is being disbursed.
Features
- Instant access to funds
- Up to N200,000 loan amount
- No paperwork is required, just apply through the mobile app or *329*11#
- No collateral needed
- The interest rate for salaried is 8% while non-salaried is a 15% upfront charge
- 30 days tenors for new customers
- Up to 90 days clean upcycle for returning customers
- Customers can apply as many times in a year as they are qualified.
Frequently Asked Questions About Payday Loans in Nigeria
Q: Can I get a payday loan without a salary account?
Yes, some banks like FCMB offer loans to non-salaried individuals with a proven inflow history.
Q: Is it safe to take payday loans in Nigeria?
Yes, when you borrow from licensed commercial banks and regulated fintech platforms, it is generally safe.
Q: How much can I borrow with a payday loan?
This depends on the bank, but typically ranges from ₦20,000 to ₦5 million.
