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Payday Loans: A Complete Guide

The idea of taking a payday loan or salary advance is to meet immediate pressing needs. There are lots of lending platforms that support payday loans, particularly for salary earners.

What is a Payday Loan?

A payday loan or salary advance is a type of loan usually granted to only salary earners, or sometimes business people. It is an unsecure short-term loan. You repay once your next salary comes in. Though payday loans may be short-term, some lending platforms make room for loan extension to let their clients pay up at their convenience.

How Payday Loan Works:

Like regular loans, you can apply for, and receive a payday loan online or through any lender’s physical branch. There are quite a number of lending platforms that offer payday loans, though they all have different loan policies stating clearly the individual payday loan limit, interest rates, loan tenure, and repayment plan.

Payday lending platforms in Nigeria

A few of the numerous payday lending platforms in Nigeria include:

Fast Credit Nigeria Ltd

Payday Loans: A Complete Guide 1

Fast credit features zero collateral and no guarantor.

  • Loan Range: 100,000- 3,000,000 (based on net salary)
  • Loan Tenure: Minimum of 3 months, a maximum of 12 months
  • Repayment plan: Monthly repayments (optional)
  • Interest Rate: Very attractive

To be eligible for this loan you must be:

  • Aged between 18- 58 years
  • Resident/working in Nigeria
  • Have a valid registered business or residential address in Nigeria.
  • Have evidence of tax payment (business owners)

Application requirement for Fast Credit Nigeria Ltd

  • Bank statement within 6 months
  • A copy of your employment ID card
  • Passport photograph
  • Loan application form
  • Loan contract form


Insta pro loans

Lmoney’s loan processing takes up to 24 hours. Once approved your money gets disbursed directly to your provided bank account within some hours of approval. To access this loan, you must first complete an online application alongside submitting all necessary documents. With the Lmoney calculator on the homepage of the website, you can calculate the total repayment sum. E.g. the repayment for a N50,000 loan is N12,250.

Loan Range: based on net salary
Loan Tenure: unspecified
Interest rate: very attractive

Application requirement for Lmoney

  • You must be aged between 22 and 55 years
  • You must be a paid employee or income earner
  • You must own an active salary account


Insta Pro

InstaPro gives up to N5,000,000 in loans to help people meet needs like rent, school fees, fixing or buying a car, household appliances, etc.

Loan Range: 50,000 – 1,000,000

Interest Rate: 8%

Loan Range: N50,000 – N2M

Interest Rate: 10%

Application requirements for InstaPro

  • A reliable guarantor
  • Passport photographs of both applicant and guarantor
  • A copy of your employee ID card
  • A copy of the guarantor employee ID card
  • Loan request application letter
  • Statement of account within the last 6 months

Petty Cash

Petty cash

Petty cash offers loans to salary earners with a minimum salary of 30,000 and the self-employed. The loan can be given either through your employer or individually.

  • Loan Range: 5,000 – 50,000
  • Loan processing: within 2 hours of application (according to their website)
  • Repayment plan: deducted directly from your salary account on payday.

Its loans are classified into:

  • Federal Staff Loan; this type of loan is specifically for federal government workers. The minimum is 5,000 while the maximum is 50,000.
  • Personal loan; quick loan for other corporate bodies employees. 20% of the net salary.
  • Bankers loan
  • Nysc loan; for serving corps members only. Minimum of 1000 and maximum of 5000.

Payday Hub Online

payday hub

Payday Hub Online offers payday loans and private investment to salary earners of verified companies.

  • Loan Range: maximum amount 50% of net salary (use loan calculator)
  • Loan Tenure: All repayments are due by the next salary day. However, all loans taken from the 15th of the month are due by month-end.
  • Interest rate: use calculator

Application requirements for Payday Hub Online

  • Any government recognized means of identification
  • Your employment letter or company ID card
  • Recent bank statement of salary account within three months

Penny Lender

Payday Loans: A Complete Guide 2

Interest rate: 6%-24%

Loan Range: Minimum 10,000, N500,000 upper limit for new customers

Loan tenure: 3 to 6 months

Application requirements for Penny Lender

  • Any valid means of identification
  • Passport photograph
  • Bank statement within 3 months
  • Employment letter or contract review
  • Utility bill
    NB: Restricted only to Lagos state, and your employer’s approval.

Aledin Nano Ltd

Aledin nano loans

Smart Loan, a product by ALEDIN in partnership with Airtel and Access Bank, provides short term loans. Once all the requirements are met you can easily access the loan via your mobile phone.

  • Loan Range: not specified
  • Loan tenure: 7 days – 30 days
  • Interest Rate: 1% daily charge until full loan tenure

Application requirements for Aledin Nano

  • You must be above 18 years of age
  • You must be a registered Airtel customer for over 90 days
  • You must have an active Mobile Money Account
  • There must be no unpaid loan with ALEDIN
  • You must have no negative history of payment with ALEDIN


Payday Loans: A Complete Guide 3

Loan Range: 100,000 – 4,000,000
Loan Tenure: Maximum 18 months
Interest Rate: use the loan calculator on the homepage

Application requirements for Creditville

  • Passport photographs
  • Copy of any government recognized means of identification
  • Copy of your employee ID card
  • Payday loan application letter
  • Six months statement of account from salary account
  • Postdated cheque (if any)
  • Utility bill
  • Guarantor: must earn a minimum salary of 150,000 monthly; post-dated cheque, passport photograph, and employee ID card).

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