Sometimes, when you’re really in need of funds, you’ll be forced to take a salary advance of payday loan. Both are similar but yet, different.
With a salary advance, you are requesting to be paid your future salaries before time. That means you are borrowing money from your salary and you don’t have to pay interest or even pay back. All you have to do is to work and cover up the salary. You’ll only be required to pay back when you quit the job before then.
Payday loans are loans you take or request for which is to be paid back when you get your salary. They are the same as regular loans and will attract interests. If you need a salary advance or payday loan in Nigeria, below are some of the top companies to apply to;
Access Bank offers a payday loan that requires no collateral and relatively low interest rates. You can apply for the loan as a salary earner or non-salary earner. The loan application can be carried out at any Access Bank location or you simply dial *901*11# or *426*11#. You can use the Access Bank mobile app as well.
The Zenith Bank payday loan was launched to aid Nigerians meet up with short-term expenses. You can only apply for this loan if you’re a Zenith Bank customer and you have a verified salary account with the bank. The loan allows eligible persons to borrow up to 60% of their monthly salary.
Quick Credit and GTBank Payday loan are salary advance and payday loans offered by Guaranty Trust Bank. Non-salary and salary earners can request a salary advance of N10,000 to N5 million. For the payday loan, the interest rate is about 1.33% of the borrowed amount per month. There are no hidden charges.
With Polaris Bank, you can get a payday loan or salary advance. It’s easy to apply for the payday loan and you’ll be done in less than 2 minutes if you use the USSD code, *833*12#, or the Polaris mobile app. Qualified persons are eligible to borrow up to 70% of their monthly salary.
First Bank FirstAdvance is a salary advance & payday loan scheme with one of the best interest rates. The interest rate for the payday loan is 2.5% only that it is to be collected upfront and you have to pay a 1% management fee as well. You can borrow up to 50% of your monthly salary.
Last but not least is the FCMB’s Fast Cash. This payday loan is open to FCMB customers and non-customers. Bank customers can borrow up to N100,000 while non-customers can borrow up to N200,000. Furthermore, no collateral is demanded and the loan interest rate is 3.5% per month.
As you can see, commercial banks are the top companies that offer salary advance and payday loans in Nigeria. Nevertheless, other non-bank companies also offer salary advance and payday loans in Nigeria.