Top 10 Loans for Salary Earners in Nigeria 2024 [How to Apply]

  • November 19, 2023

Loans for salary earners in Nigeria are an important tool for managing personal finances and achieving financial goals. As the Nigerian economy continues to face challenges, many salary earners are struggling to make ends meet.

However, with the right loan, salary earners can access the funds they need to cover unexpected expenses, make investments, or even start a business.

There are a variety of loan options available for salary earners in Nigeria, including personal loans, salary-backed loans, and other types of financing. Each type of loan has its own set of terms, conditions, and requirements, making it important for salary earners to carefully consider which loan option is right for them.

In this post, we will take a detailed look at the different options of available loans for salary earners in Nigeria, and compare their interest rates, repayment terms, and fees.

We will also provide a step-by-step guide on how to apply for a loan as a salary earner in Nigeria and tips for loan approval and repayment.

Whether you’re looking to cover unexpected expenses, invest in your future, or start a business, a loan can help you achieve your financial goals.

So without further ado, let’s get started!

What Exactly are Salary Earners Loans?

Salary earners loans, also known as salary-backed loans, are a type of loan that is specifically designed for individuals who receive a regular salary or wage from their employer.

These loans are typically offered by banks, financial institutions, or other lenders and are secured against the borrower’s salary.

This means that the lender will require the borrower to provide proof of their employment and income, and the loan amount will typically be capped at a certain percentage of the borrower’s salary.

Loans like these typically have lower interest rates and more flexible repayment terms than other types of loans, making them a popular choice for salary earners.

However, they also have specific requirements and qualifications that must be met in order to be approved, such as a minimum income level and a good credit score.

Read Also: List of Loans for Unemployed in Nigeria

How to Be Eligible for Salary Earners Loans in Nigeria?

To be eligible for a salary earners loan in Nigeria, there are several qualifications and requirements that must be met. These may include:

  1. Proof of income: Lenders will typically require that borrowers provide proof of their employment and salary, such as a recent payment proof or letter from their employer.
  2. Minimum income level: Some lenders will require that borrowers have a certain minimum income level, which can vary depending on the lender and the loan amount.
  3. Good credit score: A good credit score is usually a requirement for loan approval. Lenders will check the credit score of the applicant and may deny the loan if the score is low.
  4. Age: Lenders will typically have a minimum age requirement for loan applicants, such as 18 or 21 years old.
  5. Residency: Lenders may require borrowers to be a resident of the country or state where the loan is being applied for.
  6. Documentations: Lenders will require borrowers to provide documents such as identification, proof of income, and proof of residence.

If you could meet all these requirements, let’s proceed to the available loan options that you can get as an employee in Nigeria.

See Also: List of Loans with Monthly Payments in Nigeria

List of Loans for Salary Earners in Nigeria

1. Access Bank Salary Advance

loan for salary earners

The Access bank salary advance loan is a collateral-free loan for salary earners who receive their monthly payments into the Access bank account.

This loan comes with a very low interest rate, and you can access a loan amount worth up to 100% of your salary.

Check Out: How to Apply for Access Bank Loan from your Phone

2. GtBank Salary Advance

Just like the Access bank salary Advance, the Gtb salary earners loans in Nigeria have very low interest rates.

You can access just up to 50% of your monthly salary here, and it is mainly available to staff of private companies and government agencies with active salary accounts domiciled in GTBank.

No collateral is also required, and the loan tenor is about 30 days.

Check Out: How to Apply for GTB Loan

3. Fidelity Bank Instant Salary Advance

The fidelity bank loans for salary earners allow active employees with salary accounts domiciled in Fidelity to access loans worth up to 50% of their salary with minimum documentation, and fast approval time of about 12 hours.

4. UBA Personal Loan

UBA also offers salary earners loans in Nigeria to employees with UBA salary (Current) accounts.

This service also lets you access a specific portion of your monthly salary, and the requirement is very flexible. It also comes with a very low interest rate.

Check Out: How to Get a Loan from UBA in Minutes

5. Zenith Bank Retail Loan

By just having a salary account with Zenith bank and providing your staff ID with other documentation, you can access a loan worth up to 60% of your monthly salary with a very low interest rate.

Check Out: How to Get a Loan from Zenith Bank on Your Phone

6. Page Financial

Page Financial is another lender that offers loans for salary earners in Nigeria, mainly public sector employees. This platform lets you access a collateral-free loan as a government worker in Nigeria.

Page Financial loans come with low interest and you can access up to 5 million Naira worth of loans.

The application process is also easy, as you can simply apply using your phone by dialling *258*3*13#, or visiting their website.

7. Harvmoney Salary Advance

Harvmoney is a financial technology that let you access loans worth up to 5 million Naira.

It also offers salary advance loans to both private and public sector employees, with a fair interest rate and a relatively long tenor.

8. CoolBucks Nigeria

loans for salary earners in Nigeria

CoolBucks is a transparent lending platform that provides online loans for salary earners in Nigeria within minutes.

This platform’s loan requirements are more strict as you’ll need to provide a work ID, bank statement, employment letter, and some other documentation.

However, their loan amount is very huge and it comes with low interest rates and long tenor. You can also repay in instalments for about 3 months.

Check Out: List of Federal Government Loans for Small Businesses in Nigeria

9. Lapo Microfinance Bank

Lapo is a popular lender that provides majorly public sector salary earners loans for both personal and business purposes. Its loan interest is fair and comes with a lengthy tenor.

10. CIT Microfinance Bank

CIT is a microfinance bank for salary earners loans in Nigeria. Just like lapo, it offers fair interest loans to public sector workers majorly.

Related: Top 15 Business Loans without Collateral in Nigeria

How to Apply for Salary earners Loans in Nigeria

Now that you’ve known some of the places where you can get loans for salary earners in Nigeria, let’s see how to apply for it.

The process for applying for a salary earners loan can vary depending on the lender, but generally, the following steps are involved:

Choose a Lender

Research different lenders and compare their loan terms, interest rates, and fees (You can choose from the ones listed for you above, but do more research by visiting the banks).

Prepare the Necessary Documentation

This may include proof of income, identification, and proof of residence.

Submit an Application

Most lenders have an online application process, however, some may still require a physical application.

Wait for Approval

After submitting an application, the lender will review it and determine whether or not to approve the loan. This process can take anywhere from a few hours to several days.

Provide Additional Information if Needed

If the lender requires more information or documentation such as an employment letter and some others, provide it.

Sign Loan Agreement

Once the loan is approved, the lender will provide a loan agreement for the borrower to review and sign.

Receive Funds

After the loan agreement is signed, the lender will disburse the loan funds to the borrower.

Related: How to Get a Loan in Nigeria without a Salary Account

Loans for Salary earners in Nigeria – FAQs

Which microfinance bank gives loans to salary earners?

Microfinance banks that give loans to salary earners in Nigeria include Lapo, CIT, AB, Purple Money Microfinance Bank and many more.

Which bank is best for salary loans in Nigeria?

The best banks for salary loans in Nigeria include Acess Bank, Gt Bank, UBA, Fidelity, and Zenith Bank.

What are some tips for increasing the chances of salary loan approval?

Some tips for increasing the chances of loan approval include maintaining a good credit score, being honest on the loan application, providing proof of income, having a stable employment history, providing a co-signer, choosing the right lender, and being prepared to explain any negative information on the credit report.

Does Lapo give loan to salary earners?

Yes, Lapo gives loans to salary earners. To qualify for this loan, you need some documentation such as work ID, and bank statement.


Loans for salary earners in Nigeria are a valuable tool for managing personal finances and achieving financial goals.

They offer more flexible and favourable terms than other loan options and are specifically tailored to the needs and qualifications of salary earners.

However, it’s important to carefully consider the loan options available, understand the qualifications and requirements and manage the loan effectively. By following the tips provided in this post, you can increase your chances of loan approval and achieve your financial goals.