Payday Loans in Nigeria: Top 5 Offers & How to Apply in 2024

  • November 19, 2023

Payday Loans in Nigeria: Are you a salary earner looking for quick cash to sort out unexpected expenses? Nairarush has curated this post to help you out with some available online payday loan offers.

With the increasing cost of living, more people are turning to payday loans to meet their immediate financial needs.

In Nigeria, there are several payday loan offers available to people who need cash quickly. This article will provide an overview of payday loans in Nigeria, the various loan offers available, how to apply for payday loans and lots more.

Without a waste of time, let’s get started!

What is a Payday Loan?

A payday loan is a short-term loan that is typically due on the borrower’s next payday. These loans are usually small amounts of money, ranging from ₦5,000 to ₦500,000 in Nigeria.

Payday loans are designed to provide people with cash quickly and without the need for collateral. The loans usually come with fair interest rates, and also flexible terms and conditions.

Check Out: Loans for Unemployed in Nigeria

How do Payday Loans Work?

In Nigeria, payday loans are usually offered by online lenders, although some traditional banks and microfinance institutions may also offer them. Payday loans in Nigeria are easy to apply for and usually involve filling out an online application form.

To apply for an online payday loan in Nigeria, the borrower typically needs to fill out an online application and provide some basic information, such as their name, address, and employment status.

If the lender approves the loan, the borrower will receive the funds within a few hours or days. The borrower then agrees to repay the loan, along with any fees and interest, on their next payday. Some lenders may offer longer repayment periods, however, this may come with higher interest rates.

Related: How to Get a Bank Loan without Collateral

Types of Payday Loan Offers in Nigeria

There are several types of payday loan offers available to borrowers in Nigeria. These include:

1. Salary Advance Loans

Salary advance loans are loans that are offered to employees who need cash before their next payday. These loans are typically small amounts of money and are designed to be repaid on the borrower’s next payday, usually at the end of the month.

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

2. Quick Loans

Quick loans are short-term loans that are usually repaid within 30 days. These loans are designed to provide people with cash quickly and without the need for collateral.

There are lots of loan apps that offer this type of payday loan online in Nigeria.

3. Business Loans

Business loans are loans that are offered to small business owners who need cash to grow their businesses. These loans are usually repaid over a longer period of time and require collateral.

This payday loan type can also be referred to as an overdraft loan, and it is usually offered by banks.

See Also: How to Get a Low Interest Loan for Salary Earners

Related: 2 Million Naira Loan Offers without Collateral

Top 5 Lenders that Give Payday Loans in Nigeria 2023

If you are looking for where to get a payday loan in Nigeria, here are some lenders to try:

1. Access Bank Payday Loan

Payday loans in Nigeria

The first lender for payday loans in Nigeria on our list is Access Bank. Access is a popular bank in Nigeria that offers a lot of financial services including loans.

From business loans and personal loans to payday loans, Access Bank Nigeria offers a lot of loan products.

The Access Bank payday loan is available for both salary and non-salary earners, and it comes with low interest. Also, no collateral or paperwork is needed to access an online payday loan in Nigeria from Access Bank.

Getting a payday loan from access bank is very easy, as you can use the QuickBucks app or Access Bank loan code. To use the app, all you need to download it from your app store, sign up and apply.

On the other hand, you can just dial *901*11# to apply for an Access Bank Payday loan using the USSD code.

Read Also: How to Borrow Money from Access Bank without Collateral

2. ALAT Payday Loan

ALAT is a popular payday loan app in Nigeria launched by Wema Bank. This app offers a variety of loan products including quick loans and instant online payday loans.

On the ALAT app, you can get anything from 50,000 Naira and above payday loan offers within minutes. This loan comes without collateral, and the interest rate is very low compared to other lenders in Nigeria.

To get a loan from ALAT by Wema, just download the app, sign up, fill out your personal details, and apply for a loan. Once your application is approved, the loan will be disbursed into your account in less than 5 minutes.

3. GTBank Payday Loan

GTB is another bank in Nigeria that gives payday loans. The GTBank Salary Advance service offers salary earners (both private and public sector workers) a 30 days loan which will be repaid on their payday.

With the GTB payday loan service, you can access 50% of your net monthly salary upfront. However, there are some eligibility criteria which include:

  • You must have a salary account domiciled with GTBank
  • You must earn a minimum salary of N25,000 for public sector and N50,000 for private sector employees.

Once you meet these requirements, you can apply for the loan by visiting a GTB branch or using a USSD code *737*8*2#.

Once approved, the money will be disbursed into your account within 24 hours. The GTBank payday loan tenor is 30 days, and it is renewable monthly.

See Also: How to Get a Loan from GTB without Documentation

4. Zenith Bank Loan

If you have your salary account domiciled with Zenith Bank, you can also access their payday loan service known as salary advance loan. This loan is made available by the bank to help customers in need of an emergency fund.

The Zenith Bank payday loan requires no collateral, and the interest rate too is fair. To apply for this loan, all you need to do is visit the bank branch or use the Zenith Bank loan code *966# to explore their loan products, then select Salary Advance, and follow the prompts.

5. Polaris Bank Payday Loan

instant payday loan in Nigeria

If you are in need of an instant payday loan in Nigeria, the Polaris Bank Salary Advance payday loan service is your best bet. With this service, customers can get a loan worth up to 70% of their salary in less than 5 minutes without even visiting the bank.

This loan requires no collateral, and it can be accessed using the Polaris USSD payday loan code *833*12#.

It is worth knowing that this loan is only available for salary earners (both private and public sector) that have their account domiciled with Polaris Bank.

Related: How to Get IPPIS Loan for Federal Workers

How to Apply for a Payday Loan in Nigeria

To apply for a payday loan in Nigeria, follow these steps:

Step 1: Do Your Homework

First off, you’ve got to know your options. There are a ton of lenders out there, each offering different interest rates and fees.

Do some good old research to figure out which one fits your needs best. The interest rates can range from 1% to 20%, so you’ll definitely want to pick wisely.

Step 2: Choose Your Lender and Fill Out an Application

Once you’ve decided on a lender, the next step is to fill out their online application. This is usually a quick process; you can do it right from your phone.

Most lenders just want basic personal details, your BVN, and maybe a bank statement. Easy, right?

Step 3: Submit Required Documents

Some lenders might ask for additional documentation like proof of income or ID. Make sure to provide whatever they ask for to speed up the process.

The quicker you submit, the quicker you get your payday loan in Nigeria approved.

Step 4: Wait for Approval

After you’ve sent in your application and any required docs, you have to wait a bit. The lender will review everything and then either approve or deny your loan. The waiting game isn’t fun, but it’s part of the process.

Step 5: Get Your Cash

If you get the green light, congrats! The next step is to receive the funds. This usually happens through a wallet fund or direct bank transfer.

Before you get the money, you’ll agree to some repayment terms. Read this part carefully; you don’t want any nasty surprises later.

Step 6: Repay the Loan

Last but not least, you’ve got to pay back the loan on time. If you don’t, you’ll rack up late fees and damage your credit score. Trust us, you don’t want that hassle.

And there you have it! Six easy steps to securing a payday loan in Nigeria.

Whether you’re facing an emergency or need some extra cash for the weekend, payday loans can be a quick fix. Just remember, borrow responsibly!

Now that you’ve known how to get a payday loan in Nigeria, let’s see other available options.

Payday Loan Code in Nigeria

Most lenders in Nigeria have a USSD code for payday loans. Below are the codes:

LenderPayday Loan Code
Access Bank*901*11#
Zenith Bank*966#
Polaris Bank*833*12#

Related: How to Borrow Money in Nigeria Using USSD Code

Benefits of Payday Loans

Payday loans offer several benefits to borrowers, including:

  • Fast access to cash: Payday loans are designed to be quick and easy to obtain, with funds usually available within a few hours or days.
  • No collateral required: Unlike secured loans, such as car loans or mortgages, payday loans don’t require collateral, making them accessible to people who don’t own assets.
  • Minimal paperwork: Payday loans typically require only basic information, such as the borrower’s name, address, and employment status, making the application process quick and easy.

Risks of Payday Loans

While payday loans can be a useful source of emergency funding, they also come with some risks, including:

  • High-interest rates: Payday loans usually come with high-interest rates, which can make them expensive if not repaid on time.
  • Short repayment periods: Payday loans are meant to be repaid on the borrower’s next payday, which can make them difficult to repay if the borrower’s income is unstable or they have other financial obligations.
  • Risk of debt cycle: If borrowers are unable to repay their payday loans on time, they may be tempted to take out another loan to cover the first one, leading to a cycle of debt that can be difficult to break.

Related: AutoCheck Car Loan Review

Alternatives to Payday Loans

If you’re considering a payday loan but are concerned about the high interest rates and short repayment periods, consider these alternatives:

  • Personal loans: Personal loans usually have lower interest rates than payday loans and longer repayment periods.
  • Credit cards: If you have a credit card, you may be able to use it to cover emergency expenses and repay the balance over time.
  • Savings: If possible, try to build up an emergency savings fund to cover unexpected expenses.

Still, having questions concerning payday loans in Nigeria? Find your answers below.

Payday Loan Online 2023 – FAQs

How much can I borrow with a payday loan in Nigeria?

Payday loans in Nigeria usually range from ₦5,000 to ₦500,000.

How long does it take to get a payday loan in Nigeria?

Once the application is approved, the money is usually transferred to the borrower’s bank account within 24 hours.

Where can I get a Payday loan in Nigeria?

There are several payday loan apps in Nigeria including, QuickBucks, and ALAT. Borrowers can also access payday loans from traditional banks like GTBank, Polaris, and Zenith Bank.

See Also: How to Check NIRSAL Loan with BVN

What are the risks of taking out a payday loan?

The risks of taking out a payday loan include high-interest rates, the risk of a debt trap, and hidden fees and charges.

Can I get a payday loan if I have bad credit?

Getting a payday loan in Nigeria with bad credit depends on the lender’s requirements. However, some payday loan providers may offer loans to people with bad credit.

What should I consider before taking out a payday loan?

Before taking out a payday loan, it’s important to consider the interest rate, the repayment terms, and the total cost of the loan, as well as whether you are able to repay the loan on time.


Payday loans can be a useful tool for people who need cash quickly and without the need for collateral.

It’s important to shop around and compare different payday loan offers before choosing a provider. Borrowers should also ensure that they read the terms and conditions carefully and understand the costs associated with the loan.

In summary, payday loans in Nigeria can be a convenient way to access cash quickly. But, borrowers should exercise caution and ensure that they are able to repay the loan on time.