Loan for Salary Earners In Nigeria, How To Apply & Requirements

education vs money

The fact is that as a salary earner, your salary will not ever be enough for you. It’s nothing to be ashamed of, but it’s something you should devise a means to end your cycle, that’s why we have loan for salary earners. There are different ways to get over financial stress: taking/seeking a Loan from salary owners through reputable platforms in Nigeria.

As a Nigerian living in the country, things are not going as they should again. Hence everyone is trying their best to put in efforts that will turn out good fruits. Several financial providers in the country are currently out to help different people if they have different needs. 

What does “Loan for Salary Earners in Nigeria” mean?

This is a good question you may have wanted to ask. Loan for salary earners in Nigeria is a particular type of financial activity granted to only the working class in the country.

This is to say that only those who hold good positions in offices, industries, firms, private institutions, etc., legally are allowed to access such type of financial leverage. What do you expect in a country where as few as 20 percent of the population are not living well?

You may be shocked to hear that many fat salary earners still cry out to outsource for funds that will help them carry the extra load of financial stress. These are common not because of the economy but because of your priorities for yourself.

Many homes are living and feeding below the expected minimum wage benchmark. All these brought a rise to more and more people needing financial help to help them augment the little they receive from their place of work. 

How do you get a loan as a salary earner in Nigeria?

Daily, getting a loan as a salary earner in Nigeria keeps getting more accessible and hassle-free. You’ll have to go through numerous protocols to access a loan grant, unlike before. 

In Nigeria, you don’t need collateral to secure a loan in a bank or any organization. The maximum or minimum amount of money you would access depends on the strength of your salary, what level you’re at, and – whether you can repay it without stress.

These are the significant criteria that loan givers calculate, which are still considerable, preferable, and more civil than collateral. 

However, getting a loan as a salary earner in Nigeria is not as difficult as you may think. To get a loan from any institution of your choice, you must first check their requirements. If you can afford to provide them with all they request from you, it’s time to go ahead and start your loan application request

Who are the best Loan providers in Nigeria?

Among the hundreds of Loan providers in Nigeria, a few are not genuine as one may think. This is more reason you should be careful when acquiring a loan because most times, their customers end up being victims of fraud which they can do nothing about. 

There are certain factors to consider before choosing a Loan provider; these are not limited to the following. 

  1. Previous customer reviews
  2. How secure it is
  3. Is the loan company registered under the CAC
  4. Read their terms of the privacy 

10 Best Loan providers for Salary Earners in Nigeria

As we mentioned earlier, many loans are suitable for Salaried Earners across Nigeria. Here is the list of the best loan for Salary Earners in Nigeria can choose from:

First City Monument Bank Fast Cash

Commonly known as FCMB, they are one of Nigeria’s most trusted loan providers. The process of applying to them is simple, and they grant loan requests as long as you meet up with their requirements. They charge a monthly interest rate of about 3.5% and an annual interest of 42%, respectively. 


The bridge is another notable loan provider that gives loan for salary earners in Nigeria. However, they charge around 8.5% to 10.5% interest on their loan, making them slightly more expensive than other loan providers in the country. 

Credit Nigeria

Credit Nigeria claims to be a loan provider that matches loans between people in Nigeria; they also are responsible for matching you with lenders across the country who will be able to finance you till your paycheck arrives.

They mostly approve payday loans or personal loans. However, their interest rate varies from others and can be anywhere between 4.2% or slightly higher.

 Access Bank Plc. (PayDay Loan)

This loan provider automatically credits you within minutes of using their USSD code to apply. However, they deduct your salary immediately, and your check lands without hesitation.

They have a flat interest rate of 3%, which may be subject to change due to unforeseen economic changes.

Guarantee Trust Bank ( QuickCreditGT) 

The quick loan by GTB is one of the best places to get a loan. According to the bank, they charge an interest rate of 1.5%, which is payable over 12 months; this will allow anyone under the category of employed or non-employed to receive a loan up to the tune of 5 million Naira. 


This “Buy now pay later” service helps salary earners shop for their favorite goodies in online stores. One fascinating thing about this loan service is that the interest rate is completely 0%.


Cedarville is an online loan provider that provides Payroll based consumer loans to eligible individuals through their employer. The amount borrowed is then deducted from your monthly salary when paid. CreditVille interest rate varies between 6% – 31%.% 

Credit Direct

Credit Direct Limited is a non-banking financial company with its HQ in Lagos State. The company is committed to gives out loan for salary earners in Nigeria who meet the eligibility requirements loan to enable them to meet up with their financial budget. Their interest rate varies any way from 4.9 to 29.9%

United Bank for Africa (Click Credit)

In 2020, UBA launched a loan program for its loyal customers. They would be allowed qualified customers to apply for up to N5 million loan and pay back within the range of over 12 months at an interest rate of 1.58 percent per month, with no hidden fees.

This was established in line with the average earnings of salary earners from N25,000 per month who fall between 18 and 59 can benefit from this facility with no extra fees.

There is no need for collateral, no paperwork, or other complicated issues in this facility; customers can even apply via LEO, UBA Mobile Banking, and UBA internet banking.

 Harmony (Salary Earners Loan)

Harmony is a loan provider that anyone can take a loan from. You can either be a salary earner, business owner, employed or self-employed as long as you can provide a verifiable source of income. They offer a wide range of loan services: personal loans, business loans, or salary advances.

 Requirements for a loan application as a salary earner

As mentioned above, there are some requirements you need to meet to apply for Loan for Salary Earners in Nigeria.

The requirements can vary depending on the financial lender or loan company, but we try to cover all the necessities you’ll need for a loan.

To access a payday loan, you’ll need the following:

Personal details:

 This includes essential information like your full name, e-mail address, phone number, occupation, etc.

A valid method of identification: 

You can use any valid ID issued by the Federal Government; you can use the ID of the organization you work for, provided it’s legit, not a fake ID. 

Active Bank account: 

You must possess an active bank account with a registered commercial bank in Nigeria. The statement(s) to be submitted must be a recent one and must be a current or a savings account. 

Your bank account must show a verifiable source of income for at least a few months.

The period for this is usually based on each lender, so do well to acquire the age of the statement to submit from your loan provider.

Letter of Employment: 

You might need to present a copy of your employment letter if required by the lender; this is used to verify that you are legally employed by the company you are working for and prove you are not a ghost worker living under the pretense of working for an organization.

Age requirements: 

The loan application is currently not available to the some age group depending on the lending company. Most lending companies’ age criteria are from 23-55 years to get a payday loan. 

8 Simple ways of planning your loan 

  1. Check your credit score.
  2. Evaluate your options
  3. Carefully choose your loan type
  4. Search for the best rate loan provider.
  5. Apply to your chosen company
  6. Provide all necessary documents required
  7. Accept the loan and start making payments.


Getting a loan as a salary earner in Nigeria is easy; with USSD codes of different providers, you can access a massive loan without stepping out of your house. The best thing about this is that these loans are instant; you do not need any collateral to have a loan secured in your Name. As long as you meet the providers’ requirements, you’ll be offered a loan. 

Don’t hesitate to use the comments box below to ask questions, and feel free to contact us.

About David Umoz

David Umoz is a pro and certified scholarship content writer who sincerely desires to inform scholars about details and how to apply for financial grants, scholarships, and loans.

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