Are you looking for list of CBN approved loan apps in Nigeria then you are on the right web page for all the necessary information.
Central Bank of Nigeria CBN has increased its efforts to stop loans sharks’ activities in Nigeria by granting licenses to a few commercial banks to offer payday loans in the country.
Payday loans are loans that are short-term that are given to clients to cover immediate needs until their next paycheck arrives. It is a type of financial service typically offered to salaried workers or those with income sources. Payday loans should not be used for business as they typically carry a high risk and have higher rates of interest and a shorter terms.
In recent years the majority of Nigerians have turned to taking loans from unlicensed, non-regulated online loan services. Many have obtained loans from these lenders with high interest rates in order to fund their business.
To achieve this in this regard, the CBN has granted licenses to a few commercial banks to offer payday loans to Nigerians.
While most banks require that applicants be able to have their salaries accounts deposited in their bank, along with other requirements, they are safer and don’t have the risk of blackmail as with the other loan apps online available.
Here are a few payday loans that are licensed in Nigeria:
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Guaranty Trust Bank Plc gives the lowest interest rate per month of 1.5 1.5%. There are no hidden charges for this loan. That is to say there aren’t any costs that are incurred by this loan, whether in terms of management or legal costs, as well as insurance. Another reason people of the middle class Nigerians favor GTBank loans is because they don’t require collateral.
Additionally, GTBank’s fast loan offers salaried and self-employed customers up to N500,000 to N5 million, with an interest rate per month of 1.5 percent. Customers who are salaried can borrow anything between N10,000 to N5 million, and self-employed customers can take out loans ranging between N10,000 to N500,000. Customers from both groups are able to repay their loans within six to twelve months. There aren’t any hidden charges in this site.
United Bank for Africa Plc announced Click Credit in February 2020. It is a loan designed to help UBA customers meet their immediate financial requirements. Customers who are eligible for this loan facility can avail loans the amount of N5 million. According to information available on their website the loan will be repaid over a period of 12 months, with the rate of 2.5 percent. There aren’t any hidden charges for this type of loan.
It’s quite easy the process of applying to this credit. It is not necessary to submit any documents. You can apply using its USSD code or online banking services to sign up.
Only those who earn a salary and have an account at the tier-1 bank can qualify to take out the Zenith Bank Plc loan. They can take out up to 60 percent of their salary however, at an interest rate per month of 2.16 percent. Additionally, the borrower is required to pay a management fee of one percent.
The required documents include: an the form for opening an account and a passport picture of an authentic signatory, letter in the name of your company’s head on letterhead of your company, and a Staff identification card.
Access Bank’s Payday Loan
Payday loans are available. Access Bank Plc charges a 4percent interest rate, 1 administration fee of 1% (flat) as well as a 0.15 life insurance for credit (flat). The salaried with Access Bank accounts can get up to 75% of their wage or other amounts in the range of Access Bank may allow.
The payday loan offered by Access Bank has a 30-day period. Customers can utilize the bank’s banking services via electronic channels to apply for the loan, and include your USSD code. The applicant agrees to waive the 3-day cooling off period in order to allow the disbursement.
- Receipt of the monthly pay (via Payroll administration). A minimum of one month’s salary has to be received by the account of the Borrower in the Bank.
- The application must be submitted through the bank’s electronic banking platforms which include, but are not restricted to, application via the USSD code 90111# ATM mobile banking app online banking, and QuickBucks app.
- Automated confirmation of the eligibility of the customer and transparency of the last month’s salary by a separate customer database.
- Acceptance of the offer through its electronic banking platforms , which include but not limited to, 90111# ATM mobile banking app Internet banking, as well as the QuickBucks app.
- Acceptance of the Terms and Conditions.
- Revocable salary distribution for the Bank.
FCMB’s Fast Cash
for customers at First City Monument Bank Ltd quick loans of N100000 and N200,000 are readily available. The loans are available instantly through USSD code, as per information on the website of the bank, and collateral is not required. The rate of interest is 8 per month. There’s also the management fee of one percent, which is payable in advance as soon as the loan is disbursed.
- Access to funds immediately
- A maximum of N200,000 in loan amount
- There is no paperwork to fill out, simply submit your application via either the smartphone app and 32911#
- No collateral required
- The interest rate for salaried employees is 8%, while the rate for non-salaried charge is 15 percent upfront cost
- 30 day tenors for all new customers
- up to 90 days cleaning up cycle for repeat customers
- The applicant is able to apply as often during the year as long as he/she is certified
First Bank payday loans
Through the First Bank’s Personal Loan Against Salary Service it is possible to repay your loan over a time of up to 36 month subject to a retirement age of 60 with a flexible loan repayment schedule. There is no requirement to have a guarantor and the processing is quick. The minimum documentation is required, however no equity contributions are necessary. However, throughout the term in the flexibility repayment plan your account for salary must be registered with FirstBank.
In order to apply to this Personal Loan Against Salary, you’ll require all the documents listed below:
- Application letter
- Personal Loan Application Form
- Accounts statement.
- Applicant’s letter of total earnings.
- The applicant’s employer must be confirmed on the FBN authorized list.
- A letter of irrevocable dominiciliation for the period of the facility.
- Fill out the form and drop it off to the nearest FirstBank branch.
Advantages of taking loans from licensed and regulated loan apps
Making loans from payday loans might appear to be a lot of task, given the accessibility of loan applications online that do not ask a lot of questions. However, the benefits of these apps are unmatched.
- The peace of mind Loan sharks depend on the fear of recouping loans they make. If you fall behind on the loan, a majority of them will send insulting messages to your family and friends. However, with loan apps that are licensed you have security of knowing that this won’t occur, even if you fail to pay.
- Get a better credit score each time you apply for and repay a loan the transaction will be recorded in your credit score. This can increase the amount you can borrow in the future if have a high credit scores. The loan applications that are regulated keep a credit record in contrast to those that aren’t.
- A better interest rate: The rates of interest you pay for the loans that are regulated are much lower than the rates other loan sharks cost you. Also, you have a longer repayment time beginning at 30 days as opposed to the seven days you’ll get with the majority of loan sharks.