A quick loan, also known as an instant loan, is a type of personal loan with a fast approval process. Instant loans are generally unsecured, meaning the lenders don't require collateral or paperwork. They have less stringent approval processes and are often given to salary earners who need cash quickly. An instant loan is one way to cover unexpected expenses or other time-sensitive needs. Most quick loans in Nigeria are characterized by:
- Smaller loan amounts
- Streamlined application process
- Short processing time
- Rapid approval
Before giving you a quick loan, lenders consider your credit, salary, and debt. Loan amounts range from N50,000 to N2 million. In Nigeria, you can get a quick loan through banks, online lenders, and loan apps. Banks are well-established sources and a safe way to borrow money. With that in mind, here are seven Nigerian banks that offer quick and instant loans.
1. ALAT
ALAT offers an instant loan with a low interest rate. This quick and instant loan requires no paperwork or visitation to any bank. You can borrow up to N2,000,000, with a 2% interest rate per month on a reducing balance basis. ALAT instant loans are designed to help Nigerians with urgent needs. The minimum amount you can borrow is N50,000 and the maximum is N4,000,000.
Upon approval, the money will be disbursed into your account within hours and you will have between 3 to 24 months to pay back, depending on the amount you borrow. To apply for this instant loan online, visit ALAT's website.
2. GTBank Quick Credit
GTBank Nigeria offers an instant loan, the terms and conditions of which require the domiciliation of your salary with the Bank. Your account will be credited immediately after a successful application. To be eligible for this quick loan, you must:
- Maintain a salary account for 12 months with GTB
- Have satisfactory credit reports
- Not have any unpaid obligations
The minimum loan amount is N5,000 and the maximum is N5 million. The tenor for the quick credit is 12 months, with an interest rate of 2.75% per month. You can request this instant loan by dialing *737*51*51# or visiting the GTB internet banking platform.
3. UBA Instant Loan
With UBA Nigeria's "Click Credit," you can get an instant loan of up to ₦1 million to cover your emergencies. It's available on USSD and open to all salary earners in Nigeria who receive their monthly salaries through UBA. In essence, to get this quick loan, you will need an active UBA Salary Account that is at least 6 months old. Additionally, you need a minimum monthly salary of at least ₦50,000.
The maximum loan amount you can apply for is one million naira, and you'll have to pay it back within 6 months. No documents are required for this loan, which can be obtained in less than a minute! If you're eligible, simply dial *919*28# or send "Loan" to Leo on Instagram or WhatsApp.
4. Union Bank's Digital Loan
Union Bank offers a wide range of loans, including quick loans. If you are a salary earner in need of quick cash for personal reasons in Nigeria, Union Bank's digital loan is here to save you the stress, while providing you with the financial support you need. To be eligible for this loan, you need to earn at least N15,000 monthly. Additionally, you need to have a Union Bank salary account. You can borrow up to 50% of your salary and pay it back in 30 days without collaterals.
For example, if your monthly income is N100,000, you can borrow N50,000. The maximum amount you can borrow is N500,000. Assuming you earn one million naira every month, that is. If you're eligible, you can apply for this instant loan by dialing *826*41# or on the Union Mobile App.
5. Access Bank's PayDay Loan
The Access Bank PayDay Loan is an instant loan targeted at customers (both salary and non-salary earners). Unlike the above banks, Access Bank doesn't require that you have a salary account with them in order to get a quick loan. This instant loan product allows you to borrow money at a low interest rate with no paperwork or collateral needed. Plus, you will have up to 36 months to pay the money back.
The maximum amount you can borrow is 75% of your monthly income. You can request a Payday Loan by dialing *901*11# or downloading the QuickBucks app, which is available on the Google Play and iOS App Store.
6. First Bank's FirstCredit
FirstCredit is an instant loan product designed by First Bank to help you fund your transactions. Like all quick loans, FirstCredit does not require you to visit the Bank. To be eligible for FirstCredit, you must have an account with the Bank and the account must be six months old. Additionally, you must have a positive credit record with Credit Bureaus. The maximum loan amount FirstCredit offers is N300,000. However, you only have 30 days to pay back what you borrow, with 8% interest. To apply, dial *894# or log on to the FirstMobile App.
7. Stanbic IBTC's EZCash
As a customer, you can get more out of your account with Stanbic IBTC Bank. You can meet your urgent needs with the Bank's instant loan, with the option to pay back in up to 24 months. You can borrow from N20,000 up to N7.5 million, with an interest rate of 4% per month. You can apply on your phone and get approved in minutes with no collateral.
To qualify for an EZCash, you must be at least 18 years old, but not over 59 years, and have an active account that is at least six months old with the bank. Additionally, you should have satisfactory credit reports. Request for EZCash by dialing *909*44#. You can also apply for the EZCash on Stanbic's mobile and internet banking platforms.
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