2 Best Instant Payday Loan Apps in Nigeria to Borrow Money

Are you interested in the best banks and companies that give instant payday loans in Nigeria?

If YES, then this article is only what you need to read today.

Getting started…

Payday Loans in Nigeria

A payday loan is an unsecured short-term loan that is mainly available to salary earners.

The loan terms for a payday loan usually include a loan duration of up to 3 months, but many lenders request borrowers to repay the loan with their next salary.

The borrower is usually given access to a loan amount of half of a monthly salary.

Interest rates on a payday loan are also higher than average.

Because a payday loan is a small amount and unsecured, the disbursement process is faster compared to other loan types.

When you apply for a payday loan online, the money can even be disbursed into your bank account within the same day.

Simply put, a payday loan is a short-term loan that makes up a part of your salary given to you while you wait for your actual payday, and then pay back when your salary arrives.

A payday loan is also sometimes referred to as a “cash advance”.

In case you ever wondered why monthly salary earners would still need to take out payday loans, it is needed to quickly sort out small and time bound financial issues and bills.

Salary earners will receive a maximum up to their monthly salary and the duration of repayment is one month (i.e., before the next salary payment day).

The interest rate of payday loan is 2%.

Is a payday loan the right choice for me?

Occasionally, you might need a cash advance for something that just can’t wait until your next payday or monthly salary.

This is the reality for many, and therefore a payday loan might be the right loan to carry you until your next salary payment.

When there is an emergency and you need access to cash as soon as possible for a short period, a payday loan can be indispensable during such an occasion.

Payday loans in Nigeria are usually paid out quickly – if the loan amount is small, these quick online loans can even be paid out on the same day as the application was filed.

Payday loan lenders in Nigeria will normally require you to prove that you receive a regular salary – and this will mean you need to upload bank statements in order to complete the form.

Because a payday loan doesn’t require collateral, the interest rate of the loan will usually be higher than a collateral backed loan.

Depending on the lender, the loan repayment might automatically be deducted from your upcoming income payments.

Applying for an online payday loan is safe, but be wary of online services that look dubious.

2 Best Payday Loans in Nigeria to Apply for Online Instantly

1. ALAT Payday Loan

ALAT low-interest loans have made it easier for salary earners to pay up all their bills and access quick loans up to ₦200,000 with a fast approval process and to be eligible for this loan, a salary earner who is a customer must have their salary account domiciled with Wema bank or ALAT By WEMA.

What are the requirements of a Payday loan?

Before now, getting a payday loan required lots of paperwork, hence one reason ALAT – First truly digital bank was launched to access to payday loans easy for Nigerians.

Payday loan is open to both new and existing customers, but to be a beneficiary of ALAT payday loan, you must fulfil the following requirements or criteria.

  • You must have an ALAT account.
  • You must have a paying job.
  • You must be using your ALAT account to receive salary.

How to get a Payday loan on ALAT?

  • Log in to the app/sign up.
  • Go to Loans
  • Click “take a loan.”
  • Select Payday loan.
  • If eligible, the eligible amount will be displayed (eligible amount is up to 80% of the customer’s total individual goal savings).
  • Enter the loan amount, select account to credit and enter transaction PIN.
  • Accept terms and conditions.
  • Your account will be credited immediately.

2. Access Bank Payday Loan

Sometimes emergencies arise before payday, and you might be low on cash.

This is where payday loan comes in.

Payday loan is an instant loan product for customers (both salary and non-salary earners).

With access bank payday loan, you can borrow money at a low-interest rate with no documentation or collateral needed.

You can get access to an instant loan by dialing *901*11#, *426*11# or via Internet Banking, WhatsApp Banking, Access Mobile App and QuickBucks App.


  • 24/7 service which does not require visits to the bank and application is done conveniently via *901*11#, *426#, QuickBucks App, Internet Banking, Mobile App.
  • No documentation required.
  • No collateral required.
  • Up to 36 months tenure.

How much can I get with PayDay Loan?

The maximum amount (i.e., eligible amount) you can get is 75% of your monthly salary, less any active loans at the Bank; subject to ₦500,000 disbursement cap.

Your eligibility is displayed when you request for the loan.

What can affect my eligibility?

Your eligibility will be affected by any of these:

  • If you have any outstanding loan(s) in Access Bank or other banks.
  • If you apply using a phone number that is not linked to your BVN.
  • If there is no evidence that you received a salary payment in the previous month.
  • If you have taken other digital loans and exceeded your eligible amount.
  • If you have an existing loan and the monthly, repayment is higher than your eligible amount.

How do I request a PayDay Loan?

You can request for a Payday Loan through any of these ways:

  • Dial the USSD code *901*11#
  • QuickBucks
  • Go to the Access Mobile App and select Loans and Investments.
  • Access Bank Internet Banking and WhatsApp Banking channels.

Does my salary account have to be in Access Bank before I can apply for PayDay Loan?

No, it does not. If your salary is processed via Remita, you can also apply for a PayDay Loan.

Please note that when you request a PayDay Loan, an Access Bank account will be automatically opened for you and the loan disbursed into this new account.

What are the rates/fee for PayDay Loan?

The interest rate for PayDay Loan is 10% and 11% for third party non-Access Bank customers.

Other charges include a 1% management fee, and 0.3% credit life insurance, which are taken upfront.

How long does it take to get a loan?

Once your loan request is successful, your Access Bank account is credited instantly.

However, it may take up to 24 hours to process before disbursement into your account.

In such an event, we will notify you of any delays.

When is the PayDay Loan due for repayment?

Your payday loan will be due for repayment by your next salary payment or 30 days from the day the loan was taken (whichever comes first).

The loan amount will then be automatically deducted from your salary account.

What happens if my account is not funded for repayment on the due date?

The loan amount will be deducted from any inflow into the customer’s account.

Where the loan is past due, a deduction will be made from any account linked to your BVN.

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Saint Chinedu

My GOAL is to equip you with the right strategy and working information to improve your academic performance, financial situation, and health this month.

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