Based on research and not influenced
This is based on rigorous research, testing and not influenced by our earning potentials.

Best Loans for Salary Earners in Nigeria

Loans for salary earners in Nigeria from non-bank lenders are on the rise, you can save by comparing offerings and interest rates from the best providers.

Nigeria is never short of money lenders, many are competing to give you the funds you need to tackle your needs in the meantime.

But the challenge lies in determining which of these companies offers the best rates as regards the amount you will have to repay at the end of the tenor.

Whether it is to get some until your employer’s alert drops, need one to fix some stuff in the kitchen to emergencies, there will be one for you and this list of loan providers for employed individuals in Nigeria will help you determine which works best.

Best for All

Credit Nigeria

Credit Nigeria

Interest/m

Varies

Max. Amount

₦ 5m

Tenor

24 Months

Credit Nigeria is a unique loan facility provider that connects you to arrays of lenders for faster payout.

With multiple lenders via a single channel, your loan application is accessible by its several partners which means your chances of getting an offer increases.

The application process is fully handled online with easy provision for you to submit the needed documents effortlessly on their request portal.

Though with varying interest rates due to its marketplace model, checks on most of its partners’ websites indicates you will pay a maximum of 5% as interest rate on monthly basis.

Credit Nigeria is picked as the provider of the best loans for salary earners in Nigeria for its aggregator model. With this, you are connected to multiple lenders. 

Nigeria has a lot of money lenders, with busy cities like Lagos, Abuja, Port Harcourt being the home to most of the country’s best loans for salary earners.

Nevertheless, you can access their services from any state in Nigeria as long as you meet their requirements.

And because of numerous providers, you can run into one that charges very high interest on borrowed funds.

While you might have accepted an offer in the past because you were urgently in need of it, having options means you can now compare to decide which is the best based on the terms of repayment.

 

Loans for Salary Earners in Nigeria

You are never short of lenders and below are the best emergency fund providers if you work and live in Nigeria:

Credit Nigeria

Credit Nigeria

Interest/m

Varies

Max. Amount

₦ 5m

Tenor

24 Months

Credit Nigeria is one of the providers of loans for salary earners in Nigeria.

With its aggregator platform, you can apply for a credit facility of up to 5 million naira for a maximum length of 24 months.

The applicable length of credit depends on the final lender as Credit Nigeria will submit your requests to many of its partnering lending institutions.

Applying for its credit facility is fully digital with a form provided for you to fill on its website asking for details like your personal information to banking details to ascertain your credit worthiness.

 

Review the Requirements
  • Any valid government-approved ID card
  • Your bank verification number is required to check your credit worthiness
  • Bank Statement to calculate how much you can access

Carbon

carbon

Interest/m

Varies

Max. Amount

₦1m

Tenor

12 Months

Carbon is one of the well-known loan for salary earners in Nigeria providers.

With its credit facility, you can apply up to 1 million naira which comes with varying monthly interest rate depending on your credit worthiness and a maximum length of 12 months.

It has a cashback feature which will allow you to enjoy an interest free loan if you repay before the due date. With this, you will pay no extra charges once you repayment is made in full before the end of the cashback period.

Carbon operates as a bank hence, you can get yourself a virtual card for online transactions as well as a physical debit card that will enable you to withdraw cash at any ATM location.

 

Review the Requirements
  • Any valid government-approved ID card together
  • Your bank verification number is required to check your credit worthiness
  • You might be required to start on a test credit of low value and after then can qualify for higher amount

CredPal

CredPal

Interest/m

3.5%

Max. Amount

₦5m

Tenor

12 Months

CredPal is one of the providers of loans for salary earners in Nigeria, even with a unique model of offering.

CredPal is originally a credit card company allowing you to get access to funds to handle your urgencies.

But as employees, your line of credit might be short of what you need in which the company has an optional loan facility you can apply for. 

With the CredPal loan, you can access up to 5 million naira at a monthly interest rate of 3.5% and a total tenor of 12 months.

Another good thing about working with this provider is its partnership with a number of shopping outlets, restaurants to a lot more joints you can buy stuff. With this, you enjoy up to 5% cash back each time you pay with your credit card.

Because its cashback is not limited to when you purchase with your credit card, you also enjoy the same when you scan and pay with your CredPal wallet using the QR code feature at partnering business locations.

 

Review the Requirements
  • Any government-issued ID card together with your BVN
  • Evidence to show you are currently employed
  • A good credit report is necessary
  • Provision of your bank account statement or your authorization to access it through Mono

CoolBucks

CoolBucks

Interest/m

3.5%

Max. Amount

₦5m

Tenor

12 Months

At 3.5% monthly on a given facility, CoolBucks’ credit is one of the best interest rate loans for salary earners in Nigeria.

Working with this money lender, you can apply for credit up to a maximum of 5 million naira and repay over a period of 12 months.

If you are looking at funds for just one or two months, this might not be the choice as you are mandated to a minimum tenor of 3 months.

CoolBucks is one of the companies offering loans for salary earners in Nigeria that utilizes digital for service delivery hence, your application should be able to complete without a need for you to visit any office location.

Its requirements are flexible and you should be able to conveniently provide the needed documents when required.

 

Review the Requirements
  • Your 6 months bank statement in PDF format
  • An utility bill to prove your residency
  • Any valid means of identification (Driver’s license, International passport, National ID card, etc.)
  • While optional, you might need to provide your employment ID card at a stage during the application
  • Your offer or employment letter, though bank workers that earn ₦140,000 and above are exempted

Bridge

Bridge Credit

Interest/m

3.5%

Max. Amount

₦5m

Tenor

10 Months

Bridge Credit is one of the financial institutions that grant loans for salary earners in Nigeria at a monthly interest rate of 3.5%.

With its loan for people working in Nigeria, you can access up to 5 million naira for a period of two to a maximum of 10 months.

Though its first stage application is handled on the company’s website, you might be required to visit their location to complete the process depending on the situation of your application.

The requirements of eligibility are similar to others with basics such as your official ID card, utility bill and others needed to process your loan request.

 

Review the Requirements
  • Your bank statement in the last three months inclusive of payslips 
  • Utility bill to prove your current location
  • Any valid means of identification (Driver’s license, International passport, National ID card, etc.)
  • You also need to provide your employment ID card
  • Your offer or employment letter
  • Post-dated cheques
  • Passport photo

CreditVille

CreditVille

Interest/m

6%

Max. Amount

₦4m

Tenor

18 Months

CreditVille is one of the known providers of loans for salary earners in Nigeria.

Employed individuals that meet the requirements can access up to a credit facility of 4 million naira through to 18 months total tenor.

When approved and funds disbursed, you will have to pay back 6% on running credit every month until liquidation.

The requirement is a bit tough for very young people who are just starting out as less than 25 years are not eligible for its loan and it requires you also need to own a current account to qualify.

A good thing about this money lender is that they can buy out your existing loan if you have one with another provider. Hence, you can easily switch to them and even get a top-up.

 

Review the Requirements
  • You are required to be 25 years or more
  • A current account with one of the commercial banks is required
  • Your monthly income must be verifiable
  • You need a good credit report
  • You should not have a history of returned cheques
  • Any government-issued ID card together with your BVN

X3

X3 Leasing

Interest/m

5%

Max. Amount

₦5m

Tenor

12 Months

X3 is another moneylender catering to the credit needs of individuals working and living in Nigeria.

While its 5% monthly interest rate might be higher compared to some of the providers of loans for salary earners in Nigeria on this list, it is a good alternative.

X3 Leasing allows you to access between ₦50,000 and ₦5m credit facility for a period not exceeding 12 months.

Through its MyX3 portal, you can submit your application easily by filling in the required details alongside every needed document for the consideration of your request.

 

Review the Requirements
  • 6-month bank statement in PDF format of your salary account
  • Utility bill of your current residence not later than three months from the day of your application
  • Any valid means of identification (Driver’s license, International passport, National ID card, etc.)
  • Your employee ID card is required

Credit Direct

Credit Direct

Interest/m

5%

Max. Amount

₦2.5m

Tenor

12 Months

Credit Direct is one of the well-known non-bank money lending companies in Nigeria.

With this provider, you can request a minimum of ₦100, 000 but you can not exceed the maximum of ₦2.5 million naira.

On monthly basis, your repayment will be topped up with an interest rate of 5% on the reduced loan balance.

The initial stage application is handled online and based on the documents and information you submitted, you might be required to do an office visitation.

Unlike the other loans for salary earners in Nigeria providers, this lender requires a lot of things before you can be considered for credit.

 

Review the Requirements
  • It requires you should be between ages 22 and 58.
  • You must own an account with a commercial bank in Nigeria.
  • Applicant must live and or work in Lagos State.
  • You must have a verifiable monthly income
  • A clean credit report is required
  • You must not have a history of returned cheques in your account.
  • One recent passport photograph (within the last 6 months)
  • Salary bank statement for the last 3 months must be stamped by the bank or sent directly to Credit Direct’s designated email address
  • NUBAN Cheque leaves for the duration of Loan/Activated Direct Debit Mandate
  • Your employee identification card
  • Your pension statement might be required
  • Any of letter of Employment, Confirmation, Promotion, Redeployment, Salary Increase OR Introduction
  • Letter from Employer’s HR to CREDITDIRECT might be required where you need a high amount loan
  • A valid Proof of Identification (current ECOWAS Passport, National Identification, Driver’s License or Voters ID)

 

When short of funds, you can be sure to have access to arrays of places you can get sorted for some time until your next payday.

With many lenders for house rents, payday or long term, it will save you some money later by comparing before you accept an offer from any of the companies providing loans for salary earners in Nigeria.

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