Payday Loan is among the many types of Loans available to Nigerians. This type of loan is unlike the Home Loans, Vehicle Loans(Auto Loans) and Cooperate Loans. Payday Loans are however not very a very common type of Loan(most banks don’t give out such loans).
But this type of loan is very easy to secure and relatively easy to payback. In fact most payday loans are usually paid back within 30 days. Another goo reason why most people should consider this type of loan in Nigeria is that its an insecure loan.
In this article we’ll be talking about Payday Loans, its meaning, features, benefits, why you should get Payday Loans and where you can get a Payday loan.
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What Is A Payday Loan
A Payday Loan is a short term insecure loan that is giving by financial institutions to workers(Salary earners). Payday Loans attracts higher interest rates as no collateral is needed and its relatively fast to get loan request approve.
Features of Payday Loans
- No documentation required
- There is no collateral required
- Up to thirty one (31) days tenor
- Can be applied and secured online without visiting any bank branch.
Benefits Of Payday Loans
There are lots of benefits associated with Payday loans and below are few of these benefits
- Easy to secure
- Basically no documentation is needed to get the loan.
- It is an insecure loan which means that no collateral is required.
- Payback time is up to 030 days or more.
- It is the fastest loan type to secure.
- Can easily be deducted from your salary without issues.
- Payday Loans can be used in emergency situations to solve problems.
- Serve multi purpose e.g payment of house rent, school fees etc.
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Demerits of Payday Loans
Well the saying goes that the road won’t be smooth all through the journey and Payday Loans are not exception. Below are some downside of Payday Loans
- Usually attracts higher interest rates.
- Have the shortest payback time.
- Pressure to meet up with payment before deadline date.
- Leaves borrower with no little or no savings as salary might just be withdrawn by the end of the month.
- Have terms and conditions that must be followed strictly.
- Few banks and financial institutions gives this type of loan.
How To Secure A Payday Loan In Nigeria
The major bank offering this loan type in Nigeria is Access Bank. The Access Bank Payday Loan is one that Nigerians can make use of to get quick loans with ease. In our next article we’ll discuss the Access Bank Payday Loans in details.
To apply for a payday loan in Nigeria follow the steps below
- Visit the Bank branch or Financial institution.
- Fill the Loan form associated with/to Payday Loans.
- Have a salary account with the Bank(Most banks will request this).
- Link your BVN to all your bank accounts
- Agree to other terms and conditions like interest rate, payback time etc.
Payday loans in Nigeria are relatively easy to get and its fast. You can consider getting one today. Understanding the Access Bank Payday Loan will be discuss next.Please use the share button to share our posts on Facebook and Twitter.