Home Bank Access Bank Benefits Of Salary Advance Loan From Nigeria Banks

Benefits Of Salary Advance Loan From Nigeria Banks

Salary Advance Loan
Photo Source: Zenith Bank Website

When you are a salary earner living in a country where things are a bit expensive, chances are you’ll need a soft loan to pay off some debts. Aside from debts, you’ll also need some money to buy those things you love and make emergency payments. This is where the salary advance loan from banks becomes very useful.

What Is Salary Advance Loan

Salary Advance loan is a type of loan offered by Nigerian Banks that makes it possible for workers/salary earners to borrow some amount of money upfront.

The money borrowed will then be paid back at the end of 30 days when they received their salary.

Most Nigerian banks allow workers to borrow up to 50% of their monthly salary. But Polaris Bank allows for workers to borrow up to 70% of their salary.

The reason why Nigeria Banks don’t allow workers to borrow 100% of their salary is so that they can have something to hold on to by the end of the month.

The Salary loan also have a 30 days circle. This means that after paying off the previous money you can easily apply and get another one.

It is also a zero interest rate loan for salary earners. There is no interest rate associated with this type of loan as it is considered a payday loan by most Nigeria Banks.

There is also no collateral required before you get the loan approved.

Salary Advance loans are also the fastest types of loans in Nigeria. Processing is usually between 12 to 24 hours and money is paid to the borrowers bank account.

Benefits of Salary Advance Loan

  • It is very easy to get.
  • Zero-interest rate.
  • No collateral is needed to approve the loan.
  • There is no equity contribution to get the loan approved.
  • Fast processing and money is paid into borrowers account within 24 hours.
  • No paperwork is required to get this loan from Nigeria Banks.
  • It has a 30 days recycle period. This means that after 30 days you can borrow up to 50% of your salary again.

Where To Get A Salary Advance Loan

In Nigeria, the best place to get this type of loan is from banks. And we are glad to inform you that almost all commercial banks in Nigeria offer this type of loan including:

1. Zenith Bank

salary advance loan

This bank offers its depositors the salary advanced loan scheme and it is available to confirm and professional salary account holders of different companies.

Zenith bank takes an interest rate of 26% per year which is 2.16% per month. Zenith Bank also charges a 1% flat management fee subject to a minimum of N5,000.

Zenith bank requirements of salary advance loan

  • Applicant salary and allowances must be domiciled in Zenith Bank
  • Indemnity clause giving the bank Right of Set-off in any other bank using the Bank Verification Number (BVN) – Meaning if, for any reason, the applicant defaults on payment, or Zenith Bank cannot make repayment deductions as and when due, the bank has the right to recover the debt by accessing funds that the applicant may have in other banks in Nigeria, using the BVN.
  • All applicants are able to borrow 60% of their monthly salaries.

2. Access Bank

salary advance loan

Access Bank also offers salary advance loan and you can apply for it either in-bank or online.

With the Access Bank Salary Advance loan, you can have access to up to 200% of your net monthly salary and repay after 6 months.

Access Bank salary advance loan features

  • No documents required
  • 24/7 service which doesn’t require visits to the bank and application is done conveniently through QuickBucks App or USSD code *901*11*1#.
  • No collateral is required
  • Six months tenor

3. GTBank (Guarantee Trust Bank)

salary advance loan

With GTBAnk Salary Advance you can get up to 50% of your net monthly salary upfront.

GTBank salary advance loan scheme is available to staff of private companies and government agencies that have active salary accounts with GTBank.

GTBank Salary Advance Loan Features

  • You get up to 50% of net monthly salary in advance
  • No collateral needed
  • You will have a tenor of 30 days which you can renew monthly
  • A minimum salary of N25,000 for public sector and N50,000 for private sector employees.
  • The loan will be made available within 24 hours.

4. UBA (United Bank For Africa)

salary advance loan

UBA offers salary advance loan also called Click credit ( a USSD loan with no form of documentation, paperwork, no queue).

As a salaried customer with UBA, you can now get the cash you need instantly and pay back within a year.

Click credit gives customers funds up to five million Naira at an interest rate of 1.58% per month.


  • Must have a functional salary account with UBA
  • Must have received your salary via UBA for at least 6 months

5. First Bank 

salary advance loan

First bank salary advance loan is called FirstAdvance. FirstAdvance is meant for salary earners who have accounts with First Bank and have received frequent salaries for at least six months.

Customers can access FirstAdvance through the bank’s digital channels such as FirstMobile & USSD, FirstOnline, and ATM.

FirstAdvance features

  • Must have a salary account with First Bank
  • Customers can have loan of up to 50% of net monthly income
  • Can pay back after 30 days
  • Have access up to N500,000
  • All fees and interest rate are collected upfront even before the loan is disbursed.

FirstAdvance requirements

  • An application letter
  • A payslip
  • Statement of accounts
  • Applicant letter of total emolument
  • Confirmation of the applicant’s employer on First Bank approved list
  • letter of irrevocable domiciliation of salary for the duration of the facility

6. Keystone Bank 

salary advance loan

This financial institution salary advance gives you access to 50% of your net monthly salary for a maximum period of 3 months.

The bank also provides employees with quick funds that require no documentation or collateral.

Requirements for Keystone Bank Salary Advance loan

  • A completed application form
  • A completed employee status inquiry and employer’s confirmation form
  • BVN
  • Evidence of confirmation letter, last promotion letter, etc
  • Credit checks
  • Bank account with Keystone Bank
  • Letter of Lien/set off

7. Union Bank Of Nigeria

salary advance loan

With Union Bank salary advance, you can access up to 50% of your salary as an overdraft for a year at reasonable rates.


  • The minimum monthly salary is N15,000
  • The maximum loan amount is 50% of your monthly salary
  • The maximum loan tenor is 12 months
  • Salary domiciliation is 1 month.

8. Wema Bank

salary advance loan

Wema bank salary advance is designed to provide monthly overdraft to employees of companies, ministries, parastatals, and other government establishments whose salary accounts are domiciled with the bank.

Wema Bank’s salary advance loan is a temporary revolving overdraft with a maximum tenor of 180 days.

The applicant must have received his/her salary through his/her Wema bank account in the last 3 months.

You can apply for Wema bank salary advance loan by completing and submitting the salary advance application form or via internet banking.

9. Fidelity Bank

salary advance loan

This bank’s salary advance gives customers access to 50% of their net monthly salary for a maximum period of 3 months.

The bank also provides the staff of companies with quick funds that require no documentation or collateral.

Fidelity Bank can approve your loan within 12 hours.

We also have a few links below, please feel free to check them out.

Why You Might Need Salary Advance Loans

  • To pay for emergency expenses
  • Purchase a vehicle
  • Payment for children school fees
  • For vacation reasons
  • Buy new gadgets
  • To furnish your new home or buy new home utensils

Above are just some of the few reasons why you might just need a salary advance loan.

Who Can Apply For Salary Advance Loan

Only persons who are workers/salary earners can apply for this type of loan. Students and non-salary earners can not apply for this type of loan.

What You Need To Apply for Salary Loans

  • You need to have a salary bank account with any Nigeria Bank.
  • Your Salary account must be at least three months old.
  • Have a valid work ID
  • A payment slip might also be needed by some banks.

How To Apply For Salary Advance Loans

  • Open a salary bank account with any Nigerian bank. You can Read This Post to see a list of all available Nigeria Banks.
  • Talk with the bank customer care agent to know if you are eligible.
  • Request for the salary loan from your bank.
  • Fill the form
  • Present your work ID and payment slip
  • Submit form to the nearest bank branch

After the above steps wait for about 24 hours and money will be sent to your account within that time frame.


Salary Advance loan is one easy way to get money and pay back later with ease.

If you are a worker and wish to get some cash up front then the salary advance loan is not such a bad idea.

Please use the share button below to share our posts on Facebook, Twitter, and Pinterest.


Please enter your comment!
Please enter your name here