List of MFBs that offers salary advance loan in Nigeria

Are you aware that some of Nigeria’s major Microfinance Banks (MFBs) provide payday loans and salary advances to qualified customers? MFB has given a total loan to the private sector of N761.4 trillion, according to data from the Central Bank of Nigeria.
Salary earners in Nigeria who require immediate cash to meet immediate needs before their next payday can apply for a payday loan or a salary advance loan from any of the microfinance banks listed below.

ASSETS MICROFINANCE BANK

Salary earners in Nigeria who require immediate cash to meet immediate needs before their next payday can apply for a payday loan or a salary advance loan from any of the microfinance banks listed below.
Bankers, IOC staff, Blue Chip Companies, and other businesses can get payday loans from Assets Microfinance Bank. There are two types of salary advance loans:

i: SALO Mini

ii: SALO Max

SALO Mini:

Features and Advantages:

– Workers in both private and public organizations.

– Affordable interest rate

– Only minimal documentation is required.

– Quick turnaround time (TAT).

– Repayment schedule that is flexible.

SALO Max:

Features and Advantages:

– The loan amount ranges from N500,000 to N5,000,000.

– You must be a wage earner.

– Letter of appointment/confirmation/promotion.

– A six-month pay stub/bank statement for the customer.

– An undated check from a confirmed guarantor.

– Employee identification card and any other form of identification (Any of the valid ID card).

– A 5% annual interest rate (Reducing).

– A 1% administrative fee.

– Duration of 30 to 360 days

– A single surety

2. SALARY ADVANCE LOAN FROM LAPO MFB

Lapo provides public sector loans to government employees across the country as well as state employees in Lagos and Edo, respectively. You must be employed and already working in one of Nigeria’s government public sectors to qualify for a salary advance loan.

Federal employees across the country, as well as state employees in Lagos and Edo states, can apply for the Lapo Mfb salary loan.

You must also have an active Account and provide your commercial bank account information before you qualify. If your loan request is approved, the bank will use this information to send you money.

You must be at least 18 years old to be eligible for a loan.

Have valid identification: All we ask is that you upload.

(a.) Employee ID,

Payslip (b.) and

(d.) Photograph for passport.

How to Apply for a Lapo Salary Advance Loan in the Public Sector

Follow this link to apply for a lapo mfb salary advance loan: https://ps.lapo-nigeria.org/ and fill out the application.

3. SALARY ADVANCE LOAN FROM CIT MICROFINANCE BANK

You must meet the following requirements to apply for a CIT mfb salary advance loan.

A loan’s minimum requirements

1. You must be at least 18 years old.

2. A current BVN

3. Your own email address

4. An individual bank account

5. A valid debit card for at least three months

To apply, go to https://loan.citmfb.com/sign-up/create-account and fill out the form.

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