Last updated on March 15th, 2023 at 02:59 pm
Banks that give instant loans in Nigeria: Do you need an instant loan but don’t know which bank to access it? If the answer is yes, then you are in the right place, continue reading! This article contains a list of banks that give instant loans in Nigeria.
In case you need another option to get an instant loan in Nigeria, You can check this helpful article concerning the top 8 best loan apps in Nigeria.
Banks That Give Instant Loans In Nigeria
Nowadays, the development of financial institutions in Nigeria has made it possible for individuals to access loans and solve their problems.
Gone are the days when you have to beg your neighbor or relatives to lend you money. You can easily head over to the bank and get an instant loan to settle your financial problem or even start up a business.
However, not every financial institution in Nigeria that is offering instant loans. Some of them require you to involve in paperwork and again wait for a certain duration before the loan will be available.
But what if you need the money instantly?
This has become a frequent question asked by people when hit by financial difficulties that need urgent attention. To bring a solution, we did research in other to serve you with some of the reliable financial institutions that offer instant loans in Nigeria.
Banks That Give Instant Loans In Nigeria
1. Access Bank (Payday Loan)
The Nigerian multinational commercial bank, Access Bank plc, is one of the popular and top leading banks in Nigeria currently. The bank (founded in 1989) is owned by Access Bank Group, and its headquarters is located in Lagos.
Access bank has various kinds of loan options for their customers who are willing to borrow money. These include Personal Loan, Home Loan, Salary Advance, Creative Sector Loan, and Advance For School Fees, among others.
They also have an amazing loan product called Payday Loan for customers who need an instant loan. With Payday Loan, you can borrow money at a low-interest rate with no documentation or collateral needed, and the loan tenure is up to 36 months.
One good aspect of it is that you can conveniently access this loan without visiting the bank for an application. This is done by simply dialing *901*11#, *426*11#, or via Access Mobile App, Quickbucks App, Internet Banking, and by contacting them via WhatsApp.
2. Zenith Bank
Zenith Bank is another tier-1 bank that offers instant loans in Nigeria!
The bank was founded in May 1990, and its headquarters is located in Lagos. It’s so far having over 390 branches located within Nigerian cities, making it one of the largest financial providers in Nigeria.
Without a doubt, Zenith bank has made it easy for people who want to access instant loans in Nigeria. All you have to do is dial *966# using your account phone number and follow the procedures.
Aside from that, they offer a variety of loans to their customers. These include MSME Loans, Retail Loans, Education Loans, LOP Finance, Timeless loans, and Creative Industry Finance Initiatives, among others.
You can click here to learn more about how to borrow money from Zenith Bank.
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3. United Bank for Africa (UBA)
In February 2020, the Pan African financial institution, United Bank for Africa (UBA) Plc, launched a Click Credit loan to address the instant needs of customers.
According to them, the loan is designed for customers who have salary accounts with the bank. Specifically for those earning at least N25,000 per month and are aged between 18 and 59.
With Click Credit, you can borrow up to N5 million without collateral or paperwork. The loan durability is over 12 months at an interest rate of 1.58% per month.
To apply for the loan, simply dial *919*28#, or you can access it via the UBA Mobile app, Internet Banking, and UBA’s Leo.
4. First City Monument Bank (FCMB) FastCash
With FCMB FastCash, you can borrow up to N200,000 instantly!
It’s a paperless credit facility with no collateral required. The loan is specially designed for emergencies and urgent needs.
The application is done by simply dialing *329#. The interest rate for salary earners is 8% and 15% for non-salary earners.
However, you have to open an account with the bank because the loan is only available for FCMB customers.
5. Stanbic IBTC
Stanbic IBTC is another bank that made it easy for users to access instant loans in Nigeria.
They have an awesome term loan product called EZCash for customers who need quick cash. The loan ranges from N20,000 to N4,000,000, and the interest rate is 2.5% per month which is to be paid back within 12 months.
Below are the eligible requirement for the loan:
- You must have an active account that is at least 12 months old with the bank
- You should be at least 18 years and not more than 59 years
- You must have a satisfactory credit reports
- You will not be qualified if you have any history of dud cheques.
6. Fidelity Bank Plc
Fidelity bank also offers instant loans to their customers!
They have an instant loan product called Fidelity Loan On Account Turnover (FLOAT) for people who have an existing banking relationship with them.
The loan requires no collateral or guarantor, and it has no hidden fees. You can borrow up to N100,000, and the interest rate is 4.5% flat which is to be paid back within 30 days. However, there is an extension for another 30 days (only once) for customers who failed to meet up with the repayment period.
You can access the loan via a USSD code *770*08# or via internet banking.
7. First Bank FirstCredit
First Bank FirstCredit is one of the most popular instant loan products in Nigeria. The loan is designed to provide you with a quick and simple loan to fund your transaction.
It is easy and convenient for people who are operating an account with the bank. It requires no physical documentation or collateral, and there are no hidden fees.
To be eligible for the loan, you must have at least a 6-month-old active account with First Bank and a positive credit record with Credit Bureaus.
You can borrow as low as N1,000 and as high as N300,000. The loan period is 30 days, and the interest rate is 10% flat.
You can access the loan via their website or by simply dialing *894#.
8. GT Bank Quick Credit
The last on our list of banks that give instant loans in Nigeria is GT Bank!
GT Bank Quick Credit is an instant loan designed for customers who are operating a salary or non-account with the bank. You can get up to 3 times your monthly salary and conveniently pay it back within 12 months, and the interest rate is 2.0% per month.
It can be accessed via a USSD code (*737*5151#), GT Bank Internet Banking, or Mobile banking app.
Banks That Give Instant Loans In Nigeria: Summary
- Access Bank (Payday Loan)
- Zenith Bank
- United Bank for Africa (UBA)
- First City Monument Bank (FCMB) FastCash
- Stanbic IBTC
- Fidelity Bank Plc
- First Bank FirstCredit
- GT Bank Quick Credit
Banks That Give Instant Loans In Nigeria: Final Thought
The technology of instant loans is no doubt an awesome way to settle financial problems that need instant attention when you are down.
However, it is always recommended to do research in other to go for a loan that is more flexible and convenient. This will help you to avoid being a victim of fake lenders or loan sharks.
Therefore, it is advisable to compare the list above or even check on other digital lenders in other to make the best decision when applying for a loan.
So far, this is the list of banks that gives instant loans in Nigeria. We will keep on updating this page for more information!
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