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Guaranty Trust Bank, Zenith Bank, Access Bank and United Bank of Africa, Nigeria’s tier-one banks, are competing with the financial technology companies, as they offer quick, easy and cheaper loans without collateral.

Contrary to the old practice of offering double-digit interest rate loans with loads of paperwork, lists of guarantors (in some cases with post-dated cheque leaves) among others, these leading financial institutions now provide salary advance loans for their depositors in simple and fast ways.

Nairametrics looks at these banks’ loan lending platforms and their interest rates, to help depositors make informed decisions while taking their salaries in advance across the nation, at cheaper rates than most of the financial technology outfits.

[READ MORE: Banks’ loans to Oil and Gas, Power, other sectors drop by N411.8 billion]

Guaranty Trust Bank


GTBank launched Quick Credit to provide funds worth up to three months of your salary in less than two minutes. As long as your salary account is domiciled in GTBank, you can get a minimum amount of N10,000 and a maximum of N5million.

Quick Credit gives you funds worth up to three months of your salary at a competitive interest rate of 1.75% per month. There are no hidden charges incurred; it is cheap and readily available.

Salary earners, whose accounts are domiciled in GTBank, are eligible (if you don’t have a salary account with GTBank, you can open one to access the loan). The loan is meant for salary earners who have received monthly payments from the same employer for at least three consecutive months.


  • Applicants must earn a minimum of N10,000.
  • All applicants must be at least 18 years of age.
  • Applicants should be less than 60 years old at the loan maturity date.
  • You must not have any current or unpaid loan from other banks on the Remita platform.

Quick Credit is also available on all GTBank online and mobile banking platforms (Internet Banking, GTWorld, GTBank Mobile App).

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Zenith Bank declares 30 kobo per share dividend

Zenith Bank

Zenith Bank offers its depositors the Salary Advance loan, a scheme designed to finance short-term needs or expenses that may come up before the next monthly salary. It is available to confirmed and professional salary account holders of selected companies.


With an interest rate of 26% per annum, which is 2.16% per month, the bank also charges a 1% flat Management Fee subject to a minimum of N5,000.

Requirements of salary advance loan:  

  • Salary and allowances of applicant must be domiciled in Zenith Bank.
  • Indemnity clause giving the bank Right of Set-off in any other bank using BVN. That means if, for any reason, the applicant defaults on payment, or Zenith Bank is unable to make repayment deductions as and when due, the bank has the right to recover the debt by accessing funds that the customer may have in other Nigerian banks, using the BVN.
  • Applicants are able to borrow 60% of their monthly salaries.

Access Bank Plc

Access Bank

PayDay Loan is the Access Bank initiative. It was launched to aid the bank’s existing and potential depositors’ emergency needs, which may arise before payday. Payday Loan is an instant loan product for customers (both salary and non-salary earners). With Payday Loan, you can borrow money at low-interest rates, with no documentation or collateral needed.

Features of loan: 

  • 24/7 service that does not require visits to the bank.
  • No documentation required.
  • No collateral required.
  • Up to thirty-one (31) days tenor.

Interested? You can get access to an instant loan via Internet Banking, WhatsApp Banking, Access Mobile App and QuickBucks App.

[READ ALSO: Banks’ deposit with CBN dropped 68% in 9 months]

UBA Headquater, Lagos
UBA Headquarter, Lagos


Overdraft was launched by UBA to meet the needs of its numerous depositors. It is a short-term facility that allows you to overdraw a maximum amount of N3 million on your current account for up to six months.

By having to repay 5% every month till the end of the 6 months tenor when you have to repay the total outstanding, you are assisted in managing your finances. The initiative also gives you the money you need when you do not have sufficient funds in your account with considerate, structured and convenient terms of repayment.


The bank’s target audience are executives, partners and mid-level management staff of reputable organisations in the private or public sector, who are confirmed and earn an after tax annual income of N5 million.


  • Salaries must have been paid through UBA for at least 3 months.
  • Meant for individuals who do not have histories of returned cheques due to insufficient funds.
  • Complete a UBA Consumer Loan Application form, which you may download online, or pick up from any of their branches.
  • Submit your application to the Customer Service Officer in your branch.


Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference. The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - abiola.odutola@nairametrics.com.


  1. Waoo I’m so excited with the current improvement in the banking system.I taught it was joke like play like play Access bank give me a loan of 30k till month end thank u CBN thank u Access.

  2. You call these loans? Rubbish! These are short term loans and financing Nigerian bank are known for. Stop hyping up what is below par in order to get people indebted unnecessary. These are suicide loans. Please beware.

  3. I have used that of Access bank several times and it has been of great help. From your write up above, it seems GTB has the best offer hoping no hidden charges as stated. I will try that next time and if there are hidden charges I will come back for you.
    Thank you.

  4. Is good, but all other banks will have copy GTB that give loan to 12 months to its customers. Someone can easily buy cars, get his rentage money and do necessary things without any stress.

  5. I collected #2m from Sterling Bank to be repaid for 12months. I referred my friends and they were also given various amount of loans depending on their account turnover in their account with their various banks. The money has really assisted me. I have paid 10months and just two to go.

  6. Nice 1 Tope. When you spend money you have not earned, especially on liabilities; you are not the owner of your time until you have finished paying. Moreover, why must it be for consumptions.

  7. The Bank should look at the real sector too not only for salary earners, because the aim is to grow the economy and create employment,SME’s should be given opportunities to access funds to improve their business in order to create employment.
    What is the requirements for none salary eaners advance loans

  8. What is the code for quick loan in zenith bank. I have salary account with them and l have been banking with them for 4yrs till date


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