adminGetting an instant loan in Nigeria is easier than ever. Thanks to digital banking, many commercial banks and microfinance banks now offer fast loan options without the need for long paperwork. Whether you’re looking to cover emergency bills, fund your business, or sort out school fees, there’s a loan product out there that can help you. In this guide, we’ll break it down in a way that’s easy to understand.
We’ll go over what instant loans are, how you can qualify, and the fastest ways to access quick cash through your bank.
What Is an Instant Loan?
An instant loan is a type of quick loan you can get from your bank without collateral or visiting a branch. These loans are usually disbursed within minutes or a few hours and are repaid over a short period. The process is mostly automated and is available through mobile apps, USSD codes, or online platforms.
Most Nigerian banks now offer personal loans, salary advance loans, and business loans with quick disbursement. Some of the top banks offering these services include Access Bank, GTBank, Zenith Bank, UBA, and First Bank.
Who Can Get an Instant Loan in Nigeria?
Banks usually provide instant loans to people who have a regular income or maintain an active bank account. Here are some general requirements:
-
You must be 18 years or older
-
You should have a BVN (Bank Verification Number)
-
You must have a bank account with the institution you are applying to
-
Some banks require at least six months of banking history
-
Your account should be active with regular inflow of funds
If you are employed, a student with steady allowance, or a small business owner, you may qualify for a quick loan with the right bank.
Top Types of Instant Loans from Nigerian Banks
Personal Loans
These loans are designed for individuals who need quick funds for personal needs. You can use them for rent, bills, or emergencies. Most banks allow you to apply through their mobile app or internet banking portal.
Salary Advance
If you’re a salary earner, many banks offer salary advance loans. These are short-term loans that give you access to part of your salary before payday. Repayment is usually deducted from your next salary.
Business Loans
Some banks offer fast loans to small business owners and entrepreneurs. If you run a POS business, a small shop, or a service-based business, you can get a working capital loan without collateral.
Student Loans
Though not widely available, some banks now offer education loans or quick cash to students who have regular stipends or allowances. If you’re a student, check with your bank for eligibility.
Things You Should Know When Applying for a Loan
To help you understand the language used in loan applications, here are some important high CPC terms you’ll come across:
Loan Application Process
This refers to the steps involved in requesting a loan from your bank. It includes filling out forms, submitting identification, and agreeing to repayment terms.
Interest Rate
This is the extra amount you pay in addition to the loan amount. Nigerian banks usually charge between 2% to 5% monthly interest, depending on the bank and loan type.
Loan Repayment
This is how you pay back the money you borrowed. Repayment can be done weekly or monthly and is often deducted directly from your account.
Credit Score in Nigeria
Your credit score is a record of how you’ve handled past loans. Banks use this to decide if you qualify for another loan. Having a good credit score helps you get better loan terms.
No Collateral Loan
This means you don’t have to submit property or valuables to secure the loan. Many banks in Nigeria now offer collateral-free loans for small amounts.
Instant Approval
This refers to the speed at which your loan request is accepted. With instant approval loans, decisions are made within minutes.
Best Banks for Instant Loans in Nigeria
Let’s look at some banks that offer fast loan services and how you can access them.
GTBank Quick Credit
GTBank’s Quick Credit allows customers to borrow up to N5 million with as low as 1.5% interest monthly. You can apply through their mobile app or dial 73751*51#.
Access Bank Payday Loan
This loan is available to salaried customers and can be accessed using 90111# or through the Access More app. It requires no paperwork and is disbursed instantly.
Zenith Bank Eazy Loan
Zenith Bank offers instant loans to account holders via USSD (*966#) or mobile banking. Loans can be approved within minutes and credited directly to your account.
UBA Click Credit
UBA’s Click Credit allows you to borrow up to N1 million with low interest rates. The loan is available through the UBA mobile app or internet banking.
First Bank FirstAdvance
FirstAdvance offers instant salary-based loans via *894# or the FirstMobile app. It is available to salary account holders who have been active for at least six months.
How to Apply for an Instant Bank Loan Step-by-Step
Step 1: Check Eligibility
Visit your bank’s website or contact customer service to find out if you qualify. Requirements may include your BVN, income level, and account activity.
Step 2: Choose the Right Loan
Select the type of loan that matches your needs—personal, salary advance, or business loan.
Step 3: Apply Online or via USSD
Most banks let you apply through their mobile app, website, or USSD code. You will need to confirm your details and agree to the loan terms.
Step 4: Get Approval and Disbursement
If approved, the loan is credited to your bank account instantly or within a few hours.
Step 5: Repay on Time
Make sure you repay your loan as agreed to avoid penalties or damage to your credit score.
Tips to Improve Your Chances of Getting Approved
-
Keep your account active with regular deposits
-
Avoid bounced transactions or unpaid overdrafts
-
Maintain a good credit history by repaying previous loans on time
-
Choose a loan amount you can repay easily
Things to Avoid When Applying for Loans
-
Don’t borrow more than you can afford to repay
-
Avoid using multiple banks to take several loans at once
-
Don’t ignore repayment dates—late payments attract high penalties
admin