Nigerian Banks Offering The Best Instant Loans

As the finance world continues to adapt to innovations, traditional Nigerian Banks have come to meet fierce competition from digital lending platforms. One way digital banking outshines traditional Nigerian banks is with the availability of instant loans.  
Instant loans, otherwise known as payday loans, are short-term unsecured loans, often characterised by high-interest rates. With instant loans, a lot of bottlenecks are weeded out leaving room for borrowers to meet impromptu financial obligations. 
In the recent past, traditional Nigerian banks were not known to offer loans of such nature. With these banks, offering loans often require some paperwork and physical presence. However, with the need to retain customers while meeting their urgent financial needs, some banks are now known to offer instant loans.  
NairaCompare captures some of them below: 

Zenith Bank 

One of the pioneers of modern-day banking services in Nigeria, Zenith bank has an array of instant loan services to suit its various customer needs, from SME Loans to overdrafts. 
Its overdrafts, for instance, grant the borrower a certain amount over the credit balance in their current account. This is set within a specified tenor, usually not exceeding twelve months. Customers can access the loan without the bank needing collateral.  
It also offers a salary advance facility which comes with a relatively low-interest rate. With the facility, customers can access up to 60% of their salary at an interest of less than 5% with an easy repayment option. It is one of such quick cash loans offered by Zenith Bank that does not require collateral and gives financial assistance to those in need, but that cannot get regular loans for one reason or the other.  
The application process is usually instant, and at best takes about a day or less before it is approved and disbursed to the applicant.  
Zenith Bank also has a loan USSD code, *966#, that can be used to carry out almost any banking including applying for a salary advance loan  

 GTCO Quick Credit 

In keeping with the times, Guaranty Trust Holding company (GTCO), formerly known as Guaranty Trust Bank (GTB) now has a Quick Credit loan option that is very easy and super fast to get. With the credit facility, borrowers get their funds to their bank account within two hours of approval. As with digital lending platforms, all the customer has to do is dial a shortcode to apply.  
Also, accessing the loan does not require paperwork or documentation for the application and borrowers can get up to ₦ 5 Million using the Quick credit loan, according to the bank. 
The shortcode for accessing the service is *737*11*11# 

Access Bank Quick Bucks 

Leveraging digital technology, Access Bank launched Quick Bucks, a mobile app that allows users to access multiple quick and low-interest loan options from the bank. All they have to do is install the Access Bank Quick Bucks app and commence with the process. 
It also has the Access Payday loan, a digital credit facility that disburses loans instantly to the requesting customer, as soon as they receive the application and it is approved.  
The payday loan primarily targets providing financial assistance to salary earners and non-salary earners. To qualify for the loan, customers are expected to, among other things, not have an outstanding loan in Access bank or any other bank. 
Also, customers need not apply for it physically as they can get access to the payday loan through the Access bank payday loan code using the USSD – *901*11#. 

 First City Monument Bank (FCMB) Fast Cash Loan 

As one of the leading financial institutions in Nigeria, FCMB has several quick loan facilities depending on its customers’ needs. Prominent among them is Fast Cash, a convenient, paperless credit facility with no collateral required for your emergencies and urgent needs.  
It also has the Salary Plus Loan, a credit scheme available to salary account holders. Through the Salary Plus Loan, qualified customers can access either short or medium-term funding to satisfy their personal financial needs. 
Application for the Fast Cash instant loan can be done through the bank’s USSD code *329# and disbursing is usually instant. 

Stanbic IBTC EZ Cash 

A subsidiary of the Standard Bank Group, Stanbic IBTC is another Nigerian bank that plays big on its business and personal loan offerings. One of its advantages is that it grants loans to individuals in Nigeria who do not necessarily need to have a salary account.  
Through its EZ Cash instant loans for SMEs, business owners who meet certain eligibility criteria can get quick cash to sort out that urgent need. Borrowers are also given an option of choosing a repayment option between one to twelve months. 
Applying for the loan can be done by either dialing *909*44# or by logging into the Stanbic IBTC Mobile app. 

First Bank FirstCredit 

First Bank is regarded as Nigeria’s premier commercial bank. True to its name, the bank has been in existence for over a century, preceding even the country Nigeria. Despite being that old, it has continually ramped up its operations by deploying digital technology. 
The bank prides itself on having one of the best web-based e-payment platforms, ‘E-Solutions’, in the sector. Through it, customers can easily make payments on behalf of their organisations from the comfort of their homes or any internet-enabled location. 
With over 10 million active customer accounts, First bank has a range of retail and corporate financial services for customers including FirstCredit, a product designed to provide a quick and simple loan to fund transactions.  The Loan can be accessed from anywhere without visiting the Bank. 
With a maximum tenor of 30 days, customers can get up to ₦300,000.00 depending on the activities on the account. 

United Bank for Africa [UBA] 

Another pioneer bank in Nigeria, the United Bank for Africa recently launched a loan scheme to capture the needs of millions of its users and small business accounts.  
Called Quick Credit, the loan product was launched to improve the lives of UBA customers. It is described as a superfast loan product that allows qualified customers to apply for up to ₦ 5 million loan and pay back over 12 months at an interest rate of 1.58 percent per month, with no hidden fees. 
Salary earners from ₦25,000 per month who fall between the ages of 18 and 59 can benefit from this facility with no extra fees; no need for collateral, no paper-work or other difficult issues when it comes to this facility; as customers can even apply via LEO, UBA Mobile Banking and UBA internet banking. 

 Basic Requirements for Payday Loans 

While payday loans can be accessed seamlessly, there are requirements to be met by borrowers before they can qualify to apply.  
Although the requirements vary from one institution to another, there are some that cut across the board. Among them are that borrowers need to be 18 years and above, must have an active account with the financial institution and provide some proof of income as well as valid identification. Others may include proof of residence, BVN, and utility bills. 
As always, it is advisable that borrowers read through the terms of the loans to ensure that they are not falling into a trap.