When you are a salary earner living in a country where things are a bit expensive, chances are you’ll need a soft loan to pay off some debts. Aside from debts, you’ll also need some money to buy those things you love and make emergency payment. This is where the salary advance loan from banks becomes very useful.
What Is Salary Advance Loan
Salary Advance loan is type of loan offered by Nigerian Banks that makes it possible for workers/salary earners to borrow some amount of money up front. The money borrowed will then be paid back at the end of 30 days when they received their salary.
Most Nigeria banks allows for workers to borrow up to 50% of their monthly salary. But Polaris Bank allows for workers to borrow up to 70% of their salary. The reason why Nigeria Banks don’t allow workers ti borrow 100% of their salary is so that they can have something to hold on to by the end of the month.
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The Salary loan also have a 30 days circle. This means that after paying off the previous money you can easily apply and get another one. It is also a zero interest rate loan for salary earners. There is no interest rate associated with this type of loan as it is consider payday loan by most Nigeria Banks. There is also no collateral required before you get the loan approved.
Salary Advance loans are also the fastest types of loans in Nigeria. Processing is usually between 12 to 24 hours and money is paid to borrowers bank account.
Benefits of Salary Advance Loan
- It is very easy to get.
- Zero interest rate.
- No collateral is needed to approve loan.
- There is no equity contribution to get loan approved.
- Fast processing and money is paid into borrowers account within 24 hours.
- No paper work is required to get this loan from Nigeria Banks.
- It has a 30 days recycle period. Which means that after 30 days you can borrow up to 50% of your salary again.
Where To Get A Salary Advance Loan
In Nigeria, the best place to get this type of loan is from banks. And we are glad to inform you that all commercial banks in Nigeria offer this type of loan. We have some few links below, please feel free to check them out.
- Get Up To 70% Of Your Salary With Polaris Salary Advance Loan
- How To Get GTBank Salary Advance Loan
- Features And Benefits Of The FCMB Salary Savings Account
- Guide On How To Apply For Access Bank Salary Advance Loan
- Firstbank Personal Loan: How To Apply And Its Benefits
Why You Might Need Salary Advance Loans
- To pay for emergency expenses
- Purchase a vehicle
- Payment for children school fees
- For vacation reasons
- Buy new gadgets
- To furnish your new home or buy new home utensils
Above are just some of the few reasons why you might just need a salary advance loan.
Who Can Apply For Salary Advance Loan
Only persons who are workers/salary earners can apply for this type of loan. Students and non salary earners can not apply for this type of loan.
What You Need To Apply for Salary Loans
- You need to have a salary bank account with any Nigeria Bank.
- Your Salary account must be at the least three month old.
- Have a valid work ID
- Payment slip might also be needed by some banks.
How To Apply For Salary Advance Loans
- Open a salary bank account with any Nigeria bank. You can Read This Post to see list of all available Nigeria Banks.
- Talk with the bank customer care agent to know if you are eligible.
- Request for the salary loan from your bank.
- Fill the form
- Present your work ID and payment slip
- Submit form to the nearest bank branch
After the above steps wait for about 24 hours and money will be sent to your account within that time frame.
Salary Advance loan is one easy way to get money and payback later with ease.If you are a worker and wish to get some cash up front then the salary advance loans is not such a bad idea. Please use the share button below to share our posts on Facebook, Twitter and Pinterest.