Top 8 Loans for Salary Earners in Nigeria

Loan has always been an important tool when it comes to managing finances as a salary earner. As the Nigerian economy keeps on facing challenges, a lot of salary earners struggle to earn something.

Loans for Salary Earners in Nigeria

There are a variety of loan options that are available for salary earners in Nigeria, including personal loans, salary-backed loans, and other types of financing. Each type of loan has it’s own set of terms, conditions, and requirements, making it important for salary earners to consider carefully which loan is right for them.

This article will take a detailed look at the different options of available loans for salary earners in Nigeria, and compare their interest rates, repayment terms, and fees.

Salary Earners Loans?

Salary earners loans, also known as salary-backed loans, are a type of loan that is basically designed for individuals who would get a regular salary or wage from their employer.

Basically, these loans are offered by banks, financial institutions, or other lenders and are secured against the borrower’s salary.

What this means is that the lender would be required to borrow in other to show proof of their employment and income, and the loan amount would basically be capped at a particular percentage of the borrower’s salary. These kinds of loans usually have lower interest rates and more flexible repayment terms than other types of loans, making them a very popular choice for a salary earner.

Salary Earners Loans Eligibility in Nigeria

In other to be eligible for a salary earners loan in Nigeria, there are certain criteria you are supposed to meet. They include:

Proof of Income

Lenders would typically require borrowers to provide proof of their employment and salary such as a recent payment proof or letter from their employer.

Minimum Income Level

Some lenders will require that borrowers have a certain minimum income level, which usually varies depending on the lender and the loan amount.

Good Credit Score

A good credit score is basically a requirement to get a loan approval. Lenders would be asked to check the score of the applicant and may deny the loan if the score is low.


Lenders’ age requirement is 18 or 21 years old.


Lenders might ask the borrowers for their country or state of residence.


Lenders Will require the borrowers to provide documents which include identification, proof of income, and proof of residence.

If you can meet all these requirements, let’s go on with the available loan options that you can get as an employee that is in Nigeria.

List of Loans for Salary Earners in Nigeria

Access Bank Salary Advance

The Access bank salary advance loan happens to be a collateral-free loan for salary earners who get their monthly payments into the Access bank account.

This loan comes with a very low-interest rate, and you can access a loan amount worth up to 100% of your salary.

Zenith Bank Retail Loan

Simply opening a salary account with Zenith Bank and supplying other documentation, such as your staff ID, can get you access to a low-interest loan of up to 60% of your monthly salary.

GtBank Salary Advance

Gtb salary earners loan that is in Nigeria that have very low-interest rates. You get to access up to 50% of your monthly salary here, and it is mainly available to staff of private companies and government agencies with active salary accounts domiciled in GTBank. No collateral is required, and the loan tenor is about 30 days.

Fidelity Bank Instant Salary Advance

The fidelity bank loans for salary earners allow active employees with salary accounts domiciled in Fidelity to access loans worth up to 50% of their salary with minimum documentation, and a fast approval time of about 12 hours.

Harvmoney Salary Advance

Harvmoney happens to be a financial technology that enables you to access loans worth up to around 5 million Naira.

It also offers salary advance loans to both private and public sector employees, with a fair interest rate and a relatively long tenure.

CoolBucks Nigeria

CoolBucks is a straightforward loaning stage that gives online credits to compensation workers in Nigeria in no time.

This platform’s loan requirements are more severe as the need might arise to give a work ID, bank explanation, business letter, and other documentation.

UBA Personal Loan

Additionally, UBA provides income earners loans in Nigeria to workers who currently have UBA salary (Current) accounts.

You can also use this service to obtain a certain amount of your salary each month, with highly flexible requirements. It has an extremely cheap interest rate as well.

Page Financial

Page Financial happens to be another lender that is offering loan salary earners in Nigeria, mainly public sector employees. This platform enables you to access a collateral-free loan as a government worker in Nigeria.

Page Financial loan comes with low interest and you get to access up to around 5 million Naira worth of loans.

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