You might need money to solve an issue before your salary comes in. Payday loans will be helpful. With many loan lenders available online, see how to get access to payday advance loans.
If you get a loan of ₦100,000 with the term of 1 month, the fee will be ₦5,000 and your total payment will be ₦105,000.
If you get a loan of ₦150,000 with the term of 2 months, the fee will be ₦15,044 and your total payment will be ₦165,044.
If you get a loan of ₦1500 with the term of 4 weeks, the fee will be ₦1,190 and your total payment will be ₦2690.
If you get a loan of ₦1,000 with the term of 30 days, the fee will be ₦700 and your total payment will be ₦1,700.
If you get a loan of ₦500,000 with the term of 6 months, the fee will be ₦20,000 and your total payment will be ₦520000.
If you get a loan of ₦100,000 with the term of 30 days, the fee will be ₦3,500 and your total payment will be ₦103,500.
Yes. You can access online payday loans and use them to solve emergencies after the loan has been approved.
These loans are different from other types. The amount you receive depends on your salary amount and the level of risk involved. In addition, the repayment of this loan does not have a stipulated time frame as the money is deducted from your monthly salary.
Most of the time. There are payday loans that pay out instantly or within 24 hours. This ensures that you can use the loan to solve immediate needs.
During the pandemic, the microcredit industry experienced rapid growth, especially in developing parts of the world like Asia and Africa. Now, Nigeria is one of the fastest-growing countries in the microcredit industry.
Payday loans are loans made available before you receive your salary. When it is time to receive your salary, the loan previously collected is removed or deducted from your salary.
There will be dark days when you need a loan to cater to one need or another, and you are not the only one needing quick payday advance loans. In 2020, 24% of adult Nigerians applied for payday loans. This is higher than the percentage of Nigerians who used traditional loans, even though payday loans have a higher interest rate. Payday advance loans are an alternative for people who have a poor credit history.
Payday loans are usually short-term and are a fit for those who do not like the risks associated with long-term loans. The criteria required to qualify for these loans differ depending on the loan lender. Sometimes, fast payday loans can be accessed within the workplace and hence might not need any paperwork or submission of documents, but if you intend to get payday loans online, here are some common criteria to qualify for a payday advance loan:
When you need a payday loan, you might not consider going to a bank for it because of the process involved. Online loan lenders know this and use it to their advantage even though these loans are supposed to be rendered by employers.
The risks involved with payday loans include the high-interest rates. These rates eat more of your salary, and the loan lenders benefit from your loss. Another risk will be that the loan may not be able to solve problems. Since only salary earners have access to this loan, it is paid out according to the salary you earn, so the smaller your salary, the smaller the payday loan. But it might not be enough to sort out the issue that pushed you to apply for a loan in the first place.
Another risk will be that many payday loan lenders do not have a license as required by Nigeria’s money lending laws and regulations. This could lead to long-term problems and risks for you.
To prevent falling into the hands of fraudulent loan sharks or posers, you will need to look over the terms of some loan lenders and choose which one works for you. Here are three options to try:
Fast Credit Nigeria Limited
Fast Credit gives you access to loans between ₦1,000 - ₦5,000,000 at an interest rate of 4%. You can repay this loan with your next month's salary or within 15 months while getting the loan with interest deducted from each monthly salary. This loan can be quickly accessed within 24 hours, and the most important criteria are that you are above 18 and have a salary account.
JumiaPay gives access to small payday advanced loans up to ₦100,000 to repay within 30 days. The loan has an interest rate of 3.5% and will be accessible within 5 minutes. While this loan may not be substantial, you can use it to solve small problems. An important requirement is that you have a salary account.
Creditville gives you access to loans between ₦100,000 - ₦4,000,000 at an interest rate of 5% within 24 hours. The period to repay this loan spans between 1 – 18 months. The only requirements to qualify for the loan are that you be at least 18 years old and possess an identity card. Getting the loan is simple.
The quick payday advance loans are for those who do not like the risks involved in long-term loans or understand some of the loan terms. The loan terms are easy to understand and repay. This way, you can solve your problems in the face of an emergency with a payday loan online.