GTB, UBA, Zenith, Access Banks’ salary advance loans

Guaranty Trust Bank, Zenith Bank, Access Bank and United Bank of Africa, Nigeria’s tier-one banks, are competing with the financial technology companies, as they offer quick, easy and cheaper loans without collateral.

Contrary to the old practice of offering double-digit interest rate loans with loads of paperwork, lists of guarantors (in some cases with post-dated cheque leaves) among others, these leading financial institutions now provide salary advance loans for their depositors in simple and fast ways.

Nairametrics looks at these banks’ loan lending platforms and their interest rates, to help depositors make informed decisions while taking their salaries in advance across the nation, at cheaper rates than most of the financial technology outfits.


GTBank launched Quick Credit to provide funds worth up to three months of your salary in less than two minutes. As long as your salary account is domiciled in GTBank, you can get a minimum amount of N10,000 and a maximum of N5million.

Quick Credit gives you funds worth up to three months of your salary at a competitive interest rate of 1.75% per month. There are no hidden charges incurred; it is cheap and readily available.

Salary earners, whose accounts are domiciled in GTBank, are eligible (if you don’t have a salary account with GTBank, you can open one to access the loan). The loan is meant for salary earners who have received monthly payments from the same employer for at least three consecutive months.


  • Applicants must earn a minimum of N10,000.
  • All applicants must be at least 18 years of age.
  • Applicants should be less than 60 years old at the loan maturity date.
  • You must not have any current or unpaid loan from other banks on the Remita platform.

Quick Credit is also available on all GTBank online and mobile banking platforms (Internet Banking, GTWorld, GTBank Mobile App).

Zenith Bank declares 30 kobo per share dividend

Zenith Bank

Zenith Bank offers its depositors the Salary Advance loan, a scheme designed to finance short-term needs or expenses that may come up before the next monthly salary. It is available to confirmed and professional salary account holders of selected companies.

With an interest rate of 26% per annum, which is 2.16% per month, the bank also charges a 1% flat Management Fee subject to a minimum of N5,000.

Requirements of salary advance loan:  

  • Salary and allowances of applicant must be domiciled in Zenith Bank.
  • Indemnity clause giving the bank Right of Set-off in any other bank using BVN. That means if, for any reason, the applicant defaults on payment, or Zenith Bank is unable to make repayment deductions as and when due, the bank has the right to recover the debt by accessing funds that the customer may have in other Nigerian banks, using the BVN.
  • Applicants are able to borrow 60% of their monthly salaries.

Access Bank Plc

Access Bank

PayDay Loan is the Access Bank initiative. It was launched to aid the bank’s existing and potential depositors’ emergency needs, which may arise before payday. Payday Loan is an instant loan product for customers (both salary and non-salary earners). With Payday Loan, you can borrow money at low-interest rates, with no documentation or collateral needed.

Features of loan: 

  • 24/7 service that does not require visits to the bank.
  • No documentation required.
  • No collateral required.
  • Up to thirty-one (31) days tenor.

Interested? You can get access to an instant loan via Internet Banking, WhatsApp Banking, Access Mobile App and QuickBucks App.

UBA Headquater, Lagos
UBA Headquarter, Lagos


Overdraft was launched by UBA to meet the needs of its numerous depositors. It is a short-term facility that allows you to overdraw a maximum amount of N3 million on your current account for up to six months.

By having to repay 5% every month till the end of the 6 months tenor when you have to repay the total outstanding, you are assisted in managing your finances. The initiative also gives you the money you need when you do not have sufficient funds in your account with considerate, structured and convenient terms of repayment.

The bank’s target audience are executives, partners and mid-level management staff of reputable organisations in the private or public sector, who are confirmed and earn an after tax annual income of N5 million.


  • Salaries must have been paid through UBA for at least 3 months.
  • Meant for individuals who do not have histories of returned cheques due to insufficient funds.
  • Complete a UBA Consumer Loan Application form, which you may download online, or pick up from any of their branches.
  • Submit your application to the Customer Service Officer in your branch.

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