Need A Loan? 7 Reasons You Should Consider Salary Advance

Salary Advance is a salary-based temporary overdraft facility, which enables staff of private companies and government agencies to access a certain percentage of their net monthly salary in advance.


This loan product is aimed at bridging the funding gap for employees of corporate entities such as commercial banks, Oil and Gas companies, Telecommunication Companies etc.

The loan may be for the following:

  • Funds to pay your house rent
  • Funds to support your child’s school fees
  • Funds to meet urgent personal needs

Here are seven reasons you should consider a salary advance loan from any reputable organisation:

  1. For a business opportunity
  2. To pay school fees and other family pressing issues – Access to funds for the prompt payment of your child/ward’s school fees as well as other family obligations
  3. To carry out a financial project: You may need salary advance loan to carry out projects
  4. Help on a rainy day: There are times when you may run short on cash and need a bridge to take you through till your salary arrives
  5. Repayment: Monthly repayment is flexible and not exceeding 35% of net monthly salary, depending on the loan and the financial institution you borrowed from.
  6. It has limited interest loan payment, far better than a Business loan from any financial institution
  7. Requirement for accessing the loan is simple, once you are a full-time employee of government agency or private sector.

How To Apply:
For Most Nigerian Banks

  1. You must earn at least N40 000 and must have a salary account with us for at least three months.
  2. Minimum loan amount is N20 000.
  3. You must have been with your employer for at least six months.
  4. You must be 21 years or older (but not older than 60 years when the facility would end).
  5. In the case of a contract worker, you need to be contracted to an approved company and must have valid contract terms.

Interest rates:

  1. 20,000 to 250,000 – 2.5% per month
  2. Between 250,000 to 370,000 – 2.25% per month
  3. Between 375,000 to 1,500,000 – 2.08% interest

Documents to present:

  1. Confirmation letter
  2. Letter from employer
  3. Salary domiciliary letter

Please check specific terms with your bank.


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