• Business - Banking & Finance
  • Updated: January 31, 2022

Check Out CBN's Approved Guidelines For Loans

Just recently, the Central Bank of Nigeria released guidelines to check the rate at which loans are going bad in the banking sector.

Perhaps, most Nigerians who are unemployed and in dire need of a short-term financial fix also want the CBN to help address the issue of loan sharks and loan granting applications that charge unbelievable interest rates all in the name of trying to provide immediate succor.

Further investigation has revealed that the apex bank warned Nigerians to desist from such loan sharks and merchants, and only patronize banks licensed to assist.

According to tradingeconomics.com, Nigeria's unemployment rate, which is at an all-time high of 32%, has unfortunately been a driving force behind the majority of these loan applications and loan sharks charging exorbitant interest rates payable in the shortest possible time.

Out of desperation to survive, most Nigerians take this loan without knowing how to pay it back. That is for those without a steady income. The result of such a Greek gift is the influx of nasty messages such as

"This person borrowed money from our organization and is refusing to pay back his loan. This person is a thief, and we plead with you to please tell him to pay us what he owes us, or we will use any means possible to collect our money."

The message above is just some of the messages loan defaulters get from these loan granting organizations.

However, ways of identifying loan applications that Nigerians should patronize if in need of a short-term loan to meet emergency needs or everyday bills have been listed below.

Below are some of the loan offers: 

GTBank’s Quick Credit 

Guaranty Trust Bank Plc gives the lowest monthly interest rate of 1.5%.

Selling point:

  1. There are no hidden fees associated with this financing. In other words, there are no expenses associated with this loan in terms of management, legal, or insurance.
  1. There is no collateral requirement as your salary account serves as the security.
  1. GTBank’s rapid loan assures both salaried and self-employed clients up to N500,000 to N5 million at a monthly interest rate of 1.5%. Salaried customers can borrow anywhere between N10,000 and N5 million, while self-employed customers can borrow anywhere between N10,000 and N500,000.
  1. Customers in both groups can repay their loans in 6 to 12 months. There are no hidden fees here.


The flagship retail loan app is called Click Credit, which was created in February 2020.

Selling point:

  1. Customers who qualify for this loan facility can borrow as much as N5 million.
  1. Repayment is customer-friendly as it can be spread over a 12-month period at a monthly interest rate of 2.5%.
  1. There are no hidden fees associated with this financing.
  1. The application is done through the bank’s USSD code or its internet banking services.

Zenith Bank’s Term Loan 

Please note that for the Zenith Bank term loan, only salary-earning professionals with accounts at the tier-1 bank are eligible for a Zenith Bank Plc loan. selling point:

  1. These customers can borrow as much as 60% of their monthly salaries.
  1. Unlike the previous banks mentioned above, this bank charges a monthly interest rate of 2.16%.
  1. Borrowers must also pay a one-percentage-point management charge. 
  1. The requirements include: an account opening form, one passport photograph of the authorized signatory, a letter of introduction from your employer on the company’s letterhead, and a staff identity card.

Access Bank’s payday loan

Access Bank Plc payback loans charge a 4% interest rate, a 1% administration fee (flat), and a 0.15% credit life insurance fee (flat). Salary earners with Access Bank accounts can get up to 75% of their wages, or other amounts that Access Bank may allow.  

The payday loan from Access Bank has a 30-day term. Customers can use the bank’s electronic banking channels to apply, including their USSD code. The borrower agrees to waive the 3-day cooling-off period to enable disbursement. Interested persons should contact a customer service representative of the nearest Access Bank branch or alternatively dial *901*11 # to get more information.

FCMB’s Fast Cash 

For customers of First City Monument Bank Ltd, rapid loans of N100,000 and N200,000 are available. According to information on the bank's website, the loans can be accessed instantly via USSD code, and no collateral is necessary. There’s an interest rate of 8% monthly, plus a management fee of 1%, which would be paid upfront as soon as the loan is disbursed. 


  • Instant access to funds 
  • Up to N200,000 loan amount 
  • No paperwork required, just apply through the mobile app or *329*11# 
  • No collateral needed 
  • Interest rate for salaried is 8% while non-salaried is 15% upfront charge 
  • 30 days tenors for new customers 
  • Up to 90 days clean up cycle for returning customers 
  • Customer can apply as many times in a year as s/he is qualified. 

First Bank  

With First Bank’s Personal Loan Against Salary Service, you can pay back your loan over a period of up to 36 months, subject to a retirement age of 60 years and a flexible repayment plan. You are not required to provide a guarantor, and the processing time is fast. Minimum documentation is required, but no equity contribution is required. However, during the duration of the flexible repayment structure, your salary account must be domiciled with FirstBank. 

 To apply for the personal loan against salary, you will need the following documents: 

  • Application letter 
  •  Payslip 
  • Statement of accounts. 
  • Applicant’s letter of total emolument. 
  • Confirmation of applicant’s employer on FBN approved list. 
  • Letter of irrevocable domiciliation of salary for the duration of the facility. 


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Okojie Kelvin Echiejile
Okojie Kelvin Echiejile

I am an astute, dedicated, devoted, and intelligent investigator of economic, and financial news and...

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