Here are top 5 loan sources for salary earners in Nigeria

Godfrey Elimian
Dealing with financial problems? Here are 5 instant loan apps in Nigeria
Dealing with financial problems? Here are 5 instant loan apps in Nigeria

Credit facilities, otherwise known as loans, have become an important aspect of everyday Nigerians, especially those in the middle class. In fact, nations of the world have begun to recognise the importance of credit as a needed stimulator for the economy.

In the United States, for instance, a whopping 72.3 per cent of households in 2021 had a credit card or bank personal loan. This was in addition to the 2.8 per cent of households with a personal loan or line of credit from a company other than a bank (i.e. a nonbank personal loan) in 2021.

In Nigeria, the poor macroeconomic environment, the increasing cost of living, and the government’s inability to provide sufficient basic amenities have resulted in low purchasing power of individuals and reduced wealth creation.

in recent times, credit facilities have become the succour for many Nigerians who, despite being salary earners, are forced to take them for survival till the next payday and not just to undertake projects.

Here are top 5 loan sources for salary earners in Nigeria

While most people avoid them, seeking credit or a loan is not a bad thing and should not be seen in the context of a social abnormality. Credit facilities are necessary drivers for wealth creation for both nations and individuals through useful investments, endeavours and sometimes opportunities that should be taken at that particular time.

That is why this article will provide information on 5 useful sources salary earners can get a quick loan without having to pass through rigorous processes, face exorbitant interest rates or even a limited payback period.

Read also: FCCPC approves 173 digital lending platforms, bars illegal loan apps [FULL LIST]

How to access a loan in Nigeria

In Nigeria today, numerous financial institutions provide salary earners loans. The majority of these platforms are banks and Fintech companies. Notwithstanding, the amount for which a person is eligible largely relies on the lender and the borrower’s credit score

These lenders set minimum and maximum loan amounts. However, you should generally have access to anywhere from N5,000 to N6,000,000 Naira over a stipulated period. It is also crucial to remember that the amount you are eligible for relies on a number of variables, like your credit history, credit score and sometimes the highest amount deposited in your account.

Related story: Credit score: How loan apps determine the amount to lend you

Loan sources for salary earners

These platforms offer loans to any individual who can prove that they reside in Nigeria, have a steady income flow, and can afford to pay back the loan within the stipulated time. Here are five platforms that can help you access a loan easily.


Carbon, launched as One Credit in 2012, was founded to provide loans to salary earners only, using a paper-based application process that required supporting documentation.

After launching the Paylater mobile app in 2016, the first of its kind, it now prides itself as a fully digital consumer lending platform, available 24/7, that can get borrowed funds into a person’s account in minutes. 

Here are top 5 loan sources for salary earners in Nigeria

Since its rebranding to become Carbon in 2019, the fintech company has evolved into a fully-functional service platform that offers cost-effective bill payments, free fund transfers and high-yield savings and investment options to users, in addition to its original loan option.

The app has now become popular with Nigerians for its credit facility. It allows users to access up to 1 million naira loan, which comes with varying monthly interest rates depending on the applicant’s creditworthiness and a maximum length of 12 months.

The platform also has a cashback feature, allowing users to enjoy an interest-free loan if they repay before the due date. With this, users pay no extra charges once their repayment is made in full before the end of the cashback period.

On your first try, you may not be able to access a lot of funds, you start by borrowing little amounts and paying them back, and then you can access bigger funds. The interest rate on the carbon app ranges from 5% -15% depending on factors like your credit history and score, without needing any collateral.


Kuda microfinance bank is a digital bank in Nigeria known as Bank of the Free and popular for its low or no charges on most of the transactions on its platform. It is particularly popular amongst the teeming Nigerian youths,

Here are top 5 loan sources for salary earners in Nigeria

One of the many advantages of using the bank is that it offers loans to salary earners at the minimum interest rates, one of the lowest in the country. Once you use the app frequently for daily transactions like deposits and withdrawals, you qualify for a loan without collateral or a guarantor.

However, how much you qualify to receive on the app depends on the highest deposits you have received on your Kuda account or how much you earn as a salary earner.

The MFB charges a 0.3% interest rate daily on any amount you borrow on the platform till you pay everything back. This culminates into a 9% interest on any loan monthly.


Founded in 2012, Renmoney is a lending company with a Microfinance Banking license in Nigeria. Operating in several locations in Nigeria’s tech hub, Lagos, Renmoney prides itself on its collateral-free, guarantor-free loan offers.

The offers are specifically for salary earners and business owners in Nigeria. Since it was founded, the company has provided over 240,000 loans to Nigerians and empowered over 10,000 small businesses.

The company is passionate about leveraging technology to deepen financial inclusion. They offer personal and business loans from ₦6,000 to ₦6,000,000 to employees and entrepreneurs, as well as high-interest savings and fixed deposits.

With Renmoney, you can apply for a loan of ₦6,000 – ₦6,000,000 without collateral and repay in 3 -24 months. Monthly interest rates range from 2.4% – to 9.33%, and the maximum Annual Percentage Rate (APR) is 35.76%.

Applicants must be adults between 22 and younger than 59 at both the application and loan repayment times. Also, the individual must have a steady and verifiable source of income, either as a salary earner or business owner, live and (or) work in a city where Renmoney operates, have a good record with the credit bureau and a savings or current account with any commercial bank in Nigeria.


Credpal is a tech company that allows consumers to buy anything across various online and offline merchants and pay in instalments. One of its unique offerings is that it offers users access to a credit card.

These cards allow users to access instant credit for purchases across both online and offline retail points of checkout. The service is probably the first of its kind for the large Nigerian market.

In an attempt to simplify credit taking for everyone, The company uses proprietary technology to perform risk analysis processes such as identity verification, credit checks, address verification and other credit determinants. Once these parameters are obtained, it reveals how much a user can borrow.

Through this technology, the interest rate is known for various borrowers. The interest rate for a loan is between 4%- 6.8% depending on where your work falls in the Credpal company’s categorization.

Another good thing about working with this provider is its partnership with a number of shopping outlets, restaurants, and a lot more platforms you can buy stuff. With this, you enjoy up to 5% cash back each time you pay with your credit card.


Specta is another source where salary earners in Nigeria can get loans up to N5,000,000 without any collateral or guarantor. All that is needed is that a borrower has a bank account with any commercial bank and, consequently, a bank verification number (BVN).

The platform offers two loan products; MySpecta, which offers individual loan services and Specta4Business, which provides quick and accessible loans for corporates and business owners.

The loan interest rate for Specta is 23% per annum and 1.92% monthly. Also, the repayment period for Specta is usually between 7-12 months. Hence users have ample time to pay their debts.

All options on this list are recommendations and do not serve as endorsements. Ensure you do your research before using any of them. 

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