Full List of MFBs That Offers Salary Advance Loan in Nigeria

Full List of MFBs That Offers Salary Advance Loan in Nigeria

Microfinance Banks (MFB) profit from offering services to those who are unable to access commercial bank services. In essence, they provide for all of a person’s current and future requirements. Low-income earners, particularly those without high-value assets required to secure loans from conventional banks, frequently use microfinance institutions. These banks offer salary earners one of their main services. Salary earners can receive loans from MFB that they can repay at a later date.

This article essentially provides a breakdown of the microfinance institutions that offer loans or salary advances to wage earners. Therefore, if you want to buy one, just choose your top choice from the list below.

Nigeria salary earners looking for quick cash to settle immediate needs before the need payday could apply for a payday loan or salary advance loan with any other following microfinance bank in Nigeria.

You may also want to read 9 Smart Ways to Use a Personal Loan

What is Salary Advance Loan

A salary advance is a loan usually given to an employee. As the name implies, it is usually a part of the wages of an employee paid at the end of the month. Naturally, only an individual with a salary job is eligible for this loan.

Eligibility Requirements for Applying Salary Earners MFB loan

The major eligibility requirement while applying for this loan is that your salary account is domiciled with the bank. Therefore, when your salary is paid at month’s end, they can easily deduct your loan repayment. Also, your salary needs to be up to a particular amount for you to access a certain amount of loan. In all, they would present you with the available options during the application.

Full List of MFBs That Offers Salary Advance Loan in Nigeria

1. Lapo microfinance bank
2. Nirsal Microfinance Bank
3. Purple money microfinance bank
4. CIT microfinance bank
5. AB Microfinance bank
6. Grooming microfinance bank
7. Addosser Microfinance bank
8. Asset Microfinance bank
9. Bowen Microfinance Bank
10. Capstone Microfinance Bank
11. Cardinal Rock Microfinance Bank
12. Cashconnect Microfinance Bank Ltd
13. Cedar Microfinance Bank
14. Chanelle Microfinance Bank
15. CIT Microfinance Bank
16. Corestep Microfinance Bank
17. Cowries Microfinance Bank
18. Credit Afrique Microfinance Bank
19. Credit Express Microfinance Bank
20. Crossover Microfinance Bank
21. Daylight Microfinance Bank
22. Desmonarchy Microfinance Bank limited
23. Echo Microfinance Bank
24. Edo Microfinance Bank
25. Empire trust Microfinance Bank
26. Enrich Microfinance Bank limited
27. FFS Microfinance Bank
28. Finatrust Microfinance Bank
29. Finex Microfinance Bank
30. First Option Microfinance Bank
31. Flourish Microfinance Bank
32. Fortress Microfinance Bank
33. Giant strides Microfinance Bank
34. Global Initiative Microfinance Bank
35. Glory Microfinance Bank
36. Green energy Microfinance Bank
37. Hackman Microfinance Bank
38. Headway Microfinance Bank
39. High street Microfinance Bank
40. GTI Microfinance Bank
41. IBILE Microfinance Bank
42. Ipodo-Ikeja Microfinance Bank
43. Island Microfinance Bank
44. Jessefield Microfinance Bank
45. Kayvee Microfinance Bank
46. Kudimoney Microfinance Bank
47. Lawebod Microfinance Bank
48. Leadcity Microfinance Bank limited
49. Letshego Microfinance Bank
50. Lifegate Microfinance Bank
51. Links Microfinance Bank
52. Magnet Microfinance Bank
53. Main trust Microfinance Bank
54. Mainstreet Microfinance Bank
55. Manny Microfinance Bank limited
56. Lovonus Microfinance Bank
57. Maritime Microfinance Bank
58. Sunrise Microfinance Bank
59. Supreme Microfinance Bank
60. Surbpolitan Microfinance Bank
61. Susu Microfinance Bank
62. Touchgold Microfinance Bank
63. Townserve Microfinance Bank
64. Treasures Microfinance Bank
65. TCF Microfinance Bank
66. Ultimate Microfinance Bank
67. VCL Microfinance Bank
68. Verdant Microfinance Bank
69. Verite Microfinance Bank
70. VFD Microfinance Bank
71. Wesley Microfinance Bank
72. Vineland Microfinance Bank
73. Virtue Microfinance Bank
74. XSLNCE
75. YCT Microfinance Bank
76. Zikado Microfinance Bank
77. NPF Microfinance Bank
78. Okengwe Microfinance Bank
79. Oros Capital Microfinance Bank
80. Owotutu Microfinance Bank
81. Parallex Microfinance Bank
82. Parkway Microfinance Bank
83. Pecan Trust Microfinance Bank
84. Penny wise Microfinance Bank
85. Personal trust Microfinance Bank
86. Petra Microfinance Bank
87. Projects Microfinance Bank
88. Providence Microfinance Bank
89. Primera Microfinance Bank
90. Purple money Microfinance Bank
91. Rhehoboth Microfinance Bank
92. Renmoney Microfinance Bank
93. Ric Microfinance Bank
94. Richway Microfinance Bank
95. Pyramid Microfinance Bank
96. Qube Microfinance Bank
97. Reliance Microfinance Bank
98. Rigo Microfinance Bank
99. Royal blue Microfinance Bank
100. Royal Exchange Microfinance Bank
101. Safe Gate Microfinance Bank
102. Seed Capital Microfinance Bank
103. Shalom Microfinance Bank
104. Shepherd Trust Microfinance Bank
105. Snow Microfinance Bank
106. Solid Allianze Microfinance Bank
107. Solid trust Microfinance Bank

You may also want to read How To Easily Get Loan From Your Insurance Company

1. Assets Microfinance Bank

Assets Microfinance Bank offers payday loans to Bankers, staff of IOCs, Blue Chip Companies and other businesses. The Salary Advance Loan is in two forms:
i: SALO Mini
ii: SALO Max

SALO Mini:

Features & Benefits :
– Employees of both private and public institutions.
– Attractive interest rate.
– Little documentation requirement.
– Quick turnaround time (TAT).
– Flexible repayment plan .

SALO Max:

Features & Benefits :
– Loan amount is between N500,000 – N5,000,000.
– Must be a salary earner.
– Appointment /Confirmation/promotion letter.
– Customer’s pay slip/Bank Statement for six month.
– Confirmed guarantor with an undated cheque.
– Staff I.D Card & Any form of identification (Any of the valid ID card).
– Interest rate of 5% (Reducing).
– Admin Fee of 1%.
– Tenure between 30 – 360days.
– One guarantor

2. Lapo Mfb salary advance loan

Lapo offers public sector loans to Government workers across the country and state workers within Lagos & Edo states respectively. Before you can qualify for the salary advance loan you should be employed and already working in one of the government public sectors in Nigeria.

Lapo Mfb salary loan is open to applications from Federal workers across the country and state workers within Lagos & Edo states.

Also before you qualify, you must have an active Account and also provide your commercial bank account details. the bank needs this to send your money to you should your loan request be approved.

you should be of Age:18 years and above as the loan eligibility age.

Have valid IDs : We only need you to upload
(a.) Staff Id,
(b.) Payslip, and
(d.) Passport photograph.

How to apply for Lapo public sector {salary advance loan}

To apply for Lapo mfb salary advance loan you follow this link: https://ps.lapo-nigeria.org/ and complete your application.

3. CIT Microfinance Bank salary advance loan