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Full List of MFBs That Offers Salary Advance Loan in Nigeria

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MFBs That Offers Salary Advance Loan

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.

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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

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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

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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.

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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

To apply for CIT mfb salary advance loan, you must meet the following requirement
Minimum requirements for a loan

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1. Be at least 18 years of age
2. A valid BVN
3. A personal email account
4. A personal bank account
5. A Debit Card with at least 3 months of Validity

4. Nirsal Microfinance Bank (SALAD Loan)

Nirsal Microfinance Bank offers Salary Earners Loans, known as (SALAD), it is meant for Salary Earners that need a short-term loan to meet urgent financial emergencies offered at a competitive interest rate.

All you need to do is to open an account with NMFB by visiting any of the Nirsal Microfinance Bank Branches, terms & conditions apply

Nirsal Microfinance Bank (SALAD Loan)

Conclusion

You can easily stroll into any reliable microfinance bank if you are a wage earner searching for a loan advance. Furthermore, these banks provide lending services at affordable interest rates that vary from bank to bank.

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