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Top 10 Payday Loans Online

Online payday loans are short-term, high-interest loans that are typically due on the borrower's next payday.

Designed to provide quick access to cash for individuals facing unexpected expenses or financial emergencies, payday loans can offer immediate relief.

How Payday Loans Work

Many payday lenders do not perform traditional credit checks. Instead, they may assess a borrower's eligibility based on income and employment verification.

Here's an overview of how payday loans work, their features, and considerations:


Borrowers can apply for payday loans online or through mobile apps. The application process is often simple and requires minimal documentation.

Approval and Disbursement

Payday lenders typically approve loans quickly, often within a few hours. Once approved, the funds are disbursed to the borrower.


Payday loans are often due on the borrower's next payday. The borrower either provides the lender with a post-dated cheque or authorises an electronic debit from their bank account for the loan amount plus fees and interest.


Payday loans are associated with high costs, primarily in form of fees and interest rates. The fees are often calculated as a percentage of the loan amount, and the annual percentage rate (APR) can be extremely high.

Short-Term Nature

Payday loans are meant to be short-term solutions, typically lasting for a few weeks until the borrower's next paycheck. However, the short repayment period can lead to challenges for some borrowers.

Small Loan Amounts

Payday loans usually offer relatively small loan amounts, typically ranging from a few hundred to a couple of thousand dollars, depending on state regulations and the borrower's income.

Debt Cycle Risk

A significant risk associated with payday loans is the potential for borrowers to enter into a cycle of debt. If they are unable to repay the loan on time, they may roll it over into a new loan, incurring additional fees and interest.


Payday loans are widely available, and storefronts or online platforms offering these loans can be found in many communities. Some states have regulations that restrict or prohibit payday lending.

Top 10 Payday Loans Online

Before opting for a payday loan, borrowers should explore various available options.

Here are the top available payday loans online.

1. Zedvance Finance – Payroll (Private)

The Private Sector Payroll from Zedvance is a credit scheme designed for individuals in paid employment under the private sector companies for monthly loan repayment.


  • Employment Letter
  • Staff ID Card
  • One passport photograph
  • 6 months bank statement (Salary Account)
  • Valid means of identification (Int'l passport, Driver’s license, National ID, Voter’s card)

2. Mutual Benefits – Public Sector Loan

A product of Mutual Benefits Microfinance Bank Ltd the Public Sector Loan is available to officers of the Nigeria Police, Customs, Correctional Services, and Staff of the Federal Capital Territory.


  • One passport photograph
  • Proof of identification such as an original Passport; Driver’s Licence, National ID card or Voters Cards (for sighting) and photocopies are required for new customers.
  • Statement of account for a minimum of 6 months and pay slips covering an equivalent period for salary earning guarantors.
  • Work ID (for salaried individuals only)

3. Letshego Individual Loan

The Individual Loan an offering of Letshego Microfinance Bank Nigeria is for clients in private employment.

It is a salary loan given to clients in full-time employment.


  • Business turnover cash flow/turnover documentation
  • Valid means of identification (Int'l passport, Driver’s license, National ID, Voter’s card)
  • Means of ID (Driver's License, int’l passport, voters' card, National ID)- Obligor and Guarantor
  • Spouse ID card (if married)
  • Bank Verification Number (BVN)

4. Money In Minutes – WageX Remita Salary Advance

WageX Remita Salary Advance, offered by Money In Minutes is specialised salary advance program exclusively available to employees who receive their salary through Remita.

With WageX Remita Salary Advance, borrowers can conveniently access up to 150% of their salary, all within a quick and seamless process that takes less than 10 minutes.


  • Proof of Address (PHCN, Water bill, Waste disposal bill, tenement, etc.)
  • Employment / Confirmation Letter / Last Promotion Letter
  • Signup on Remita with salary account
  • Statement of account for a minimum of 6 months and pay slips covering an equivalent period for salary earning borrowers.
  • One passport photograph
  • NIN

5. Assets Microfinance – Salary Advance Loan (SALO)

Assets Microfinance Bank’s Salary Advance Loan (SALO) is offered to salary earners to enable them to access funds for emergencies or stop gaps.

This loan is available to bankers, staff of IOCs, Blue Chip Companies and other businesses.


  • Valid ID – Driver’s ID, National ID or International passport.
  • Confirmed guarantor with undated cheque
  • Staff ID Card
  • Bank Verification Number (BVN)
  • Customer’s pay slip/Bank Statement for six months
  • Employment / Confirmation Letter / Last Promotion Letter
  • One guarantor

6. Credit Direct – Sharp Sharp Loan

Sharp Sharp Loan, a product of Credit Direct Limited, is a collateral-free loan offered to employees in the Federal or State civil service in need of quick emergency loans.


● Bank Statements/Pay Slips.

  • Valid ID – Driver’s ID, National ID or International passport.
  • Completed Loan Agreement Form and attached passport photo.
  • Bank Verification Number (BVN)
  • Latest Promotion Letter
  • Work ID (for salaried individuals only)
  • Guarantor Submissions, Proof of residence, Proof of earnings & Post-Dated Cheques.
  • Letter of Introduction & Employment/Confirmation letter.

7. Alat by Wema – Salary Loan

Regarded as Nigeria’s first fully digital bank, Alat by Wema, through its Salary Loan, gives its customers access to quick credit.


  • Bank Verification Number (BVN)

8. CredPal – Credit Card

CredPal is a revolutionary credit solution geared towards providing seamless credit access for businesses and individuals.

Its Credit Card Loans provide convenient and instant access to funds.


  • Bank Verification Number (BVN)
  • Bank Account

9. Kuda Personal Loans

Kuda Microfinance Bank provides Personal Loans of up to N200,000 in minutes.

Borrowers can boost their loan offers by providing a guarantor.


  • Valid ID for each signatory (International Passport, National Driver’s license, National ID Card)
  • 6 months bank statement (Salary Account)
  • One passport photograph

10. Lekki Cooperative – Salary Advance (SALAD)

Salary Advance (SALAD) by Lekki Cooperative Multi-Purpose Society Limited is for employees who reside and work in Lagos State.

Applicants must be salary earners only with a net salary starting from N100,000 and above.


  • Utility bill (within the preceding 3 months), signed post-dated cheques and valid means of identification for a guarantor(s)
  • Current utility bill /Verification of Address
  • Most recent utility bill of residence.
  • Bank Verification Number (BVN)
  • Six months bank statement (Salary Account)
  • Official & National means of Identification
  • Six months' pay slips.
  • Six months account statements and duly signed cheques – Obligor and one Guarantor

Tips and Precautions for Staying Safe on Loan Apps

Here are some additional bonus tips and precautions for staying safe on loan apps:

Use Two-Factor Authentication (2FA)

Whenever possible, enable two-factor authentication for an extra layer of security. This typically involves receiving a one-time code on your mobile device to verify your identity during the login process.

Be Sceptical of Unsolicited Offers

Be cautious about loan offers that come out of the blue, especially if you didn't initiate the application. Scammers often use unsolicited messages or emails to trick individuals into providing personal information.

Verify App Legitimacy

Confirm the legitimacy of the loan app by checking official app stores or the official website of the lending institution. Avoid sideloading apps from unofficial sources, as they may be compromised versions. You can see the list of verified lending platforms here. 

Avoid Sharing Personal Information via Email or SMS

Legitimate loan apps will not ask for sensitive information, such as passwords or PINs, through email or SMS. Avoid responding to unsolicited messages requesting personal details.

Check App Permissions

Regularly review and manage the permissions granted to the loan app on your device. Only provide access to necessary features and information to minimize potential security risks.

Research Customer Reviews and Ratings

Look for customer reviews and ratings on trusted platforms before choosing a loan app. Positive feedback from other users can provide insights into the app's reliability and security features.

Report Suspicious Activity

If you notice any unusual or suspicious activity on your loan app account, report it to the app provider immediately. Prompt reporting can help mitigate potential risks.

Beware of High-Pressure Tactics

Be wary of loan apps that use high-pressure tactics to push you into accepting a loan quickly. Take your time to understand the terms and conditions before making any commitments.

Regularly Update Your App

Ensure that you are using the latest version of the loan app. Developers often release updates to fix security vulnerabilities and enhance overall app security.

By incorporating these bonus tips and precautions, you can significantly reduce the risk of falling victim to scams or compromising your personal information when using loan apps.

Visit nairaCompare to stay informed about payday loans online.

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