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Salary Advances can be life-saving in times of emergencies.

Luckily, at Credit Nigeria, we’re all about saving lives with the best available loan deals from trustworthy lenders.

As the name suggests, Salary Advances are the best kinds of loans to take if you’re a salary earner in need of cash to sort out immediate emergencies that your savings cannot cover for.


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What is a salary advance loan

A Salary Advance loan is a short-term loan that can be taken by salary earners. This loan is repaid from the next incoming salary or sometimes repaid slowly from the next incoming salaries at reduced interest rates. 

The terms of repayment vary from lender to lender and from employer to employer. 

As an example, you earn ₦50,000 as your salary at the end of every month, but something happens and you suddenly need ₦10,000 on the 20th day of a particular month.

A Salary Advance lender or an employer can borrow you that ₦10,000. This ₦10,000 will be paid back after your salary comes in, or you can repay slowly (as in paying ₦5,000 after you get your salary every month, for the next two months).

If you were borrowed by an employer, the money will be automatically removed from your next salary. 

Salary Advance loans are mostly granted by employers. Since employers can confirm the salary earning statuses of their employees, they can give employees salary advances against the next salary with subsidised interest rates; the loan will be automatically deducted from the employees salary by the employer.

Banks also grant Salary Advances to employees of trustworthy private organisations and government agencies. 

There are verified lenders, who also give Salary Advances to salary earners without collateral or an employer’s involvement. 

These verified lenders can be found by using Credit Nigeria’s free loan search system; just visit the Credit Nigeria page and put your details for a Salary Advance loan and all the available options for a Salary Advance loan will be listed and compared for you by Credit Nigeria for free.

Interest rates to expect for a salary advance loan

Salary advances fortunately come with very low interest rates. Since Salary Advance loans are for salary earners in times of emergencies, employers or lenders usually reduce the interest rates on purpose so salary earners can easily take the loans to meet their immediate important needs.

The interest rates depend only on the amount of money you take from your salary, unlike other kinds of loans where the interest rate depends on many other factors like collateral, amount of time the money is borrowed for among other factors.

If your salary is ₦30,000 Naira and you take an advance of ₦15,000 Naira, the interest rate will be determined off the ₦15,000 you borrowed.


How Credit Nigeria Works

Credit Nigeria is a modern online loan comparison platform that provides a safe and easy way to find loan offers you are eligible for, compare loan offers and select the loan offer to your liking.

After completing the loan comparison form, you will get a list of loan offers you are eligible for within seconds. 

It's that fast, simple and all online.

What to consider before choosing salary advance

As a salary earner, there are other loan options available to you apart from a Salary Advance.

Knowing exactly what you want and how to get it, will help you know if the Salary Advance option is the right one for you.

You need to determine how much you want to take as a loan. If the amount of money is only a part of your monthly salary, then you can take a Salary Advance. If the amount of money you want is your full salary, close to your full salary or more than your full salary, then you might want to consider other loan options.

Salary Advance loans cannot give you your full salary, or more than your full salary; only a percentage of your full salary can be collected through Salary Advances

You need to also know the interest you’ll be paying back on the salary Advance. Understanding interest rates can be quite confusing.

Most lenders can be confusing with their interest rates, Credit Nigeria will help you avoid this confusion by measuring the true interest that you will be paying on your outstanding loan for free.

Reasons to get a salary advance

One of the major reasons to get a salary advance loan is if you are a salary earner.

Some lenders have a minimum salary they can work with, like GTBank who only provide salary advances for salary earners who earn a minimum of ₦25,000 in the public sector and ₦50,000 in the private sector, so being a salary earner is sometimes not enough.

You can also get a Salary Advance in the case of financial emergencies that your savings cannot cover for; up to 60% of your salary in the space of 24hours.

Lenders can also provide more than 60% of your salary, to find these lenders, use Credit Nigeria.

You can also get salary advances if the emergency you need the money for is urgent. This is because Salary Advances can be quickly paid to you and they require less processes to take. 

How to get the best salary advance loan

Salary Advance loan offers improve with the number of years a salary earner has spent in a chosen profession. A veteran salary earner who is a Civil Engineer will have better Salary Advance offers than a beginner civil engineer.

This is because one of the major factors that affect Salary Advance loans is level of expertise at a chosen job; if you have worked long enough for a particular employer lenders will be willing to give a higher Salary Advance percentage off your salary. 

It is, however still possible to get great Salary Advance offers if you use Credit Nigeria.

Credit Nigeria will find good Salary Advance options for you; it doesn’t matter how long you’ve spent at your particular job.

Just visit the Credit Nigeria page to start your easy and free journey to getting the best loan offers. 


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