₦5,000 - ₦500,000
Loan Amount
5-20%
Monthly Interest
7-60 days
Repayment Term
5-15 minutes
Approval Time
Pros & Cons
Pros
- ✓Fast approval and disbursement
- ✓Multi-currency wallet
- ✓Virtual dollar card
- ✓No collateral needed
- ✓Loan limit increases over time
Cons
- ✗Higher interest for new users
- ✗Lower initial loan limits
- ✗App can be slow sometimes
- ✗Customer support response time
How to Apply for Payday Loan
- 1
Download Payday app
- 2
Register with phone number and BVN
- 3
Complete identity verification
- 4
Link bank account
- 5
Request loan amount
- 6
Receive funds instantly
User Reviews
A
Adaobi C.Verified
Lagos
January 2025
Good for emergencies. Also love their virtual dollar card for online shopping.
S
Samuel O.Verified
Abuja
December 2024
Payday is reliable. Started at ₦20,000 now at ₦200,000 limit after 6 months.
Frequently Asked Questions
Is Payday a legit loan app?
Yes, Payday is a licensed fintech company operating in Nigeria with CBN approval.
Does Payday offer salary advances?
Yes, employed users with salary deposits can access salary advances before payday.
Quick Info
- Founded
- 2020
- Headquarters
- Lagos, Nigeria
- CBN Licensed
- Yes
- Disbursement
- Instant
- Last Updated
- 2025-01-19
Requirements
- •Valid BVN
- •Nigerian phone number
- •Bank account
- •Smartphone (Android/iOS)
- •Age 18-55 years