Need quick cash before payday? Apply online for payday loans that are available to salary and non-salary earners.

• So, what are Payday loans?

Payday loans are quick credit that works like a bank overdraft, providing you cash ahead of your next payment. They are used to meet current financial needs during the waiting period for cash expected, which is used to service the loan once received.

Payday loans are highly useful especially in a highly inflationary environment like Nigeria, where the cost of goods and services keep rising. Due to the limited control over the price of goods, people have no choice but to meet obligations and hedge the risk of paying a higher price by making purchases at their current rate to avoid paying more in the future with the hope of costs dropping. Payday loans offers the opportunity to enable people meet their basic needs by making current purchases and refunding with expectant cash. It bridges the cashflow gaps by offering access to cash against your expected future income, with very minimal documentation.

Click here to find the best payday loans and terms that suit you.

• Anyone can get a Payday Loan!

With many people educated who qualify for a white-collar job that can pay regular salaries, while others have chosen to be self-employed either in blue or brown collar jobs. Industry experts of similar schools of thought have argued that this should not be that basis for denying anyone quick credit, such as Payday loans.

Often, people wonder if salary earners are more credible than artisans or if an administrative clerk in a start-up real estate firm has an edge over an automobile engineer, commonly referred to as, “mechanic”, when requesting for a payday loan. These are excerpts from the conversations one of our colleagues had with a friend, a furniture maker that is renowned in the woodwork industry, with over twenty years’ experience in the field. “I could feel his passion as he poured out his mind. I could relate with the fact that he represents an important constituency, and I could empathise with him, as I have had similar conversations with a few other artisans”.

Therefore, are payday loans solely for salary earners? Absolutely NOT, payday loans can be accessed by everybody, include salary and non-salary earners.

• Why does everyone think payday loans are for salary earners?

Salaries are predictable cashflows or put differently salaries are guaranteed income that are time sensitive. Hence, most lenders, especially conventional banks often like to lend against salaries because it reduces the risk of default, especially if the lender believes that your employer would always pay your salary in due time. Unlike a trader expecting payment from his/her customers, who may disappoint and postpone payment, most employers have a predetermined date on which they ensure they pay salaries of their staff, “all things being equal”.

If you are an artisan and you are expecting payment from your clients, they may miss payments for various reasons and there are often little or no consequences for such default. However, most employers abstain from missed payment of salaries, in fact some employers would not dare to default on the payment of salaries to their staff. More so, salaries are predetermined amount, which can easily be verified through previous payments to the borrower’s bank account or through his/her payslip. This makes it easier for lenders to determine the limit of payday loan that they can extend to a salary earner unlike an artisan, trader, or business owner, whose cashflow patterns are unstable and whose income size is unpredictable. Also, if an employer defaults on salary payment at the expected date, the lender is sure that it would be paid within a short period except during conditions when the company is totally bankrupt, unlike the cashflow expectations of a business owner or artisan that may be flawed by many factors outside of his/her control. Even at extreme situation when a staff is laid off after taken a payday loan, the terminal package can always be used in paying down the loan.

…and how do I pay back the loan when I do not earn salary?

First, you should only take a loan when you know how to pay back. If you do not earn salary, you should be expecting income from other sources, as a means of offsetting your payday loan. It may be payment from customers, sales of goods, allowance from parents or guardian. The lender expects to get repaid from your next income. Whilst it may not be as predetermined as a salary, you should be able to predict your next cashflow, which will be used to repay the loan.

In conclusion, salary and non-salary earners are eligible to apply for a Payday loan. Notably, salary earners have easier access to a Payday loan and some lenders restrict their Payday loan offerings to just salary earners for the reasons discussed but this should not be generalized.