Stanbic IBTC Bank offers a convenient salary advance loan for Nigerian salaried workers needing access to fast cash. Loans go up to 50% of your monthly pay, with a maximum limit of ₦1,000,000. The repayment period is capped at 30 days or until your next salary date.

Interest rates start from 5% monthly if your main salary account is with Stanbic IBTC, or 7% for other banks. Additional fees include a 1% account management charge and 7.5% VAT on that fee. Approval is usually quick if you meet all criteria, making this a reliable option for urgent needs.

How to Apply: Step by Step

• Have a Tier 3 salary account (Stanbic IBTC or any Nigerian bank).
• Ensure you don’t have any active credit cards.
• Have a satisfactory credit report.
• Apply via the official mobile app.
• Wait for quick approval and receive cash in your account.

Pros of Stanbic IBTC Salary Advance

Quick access to up to 50% of your monthly salary, with loans available almost instantly for eligible customers.

No penalty fees if you pay off the loan early. Flexible top-up options provided you stay within your loan limit.

Cons to Consider

Higher interest rates for non-domiciled salary accounts, making the loan more expensive if your bank is not Stanbic IBTC.

Strict eligibility rules mean you must maintain a Tier 3 account, and only one loan tenor extension is allowed.

Verdict

Stanbic IBTC Salary Advance is a solid choice if you need urgent funds before payday. It’s best suited for credible, salaried workers who meet the requirements and can repay within 30 days. Quick approval and transparent terms increase its appeal, but you need to consider the fees if your salary isn’t with Stanbic IBTC.