Get Payday Loan in Nigeria using your Oracle or IPPIS Number

If you have ever tried getting a loan from a bank or other lending organization, you know how time-consuming and challenging it can be.

From gathering stacks of financial documents to filling out multiple pages of loan applications forms and waiting weeks for approval — who has time for all that?

But thanks to the increasing adoption of technology by the financial sectors, and in the country as a whole,

you can now access instant online loans that are collateral-free within 24hrs or just a few minutes.

If you are working for the government, this is even more good news for you, because in this guide:

I am going to show you how to get up to 5 million naira in loans as a federal worker in Nigeria and as a Lagos state civil servant in less than 24 hours.

Let’s dive right in, but first, what do you know about loans:

What is a loan?

A loan is a form of debt incurred by an individual or other entity. The lender—usually a corporation, financial institution, or government—advances a sum of money to the borrower.

In return, the borrower agrees to a certain set of terms including any finance charges, interest, repayment date, and other conditions.

Understanding your Loan Terms

Loan terms are the terms and conditions attached to your loans by the lending company who is borrowing you the money.

It always include;

• the loan’s repayment period,
• the interest rate and fees
• penalty fees if the borrowers defaults
• and any other special conditions that may apply.

NOTE: It is of utmost importance that you review your loan terms carefully and make sure to understand it before proceeding to pick up the loan.

Are you credit worthy ?

To be awarded any loan, your bank or lending company will have to evaluate you and determine if you will be able to repay your loan.

Your creditworthiness is determined by several factors including:

• your repayment history for any previous loan
• If you have another existing loan with another bank or lending company
• your income compared to the loan amount and repayment duration
• your guarantors capability of taking responsibility of your loan

Your creditworthiness is important because it will determine whether you get the loan you applied for.

But that’s not all.

The more creditworthy you are, the better it is for you because your loan application is approved faster compared to a poor creditworthy person.

At GTI Microfinance bank, we offer salary earners in the public sector to access loans up to 3 times their monthly take home salary with repayments spread over 3 – 8 months.

This loan offer is available to both the federal government, state government and private sector workers

What you need to get a payday loan in Nigeria

If you are a federal government worker in Nigeria, it is most likely your salary is paid to you through the IPPIS system. If you are civil servant in lagos state government, then you must have an oracle number assigned to you to get your salary

What is IPPIS?

The Integrated Payroll and Personnel Information System (IPPIS) is an information Communications Technology (ICT) project initiated by the Federal Government of Nigeria (FGN) to improve the effectiveness and efficiency of payroll administration for its Ministries, Departments and Agencies (MDAs).

As of october 2019, the FG announced it will begin the full implementation of the Integrated Personnel and Payroll Information System (IPPIS).

It also advised every of its workers to get registered with IPPIS if they want to get paid their salary.

As a lender and to ensure security and creditworthiness, we have partnered with the Federal government of Nigeria to disburse loans to everyone who has an IPPIS number.

If you have a verified IPPIS number and have begun to collect your salary through IPPIS, then you can proceed to apply for any loan at our bank.

What is ORACLE Number?

Oracle number is given to all civil servants in lagos state government. It is used to pay all the staff salary within the government.

Requirements for a Payday Loan in Nigeria

• ORACLE Number or IPPIS Number
• Pay slip
• Bank statement of account showing his/her net pay.
• Employment / Confirmation / Deployment Letter is required
• Bank Verification Number
• Valid National ID card
• Work ID card

If you fulfil any of these requirements and have provided the relevant documents, our internal credit officers will review your application within 24 hours.

If your loan is approved, it will be credited to your account immediately. If it is not, then one of our internal credit officers will call you to rectify the problem.

Please note that Repayments are made directly as deductions from your company salary account on the agreed payment date(s).