Moneyfield MFB PayDay Loan: Fast, No-Collateral Salary Advance Up To ₦5,000,000

Moneyfield Microfinance Bank’s PayDay Loan gives eligible salary earners in Nigeria instant access to cash ranging from ₦100,000 to ₦5,000,000. With no collateral or guarantor required, this loan is especially helpful when facing emergencies between paydays.

The loan features approval within 24 to 48 hours. You can repay over three to six months directly from your salary, making the process stress-free. Interest rates are nominal, ensuring an affordable repayment schedule. Only those whose employers pay salaries via Remita currently qualify for the PayDay Loan.

How To Apply for Moneyfield PayDay Loan

• Confirm your employer pays via Remita
• Dial the USSD code *540*129*2# or visit their website
• Fill out a simple application with basic details
• Wait for quick approval, usually within 24 hours
• Receive funds instantly to your salary account

Pros

The Moneyfield loan process is streamlined and fast, reducing waiting time for urgent financial needs. Also, the lack of collateral and guarantor requirements increases accessibility for regular Nigerians.

Flexible repayment over several months means borrowers can manage budgets without financial strain. Approval time is fast, with many loans processed within a day.

Cons

This loan is only available to individuals whose employers pay them through Remita, excluding potential applicants working elsewhere. Also, the minimum loan amount of ₦100,000 may be high for some needs.

The loan cannot be used by self-employed individuals or business owners who do not earn a steady wage via payroll.

Our Verdict

Moneyfield MFB’s PayDay Loan is a great option for employed Nigerians who draw salaries through Remita. The combination of speedy approval, no-collateral requirement, and easy deduction from salary makes it a solid choice for emergencies. However, those without Remita-linked payroll cannot access the offer.