Moneyfield Microfinance Bank
Borrow up to ₦5,000,000 with competitive interest, flexible repayment (3-6 months), minimal documentation, and no collateral. Get funds in 24-48 hours. Designed for salary earners.
Moneyfield Microfinance Bank’s PayDay Loan is a popular option among Nigerian salary earners looking for quick financial relief. This facility offers loan amounts ranging from ₦100,000 up to ₦5,000,000 with approval within just 24 hours. Loans are available to those whose salary is processed through Remita, a system widely used by public sector employees nationwide. The PayDay Loan is risk-free, requires no collateral or guarantors, and features competitive, nominal interest rates.
Repayment terms are flexible, typically from 3 to 6 months, making it ideal for short-term cash needs. The loan is deducted directly from your salary, ensuring seamless repayment and reducing hassle for borrowers. Minimum documentation requirements and a fully digital application process mean that you can complete everything online without visiting a branch.
How to Apply for Moneyfield MFB PayDay Loan
- Confirm that your salary is paid via Remita and you are a salary earner.
- Dial the USSD code *540*129*2# or visit their website to start your application.
- Fill in your personal and salary information as requested.
- Submit your application with minimal documentation required.
- Receive instant feedback and get disbursement within 24-48 hours if approved.
Moneyfield PayDay Loan Pros
The first major advantage is speed: approvals happen within 24 hours, and the process is designed to be hassle-free with minimal paperwork.
Another huge plus is accessibility. You do not need to provide collateral or find a guarantor—simply being a salary earner paid through Remita qualifies you to apply.
Moneyfield PayDay Loan Cons
Unfortunately, this loan is not available to self-employed individuals or those paid outside Remita, which restricts eligibility to mostly public sector and some private sector employees.
Additionally, the repayment is deducted directly from salary at source, so missing payments is not really possible—borrowers should ensure they are comfortable with the automatic deductions before proceeding.
Our Verdict
Overall, if you are a Nigerian salary earner, Moneyfield MFB PayDay Loan offers one of the fastest and most convenient short-term loan options available. Its speed, lack of collateral, and digital-friendly application process make it a worthwhile consideration for emergencies and bridging salary gaps. However, eligibility can be a barrier for some, and automated deductions require discipline. We find it ideal for public sector employees seeking instant loans with peace of mind.