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The short answer
A ₦1 million loan in Nigeria usually comes from a bank salary loan, a payroll lender, a microfinance bank or a small business facility, typically over 12 to 24 months. At Sterling Bank’s published payroll rate of 39% a year (as at Oct 2026), ₦1m over 12 months costs about ₦101,967 a month before fees. Most lenders want a salary account or business statements, ID and BVN.
One million naira is a common target for school fees, rent, a business restock or a medical bill. It is above what most apps lend to new customers and below what banks treat as a large commercial loan. This guide sets out who lends at this level, what they need, and what the repayments look like.
Who lends ₦1 million
| Lender | Who it suits | Published terms (as at Oct 2026) |
|---|---|---|
| Bank salary loans | Salaried staff paid into that bank | Sterling payroll: 39% a year, 1% management, 2% insurance, up to 60 months. GTBank QuickCredit: 2.95% a month, up to 12 months. Access Bank personal loan: up to 36 months. |
| Payroll lenders and MFBs | Salaried staff at eligible employers | Renmoney says it offers personal and business loans of up to ₦10M. Credit Direct’s federal loan FAQ lists 3 to 36 months. |
| Small business facilities | Registered businesses with a trading record | Sterling’s facility: up to ₦5m without collateral, 3 years in business, ₦2m monthly turnover, 2% management and 2.5% insurance upfront. |
| Cooperatives | Members with savings | Often a multiple of your savings; terms set by bylaws. |
| Government and intervention schemes | Specific groups and sectors | Availability changes; see CBN intervention loans in 2026. |
Loan apps sometimes reach ₦1m for returning customers with a good record, but rarely at the start, and their short tenors make a large sum hard to repay. Check any app on the FCCPC approved list.
Worked example: repaying ₦1 million
Example only, using published rates as at Oct 2026 and equal monthly instalments on a reducing balance.
| Product and tenor | Monthly payment | Total repaid | Upfront fees |
|---|---|---|---|
| 39% a year, 12 months (Sterling payroll rate) | About ₦101,967 | About ₦1,223,606 | ₦30,000 (1% + 2%) |
| 39% a year, 24 months | About ₦60,649 | About ₦1,455,574 | ₦30,000 |
| 2.95% a month, 12 months (GTBank QuickCredit rate) | About ₦100,162 | About ₦1,201,950 | ₦10,000 (1% insurance) |
Interest over 12 months at 39% a year is about ₦223,606; doubling the tenor to 24 months raises it to about ₦455,574 while lowering the monthly payment by about ₦41,318.
How much salary you need
Banks cap repayments as a share of income. Sterling caps its payroll loan repayments at 33.3% of net monthly salary (as at Oct 2026). At about ₦101,967 a month, that implies a net salary of roughly ₦306,000 or more for a 12-month ₦1m loan; over 24 months, roughly ₦182,000. Other lenders use their own limits. See how much loan you can get on your salary.
Bank, MFB or cooperative?
If your salary is paid into a bank that offers salary loans, it is usually the cheapest and quickest place to start, because it already sees your income. If your employer is on a payroll lender’s list, that lender may offer longer tenors or accept salaries paid elsewhere, sometimes at a higher price. Microfinance banks suit traders and the self-employed, often with weekly or monthly repayments and guarantors. A cooperative can be cheapest of all, but only if you have saved there long enough.
For a business, the question is whether the ₦1m will earn more than it costs. Work out the monthly repayment from the table above and check that your business’s spare cash each month covers it with room to spare.
Warning signs at this amount
- A lender that asks for a "processing fee" to be paid before the loan is released.
- An offer that arrives unsolicited by SMS or WhatsApp promising ₦1m with no checks.
- A lender that will not give you the rate, fees and repayment schedule in writing.
Documents to prepare
- Valid ID, BVN and NIN.
- Recent payslips and an employer confirmation letter, for salary loans.
- Six to twelve months of bank statements; see bank statements for a loan application.
- For a business: CAC documents, business statements and sometimes a guarantor.
- Proof of address, such as a utility bill.
What to check first
- Is the rate monthly or yearly, flat or reducing?
- Which fees are deducted upfront, and how much will you actually receive?
- Does the monthly payment fit your take-home pay with room for other costs?
- Can you repay early without a charge?
- Would a smaller amount, or a cheaper source such as a cooperative, cover part of the need?
For smaller or larger amounts, see ₦500,000 loans and ₦5 million loans.
Where Pryme fits
Loans on Spaces are lent by Solid Allianze MFB and can only be spent with Spaces merchants, such as schools, pharmacies and hotels. Any limit is offered based on how your account is run, and the amount, cost and repayment date are shown before you accept; see Loans on Spaces.
Questions people ask
Which bank can give me a ₦1 million loan?
Banks lend this amount mainly through salary-backed personal loans to customers whose salary they receive. Sterling, GTBank and Access Bank publish their terms online; ask your own bank first.
Can I get ₦1 million from a loan app?
Some apps lend this much to returning customers, but rarely to new ones, and tenors are short. Check the app is FCCPC-approved and read the total repayment.
How much will I pay monthly on a ₦1 million loan?
At 39% a year over 12 months on a reducing balance, about ₦101,967 a month before fees; over 24 months, about ₦60,649. Your lender’s rate may differ.
Can a small business get ₦1 million without collateral?
Some bank and MFB facilities lend without collateral to businesses with a trading record. Sterling, for example, lists up to ₦5m without collateral for qualifying businesses.
Sources
- Sterling Bank: Loans · accessed Oct 2026
- GTBank: QuickCredit · accessed Oct 2026
- Access Bank: Personal Loan · accessed Oct 2026
- Renmoney · accessed Oct 2026
- Credit Direct: Federal loan · accessed Oct 2026
- FCCPC: Approvals of Digital Money Lenders (page updated 3 Mar 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.