Employee can now get salary advance loans from different financial institutions across all tiers when they are in need of funds before pay-day as a bridge to take them through till their salary arrives.
Most Nigerian banks such as Guaranty trust Bank, Polaris bank, Access Bank and others give salary advance and payday loans of up to N500,000, although this amount depends on your salary and your past financial records with the bank.
The newly licensed Regional Commercial Bank in Nigeria and represent the first fresh banking license issued by the CBN since 2001 has row out salary advance loan to handle emergencies. Also, there is usually no waiting period before the collection of the loan
Employee who’s salary domicile with sun-trust bank can now obtain advance salary loan if they have been employed for at least 6 months.It was designed to solve quick solution to get a hassle-free loan when you need it without having to go through the embarrassment of asking family and friends for money.
You can also read: Lists of All Nigerian Mobile banking USSD Codes
With salary Advance, you can access up to 50% of your earned pay before payday, allowing you to better match costs across the month if you are staff of private companies and government agencies with active salary accounts domiciled with SunTrust bank.
What’s loan all about for you?
1.The loan is usually short term, and it comes also with interest rates, though subsidized.
2.Up to of 50% of net monthly salary in advance.
3.Tenor of 30 days. Renewable monthly.
4.No collateral required.
4.Minimum salary of N 25,000 for public sector and N 50,000 for private sector employees.
5.Salary advance will be made available within 24 hours.
Requirements for Salary Advance Loan with Suntrust Bank
1.Applicant should earn a minimum salary of N25,000
2,Applicant’s salary must be domiciled with SunTrust Bank.
3.Applicants in paid employment must have been working for the current employer for at 4.least six months and must be a confirmed staff
5.Completed Application Form
6.Completed Employee Status Inquiry/Employer’s Confirmation Form
7.Evidence of Confirmation (Letter of Confirmation, Last promotion letter etc.)
8.Copy of Employment ID and valid means of identification
9.Credit history checks
You can also read: History and origin of Banking in Nigeria
How to apply for Suntrust bank salary advance loan?
Interested employee who’s salary domicile with suntrust bank can visit any branch for more information on the process involved to apply.
You may also like: How To Withdraw From Nigeria banks ATM Without A Card