Fidelity bank Payday loan and Instant Salary Advance Scheme is designed to meet Public and private employee who’s salary account domicile with the bank, specific for personal needs regardless of their credit situation. The payday loans come with lower interest rates than credit cards
Borrower can get loan amount Up to 50% of net monthly salary against their next pay day and Up to 30 days loan tenor For personal use once you are qualify for the facility—– Also the payday loan has 1.95%. Interest rate accrue on the amount actually disbursed on a reducing balance basis and is payable at the agreed repayment period.
Fidelity bank payday loan has Management Fee of 1.00% flat, Credit Life Insurance of 0.25% flat and Extension Fee of 0.50% flat (Where applicable). It has Effective Date Upon fulfillment of all conditions precedent to drawdown and subject to availability of funds.
Security/Collateral to apply for Fidelity bank Payday Loan
To qualify for the pay day loan with fidelity bank, borrower need to present the following collateral as stated below:
1. Staff’s monthly salary or any inflow from other sources
2. Irrevocable domiciliation of salary and other terminal benefit
3. Credit life insurance covering risk of death and loss of job
Fidelity bank Payday loan Instant Salary Advance Scheme application requirements
The Conditions Precedent to Drawdown from the loan is given below according to the fidelity bank’s requirements.
1. Receipt of at minimum, 3 consecutive month salary with Fidelity Bank Plc
2. Digital acceptance of offer via the banks electronic channels
3. Digital acceptance of Terms and Condition
4. Application via the bank’s digital channels.
5. Credit report must be clean
6. Application/Applicant must meet the bank’s internal credit rating
Other requirements are:
7. Borrower shall repay the facility in accordance with the terms of this facility and failure to pay any instalment on the due date shall amount to an event default.
8. Fidelity retains the right to cancel this facility if any situation occurs or threatens to occur which in the opinion of Fidelity would adversely impact the ability of 9. Borrower to conform or meet its obligation thereof.
10.Notwithstanding the above terms and conditions, the facility under normal banking practice is repayable on demand.
11. The borrower will pay all stamp and other duties, if any, to which this facility may be subject or give rise and shall indemnify Fidelity Bank plc against all liabilities with respect to or resulting from any omission on the part of the company to pay such duties.
12. All proceeds relevant to the facility shall flow through Fidelity Bank Plc in addition to other cash flows generated from the borrower’s business activities
How to apply for Fidelity bank Payday Loan
The fidelity ban payday loan facility can be accessed via digital banking channels: USSD – *770*08# on your registered phone number and follow the prompt to request for a loan also you can apply through FastLoan App on the Google Play or Apple stores.