Last Updated on July 1, 2024 by admin
Do you have any financial needs that can’t wait before your next pay day loan? also is your salary account domicile with Polaris bank? If yes you can apply for a Payday loan and salary advance which will enable you to get fast cash so you offset your bills before your next salary
With Polaris bank Payday Loan and salary advance, eligible customers can borrow money at a low interest rate with no documentation or collateral. The credit facility is an instant package designed for (both salary and non-salary earners).
This service as a Quick access to funds for bridging short-term funding gap and you can Access up 50% of monthly net income upfront
Also read: All Polaris bank ussd code for mobile financial transfer
Polaris bank payday and salary Advance Interest Rate
The interest rate for Polaris bank payday and salary advance is 2.5% flat, which shall be subject to review from time to time in line with the prevailing money market condition.
MANAGEMENT FEE:
The Polaris bank salary advance and payday loan management fees is 1% flat subject to the bank approval and market condition.
CREDIT LIFE INSURANCE:
The loan life insurance is 0.5% flat of the borrowed amount bust subject to market condition
REPAYMENT SOURCE:
The polaris bank salary advance and Payday loan repayment will be deducted from your monthly salary account that is domiciled with the bank or any BVN linked accounts in any Bank payable via Remita from source.
COMMENCEMENT DATE:
This facility shall commence on the date of disbursement. This loan is repayable on the next Pay Day or 30days after (whichever comes first).
Read: Polaris Bank ussd transfer code to Buy Airtime,Transfer Money and Check Account Balance
Polaris bank Payday Loan collateral
You can pledge the follow as security for your loan :
1. Irrevocable Domiciliation of Salary
2. Credit life insurance covering the risk of death/disability, and loss of job of the Borrower.
3. Undertaking to deduct repayments at salary source and subsequently remit to the Bank.
Who is eligible for Polaris bank payday loan
1. To qualify for Polaris bank salary advance or payday loan, borrower must be in employment of reputable organizations in both private and public sectors
2.Your salary account must be domiciled with Polaris Bank
3. You must be 18 year to 58 years during the loan tenure
Read: How to Enroll/Register Polaris Bank “VULTe” Mobile App
How do I Apply for Polaris bank Payday loan
To apply for Polaris bank salary advance and payday loan , Just dial *833*12# from your mobile phone that is linked to your account and follow the instructions to access OR Call Polaris Yes Center on 0700-7652747, 08069880000, 01-4482100 or 01-2705850.
