Polaris Bank Payday Loan- Requirements and how to Apply

Polaris bank is one of the largest financial institutions in  Nigeria . they offer payday loan , Salary Advance product to non-Customers and customers ,Digital Loans, Retail Loans and other services such as accepting deposit and payment of cash and receipt,

Polaris bank also offers Investors & Exporters FX window ( I&E FX Window) , Starting a business venture, growing an existing one or looking to formalize your business structure and fund innervation.

With Polaris bank payday loan,customers can access up to 50% of their next salary through Polaris bank payday loan  and repay back on next 30 days or next salary date (whichever comes first).

With Polaris bank Payday Loan, you can borrow money at a low interest rate with no documentation or collateral needed. Payday Loan is an instant loan product for customers (both salary and non-salary earners).A payday loan is a type of short-term borrowing where a lender will extend high-interest credit based on your income. Its principal is typically a portion

Payday loans are a type of cash advance designed to help you make it to your next paycheck. Although they’re usually for small amounts

Interest rates does Polaris bank payday loan

The interest rate for the facility is 2.5% flat, which shall be subject to review from time to time in line with the prevailing money market condition. Any change in pricing of the facility notified by the Lender to the Borrower shall be binding on the Borrower. However, any excess over the approved limit or any unliquidated expired facility shall attract an interest on authorized excess overdraft at a rate of 36% per annum.

MANAGEMENT FEE:

1% flat

CREDIT LIFE INSURANCE:

0.5% flat

REPAYMENT SOURCE:

Proceeds of monthly salary payment domiciled to the Lender 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).

Polaris bank Payday Loan collateral

The facility shall be secured with the following:

. Irrevocable Domiciliation of Salary
. Credit life insurance covering the risk of death/disability, and loss of job of the Borrower.
. Undertaking to deduct repayments at salary source and subsequently remit to the Bank.

Pros:

Easy and quick access to funds for emergency needs.
You can access up to 70% of your monthly net income.
It requires no collateral.
Loan processing time of 24 hours at maximum.
Competitive pricing.
Minimal documentation.

Cons

You can only withdraw up to 50% of your future salary.
The maximum amount you can get depends on how much you earn.

Features & Benefits

Quick access to funds for bridging short-term funding gap.
Access 50% of monthly net income upfront
24 hours loan processing time
No collateral required
Minimal Documentation
Competitive pricing

Who is eligible for Polaris bank payday loan

. Applicants must be in employment of reputable organizations in both private and public sectors
.Applicant’s salary account must be domiciled with Polaris Bank
*Terms and conditions apply

How do I Apply for Polaris bank Payday loan

1. You can apply for a Polaris bank payday loan by Dialing *833*12# from your mobile phone and follow the instructions to access the Payday loan/Salary Advance. It takes less than a minute

2. You can also access the PayDay Loan on VULTe by Polaris Bank

3. Visit any of polari  bank branches closest to you to complete a loan application form and submit same with other required documents

4,     Call Polaris Yes Center on 0700-7652747, 08069880000, 01-4482100 or 01-2705850.
Call your relationship officer

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