Olamide Famuwagun

Although loan services have saved each of our skins at least once, many of them are still difficult to access. This is true especially when you need a tangible sum and in a matter of hours. The regular loan application process might take days to process. This was why Polaris bank payday loan service was developed. It removes all the loan difficulties while leaving the benefits unscratched.

About Polaris Bank

Polaris Bank is one of the largest financial institutions in the country, with over 350 branches. They pride themselves in delivering excellent customer services in commercial banking through a state of the art Information Communication Technology. Polaris Bank was established on CBN’s approval in 2018, after acquiring assets from Skye Bank.

What are the pros and cons of Polaris bank payday loan?

Pros:

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

Cons

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

What is the maximum amount you can borrow from Polaris bank payday loan?

You can only access up to 50% of your next salary through Polaris bank payday loan. After this, pay off your debt before access to another loan is granted. Do the quick math by dividing your salary 2. The answer is the maximum amount of loan you can take.

How do I access Polaris bank payday loan?

You can do that through either of the following means:

1. USSD code by dialing *833*12# on the SIM linked to your account.
2. Follow the prompt to get access to the Polaris bank payday loan service.

Also, you can visit any Polaris bank branch closest to you to complete a loan application form. This form is to be submitted with other requested documents.

What Interest rates does Polaris bank payday loan offer?

Interest rates vary depending on the amount of your salary, and other factors too. The interest rate on every loan you apply for is indicated before approval. It could vary or remain stationary from time to time, especially if you apply through the USSD code.

Are there additional fees to taking a Polaris bank payday loan offer?

They charge only interest rates on loans obtained through Polaris bank payday loans. Polaris bank would indicate the interest rate and other information during the loan process.

What are the minimum requirements for taking up a Polaris bank payday loan?

The minimal requirements for taking up a Polaris bank payday loan are:

1. You must be an employee of a reputable organization in the private or public sector.
2. Your salary account must be domiciled with Polaris Bank.
3. You must agree to all showed terms and conditions indicated on the loan application form.

How quickly would I receive the funds?

Polaris bank payday loan is about the quickest salary loan scheme. It is as fast as trying to recharge your line or borrow airtime. The average disbursement time is less than 1 minute

What does the Polaris bank payday loan Repayment terms entail?

Repayment is easy. When due, they would debit the sum to be returned from your next salary. You do not have to worry about raising money to pay. Therefore, the service is available to only salary accounts domiciled with Polaris bank.

Conclusions

Polaris Bank payday loan simplifies loan services to the bare minimum. As far as you have a steady income, you can always access up to 50% of your future salary. It is easy to access, with no documentation or collateral required. If you are in a lurch and need financial assistance, Polaris bank payday loan is surely your best bet.

The major scare when taking loans in Nigerian banks today, are the endless documents requirements, coupled with a series of obligations and processes you have to go through.

Wema Bank loans pride itself in making things easier, by offering realistic requirements and simple processes to get loans.

The paper works don’t go away, neither does guarantors (depending on loan type and sum). However, they have built a system that is both quick, efficient, with categories that cater to every financial pressing need..

How to get Wema Bank loan

Wema Bank loan process can be initiated by visiting any of their physical offices between 8 AM – 4 PM. You can also contact them at the comfort of your home or wherever you are, through the consumer loan portal on their official website (wemabank.com).

Types of available loans for Wema bank

They design the Wema Bank loan system to cover all of your needs, both personal and external obligations.  There are three categories which include:

1. School Fees Advance

This loan category extends a hand of help to you when in a fix for children’s school fees. It affords you up to 3 million naira advance and has a minimum facility amount of ₦50,000.

The loan contract spans for a maximum of 3 months for nursery, primary and secondary schools, and 9 months for tertiary institutions per request.  They pay the tuition fees directly to the child’s school.

Documentations required for this Loan are:

1. Completed school fees advance form.
2. Letter of introduction (to determine the employment status of the parent).
3. An irrevocable letter of domiciliation from your employer.
4. Invoice of school/ tuition fees.
5. Valid proof of identity (Driver’s License, National ID, International Passport, or Voter’s Card).
6. Proof of address, i.e. utility bill.
7. Last three months’ payslip.
8. Six month’s salary statement of account for customers whose account is not domicile or cannot be with Wema bank.

2. Wema Asset Acquisition Scheme (WASS)

This category covers loans you might need when acquiring a new asset. It also offers its services regarding staff loans for businesses. The minimum WASS loan facility stands at ₦500,000 and covers assets like new and pre-owned vehicles, and mid-sized generators only. 

The facility runs from 6 to 48 consecutive months and finances only brand new assets.  

Benefits

1. Low equity contribution of 20%.
2. Well-structured fee payment and competitive interest rates.
3. It provides group asset acquisition schemes that enable organizations to motivate staff.
4. Easy own now, use now and pay later.
5. It removes the financial burden associated with outright asset purchases.

Documentations required

For individuals with account domiciled in Wema bank:

1. Completed WAAS application form.
2. Letter of introduction from your employer’s HR.
3. Means of identification.
4. Last 3 months payslip and bank statement.
5. Utility bill and customer KYC form.
6. Pro-forma invoice issued in the bank’s name.
7. Credit Bureau report and completed CRMS 100 form.
8. Wema bank salary account 1-month credit.
9. Domiciliation letter endorsed by your employer.
10. Debit authorization and irrevocable undertaking to fund personal account.

For individuals with account not domiciled in Wema bank, you would require:

Irrevocable standing order from your external bank in favour of your Wema bank account, and personal current account details, in addition to all the documents listed above.

For self-employed professionals:

1. Completed Application Form.
2. Personal Current Account with Wema Bank.
3. Letter of Introduction endorsed by your company’s director.
4. Means of Identification (Statutory and Official).
5. Recent 12-month bank Statement.
6. Utility bill with customer form (KYC).
7. Certificate of Registration/incorporation.
8. Particulars of Directors.
9. Corporate/Company Profile.
10. Pro-forma Invoice issued in the name of Wema Bank.
11. Credit Bureau Report and completed CRMS 100 Form.
12. Direct Debit Authorization & Irrevocable Undertaking.
13. Duly completed loan application form.
14. Letter of introduction signed by your authorized employer.
15. An irrevocable letter of salary domiciliation.
16. A representative of Wema Bank must independently verify Signatories.
17. 3 months’ payslip or account statement as proof of income.
18. Proof of address and a recent copy of utility bill.
19. Proof of identity with staff ID (National ID, international passport or driver’s license may be required).

3. Personal loans

Personal loans are exclusive facilities for salary earners only. It is accessible by employees who operate salary savings or a current account with the bank. 

Other parties that can benefit from this include; formally employed staff of companies pre-approved by Wema bank and groups of salary earners under a registered association.

Loan details and benefits

1. Easy mobile and internet banking services.
2. No maintenance fee on the current account.
3. Quick disbursement (48 hours).
4. Stress-free application process from your office.
5. Loan top-up after 6 regular months of down payments.
6. Maximum loan tenor of 36 months.
7. Highest obtainable loan amount of 7 times of net income subject to a maximum of 2 million.
8. New customers would provide salary domiciliation and 3 months of evidence of consistent salary payment.

Documents Required:

1. Completed loan application form.
2. Letter of introduction (from employer).
3. An irrevocable letter of salary domiciliation.
4. 3 months’ payslip as proof of income.
5. Proof of address supported by a recent utility bill.
6. Proof of identity with staff ID (National ID, international passport or driver’s license may be required).

Recommended: ALAT by Wema

How soon do I have to pay back my Wema bank loan?

The duration depends on the type of loan, and other precise details in the loan contract. Requirements and obligations are always stated plainly on the loan form, to inform you of all it entails. Ensure you read through thoroughly.

Conclusion

Wema bank loans are easily accessible, covering your peculiar needs as they arise. Contact Wema bank for their convenient loan services today. 

They established city securities Limited in 1977, and a little thereafter, First City Merchant Bank in 1982. It was the first local bank in Nigeria to be established without governmental support, and since then has grown into a large financial institution in existence today. 

They also launched the FCMB microfinance bank, a subsidiary aimed at providing financial services to the under-banked or unbanked low-income sector.

We would review their services in this article, along with every other thing you should know. The goal of FCMB Microfinance Bank is to better the unbanked sector.

Why FCMB Microfinance Bank?

Banking services are virtually in every part of the world today and in almost every country. Whether small scale to international institutions, many people have access to easy and quick financial tractions.

However, there remains a sect that is largely under-served or even completely has banking services out of their reach. This result was from a survey carried out by FCMB, which showed that access to financial services in Africa is worse for women than men, despite their growing importance in the home. They established FCMB microfinance bank to address this need.

If you are in this category therefore, that is why you should subscribe to their services today.

FCMB Microfinance Bank Initiative – “E DON BETA”

As an indigenous bank established decades ago, FCMB has laid down structures that assist low income earners involved in businesses that earn daily income. They also offer them sustainable growth opportunities they can exploit to expand their businesses.

The “E DON BETA” (Pidgin language for English statement “it has gotten better”) initiative is designed for group lending and targets economically active women. This program creates financial awareness and empowerment for this category of women through the provision of micro-loans at a fair cost.

Who can access FCMB Microfinance bank loans?

The service is available to unbanked and under-banked low-income women for savings, credit, and other financial support. If you fall into this category, you can access low cost micro-credits and all the other services they offer.

FCMB microfinance bank qualities

Here are three major qualities you would get when you bank with them:

1.  Fast and easy Access to finance:

 FCMB microfinance bank makes it very easy for you to access banking services by bringing it closer to you. This is especially true in loan access for you to finance business undertakings. The entire process takes a quick time.

2. Responsiveness: 

With zero collateral requirements, you can get just the amount you need as a low-market income earner. The bank instead leverages mutual trust and group associations to provide loans for you.

3. Excellent customer service:

This starts with FCMB matching you with employees who speak your local language, therefore you can communicate in your more convenient language. Their staff also are friendly, well-mannered, down to earth, and ready to provide you with all you need.

How do I contact FCMB microfinance bank?

You can simply walk into any designated physical outlet or call 070 0777 7778.

Conclusion

Microfinance bank provides opportunities for low-income women to expand their businesses through loans.

They have a quick response time and a less complicated process for taking these loans. The best of all is that you do not require any collateral. Ensure you take advantage of these services and grow your businesses today. You can check out posts on commercial bank loans like the Zenith Bank loan.