Despite the fact that loan services are becoming increasingly popular and available through various platforms, many of them remain difficult to obtain. This is especially true when you need financial relief in an emergency. The traditional loan application process might take several days. This is why Polaris Bank launched its payday lending service. It eliminates all loan complexities while maintaining the benefits that the loan offers.
Polaris Bank is one of the major financial institutions in Nigeria, with approximately 350 branches. They take pride in providing great commercial banking client service using cutting-edge information and communication technology. Polaris Bank was founded in 2018 with CBN approval after acquiring assets from Skye Bank.
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Contents
What are the pros and cons of the Polaris Bank Payday Loan?
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 next salary.
- The maximum amount you can get depends on how much you earn.
How do I access the Polaris Bank payday loan?
You can do that through either of the following means:
- USSD code by dialing *833*12# on the SIM linked to your account.
- Follow the prompts 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.
What are the minimum requirements for taking up a Polaris Bank payday loan?
The minimal requirements for this loan are:
- You must be an employee of a reputable organization in the private or public sector.
- Your salary account must be domiciled with Polaris Bank.
- You must agree to all the terms and conditions indicated on the loan application form.
How quickly would I receive the funds?
PolarisBank’sk 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 do 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 only to salary accounts domiciled with PolarisBankk.
Conclusions
Polaris Bank payday loans keep lending services to a minimum. You can always access up to 50% of your future pay if you have a stable salary. It is simple to get, as no documents or collateral is necessary. This is certainly your best choice if you are urgently in need of cash.