Polaris Bank Payday Loan Explained

Sep 10th, 2020

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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.

Polaris Bank

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.

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