Many people take loans of various amounts for different purposes. While some take their loan from loan apps and other lenders, others obtain their loans from banks. The major reason many people take loans from conventional banks is because of the low-interest rate.
The conventional bank we have in focus here is Zenith Bank which has different loan offers such as personal loans, mortgage loans, and SME loans. But in this article, our discussion will be on Zenith Bank’s payday loan offer especially for salary earners – if there is any.
Does Zenith Bank Give Payday Loans?
Yes! Zenith Bank gives out payday loans. The bank has payday loan offers that its customers – who are salary earners – can choose from. This means as a Zenith Bank user, you can apply for a payday loan from the bank and be given if you meet the eligibility criteria.
The Zenith bank payday loan (or salary advance) is a credit facility offered by Zenith bank and comes with a relatively low interest rate. The bank offers up to 60% of the borrower’s salary at an interest rate of 5% with an easy repayment plan.
Does Zenith Bank Payday Loan Require Collateral?
NO! You don’t need any collateral whatsoever to obtain this loan. The payday loan is one of those quick cash loans offered by Zenith Bank that does not require collateral.
Zenith Bank Payday Loan Eligibility Criteria
Just as we have stated above, there are some requirements or eligibility criteria you must meet before Zenith Bank can give you a payday loan. These eligibility criteria are as follows:
- You must be a minimum of 18 years and must not be older than 60 years.
- You need to earn at least ₦10,000 as a salary in a month.
- You must not be owing Zenith or any other bank a preexisting loan.
How Much Zenith Bank Payday Loan Can You Take?
As stated above, you can only borrow 60% of your monthly income. Putting this in a mathematical context, if for instance, you earn ₦50,000 as salary, you will only be able to borrow 60% of ₦50, 000 = ₦30,000.
How Long Will Zenith Bank Payday Loan Application take?
Once your payday loan application is accepted and you meet the requirements, it takes at most 24 hours before it is approved and the loan disbursed to you.
How Do I Apply for Zenith Bank Payday Loan?
In order to apply for Zenith Bank payday loan, you can contact the bank via its dedicated telephone line on 234-1-2787000, email address or you can visit any Zenith Bank branch nearest to you.
USSD Code to Apply for Zenith Bank Payday Loan
You can also apply for Zenith Bank payday loans through the bank’s USSD code. The USSD code with which you can access any Zenith Bank services is *966#. Also using this USSD code, you can apply for the bank’s payday loan. However, you have to be fully registered to use the code before you can apply for any loan.
How to repay the Zenith Bank Payday loan?
Repaying your Zenith bank payday loan when it’s due is simple. All you have to do is to ensure you have enough money in your Zenith Bank account. Once there is enough money there, the bank will automatically deduct the appropriate loan amount from your account.
The Zenith bank payday loan (or salary advance) is a credit facility offered by Zenith bank to its customers. This loan comes at a relatively low-interest rate. The bank offers up to 60% of the borrower’s salary at an interest rate of 5% with an easy repayment plan.
There are some eligibility criteria you must meet before Zenith Bank can give you a payday loan. These criteria has been stated above, and once you meet them your payday loan will be approved and disbursed to you in 24 hours.