Life throws you curveballs sometimes, and you should have a plan B when it does. Many people turn to loan companies such as Zedvance for assistance. With Zedvance loans, you can get the money you need quickly and easily.
But how do you go about getting a loan from Zedvance? That’s what we’re here to discuss! This article will cover everything you need to know about obtaining a Zedvance loan, including eligibility criteria, the documents required, and the application process.
What Is Zedvance Loan?
Zedvance, commonly known as Zedvance Limited, is a consumer financing firm well-recognized for providing Nigerians with quick loans without collateral.
Zedvance loans are an easy and convenient way to get a loan when you need it. You can apply for the loan online from the comfort of your home and get approved in a matter of minutes.
Unlike traditional banks and money lenders, Zedvance loans come with no hidden fees or paperwork. All you need to do is provide basic information about yourself, such as your name and address, proof of income, bank account details and mobile number. Once you’re approved, you’ll have access to funds within 24 hours.
Zedvance loans are also highly flexible. You can take out small or large loans depending on your needs ranging from N2,500 up to N5 million. And don’t worry about interest payments: you’ll be able to choose from different repayment plans that work best for your budget. Plus, with their competitive interest rates and flexible repayment plan options, you’ll be able to pay off your loan in no time!
How Much Can You Borrow from Zedvance?
Getting a loan from Zedvance is easy and straightforward. Depending on your credit history with Zedvance, you can obtain a loan amount ranging from 2,500 to 100,000 with the Zedvance Nano loan package. This implies that as you borrow and repay on time, you will be able to borrow larger sums.
Workers in the private sector may be eligible for Zedvance payroll loans in amounts ranging from 50,000 naira to 5,000,000 naira. A minimum loan of 20,000 naira and a maximum loan of 3,000,000 naira is also provided to public sector workers.
So now that you know how much you can borrow, why not take advantage of this restriction-free banking solution.
Types of Loans Available From Zedvance & their Requirements
If you’re interested in taking out a loan with Zedvance, here’s a helpful checklist of the types of loans available and all the requirements you’ll need to fulfill in order to apply.
Zedvance offers several types of loan products, each tailored to meet specific needs. Here’s a quick overview:
Zedvance Nano (micro-loans for petty traders)
These are loans designed to cover short-term financial emergencies; the process for the Nano package takes lesser than 5 minutes. They are usually for smaller amounts like 2,500 – 100,000 and have a shorter repayment duration of up to 15 days. With Nano loan from Zedvance, you can finance urgent travel expenses, medical bills, and other unforeseen situations.
Requirements to apply for Zedvance Nano loan:
- You must be above 18 years.
- You must have an active account that is connected to your BVN.
Zedvance Payroll (a payday loan kind of scheme for salary earners)
This package is designed to empower salary earners. It provides loans to salary earners who work for either private or public organizations, and they must repay the loan on a monthly basis.
Zedvance Payroll loans are further divided into two categories:
- Private sector loans
- Public sector loan
Requirements to apply for Zedvance Payroll loan (private sector loans):
- Passport Photographs
- Valid means of identification (Voter’s card, National Identification card. International passport, or driver’s license)
- Utility bills, not more than three months old
- Your age must be between 22 and 55 years
- Employment letter
- Employment identification card
- Six months’ bank statement
- Official email
Requirements to apply for Zedvance Payroll loan (Public sector loans)
- One passport photograph
- Valid means of identification
- work identity card
Zedvance for business (loan scheme for SMEs and entrepreneurs)
Zedvance also provides business loans tailored specifically for small businesses looking for capital injection. These loans can be used for the expansion of existing businesses or the launch of a new venture.
Packages for Zedvance for business loans are coming soon but are not currently accessible.
How to Apply for a Zedvance Loan
There are several ways to apply for a loan from Zedvance. Getting a loan with Zedvance is a breeze; all you have to do is follow the steps below:
- Online through the Zedvance Finance Website
- Through the MoneyPal application
- Through the Whatsapp Application
To Apply Online
To Apply through MoneyPal
To apply through the MoneyPal application. Download and install the MoneyPal application on Google Play or Apple Store and follow the prompts on the application screen.
To Apply on WhatsApp
To apply for a Zedvance loan through the Whatsapp application, follow these steps:
- Save this number, 09060003933, in your contact list
- Open your Whatsapp application and refresh your contacts
- Search for the name you saved the number as on your Whatsapp and send “hi” to start the application process
- You will need to send your BVN and date of birth as well.
Whichever method you choose, you must first create a Zedvance account in order to apply for a loan. To sign up, you need to provide the following information:
- Your email
- Your mobile phone number linked to your Bank Verification Number (BVN)
- Your BVN
- Date of birth
Upon registration, you can pick the loan package that best fits your needs. You must next respond to inquiries to ascertain your eligibility after selecting the loan (your contact information and some more personal data)
Your loan will be deposited into your account in less than ten minutes if you are deemed to be qualified.
And that’s it! it’s just that easy! With Zedvance, getting access to funds has never been faster or easier!
The Repayment Process
If you’re considering taking out a Zedvance loan, it’s important to understand the repayment process. Knowing how to manage your loan payments will help you avoid late payments and other problems. Here’s what you need to know to make sure your loan repayment goes smoothly.
Cheques or a Direct Debit mandate are two options for repayment. You can transfer funds into their account if you’d rather not use cheques to pay. To obtain an account number to pay into, get in touch with them. But make sure to get in touch with them at least 78 hours prior to the loan’s due date.
Part payments will not be allowed from you. When applying for a loan, you have the option of deciding how long you want to pay it back. The payment date may then be changed if you wish, but you have to put a call through. However, there can be fees.
If possible, it’s always best practice to make pre-payments on your loan in order to keep interest costs low. Prepayment means paying more than the minimum amount due on your loan each month in order to reduce the outstanding balance faster than usual. This will not only help reduce the overall cost of the loan but will also help you build up a better credit score with Zedvance over time.
Interest Rate and Loan Tenure
Zedvance interest rates vary not only from package to package but also from person to person depending on a variety of factors established by Zedvance, one of which is your likelihood of making timely loan payments. You may be subject to a higher interest rate if evidence suggests that you might not repay the debt on time-based on previous interactions.
Generally, Between 3.5% to 20% is the interest rate range. To determine loan repayment, the company typically uses risk-based pricing. To determine how much you must repay, utilize the website’s loan calculator.
Zedvance Nano packages have loan terms of 15 to 90 days, whereas Zedvance Payroll loans have terms of 1 to 24 months (18 months for a private sector loan).
Additional Fees and Penalties
The fine for missing a payment is 1% of the total installment for each day it is late. Further severe actions might be used.
Zedvance will report you to the credit bureau if it goes on for longer than 30 days, which could result in a permanent restriction on getting loans from lenders in the future.
Pros of Getting a Zedvance Loan
If you’re considering taking out a loan from Zedvance, there are numerous benefits that you should know about. Here are 7 of the pros of getting a Zedvance loan:
- Quick Approval – You can typically get approved for a loan from Zedvance within 24 hours.
- Flexible Repayment – Zedvance loans offer flexible repayment plans, so you can choose one that meets your budget and needs.
- Competitive Interest Rates – Zedvance loans have competitive interest rates and no hidden fees, so you won’t be hit with unexpected costs when it comes time to pay back your loan.
- Secure Platforms – All transactions are secured on encrypted systems, so your personal information will remain safe while using the platform.
- No Credit Checks Required – Your credit history isn’t an issue when applying for a loan from Zedvance, so even if you have bad credit or no credit at all, you can still be approved for a loan.
- Instant Access to Funds – Once approved, you can access your funds right away–no need to wait days or weeks!
- Nano Loans – Unlike some other types of loans, Zedvance has Nano loans for as low as ₦2,500
Cons of Getting a Zedvance Loan
When it comes to getting a Zedvance loan, there are some disadvantages to consider. Here are a few of the cons that are important to understand:
It requires proof of employment
To take out a Zedvance loan, you need to provide viable proof of employment. Whether you’re self-employed or a freelancer, it could be difficult to provide any proof of work.
It requires a lot of Paper Work
Another disadvantage of getting a Zedvance loan is required too much paperwork. The application procedure involves a significant quantity of documentation that must be filled out and finished, and it can eventually become tedious.
Location is limited
Another con of getting a Zedvance loan is that there are few Zedvance locations across the country. Because they are only available in Lagos, any applicants or their applications from outside the state are effectively null and void.
Frequently Asked Questions
When it comes to Zedvance loans, you may have a lot of questions. Here are some of the most frequently asked questions that we come across:
Can I apply for a Zedvance loan with USSD?
Yes, you can. Simply Dial *5858#. To be eligible for a loan, you must have registered as a public sector employee with Zedvance and provided all necessary papers.
What information do I need to apply for a loan?
You need your valid identity card, bank statement, and proof of income. You’ll also need a valid email address and phone number.
How quickly can I get my loan?
Once your application is approved, you can receive the funds in your bank account within a few minutes to 24 hours.
How do I make a complaint to Zedvance?
To file a complaint, dial +234 070 0100 1000 or email email@example.com or firstname.lastname@example.org. As an alternative, you can submit your complaint using the “contact us” page of the Zedvance Finance website at www.zedvance.com; you will need to include your name (first and last name), email, the subject, and a description of your concern. But, if you prefer to express your objections in person, head to 65 Karimu Kotun Street, Victoria Island, Lagos. You can as well visit their head office at 177A, Ligali Ayorinde Street, Victoria Island, Lagos, Nigeria.
What could cause my loan application to be denied by Zedvance Finance?
Having a poor credit history will prevent your application from being approved. If you have not been repaying your past loans with Zedvance or other lenders on time or at all, Zedvance will do a credit check, and your credit score will determine whether or not your loan is granted. If you do not match the criteria for obtaining a loan, such as the age requirement, your loan application will also be immediately denied.
If you’re looking for a low-cost, fast loan solution, Zedvance loan could be the perfect fit. With competitive interest rates, flexible repayment terms, and no collateral required, Zedvance loans are a great way to get the funds you need without the hassle.
The application process is straightforward, and once you’ve been approved for a loan, you can get the funds transferred to your bank account the same day. Whether you’re looking for emergency funds for an unexpected expense or need a little extra cash for a big purchase, a Zedvance loan can help.