If there are any fixed facts about Nigeria’s financial system, it’s these two: there’s a huge demand for loans and a corresponding shortage of low cost funding sources. The banks, wary of losing their money to risky ventures, are charging double-digit interest rates and making other jaw-dropping requests of loan seekers.
And when you’re a salary earner who’s desperately in need of a quick bailout, the limitations of the services offered by the banks becomes glaring to you. The systems are rigid, the requirements difficult, and the costs are over the roof.
Alternative lenders have risen to fill that open space. One of them, Zendvance, is giving people who use its platform the opportunity to apply for and receive loans at costs substantially lower than what they’d get with traditional lenders. They also have a variety of loan packages that aren’t usually available with the older lending institutions.
Whether you’re in urgent need of a ₦10,000 loan to deal with an emergency or ₦1 million for a project that you’re embarking on, Zendvance promises that you’ll get a fair look-in for a loan with them. If they determine that you are credit worthy and verify that your stated intention of taking the loan is true, they’ll give you the funds you ask for.
Two loan products are available at Zendvance: MoneyPal, which lets you access micro loans of up to ₦10,000; and the Salary Loan, which gives you access to funding worth up to ₦5 million. If you’re a public sector worker, the minimum amount you can apply for (and get) under the salary loan package is ₦20,000; if you work at a privately owned company, the lowest loan amount you’ll get is ₦50,000.
Anyone who is aged between 22 and 55 and is in paid employment can apply for a Zendvance loan. They’ll also need to have an active salary account. You can apply by signing up on their website and having a chat with them on Whatsapp. Alternatively, you can put a call through to them or visit their office in Lagos (contact details are available on their site).
If you’re applying for a loan, you will be expected to submit a passport photograph, a valid ID, your Employee ID, Employment Letter, NUBAN cheques, and your salary statement of account sent directly from your bank via email to Zendvance.
Loans, when granted, can be repaid within a period stipulated by Zendvance’s rules. Repayment periods can last up to 18 months from the time they were granted. They can be paid either with cheques or by direct debit. Interest rates on the loans are determined on a case-by-case basis, as the platform’s risk assessment suggests is appropriate.
If you would like to find out more about Zendvance, you can visit their website here.
Featured image source: Zendvance
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