Types of Zedvance Loans Available
Zedvance Finance Limited is a financial institution that provides loans and financial services to its subscribers. The company started operations in March 2014 and has Mr Adedayo Hamzat as its Founder and Chief Executive Officer (CEO) with its head office located at 65 Karimu Kotun St, Victoria Island, Lagos. Statistics have it that Zedvance provided loans worth $90 million in 18 months in its early years of operations. Zedvance is licenced under the Central Bank of Nigeria and provides loans to both salary earners and non-salary earners. There are three types of Zedvance Loans available to customers: Zedvance Payroll, Zedvance Nano, and Zedvance for Business.
Some perks of subscribing to Zedvance include the following:
- Fast and easy application process: You can register/sign up for an account in minutes. You can also apply for a loan immediately and get approval within minutes too.
- Secure: Your security is a priority as Zedvance will not share your personal and private data with any third party.
- Transparency: Guaranteeing users a transparent transaction by making all processes, fees, charges, and loan information clear to them. No hidden charges.
- Customer support: Zedvance has responsive customer service, always available to attend to customers’ complaints.
Terms and Conditions
Let us look at the terms and conditions associated with these loans:
- The Applicable interest rate for Moneypal Nano shall be as follows:
| Tenor (Days) | Applicable Rate (%) | Loan Amount (N) | Repayment Instalment | Rollover (Days) |
| 15 | 21.0% | 2,500.00 | 1 | 15 |
| 15 | 21.0% | 5,000.00 | 1 | 15 |
| 15 | 15.0% | 7,500.00 | 1 | 15 |
| 15 | 15.0% | 10,000.00 | 1 | 15 |
| 30 | 30.0% | 15,000.00 | 2 (every 15 days) | 15 |
| 30 | 24.0% | 20,000.00 | 2 (every 15 days) | 15 |
| 30 | 22.5% | 30,000.00 | 2 (every 15 days) | 15 |
| 60 | 42.0% | 50,000.00 | 3 (every 20 days) | 20 |
| 90 | 58.5% | 75,000.00 | 3 (every 30 days) | 30 |
| 90 | 45.0% | 100,000.00 | 3 (every 30 days) | 30 |
2. In the event of a default on repayment on or before the Payment Due Date, the loan shall be rolled over for another term of a single instalment cycle which is either 15, 20 or 30 days (as stated above) depending on the loan type. Upon a rollover, the applicable interest rate for the instalment cycle shall be applied. However, where you make repayment of your loan within the first 7 days of the rollover, the same interest rate charged at inception shall apply without any rollover charges.
3. The applicable Rollover interest rate shall be additional as the applicable rates stated in Clause 1 above.
4. The Lender shall deduct default and roll-over fees where accruable and in the event of any dispute arising from these Terms and Conditions – the cost of Litigation/Solicitors’ fees.
5. The applicable interest rate may be increased or decreased from time to time by the Lender. Such change in applicable interest rate will take effect on the Borrower’s account following a minimum of 15 days written notice electronically mailed.
6. The total applicable interest rate of the term of the loan shall remain payable if the Borrower liquidates the loan before the expiration of the term.
Types of Zedvance Loans Available
Zedvance Payroll Loan: This is a type of loan that salary earners enjoy. It is of two (2) categories: public sector and private sector.
- Public Sector Loans: Minimum of ₦20,000 and maximum of ₦3,000,000, with an extra requirement of a staff ID. The loan tenor is twenty-four (24) months.
- Private Sector Loans: Minimum of ₦50,000 and maximum of ₦5,000,000, with an extra requirement of an official email address. The loan tenor is eighteen (18) months.
Zedvance Nano Loan: This is a type of quick loan for immediate personal needs. It usually ranges from ₦2,500 to ₦10,000, but with a good credit score, you can get up to ₦50,000. It is also available to both salary earners and non-salary earners.
Zedvance For Business: This loan platform is yet to launch. It is one of the types of Zedvance loans that will be made available to SMEs and entrepreneurs.
To apply for Zedvance loans, users can visit the Zedvance website, and download the MoneyPal App on Google Play Store or Apple App Store. Zedvance also has a feature where you can chat with their chatbot named Zee on Whatsapp.
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