Are you interested in getting a Zedvance loan? This article is a great place to start. Zedvance is a Nigerian-based online lending platform that provides loans to individuals and businesses in Nigeria. With its headquarters in Lagos, Zedvance has quickly become one of the top players in the Nigerian lending market.
Zedvance offers a variety of loan products, including Zedvance Nano, and Zedvance Payroll. The platform has been designed to provide quick and easy loan access for people who require urgent financial assistance.
In this article, we will explore the features of Zedvance, how to apply for a loan on the platform, and what makes it stand out from other lending platforms in Nigeria.
About Zedvance
Zedvance Finance is an online lending platform in Nigeria that provides consumers with convenient and efficient lending services. As a subsidiary of the Zedcrest Group, a new-age financial solutions company, Zedvance Finance is committed to conducting business with integrity and implementing fair business practices.
One of the company’s core objectives is to promote financial inclusion in Nigeria by providing access to credit for both salary earners and individuals without regular salaries. Zedvance Finance has established itself as a leader in the industry by adhering to best practices and upholding its commitment to transparency and customer satisfaction.
Benefits of Zedvance Loan
Some benefits of Zedvance loan include:
Flexible repayment terms: Zedvance offers flexible repayment terms, allowing borrowers to choose a repayment plan that suits their financial situation.
Competitive interest rates: Zedvance offers competitive interest rates lower than many traditional banks and lenders.
No collateral required: Unlike traditional lenders, Zedvance does not require collateral to secure a loan. This makes it easier for borrowers needing assets to use as collateral to access funding.
Dedicated customer support: Zedvance provides dedicated customer support to help borrowers with any questions or concerns about the lending process.
Credit score improvement: Borrowers who make timely payments on their Zedvance loans can improve their credit score over time, making it easier to access credit in the future.
Major Drawbacks of Zedvance
One of the drawbacks associated with the Zedvance loan is that its operations are currently limited to Lagos state only. This means that individuals residing outside of Lagos will not be able to access the lending services offered by the platform.
The loan application process for Zedvance involves a considerable amount of paperwork. Applicants may find the process overwhelming and frustrating.
If you are self-employed or a freelancer, presenting proof of employment can be challenging, as Zedvance requires substantial documentation.
Zedvance Loan Requirements
- You must be in paid employment.
- You must have an active salary account.
- Bank Verification Number (BVN)
- 1 Passport Photograph
- A means of identification. It can be any International Passport, Driver’sDriver’s Licence, or National ID card.
- Your age should be between 22 and 55 years.
- Employee ID Card
- 6 months up-to-date salary statement of account
- Employment Letter
- NUBAN Cheques or Direct Debit Mandate
- You must present a guarantor if you are a freelancer or an unconfirmed employee.
How to Apply for Zedvance Loan
To apply for a loan on the Zedvance platform, there are simple steps to follow:
Visit the loan portal: To begin, visit the Zedvance loan portal by clicking the Apply Now button on the website or accessing the loan portal directly.
Register: As soon as you are on the loan portal; you must register by providing accurate information such as your name, email, BVN, date of birth, and password. Ensure that all information provided is correct.
Apply for a loan: After registration, you can log in to your account to apply for a loan. Follow the instructions on the website and provide all necessary documents to complete the application process.
Wait for a loan: After submitting your application, you will be notified if your loan is approved. The process usually takes up to 48 hours, and you will receive your loan if approved. It is important to note that if you have already applied for a loan through the website, you should not apply again using the above steps to avoid any confusion or duplication of applications.
How to Download Zedvance Loan App
To download the Zedvance Loan app, follow the steps below:
- Visit the Google Play Store or Apple Store
- Open the Google Play Store or Apple Store on your Android or iPhone.
- Search for the Zedvance Loan app: Type “Zedvance Loan” in the search bar and tap the search button.
- Select the Zedvance Loan app: Tap the Zedvance Loan app from the search results to open its download pages.
- Download and install the app: Tap the “Install” button to download and install the app on your device.
- Launch the app and register: After installing it, launch it and follow the registration process to sign up for a Zedvance Loan account. Make sure to provide accurate information during the registration process. Once your registration is complete, you can log in to the Zedvance Loan app anytime to apply for a loan, check your loan status, and manage your account.
Note: Zedvance Loan app is currently unavailable on Google Play Store. Hence, borrowers will have to apply for a loan through the website.
How to Repay Zedvance Loan
Repaying a loan from Zedvance is a straightforward process that offers different payment options. You can choose to repay using cheques or direct debit mandates. However, you can pay directly into their account if you prefer to use something other than cheques. You must contact them to request for their account details, if you intend to repay the loan through bank transfer. As a reminder, get in touch with them at least 78 hours before your loan is due.
It’s important to note that part payments are not allowed, and the payment duration is agreed upon before the loan is disbursed. If you need to change the payment date, it’s possible but may attract additional charges, and you will need to contact Zedvance.
In case of default, a penalty of 1% on the installment amount is charged for each day of default. If the default exceeds 30 days, more stringent measures may be taken, and your default status may be reported to credit bureaus. Therefore, it’s advisable to repay your loan on time to avoid negative consequences.
What is Zedvance Loan Interest Rate?
Zedvance Finance employs risk-based pricing to determine the interest rate on loans, ranging from 5% to 20%.
Zedvance Loan USSD Code
The Zedvance loan USSD code is *5858#.
The Benefits of the Zedvance USSD Loan Code include the following:
- Convenient application process from anywhere and any time, without needing to visit a physical branch or fill out lengthy forms.
- Fast loan processing and disbursement, usually within minutes of approval.
- Increased accessibility for individuals who may not have access to traditional banking services.
- Competitive and affordable interest rates make it an attractive option for individuals and small businesses.
To apply for a Zedvance loan using USSD, follow these 8 steps:
- Dial *5858# using the number that is linked to your BVN.
- Apply for a loan
- Select a loan amount.
- Select loan tenor.
- Agree to the terms and conditions and click on Accept if you are fine with the T&Cs of your loan.
- Confirm disbursement account
Zedvance Loan Customer Care Number and Email
Email: [email protected]
Tel: 0700 100 1000
Frequently Asked Questions
What is the Maximum Loan Amount Offered by Zedvance?
The maximum loan amount you can get from Zedvance is N5,000,000.
What is the Loan Repayment Period of Zedvance?
The loan repayment period of Zedvance ranges from 30 days to 365 days.
How Long Does it Take to Get a Loan through the Zedvance USSD Code Service?
The loan application and approval process are quick, and you can get your loan within minutes of applying.
Bottom Line
Zedvance Loan offers an excellent opportunity for individuals and small businesses in Nigeria to access quick and affordable loans through its online platform and USSD code. With its focus on convenience, speed, accessibility, and competitive interest rates, Zedvance has provided much-needed financial assistance to many Nigerians.
However, it is important to note the limitations and drawbacks of the platform, such as limited geographical coverage, excessive paperwork, and strict penalties for defaulting on payments. It is advisable to carefully consider these factors before applying for a loan with Zedvance or any other lending platform.
