As a person living in Nigeria, it is important for you to have an idea of how to obtain loans. This is due to the fact that the Nigerian economy is bad and most people don’t earn enough to cover their needs. Hence, most people will need to take out loans at one point or another to cater for their needs. If you are seeking loans, the Zedvance loan is one of the legit money lenders in Nigeria. Here, we’ve highlighted some important details about this platform and how you can borrow money from them.
An Overview of Zedvance loan
Zedvance is a Nigerian money lending service based in Lagos state. Essentially, their loan packages offer financial solutions for Nigerians regardless of where they work or what they earn. Non-salary earners, salary earners in private and public sectors, petty traders, and entrepreneurs in Nigeria can all access this loan. The firm assesses your credit score using risk-based pricing and offers you loans based on this. Zedvance loans are most suitable for people in paid employment that need a salary advance loan to sort themselves out until payday.
What are the loan products on Zedvance loan?
Zedvance offers customers three loan products tailored to meet their specific needs. These products include:
1. Zedvance Nano
Zedvance Nano is a product that is structured to offer small loan amounts (usually lower than standard microfinance loans) to petty traders. Basically, this loan is short-term and is intended to cover your financial needs for a short while until you get back on your feet. Both the loan application and the disbursement process for this loan product take place in less than 5 minutes. The loan tenor for Zedvance Nano is between 15 to 90 days while the loan amount ranges between N2,500 to N100,000.
2. Zedvance Payroll
Zedvance Payroll is a personal credit given to salary earners, who work for a private or public organization. This loan product demands repayment every month. So once you receive your salary, your loan will be automatically deducted from it. It is further subdivided into:
a. Private Sector Loans
- Minimum loan amount: NGN50,000.00
- Maximum loan amount: NGN5,000,000.00
- Maximum tenor: 18 months
b. Public Sector Loans
- Minimum loan amount: NGN20,000.00
- Maximum loan amount: NGN3,000,000.00
- Maximum tenor amount: 24 months
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3. Zedvance for business (coming soon)
This loan scheme is majorly created for SMEs and entrepreneurs who need to obtain loans for the purpose of expansion. Currently, the Zedvance business package is not yet available for customers. We hope that it will soon be made available.
Benefits of Zedvance loan
Some benefits of Zedvance loans are:
- Quick disbursements times
- Flexible loan products that can meet the needs of a wide range of people across many sectors
- Nano loans can be as low as ₦2,500
Some disadvantages of these loan products are:
- Complicated application processes
- The office is available in only Lagos state
- Too many details are needed before customers can apply for a loan successfully
What Documents do I Need to Apply For a Zedvance loan?
Here is a list of the different documents you need to qualify for the various Zedvance packages:
a. Zedvance Nano loan
- A government-issued and valid identification card (driver’s license or your National Identification Number)
- Bank Debit card
b. Zedvance payroll (private sector)
- Utility bills receipt (not older than three months)
- A government-issued and valid identification card
- Passport Photographs
- official email
- employment identification card
- Employment letter
- Six months’ bank statement
c. Public sector Zedvance payroll
- One passport photograph
- Valid means of identification
- work identity card
Zedvance for business loan is currently not yet available to the public but is coming soon.
How to apply for a Zedvance loan?
There are different methods you can use to apply for a Zedvance loan. They include:
A. Online through the Zedvance Finance Website
- To apply through the website, visit www.zedvance.com.
- Next, tap on “Start Loan Application” and fill out the form.
- Submit the application form and your loan will be disbursed within a few minutes.
B. Through the MoneyPal application (MoneyPal is the official app for Zedvance)
To apply via the MoneyPal application, do this
- Download the MoneyPal mobile application on Google Play or the Apple Store
- Next, follow the prompts you find on the application screen to send your application.
- Receive your loan
C. Through the Whatsapp Application
To apply via the official Whatsapp number, do this:
- Save their WhatsApp number +234 090 9501 7151 as “Zedvance” on your phone
- Next, open your Whatsapp mobile app and refresh the contact list.
- Search for Zedvance on your Whatsapp chat and send them “hi” to begin the loan application process
- You need to send both your date of birth and BVN to Zee
Note that before you will be given a loan, you must sign up on the platform. This means that you have to open a Zedvance account. To sign up on this money lending platform, you will need these details:
- Your email
- Your BVN
- Your mobile phone number (the number linked to your BVN)
- Date of birth
After the registration is successful, you can then select the loan product that is most suitable for your needs and fill out the application form for it. If you are assessed and considered eligible for the loan, it will be disbursed into your bank account within a few minutes
Read Also: Access Bank Salary Advance Loan – Everything You Need to Know
Zedvance Interest rate and loan tenure
Generally, Zedvance interest rates vary from package to package and also vary depending on the individual. However, it’s in your best interest to pay back your loan on time as the interest rates keep increasing if you delay.
Loan tenor for the Nano packages range between 15 to 90 days, while the Payroll package has a tenor ranging between 1 to 24 months (about 18 months for private sector loans).
Other loan fees and penalties
Zedvance will always charge you a 3.5% management fee upfront. If you fail to pay back your loan on time, Zedvance will report you to the Credit Bureau. This may lead to you getting permanently banned from obtaining loans in the future.
How Can I Repay my Zedvance Loan?
Repayment of your loan is automatic. Follow these steps:
- Fund your Zedvance account before the due date with the required loan repayment amount
- It will be automatically deducted from your account on the due date.
You can also pay back your loan early by sending it to this account number:
- Account name – Zedvance Limited
- Bank name – Access Bank
- Account number – 0690282997
What is the USSD Code for Zedvance loan?
The USSD code for Zedvance is *5858#. Just dial this code and follow the prompt to apply for a loan. This code allows you to have access to fast credit without the use of internet data, a smartphone or any sales agent support. Note that you must have already registered on the platform as a public sector employee to qualify for the loan.
How Can I Contact Zedvance loan?
Here are the mediums you can use to reach Zedvance customer service:
Address: 65, Karimu Kotun Street, Victoria Island, Lagos
Phone Number: 07001001000
Email Address: info@zedvance.com or customercare@zedvance.com
Website: www.zedvance.com
Final Thoughts
Zedvance loans are best suited for the underbanked population in Nigeria. Also, if you don’t have a steady job or business, the nano loan product can cover you during emergencies. Although this loan platform is good, we still hope that they work on their drawbacks, especially in the aspect of too much documentation.
