Loans & Grants

Zedvance Loans – How to get a loan

Zedvance is a consumer finance company that provides loans to individuals and groups in Nigeria. It was founded in 2017 by Adedayo Amzat, the Group Managing Director of Zedcrest Group. Zedvance offers a variety of loan products, including cash loans, point of sale finance, and travel loans. The company’s mission is to provide affordable and accessible credit to Nigerians.

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How much can you borrow from Zedvance?

  • Zedvance Nano Loan: This loan is available to both salary and non-salary earners. The minimum loan amount is N2,500 and the maximum loan amount is N100,000. You can scale up to bigger loans up to N100,000 based on your credit history with Zedvance.
  • Zedvance Payroll Loan: This loan is only available to salary earners. The minimum loan amount is N500,000 and the maximum loan amount is N5 million. You can repay your loan in up to 18 months.

To find out how much you can borrow from Zedvance, you can apply for a loan online or through their mobile app. They will assess your creditworthiness and let you know how much you qualify for.

Here are some additional details about Zedvance loans:

  • Interest rates start at 18% per annum.
  • There is a processing fee of 2% of the loan amount.
  • You can repay your loan through direct debit from your bank account.
  • Zedvance offers a flexible repayment schedule that you can customize to fit your budget.

If you are looking for a loan to cover unexpected expenses or to consolidate debt, Zedvance may be a good option for you. Be sure to compare their rates and terms to other lenders before you apply.

What are the interest rates for Zedvance?

Zedvance’s interest rates range from 12% to 45%, depending on the loan amount, loan term, and the borrower’s credit score. The interest rate is also subject to change and will be affected by customer risk.

Here is a sample of Zedvance’s interest rates:

  • Loan amount of N500,000 borrowed for 12 months: Monthly Interest Rate of 3.5%, Management fees (charged upfront): N9,500, Total amount payable: N734,000.
  • Loan amount of N1,000,000 borrowed for 24 months: Monthly Interest Rate of 4%, Management fees (charged upfront): N12,000, Total amount payable: N1,320,000.

It is important to note that these are just sample interest rates and the actual interest rate you will be offered may be different. Zedvance will assess your credit score and other factors before approving your loan and offering you an interest rate.

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Here are some other fees that Zedvance charges:

  • Processing fee: 1% of the loan amount.
  • Late payment fee: 2% of the monthly installment.
  • Default fee: 5% of the loan amount.

Are there any additional fees for Zedvance?

  • Management fees: A one-time management fee of N9,500 is charged for all Zedvance loans. This fee is charged upfront and is not refundable.
  • Processing fees: A one-time processing fee of N20 is charged when you add a new debit card to your Zedvance account. This fee is charged by your bank and is not charged by Zedvance.
  • Late payment fees: If you miss a loan payment, you will be charged a late payment fee of N1,000. This fee is charged for each late payment.
  • Rollover fees: If you do not repay your loan in full by the due date, you may be charged a rollover fee. The rollover fee is calculated as a percentage of the outstanding loan balance.
  • Legal fees: If Zedvance has to take legal action against you to collect your loan, you may be responsible for paying their legal fees.

What do you need to take up a Zedvance loan?

  • Be a Nigerian citizen
  • Be at least 21 years old
  • Have a valid BVN
  • Be employed in the private or public sector with a minimum of 3 months’ continuous employment
  • Have a monthly income of at least N30,000
  • Have a good credit history

You will also need to provide the following documents when applying for a Zedvance loan:

  • Loan application form
  • Proof of identity (e.g., national ID card, driver’s license, passport)
  • Proof of employment (e.g., employment letter, payslip)
  • Proof of address (e.g., utility bill, bank statement)

Zedvance may also require additional documents depending on your individual circumstances.

Once you have submitted your application, Zedvance will review your information and make a decision on your loan within 24 hours. If your application is approved, you will receive the funds in your bank account within 24-48 hours.

Here are some additional things to keep in mind when applying for a Zedvance loan:

  • The interest rate on Zedvance loans is variable and will depend on your credit score and other factors.
  • Zedvance loans have a maximum term of 18 months.
  • You will be required to make monthly repayments on your loan.
  • If you default on your loan payments, Zedvance may charge you late fees and interest.

It is important to carefully consider your financial situation before applying for a Zedvance loan. Make sure that you can afford the monthly repayments and that you will be able to repay the loan in full within the agreed term.

In Conclusion:

before applying for a Zedvance loan, it is crucial to thoroughly assess your financial situation. This includes evaluating your credit score, understanding the maximum term of 18 months, and ensuring that you can comfortably make monthly repayments. It is also essential to be aware of the consequences of defaulting on your loan, as Zedvance may charge late fees and interest. By carefully considering these factors, you can make an informed decision and avoid any potential financial difficulties in the future.

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