Polaris Bank Payday Loan | Requirements and how to Apply

Banking & Finance

Polaris bank is one of the country’s major financial institutions. They offer payday loans and salary advance products to both non-customers and customers, as well as digital loans, retail loans, and other services such as cash deposit and payment, and receipt. Polaris bank also offers an Investors & Exporters FX window (I&E FX Window), which is ideal if you are starting a new business venture, growing an existing one, or looking to formalize your business structure and fund innervation.

Polaris bank payday loan clients can borrow up to 50% of their next paycheck and repay it within 30 days or on their next salary date (whichever comes first).

Polaris bank Payday Loans enable you to borrow money at a cheap interest rate without requiring any documents or collateral. Payday Borrowing is a short-term loan product available to clients (both salary and non-salary earners). Payday loans are a sort of short-term borrowing in which a lender extends credit at a high rate of interest dependent on your income. Typically, it has a chunk as its main.

Payday loans are a sort of cash advance that are used to bridge the gap between paychecks. Although they are frequently for modest sums



Polaris bank payday loan interest rates

The facility’s interest rate is set at 2.5 percent flat and is subject to periodic revision in accordance with the current money market conditions. Any modification to the facility’s price that the Lender notifies the Borrower of shall be binding on the Borrower. However, any excess beyond the permitted limit or any unliquidated expired facility would accrue interest at a rate of 36% per year on the authorized over overdraft.


1% flat


0.5 percent unchanged


Monthly salary payments made to the Lender or any BVN-linked accounts in any bank payable via remittance from the source.


This facility shall begin upon payout. This loan must be repaid on your following pay day or within 30 days of receiving it (whichever comes first).

Polaris financial institution Collateral for payday loans

The following should be used to secure the facility:

. Irrevocable Salary Domiciliation

Credit life insurance protects the Borrower against the danger of death/disability and job loss.

. Assuming responsibility for deducting repayments from wages and remitting them to the Bank.


Easy and rapid access to finances for unanticipated expenses.

You may withdraw up to 70% of your monthly net revenue.

It does not require collateral.

Loan processing time is limited to 24 hours.

Pricing is competitive.

Documentation is minimal.


You are only permitted to withdraw up to 50% of your future pay.

The greatest amount you can receive is determined on your earnings.

Features & Advantages

Rapid access to finances for the purpose of filling the short-term financing shortage.

Obtain 50% of monthly net income in advance

Loan processing time is 24 hours.

There is no collateral requirement.

Documentation is minimal

Pricing that is competitive

Who is qualified for a payday loan from Polaris bank?

Applicants must be employed by recognized private or public sector enterprises.

Polaris Bank must be the beneficiary of the applicant’s pay account.

*Conditions apply.

How can I Become a Polaris Bank Customer? Cash advance

1. To apply for a Polaris bank payday loan, dial *833*12# from a mobile phone and follow the prompts to obtain the Payday loan/Salary Advance. It takes less than a minute to complete.

2. Additionally, you can apply for a PayDay Loan with VULTe by Polaris Bank.

3. Visit one of Polari Bank’s locations in your area to complete a loan application form and submit it along with any other needed documentation.

4, Dial 0700-7652747, 08069880000, 01-4482100, or 01-2705850 to reach Polaris Yes Center.

Make contact with your relationship officer.



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