Zedvance Loans review – requirements for zedvance loan, How to apply for a loan – The concept of money is fundamental to the existence of humans. While you might not have enough money to buy fast and flashy cars, fancy and intelligent homes, or go on exotic vacations to Maldives and Seychelles, the fact remains that all of us need money to meet our day-to-day requirements.
It doesn’t matter how old you are; you still have to eat, pay your rent, and other bills. If you haven’t discovered the key to making your money go further, or if you aren’t related to Elon Musk in some way and are next in line to inherit all the wealth he’s accumulated, you may experience times when your cash flow isn’t sufficient to allow you to continue meeting the requirements necessary to maintain your standard of living.
If, on the other hand, you are aware that you will be receiving cash at a later time, you can borrow money against your future cash by taking out a loan that you are confident you will be able to pay back.
Even though your family and friends may be strapped for cash, you can always borrow money from reputable loan apps for a short period so long as you’re sure you’ll be able to pay it back on time.
However, before you use any loan app, you need to educate yourself as much as possible about that particular app. This post will walk you through everything there is to know about the Zedvance Loan. Keep reading.
What exactly is Zedvance Loan all about?
One of the many types of financial institutions that allow Nigerians to borrow small amounts of money with the understanding that they will eventually have to pay it back is Zedvance. You might immediately consider that somewhere between thirty and forty other loan applications probably provide the same service.
You will acknowledge, however, that everyone possesses a distinctive quality that makes it appealing to a particular group of customers. It is the same with Zedvance finance, and their unique selling point is the adaptability of their loan terms and the competitive interest rates they offer.
Think of them as your money buddy who will get you out of a financial jam without asking for too much. They will save you when you least expect it.
Because of this, their interest rates are pretty enticing to prospective customers. You won’t give the impression that you are stuffing their pockets with money that you don’t have if you do this. In addition, they will provide you with a loan without requiring any collateral from you.
Regarding their ideal customers, it appears that Zedvance caters primarily to wage earners who are also operating a side business and in need of either a salary advance loan or a loan to provide the necessary financial assistance for their business so that it can remain operational.
They also offer a service known as point-of-sale financing, a form of consumer lending that enables customers to pay for things they purchase in a series of installments.
Zedvance does not lend money to its customers based on their emotional state. The company employs an efficient risk assessment strategy to decide whether or not it should borrow money from any particular customer.
How to apply for Loan?
Following your familiarisation with the services offered by Zedvance, we will now walk you through the procedure of obtaining a loan from Zedvance fiance in the following step-by-step guide.
Loan Portal: We regret to inform you that it is possible that Zedvance Finance will not be able to provide you with a loan via any mobile application. So, let’s say you’re a member of the millennial generation who values the ease, efficiency, and convenience of using apps. Because of this, the process of applying for a loan from Zedvance might not be something you look forward to, as it requires you to sign in to the Zedvance financial website. You’ll see a ” call-to-action ” button with instructions that tell you to “Apply now.” The application page will automatically load for you as soon as you click. You can bypass that step if it takes too much time by clicking on this link, which will take you straight to the application page.
Create an Account: This page is a registration page that requires you to fill in specific details such as your BVN, date of birth, email address, and name, and you’ll have to create a password. In addition, you will need to create an account password. You will get a loan from Zedvance, and as part of that process, you will create an account with them so that you can communicate with them about getting the loan and paying it back.
Application for a loan: After providing the requested information, checking it for accuracy, and ensuring that you do not appear to be an unacceptable risk, you can apply for a loan. Consider your available loan options before deciding how much money you want to borrow. Next, apply for a loan.
Wait for Zedvance to Approve Your Request: While you wait for Zedvance to make their calculations, process the money you requested, and transfer it to you, you will have to wait for some time. In most cases, the loan should be available to you within a few minutes to a couple of hours. However, even if the worst-case scenario were to occur, the money would still reach your account within 48 hours, and it won’t take more than 48 hours at the very most.
Zedvance Loan Requirements
- Zedvance does not require any documents or collateral because it is a reputable online marketplace for lending money.
- However, there are additional documents that they ask for, and once those documents have been validated as being accurate, they will give you any loan that you request. They are as follows:
- Any form of identification that you currently possess, such as a passport, driver’s license, national identity card, or voter’s card.
- Tax Identification Number/ pension statement and employment letter
- Employee identification card to demonstrate that you are currently gainfully employed.
- A statement of account demonstrates that you are currently engaged in gainful employment.
- A photograph for use in a passport.
- A Directive for Direct Debit
- The permanent members of staff in the office that you work in can serve as guarantors (for contract staff or freelancers)
The Interest Rates Offered by Zedvance
The interest rates applicable to the loan you are trying to obtain are significant. You are responsible for making sure that the money you will collect will not require you to pay an exorbitant interest rate.
The interest rate you offer through Zedvance is likely to be quite variable, as it typically falls between 5% and 20%. Their risk-based pricing strategy will determine the interest rate you receive on each borrowed amount.
After running the numbers, if they determine that you pose a greater risk of not being able to repay loans, the interest rate that you are charged will most likely be higher.
For instance, if you have a poor credit history or if Zedvance discovers that the information you provided is false, you might have to pay the consequence in the form of a higher interest fee on loan approval. This is something that you would have to pay back if you were given the money.
On the other hand, if you have a good credit history and the information you provided is accurate, you won’t have to pay significant interest on the loan.
PROS Of Zedvance Finance
You can receive a sizeable sum of money from Zedvance finance, which will significantly impact your company’s direction.
Their review procedure is quick, moving at a rate comparable to the speed of light.
CONS Of Zedvance Finance
They only do business within the state of Lagos.
Although Zedvance Finance will not require you to provide any collateral to obtain a loan, you will be required to complete much paperwork.
You will be required to provide certain documents, such as your proof of employment, which you might not have if you were a freelancer or an individual who worked for yourself.
When you borrow money from Zedvance finance, you will typically be required to pay it back between two weeks and eighteen months after receiving the funds.
Your history with them, as well as the frequency and speed with which you can repay the loan you obtain from them, will determine the length of time you are granted. Your choices for making repayment are either a direct debit mandate, cheques, or a direct bank transfer into the one-of-a-kind account number they will provide.
The ability to repay your loan in multiple installments is one of Zedvance‘s most attractive features. Determine how you will repay the debt, and make sure to carry it out.