Polaris bank loan code: how to apply, interest rate and more - Startuppreneur
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Polaris bank loan code: how to apply, interest rate and more

Polaris bank is one of the banks that give quick loan to people in Nigeria. As a bank they are ready to loan people up to #500,000 in Nigeria without collateral or paper work. With just a USSD code you will access their loan.

Polaris bank have different loan product, but the ones that are easy to get with code and without collateral are personal and payday loan.

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Therefore this article is gear towards Polaris bank pay day and personal loan, interest rate, pay back period and other important information that you need to know

Polaris bank payday loan requirement

Like many other banks in Nigeria, there is a requirement you need to meet before hey will give you loan.

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These requirements are

  • Be a Nigeria and reside in Nigeria
  • Have a BVN and account number
  • Have a source of income
  • Have a salary account with Polaris bank
  • You must not have defaulted on any loan before
  • Have a good credit score

Polaris bank personal loan requirements

  • Have a source of income
  • Be a Nigeria and reside in Nigeria
  • Have back account with Polaris
  • You must not have defaulted on any loan before
  • Have good credit score

How to apply for polaris bank personal and payday loan with ussd code

Polaris bank loan ussd code

To apply for polaris bank payday and personal loan you have two options you can go to their bank and request for loan or dial the ussd code on your phone

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Polaris bank loan ussd code is *833*12#

After dialing it, you will see loan option, click it and follow the prompt.

How much loan you can obtain with Polaris bank payday loan

This depend on the amount of salary you are getting per month. For instance if you are receiving #100,000 per month the amount of loan you will get is #50,000.

How much loan you can obtain with polaris bank personal loan

This is also depends on your credit score, if you have been receiving and sending a large sum with your Polaris bank account you will get high loan.

Polaris bank loan interest rate and repayment period

The interest rate is deepen on the amount of loan and credit score. It is usually between 2% to 5% per month. The repayment period is 1 month, as soon as you collect your salary the loan will be deducted.

The interest rate for personal loan is the same with pay day loan but the repayment period  is a little bit longer, it can reach 3 months depending on the credit score of the recipient.

How to repay Polaris bank loan

Since it is a bank unlike loan apps, you don’t need to run hectare scatter to pay back your loan. The loan will be automatically deducted once the due date is reach.

How long does it take Polaris bank to disburse loan

It take less down 20 minutes as soon as you are approved your loan will be disbursed.

What I like about Polaris bank loan

  • You don’t need collateral or guarantor
  • It is easy and fast
  • Loan Repayment is easy

What I don’t like about polaris bank loan

  • You need to have salary account for payday loan
  • The amount you can loan depends on your salary.

Polaris bank contacts

Phone
(0700-7652747), 0806 988 0000, 01 448 2100, 01 270 5850

Email
[email protected]

Conclusion

Above is the code you can dial to get a loan from Polaris bank, while getting loan ensure you obtain loan that you can pay back to avoid had I know.

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