Digital Loans Terms & Conditions

Digital Loans Terms & Conditions


The handling of Polaris Bank Ltd (the “Lender” or “Bank”) approves this time loan (“facility”) to qualified and interested clients under listed here stipulations:

AMOUNT: As might be authorized by the financial institution.

PURPOSE: to meet up needs that are personal connection cashflow space.

TENOR: 30 times or next wage date (whichever comes first).

INTEREST: the attention price when it comes to center is 2.5% flat, which will probably be susceptible to review every so often in line utilizing the money market condition that is prevailing. Any improvement in prices associated with the facility notified by the lending company to your Borrower will probably be binding from the Borrower. Nonetheless, any extra over the limit that is approved any unliquidated expired facility shall attract a pastime on authorized extra overdraft at a level of 36% per year.

Profits of month-to-month wage re re payment domiciled in to the financial institution or any BVN connected reports in virtually any Bank payable via Remita from supply.


This center shall commence in the date of disbursement. This loan is repayable from the next pay check or 30days after (whichever comes first).

SECURITY/SUPPORT: The facility will probably be guaranteed aided by the after:

  • Irrevocable Domiciliation of Salary
  • Credit life insurance policies since the chance of death/disability, and loss in work associated with the Borrower.
  • Undertaking to subtract repayments at wage supply and remit to the subsequently Bank.

AVAILABILITY: This center will be designed for utilization just upon satisfactory compliance because of the conditions precedent to drawdown since may be recommended the financial institution.


  • Automatic verification on eligibility and exposure of last month’s payroll through a different preapproved client database.
  • Acceptance of offer via our electronic banking platforms including yet not restricted to *833#, Cellphone application and online Banking.
  • Irrevocable income domiciliation to your Bank or undertaking to subtract at supply.
  • Positive credit bureau report.
  • A working present or family savings.
  • Re re re Payment of most fees that are upfront Insurance premium.
  • Recognition of most stipulations.


The Borrower irrevocably and unconditionally undertakes

  1. To keep up a free account with all the Lender through the loan duration (except within the full situation of deduction from supply)
  2. To produce all vital information needed because of the financial institution through the legitimacy of this loan.
  3. To instantly notify the lending company of any material change that is adverse his or her individual income within a day associated with event.
  4. To make use of the center strictly with the aim reported.
  5. The lending company reserves the best whenever you want to convert this center to overdraft, improvements, commercial documents along with other cash market instruments offered to the lending company.
  6. The lending company reserves the ability to withhold further disbursement, recall or cancel the center for reasons of standard or non-compliance aided by the Covenants hereunder and also the event of every or all the after activities:
  7. Any lodgement meant for the Borrower’s account with the Lender to another Bank if the Borrower diverts.
  8. If any breach shall be committed by the Borrower or neglect to observe or perform one other responsibilities on its component as included underneath the Terms & Conditions or does not keep towards the agreed payment terms.

In case it is unearthed that there was clearly a product misrepresentation of facts by the Borrower based on the function, utilization of the center and also the information provided.

  1. The lending company can vary some or most of the conditions and terms to mirror the current conditions in the economic areas or financial authorities’ regulations.
  2. If any interest due from the center is certainly not compensated from the date there-of, same shall instantly be put into the sum that is principal and shall correctly attract interest during the price herein claimed.
  3. Option of funds is susceptible to the Bank’s capability to accommodate this facility within its appropriate financing restrictions and topic further to regulations as might be imposed by regulatory authorities.
  • The renewal associated with the center will probably be subject to a fresh agreement and predicated on satisfactory performance (the financial institution being pleased that the center had been correctly used and liquidated 100%).
  • All amounts that are outstanding this loan shall upon default attract a 36% a. cost.


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