Online moneylender PettyCash offers borrowers single-payment loans, installment loans, and payroll loans. The borrowed sum is subsequently taken out of your account.
Without requiring any security or guarantors, their minimum loan amount is N10,000, and their maximum loan amount for a new client is N100,000. Your history of repayment and the cost of borrowing are two factors that affect interest rates. Only 20% of your gross salary can be borrowed from PettyCash.
Moneylender loans are intended to be short-term loans that will cover expenses until your next paycheck. It is perfect for anyone looking for an unsecured personal consumer loan, students, and people with thin credit files who are disqualified for conventional bank loans.
Products Salary Advance – PettyCash Salary Advance is made to give employees of businesses, ministries, parastatals, and other entities a monthly overdraft. Their Salary Advance is a short-term, rotating overdraft with a 30-day maximum term. The Salary Advance application form must be completed and submitted in order to apply.
Advantages
Quick loan decisions, convenient payment schedules, lack of collateral, and lack of guarantors
Cons
The maximum loan amount is only $100,000, you must be employed by a private company, and you must be a salary earner.
Eligibility Requirements
Only 20% of total pay can be offered as a loan; salary earners must make more than $30,000; have an official email account; work for a private organization; and present 3 consecutive months’ worth of bank statements.
You can also get loans using The Branch Loan App or NewCredit Loan App
How Petty Cash Lending Operates
Let’s start with those of us who might occasionally require a little assistance.
These are the loan products that Pettycash offers, each of which is tailored to a certain customer base:
• The Federal Staff Loan is a product designed exclusively for those who work for the federal government. It is also known as the Fed Petty Cash Loan. The range of loans is from 5000 to 50,000 Naira.
• PettyCash+: This service offers short-term loans up to N10,000. Only people who get a monthly salary are eligible for it.
• Payday Loan (Most Popular): Salary workers can get quick loans between N10,000 and N50,000.
Any officer in the Nigerian Security Civil Defence Corps may obtain a loan through the NSCDC. The range of loans is N50,000 to N500,000.
Business loans are available in the amount of N500,000 to N5,000,000. However, a vehicle is required as security.
• Personal Loan: You can borrow up to N500,000 using your car as collateral, but you can keep and use the car as normal.
The interest levied on these loans varies according on the repayment strategy. For context, you will probably pay less interest if you are able to pay off the loans quickly. However, extending the loan repayment would result in higher interest payments. These conditions are standard for all loans.
Now, Pettycash also has solutions for folks who need some guidance on how to spend their money! Pettycash will pay the return on your investment on a monthly basis depending on how much you contribute! Average returns are around 24%, which is impressive given that you still get your money back with interest when it’s due even if a lender defaults (let’s hope they don’t). While you wait for your credit alerts, petty cash handles the deal-brokering.
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