Polaris Bank says it has introduced a quick credit solution called Polaris Salary Advance that requires no collateral to access.
A statement from the bank said this was in line with its commitment to creating innovative financial solutions.
It stated, “Polaris Salary Advance is a customer-led product that enables employees to get up to 50 per cent of their net monthly salary to meet basic needs before their next payday.
“The product is designed to provide short-term financing to its customers via convenient and accessible digital channels such as the mobile phone.”
While explaining the features, the bank’s Group Head, Products and Markets Development, Adebimpe Ihekuna, stated that the product was designed to provide leverage for consumers to meet pressing financial needs such as paying their child/ward school fees, emergencies requiring funding and bill payments. Ihekuna said that the facility was easy to access.
She stated, “All you need to do is to dial *833*12# to connect to Polaris USSD banking, a dialog box appears showing customer’s eligible loan amount and option to input required loan amount.
“Next menu shows the requested loan amount with the pricing, with an option to select ‘1-Accept’ or ‘2-Decline and the customer selects ‘1 –Accept’, and loan amount is immediately disbursed into customer’s salary account.”
Beyond the financial empowerment that Polaris Salary Advance offered to our customers, she said, access to such soft loans improved consumer lifestyle and helped them to be in charge of their resources rather than banking on uncertain sources.