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Wema bank salary advance loan (All you need to know)
Read all about wema bank salary advance loan
In life, emergencies always come up, situations we didn’t expect or plan for inevitably occur. Sometimes these emergencies require money to solve.
Many people rely on salary jobs to make ends meet, and if you are like most people, you will know that problems don’t always wait for payday before they come.
Fortunately for us, Wema bank (a well-known and trusted bank in Nigeria) has come up with the Wema bank salary advance loan.
I am going to tell you all about it in this post. Make sure you read till the end.
What is the Wema bank salary advance loan?
The wema salary advance is a way for salary earners that bank with wema to get loans before payday in case of emergencies.
If for example, you have to a pay rent, pay school fees, hospital bills or any other unforeseen circumstance that requires finance, you can get a loan from wema salary advance.
As a salary earner, wema bank knows you are capable of paying back the loan, so they will willingly give you money, so long you have a job that pays you constantly at the end of the month.
The interest rate on the loan is very small, this means you don’t have to go overboard to pay back the money you loaned.
Wema bank is not the only bank to do this, other banks like GTbank, FCMB, Polaris and other popular banks have their own salary advance schemes, each unique in its own way.
Do you want to know the requirements of wema bank salary advance loan?
Are you interested in learning how to apply for wema bank salary advance?
If yes, keep on reading, as I will show you these in the following paragraphs.
Requirements of wema bank salary advance
The following are the requirements to get the wema salary advance loan. You can skip to the next heading to know how to apply for the wema bank salary advance loan.
- You will need to complete a loan application form.
- Get a letter of introduction duly signed by an authorized signatory (employer).
- Present an irrevocable letter of salary domiciliation
- Proof of income (statement of account to show you have been receiving salary).
- Proof of address, physical verification report with utility bill.
- Proof of identity (staff id, national id, international passport)
If you have all the above requirements, you can then go ahead to the next stage, which is how to apply for wema bank salary advance loan.
How to apply for Wema bank salary advance loan
You are to visit the nearest Wema bank branch and walk directly to the customer service and enquire about wema bank salary advance loan.
The bank customer should tell you exactly all you need to know, you will be required to write your application, and also fill other forms.
Make sure you provide all the required documents that I stated above and your application should be done.
If you meet all the requirements, your loan will be given to you in not more than 48 hours. There is no special wema bank loan code yet. (As at the time of writing this post).
That’s basically all you need to know about applying for Wema bank salary advance.
Am going to show you all the benefits and features of wema bank salary advance, if you are interested in knowing this, go on to the next paragraph.
Features and benefits of Wema bank salary advance loan
- Available to existing salary current account (more on this later) customers.
- New customers can have access to this loan as soon as their first salary is paid.
- You have a maximum overdraft limit of 250,000 naira.
- Overdraft to be cleared up monthly and is available for 12 months.
- Overdraft may be requested on expiry, subject to request by the customer.
- Zero processing cost
- You can apply from anywhere
- Turn around for disbursement is 48 hours.
- No account maintenance charge
- Access to electronic banking products and services.
Before we conclude, let me tell you a little bit about Wema current account
Wema bank current account
To receive the Wema salary advance loan, you need to have a wema current account, you can either have a personal current account or a salary current account.
Personal current account
For all basic banking needs, a personal current account is good, it comes with debit card and can be opened by an individual, as a joint account or by a registered business.
Some of the features of a Wema bank personal current account are:
- Opening balance of 2,000 naira.
- No minimum operating balance
- Allow cheque withdrawal by self and 3rd party from account across wema bank and branches.
- Allows cheque withdrawal clearing by bank on behalf of customers.
- Supports credit facilities
- Unlimited number of withdrawals
- Supports all e-products
Salary current account
This grants you access to personal loan and revolving overdraft facilitate. Some of the features of a Wema bank salary current account are:
- Zero account opening account
- No restriction on number of withdrawal monthly
- Supports use of wema debit cards for (ATM, POS, mobile and web transactions)
- Personal cheque book, first booklet issued free of charge.
- Easy access to personal loans and overdraft at a competitive interest rate.
That’s all about Wema bank current account.
Wema bank salary advance loan will be very useful for those who need emergency funds, and it is very easy to get.
Once you meet all the requirements, there is no reason why you should not be granted a loan. You can also check out my posts on GTbank salary advance.
I hope that with this post, you now know all that you will need to know about Wema bank salary advance loan.
If you have questions, you can leave them below and I will tend to them as soon as possible.
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Read my post on the top investment banks in Nigeria.