From time to time, we face challenges that make us need more money than we can earn at the given time. In cases like this, a loan is the most ideal way to seek funding especially if you’re asking a financial institution, and not just a relative or friend.
While that’s the case, most banks often have some sort of loan package as part of the financial services they offer to customers. However, these loan services come in different types, thus the terms of use vary. Some may have T&Cs that are best suited for small businesses and private individuals, while others may only be feasible to get if you’re taking it under the name of an organization.
Does Zenith Bank Give Quick Loans?
Zenith Bank Plc. does not give quick loans. Although the bank has over ten different loan structures, quick loans are not one of them. The loan structures that they offer are primarily targeted at businesses and asset acquisition, thus, using them as quick loans isn’t ideal.
Zenith Bank Alternatives to Quick Loans
However, there are certain packages for salary earners that allow them to take quick cash loans (not quick loans available for everyone) with low-interest rates – quick buffers before the next paycheck arrives.
Meanwhile, there are a couple of their business loans which is directly targeting women running SMEs. More so, it’s more favorable for ladies venturing into blue-collar occupations – a great way to empower women.
Types of Zenith Bank Loans
Zenith Bank Plc. is one of the best banks when it comes to loan offerings in Nigeria. Their well-structured loan types and policies put clients in the know about how to make good borrowing decisions. In total, they offer 14 different loan types spread across personal and corporate classes of accounts.
- Z-woman business package (SME loans)
- MSME loans
- Retail loans for schemes
- Education loan
- Creative industry financing initiative (CIFI)
- Overdraft
- Timeless loans
- Receivable discounting/invoice discounting
- LPO finance
- Import finance facility
- Export finance facility
- Term loan
- Lease
- Bonds & guarantee
Zenith Bank USSD Loan Code
Much like most other banks in Nigeria, Zenith Bank Plc. also have their dedicated USSD code which can be used to perform quick transactions including initiating loan orders. Zenith’s Bank uses *996# to launch its USSD interface, then use “00” to open the loan interface. Also, you can fast forward by pressing *996*00# to go directly to the loan menu from your dial pad.
How can I get a Loan from Zenith Bank without Collateral?
It’s true that there are many financial institutions that offer loans to all their clients without collateral – most times, only their BVN is needed. However, Zenith Bank Plc. isn’t one of them; the only customers allowed to receive loans without collateral are salary earners. More so, these types of loans are not also treated like regular loans.
Zenith Bank offers salary earners a special type of loan called “Salary Advance” which allow them to borrow with a relatively low-interest rate – usually half of the standard CBN interest rate. Customers can request up to 50% of their salary, and pay with an interest rate as low as 5%, which is usually a dynamic to suit the borrower.
Zenith Bank Loan Eligibility Criteria
The requirements for getting a loan from Zenith Bank Plc. is relatively simple – most is something you have by default. You must be a customer, who’s up to 18 years old, but not more than 60. Then you should earn a monthly income of at least ₦10,000, without any unsettled loans.
What’s Zenith Bank Easy Loan Code?
To get Zenith Bank Easy Loan, simply dial *966*11# to apply. If you meet the loan eligibility criteria stated above, you will be granted a loan instantly.
Zenith Bank Z-Woman Loan
As part of movements made to empower women in society, Zenith Bank’s Z-Woman loan is a credit facility offered by Zenith Bank to females looking to grow their small businesses but require financial assistance. Aside from the standard eligibility criteria, the business that’s used to take the loan should have at least 50% female ownership.
While that’s the case, they offer an interest rate of 9% with a flexible repayment timeline of 12 to 2 months – ideal for SMEs and blue-collar businesses. Also, the maximal borrowable amount is ₦10 million, and all loans attract a flat 1% management fee.