Polaris Unveils Collateral-free Salary Advance Solution

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Polaris Bank has launched a quick credit solution called “Polaris Salary Advance”.

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.

Explaining the key features that set the new solution apart from competition, the Bank’s Group Head, Products and Markets Development, Adebimpe Ihekuna disclosed that the product is designed to provide leverage for consumers to meet pressing financial needs such as paying their child/ward school fees, emergencies requiring funding, bill payments, amongst other needs.

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“Beyond the financial empowerment that Polaris Salary Advance offers to our customers, access to such soft loans improve consumer lifestyle and help them to be in charge of their resources rather than banking on uncertain sources”.

Continuing, Adebimpe noted, ‘The social impact of the Polaris Salary Advance solution cannot be over-emphasized given its ability to meet customers’ needs on the go”.

On the process of accessing the funds, she explained that it has been affirmed to be the fastest in the industry as one can easily access the salary advance solution and get his/her account credited in a minute, with no documentation required. Customers can access up to 50 per cent of their net monthly salary capped at N500,000 for a 30-day tenor or next salary date by dialing *833*12#.

Samson Oyedeyi

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