The country’s biggest bank by deposits and assets, CBZ Bank has introduced the Payday loan- an instant loan facility designed to meet emergency needs of its customers within a day of application.
The loan amount that clients can qualify for is up to 50 percent of net salary.
“CBZ Bank introduced the product after realization that clients require bridging finance to cover immediate financial emergencies. There are many reasons to get a Payday loan like an unexpected hospital bill or a necessary car repair. The Bank ensures that these loans are processed instantly to minimise inconveniences,” the Bank said.
The facility is available to CBZ individual clients and non CBZ customers are required to move their salaries to CBZ to qualify for the loan. The product can be accessed by civil servants, uniformed forced and those in the private sector.
The loan is repaid within 30 days at affordable interest rate.
“CBZ Bank remains committed to give its valued clients products that are relevant to their needs and the introduction of this product is a clear testimony to this. There is no need to get assistance from unregistered money lenders at exorbitant rates when CBZ has got this instant loan,” said CBZ.
The Bank also offers a number of personal loan facilities depending on the need and they have a repayment period of up to 36 months. These loans are quite substantial and can be used to finance long term financial needs.
The bank’s latest product offering is exciting news to its customers in the context of unexpected costs arising from the COVID-19 pandemic.
It also comes at a time when most banks are reluctant to lend individual customers for fear of failure to repay.