The country’s largest bank in terms of deposits and assets, CBZ Bank introduced Payday Loan, an instant lending facility designed to meet the emergency needs of its customers within a day of demand.
The loan amount that clients can claim is 50% of take-home pay.
“CBZ Bank launched the product after realizing that customers need bridge financing to cover immediate financial emergencies. There is a lot of reasons to get a Payday loan like an unexpected hospital bill or a needed car repair. The Bank ensures that these loans are processed instantly to minimize inconvenience, ”the Bank said.
The facility is available to individual CBZ clients and non-CBZ clients are required to transfer their wages to CBZ in order to qualify for the loan. The product is accessible to public servants, uniformed forces and those in the private sector.
The loan is repaid within 30 days at an affordable interest rate.
“CBZ Bank remains committed to providing its valued customers with products tailored to their needs and the introduction of this product is clear testimony to this. There is no need to get help from unregistered lenders at outrageous rates when CBZ got this instant loan, ”CBZ said.
The Bank also offers a number of personal loan facilities as needed and their repayment term can be 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 for its customers against the backdrop of unforeseen costs associated with the COVID-19 pandemic.
It also comes at a time when most banks are reluctant to lend to individuals for fear of not repaying.