A Petty cash loan can be described as an internet-based platform that gives individuals single-payment loans or installment loans as well as payday loans. The cash is deducted from your account at the time it’s due to pay.
Petty Cash loan has a flexible program The minimum amount they can borrow is $10,000, while the maximum amount for a starter is $100,000 without collateral or the guarantor.
Additionally, they have a high rate of interest, since it depends on your history of repayment and the cost of lending. The loan is only 20% of your earnings to make it easier for you to pay back the loan.
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How does Petty Cash Loan work?
Petty Cash loans operate in different ways for different audience segments. They have a variety of products for loans that they provide. These are the ones they offer:
- Federal Staff Loan
- Emergency Loan
- Payday Loan
- NSCDC Loan
- Business Loan
- Personal Loan
- NYSC Loan
- Market Women Loan.
1. Federal Loan:
This was specifically designed to help people working for the Federal Government. The loan amounts vary from #5000 to $50,000 maximum and minimum.
2. Emergency Loan:
It is also referred to as”petty cash. It is designed to help salaried workers. The maximum amount of loan is $10,000.
3. Payday Loan:
It is more well-known than other loan options. It’s an instant loan amounting to $10,000 up to $50,000 and is available for salaried-earning individuals.
4. NSCDC Loan:
The loan is available to those who are part of the Nigerian Security Civil Defense Corps hence the title “NSCDC loan” It is provided for their employees. The amount of the loan varies from $50,000 to #500,000 maximum and minimum depending on the loan amount.
5. Business Loan:
This is typically targeted at business moguls, whether smaller or larger businesses. A business loan needs collateral, specifically a car because of the large sum required. The range is from $500,000 to $5,000,000 maximum and minimum in both cases.
6. Personal Loan:
It also includes collateral and can go up to 500,000. The benefit is that you can drive your vehicle while you’re on collateral.
7. NYSC Loan:
The loan is intended to assist those who are serving in Nigeria. The amount of the loan ranges between #1,000 and #5,000.
8. Market Women Loan:
It’s a loan provided to traders in a particular market in Nigeria.
However, the rate of interest for each loan is based on the repayment plan you choose. If you’re able to pay back the loan in time, you’re likely to be able to obtain a lower rate, but if you extend your loan, then the interest rate increases. Some loans follow this pattern.
Criteria for eligibility for Petty Cash loan
- Salary earners have to earn $30,000 or more
- It is essential to have an email address that you can verify.
- The applicant must have been an employee of a private company
- You are required to present the bank with a three-month consecutive statement
- You are allowed to only take an amount of 20% of your salary per month.
Petty Cash Loan Interest Rate
As I mentioned earlier, the Petty cash loan rates are different according to your repayment plan but here’s the structure:
Loan amount days. Repayment
Rate
* #5000 15 # 5,625
* #5000 30 #6,250
* #10,000 15 #11,250
#10,000 30 #12,500
* #15,000. 15. #16,875
*#15,000. 30. #18,750
* #20,000. 15. #22,500
#20,000. 30. #25,000
* #25,000. 15. #28,125
* #25,000. 30. #31,250
* #30,000. 15. #33,750
* #30,000. 30. #37,500
* #35,000. 15. #39,375
* #35,000 30. #43,750
* #40,000. 15. #45,000
* #40,000. 30. #50,000
* #50,000 15. #56,250
* #50,000. 30. #62,500
How do I repay Petty Cash Loan
The repayment for a Petty Cash loan is now simple and easy for you. It is not necessary to visit a bank to make a repayment as the details you provide during the loan application will be used to fulfill the need.
The loan will be automatically debited from your account at the due date arrives (salary due date).
Frequently Asked Questions
* What is the maximum amount I can take out from a Petty Cash loan?
You can borrow up to $50,000 through Petty Cash Loan. The amount you can borrow is dependent upon your credit rating, hence the standard advice is to make payments before or at the time of the agreement so that you avoid issues such as having to report you at the credit reporting bureau. This could in turn affect your job.
Can I apply at any time?
Sure you can request an unsecured Cash loan at any time, from anywhere. They’re open 24 hours a day so you don’t have to worry about running out of time.
* Why is my bank information required?
Your bank account details are required since that’s where the funds you request will be deposited, so in the absence of a banking account, you aren’t able to obtain a loan.
The bank account you have provided is in your complete and accurate name.
* How do I keep track of Petty Cash Loan transactions?
It’s possible to believe that it’s not essential to keep track of tiny amounts, but the little amount can add up to something eventually, and that’s why it is important to record your transactions.
To maintain your records of transactions made with petty cash Make sure you save the receipts for all your purchase made using petty cash. A logbook for petty cash will be made to keep track of the transactions you have made that you make using them.
Petty Cash Loan
The Petty Cash Loan app will soon be available on Google and the Play Store however, it’s currently not available.
Address for Petty Cash Loan
A small cash loan can be found located at No.3, Opebi Road, Ikeja Lagos, Nigeria.
Contact them at:
+234 803 843 5443.
Their website address is http://pettycash.com.ng/
Conclusion
Petty Cash loans and their flexible operation are exactly what you require to get your financial situation under control quickly.