The number of financial institutions offering loans has skyrocketed in recent years. But with VULTe, the application process is straightforward, and the requirements are manageable.
VULTe was launched to make it easier for people and businesses to access loans. It is a digital bank solution that enables customers to complete all banking transactions, from opening an account, to applying for specific types of loans to generating bank statements.
The amazing thing about VULTe is that you can complete everything you need to complete from the comfort of your home with your mobile phone. This is why it is ranked as one of the top loan apps in Nigeria.
A few days after its launch, VULTe, Polaris Bank’s digital bank platform, received an overwhelmingly positive rating from users, many of whom praised it for being convenient, user-friendly, and secure.
Our team of financial experts tested the VULTe loan app to look at its features, loan requirements, and how straightforward the application process is. This will be provided in this review article.
What is VULTe Loan?
VULTe is a digital loan platform founded by Polaris bank that offers loans and other banking services to both users and non-users of Polaris bank.
In the past year, VULTe has improved its capabilities to provide seamless self-services to SMEs, High Net Worth, and retail customers. Previously, VULTe catered more to individual customers. More than 40 million MSME operators in Nigeria can now apply for collateral-free loans for personal and business use. Eligible business owners and SME operators can receive up to N20 million within 5 minutes without physically visiting the bank.
VULTe has created a new history in the Nigerian banking and financial services industry by winning the prestigious BAFI Awards two years in a row after taking home the same honour the year before. Nigeria’s and Africa’s premier and most reputable business media organization, BusinessDAY, also organizes several prestigious awards in the financial industry; also in other important economic sectors.
How Does VULTe Registration Work?
The application process for a loan on the VULTe app is quick and simple but you need to first register on the app before proceeding with your loan application.
A step-by-step tutorial for joining VULTe is provided below:
- Download the VULTe app
VULTe by Polaris from the Google Play Store.
If you use iOS devices, you can download VULTe from the Apple App Store.
- After downloading the app, the next step is to open it and click “register your account” on the first page.
- “I have a Polaris Account” or “I don’t have a Polaris Account” are your two choices. Choose the suitable choice.
- Specify your email address and account number (if you already have an account with Polaris bank).
- Take a photo
- Provide you with a BVN ( Verification Number)
- Enter the telephone number linked to your bank account. A verification code will be sent to you to verify that you are the account owner.
- Select your preferred username and password (Ensure you use a secured password).
- Additionally, you must create a 4-digit authorization PIN.
Some of these processes will only apply if you’re not a user of Polaris Bank. You will have to provide some documents like your NIN and BVN. You will also have to take a facial recognition capture.
How to Apply For VULTe Loan?
VUlTe offers a variety of loans, one of which is the payday loan also known as Salary Advance.
Here’s how it works:
- Login to the Vulte app
- Input the loan amount you wish to request for
- Read and accept the terms and conditions.
- Provide your details and submit your application.
The payday loan will be dropped into your salary account immediately. The duration for the repayment of a salary advance loan is 30 days or the next salary date.
How Much Loan Can You Get From VULTe Salary Advance Loan?
Firstly, you have to be a salary earner or someone who receives steady money each month. The maximum loan amount you can request is half of your estimated salary/income.
For instance, Polaris bank might estimate your monthly earnings to be ₦100,000. In this case, the maximum loan amount you can obtain is ₦50,000.
Other Loans Available on VULTe
Some of the loans available on VULTe are listed below:
- Term loan: Borrow up to N20 million to expand your company, with payments spread out over a maximum of 24 months.
- Overdraft: You can use this facility to overdraw your account up to N20 million to cover unexpected business expenses.
- Auto Loan: This loan is basically for purchasing a personal vehicle to commute in comfort and style
- Polaris Salary Advance: for wage earners to take care of urgent needs before payday.
- Polaris Lite loans assist you in meeting personal expenses like medical costs, tuition, and other costs. The loan amount for this is usually low and depends on your credit score.
Please note that you may not be able to access all the different loan on VULTe at first but as you build credit score and bank on the platform, more loan offers and opportunities will be offered to you.
VULTe Loan Interest Rates
The interest rate on VULTe loan app is 2.5% flat, subject to the periodic revision in accordance with the state of the money market. As a borrower, you are bound by any modification that the loan platform may make as long as you are notified of it.
However, the authorized excess overdraft will accrue interest at a rate of 36% per year on any excess exceeding the authorized limit.
Is it Safe to Use VULTe?
Yes, it is. Polaris Bank operates the platform, VULTe, as its arm of digital bank.
The Nigerian Deposit Insurance Corporation insures all deposits made on VULTe by Polaris (NDIC). The Central Bank of Nigeria (CBN) has granted VULTe, which is run by Polaris Bank Limited, a license to run and provide its internet banking services.
Additionally, the VULTe mobile app has been downloaded by over 500,000 users.
- It allows users to initiate and complete banking transactions on VULTe without going to a branch.
- No security is required.
- There are no paper documents to print, sign, post, or process in the loan application.
- It is simple to use across all platforms.
- Customers can easily apply for loans on their mobile devices and receive approval in a short amount of time.
- The operating system of the VULTe app is a little bit slow
The loan services provided by VULTe Loan are kept to a minimum. You can always get access to up to 50% of your future salary as long as you have a steady source of income.
It is simple to access and doesn’t require any paperwork or collateral. A VULTe loan is unquestionably one of your best options if you need financial assistance and are in a bind.