EZ Cash Loan Review – How to Apply for Stanbic IBTC EZ Cash Loan Including Requirements, Loan Interest Rate, How To Repay Loan and EZ Cash Loan USSD Code
Loans can sometimes be a lifesaver especially if you find yourself at a cross-road and you can’t seem to figure out the next step to take to meet that very important financial need especially when it concerns business. If you find yourself in such a situation, then Stanbic IBTC EZ Cash Loan may come handy and help you escape the mess. But what exactly is EZ Cash Loan and how can it benefit you? This EZ Cash Loan Review will give you all the details you need to know about this lovely product from Stanbic IBTC Bank.
Read also: Bank3D Review- How it Works, Charges, and Why Your Business Needs it
Table of Contents
What is EZ Cash Loan?
Launched in 2019, EZ Cash Loans is a loan service from Stanbic IBTC Bank designed to help both individuals, SMEs, and business owners to meet urgent financial needs at a very low-interest rate with a flexible repayment plan, less documentation, and no collateral.
Who Can Apply for Stanbic IBTC EZ Cash
This loan service is open to all Nigerians who are between 18 to 59 years of age and maintains an active personal or business account that is up to 6 month Stanbic IBTC bank.
What Are The Requirements to Obtain an EZ Cash Loan?
The requirements to obtain this loan as stated above include;
- You must be between 18 to 59 years
- You must have an active account that is up to 6 months old with the bank
- You must have satisfactory credit reports.
- You must be free from any form of dud cheques crime
If you meet the above requirements, then you can access the loan without any issues.
Read also: Branch Loan App Interest Rate, Maximum Loan Amount, Repayment Plan
How Much Loan Can Get As a First Timer?
The amount of loan you are eligible to get as a first-timer on this loan platform depends on the following
- Your credit history/report – If you have a good credit history, then you can be sure of getting a higher amount but if you have requested loans from other platforms in the past and have continuously defaulted, then you will get little or nothing
- Your transaction history – the whole essence of wanting you to maintain an active account for 6 months before you can get this loan is for the bank to understand how cash flows in and out of your account. So, if you have a high cash inflow, then you will for sure get a higher amount as compared to someone with less cash flow.
The above are the two major factors that will be considered before a loan can be issued to you.
Can I Borrow Multiple Times?
You can apply for loans as many times as possible provided you are within your loan application limit. What this means is, if your limit is N1,000,000 and you have previously applied for N100,000, then you can apply for another loan. But if applied for N1,000,000 and you have been granted that, then you are not eligible to borrow again till the loan is completely paid except for some reasons, your limit is extended.
Read also: Accion Microfinance Bank – Get Loan without Collateral
What Is The Interest Rate for EZ Cash Loan?
The interest rate for this loan is 3.0% per month so if you are applying for loans with longer duration, you may need to confirm the percentage with the loan officer before collecting the loan. This is because, in some cases, some companies will multiply the loan interest according to the number of months or increase the interest if the loan will take a longer time to pay.
What is the Minimum Amount of Loan I Can Get?
According to the EZ Cash Loan website, the minimum amount you can get is N20,000 and the maximum amount is N7 500,000. So, if you are to request a loan of N20,000, you are expected to pay the sum of N20, 600 if you are to repay after one month. This is because of the single interest digit of 3%. The interest might be higher if you hold the money for a longer period of time.
How Do I Calculate the EZ Cash Loan Interest?
To get the amount you are to pay, simply divide the amount you got by 100 and then multiply the outcome by 3(which is the percent). For example, 100,000/100 = 1,000 x 3 = 3,000. So if you are given N100, 000 loan to repay in one month, you are to repay N103,000.
Note: this might be higher if you spread the amount to more months.
Read also: Moneypal Loan and all you need to Know
What Is the Cost of Getting the Loan?
For every loan you request, the following costs will apply to the loan;
- Management fee of 1% on the amount borrowed
- Value Added Tax (VAT) of 0.05% on the amount borrowed
- Insurance fee of 0.35% on the amount borrowed
This may be deducted from the amount before the cash sum is given to you.
EZ Cash Loan Repayment Plan
The loan repayment duration is between 1 month to 48 months. The duration for your loan might depend on how much you are borrowing and the type of business you stated on your loan application or your choice of duration.
How to Apply for EZ Cash Loan
You can apply for this loan through the Stanbic IBTC mobile banking platform by loging in to your account or you can also apply through their website. You can also use the EZ Cash Loan USSD Code *909*44#
How to Repay EZ Cash Loan Before Due Date
If you wish to repay your loan before the due date, you can do so by sending a request email to [email protected] or call 0700 333 3333.
Read also: Opay Loan and all you Need to Know about Opay Loan App
What happens if I only spend part of the money I Borrowed?
If after requesting a loan, for some reason best known to you, you only withdrew part of the money to your account, then you will only be required to pay the interest on the amount you withdrew and not on the loan amount. For example, if you applied for N200,000 loan and it was approved and you moved N100,000 to your main account or any other bank account, your interest will be on the N100,000 you withdrew not on the N200,000 approved for you.
How to Repay Stanbic IBTC EZ Cash Loan | EZ Cash Loan Review
Repaying the loan is very easy as all you need to do is make sure your Stanbic IBTC account is funded with the amount due for repayment. On the due date, a message will be sent to you stating the amount and then your account will be charged with the sum.
Read also: List of Government Approved Loan Apps in Nigeria – Trusted Loan Apps in Nigeria
Final Words on EZ Cash Loan Review
We have taken time to write about every detail we can think of in this article but then the aim is not to encourage you to take or apply for a loan, but to educate you on the subject. If you are in need of money and can’t get it except through loans, then you can apply for it however, make sure you are prepared to pay back the loan in due time.
Thank you for reading this post, sharing is caring, please do share this post with your friends, and don’t forget to like us on Facebook, Twitter, Instagram, YouTube, and other social network channels for regular updates.
