NIGERIA CREDIT /BANKING SYSTEM MORE OF A PAYDAY LENDERS: UBA’s New Salary Advance Credit Card Targets Workers!
It was just a few days to pay-day but John was really broke. He has watched his bank account going down by the day since the last pay-day. This month has been particularly stressful for his finances.
He has had to pay his annual house rent and that has taken all of his savings and this month’s salary. He was already out of cash by middle of the month and has been surviving with the support of his wife. But his wife is also running out of cash and right now John knew he had to get some money from somewhere to survive until next pay-day.
He has had to pay his annual house rent and that has taken all of his savings and this month’s salary. He was already out of cash by middle of the month and has been surviving with the support of his wife. But his wife is also running out of cash and right now John knew he had to get some money from somewhere to survive until next pay-day.
John had approached several of his colleagues but almost all had similar cash challenges. They were all hanging on till pay-day. John’s cash crunch was becoming a crisis. His productivity at work started dropping as his concentration declined; coming to work each day was becoming a challenge. John knew he had to find a solution to his financial situation soon and very fast.
So, it was a huge relief when John picked up the newspapers on Monday and read that United Bank for Africa (UBA) Plc has announced the introduction of a new product “U-Advance Card,” a payment card that allows workers who operate a salary account with UBA to get a credit advance ahead of pay-day.
So, it was a huge relief when John picked up the newspapers on Monday and read that United Bank for Africa (UBA) Plc has announced the introduction of a new product “U-Advance Card,” a payment card that allows workers who operate a salary account with UBA to get a credit advance ahead of pay-day.
John immediately knew he had a solution to his problem. At least, he could get some money ahead of pay-day.
A statement from the bank quoted its Divisional Head, e-Banking, Dr. Adeyinka Adedeji, as saying that, “The U-Advance Card is an internationally accepted card payment solution designed to address the salary account holders’ need for easy and quick access to extra funds before pay-day. It is a form of a revolving, secured credit facility.
A statement from the bank quoted its Divisional Head, e-Banking, Dr. Adeyinka Adedeji, as saying that, “The U-Advance Card is an internationally accepted card payment solution designed to address the salary account holders’ need for easy and quick access to extra funds before pay-day. It is a form of a revolving, secured credit facility.
“The advantage of the U-Advance credit card is that it simplifies the credit process. So, it is not every time you have a temporary liquidity challenge that you fill out a form and go through the strenuous process of applying for a loan.
Once you have a U-Advance Card, you can always meet any temporary cash crunch by just approaching the ATM. The card becomes your permanent access to credit anytime you need it,” he explained.
UBA explained that the U-Advance Card complements UBA’s existing suite of retail credit products in the form of a naira-based, short-term, secured financing targeted at salary account holders and will provide frictionless access to much needed credit with the cardholder’s monthly salary as security.
Once you have a U-Advance Card, you can always meet any temporary cash crunch by just approaching the ATM. The card becomes your permanent access to credit anytime you need it,” he explained.
UBA explained that the U-Advance Card complements UBA’s existing suite of retail credit products in the form of a naira-based, short-term, secured financing targeted at salary account holders and will provide frictionless access to much needed credit with the cardholder’s monthly salary as security.
The statement explained further that “It is however available only to salary account holders with UBA Plc, but non-UBA customers can pre-qualify by opening a salary account with UBA. It is Ideal for staff of reputable organisations, affluent and high networth individuals (HNIs) who receive regular monthly salary; individuals wishing to obtain the U-Advance credit card can approach the nearest UBA business office for details on eligibility and how to apply.
“It is also interesting to know that the U-Advance card is accepted locally and internationally. U-advance cardholders can make cash withdrawals at over 1.9 million ATMs worldwide and POS or web purchases at more than 30 million retail outlets around the world. A www.thisdaylive.com extract.
“It is also interesting to know that the U-Advance card is accepted locally and internationally. U-advance cardholders can make cash withdrawals at over 1.9 million ATMs worldwide and POS or web purchases at more than 30 million retail outlets around the world. A www.thisdaylive.com extract.
Comments
Post a Comment