FAQ's

Payroll Loan

Our application process is available online or offline. Simply visit our website www.uvlot.com/payrollloans or your admin office to obtain an application form. Complete it and submit. Your profile will be reviewed against already pre-qualified criteria and a notification on the outcome of your application will be sent to you.
  • Your organisation must be a member of the scheme
  • You must be an employee or a member of the payroll scheme
  • You must have a Bank Verification Number (BVN) tied to your salary bank account
  • A primary mobile number and email address for contact purposes
  • A verifiable home address
  • A minimum of 6 months service in the organisation
  • For contract staff at least 6 months left on your employment contract
  • You must be in good standing with your organisation and not facing disciplinary proceedings
You can borrow up to 2.5 times your net monthly income
  • Our interest rate ranges from 4.5% per month to 8% per month depending on several factors including but not limited to the loan tenure How long can I take the loan for?
  • The tenure on the loan is up to 12 months
  • Yes. You will be required to pay the higher of:
  • All the outstanding principal plus 75% of the outstanding interest on the day of loan redemption;
  • Or

  • The outstanding principal plus the entire interest that would have been charged if the loan had a tenure that ended at the settlement month
A five (5) day grace period is given in the event of a missed payment to make the repayment. If you do not make payment during this period, additional default interest of 2% per month will be applied to the outstanding balance of your loan immediately following the grace period. You will also be liable for fees and charges associated with the recovery of the loan.

Student Pocket Money Loan

Our application process is available online or offline. Simply visit our website www.uvlot.com/loan-form or your student administration office to obtain an application form. Complete it and submit. Your profile will be reviewed against pre-qualification criteria and notification will be sent out communicating the outcome of your application.
Please click on the link for the list of signed up tertiary institutions list
  • Your tertiary institution must be participating in our scheme.
  • You must be a student of the tertiary institution.
  • You must be in good standing with your tertiary institution.
  • You must provide all mandatory information during application.
  • You must satisfy our other requirements.
You have 60 days to repay your loan
There is a flat charge as follows:
  • ₦1,000 for the ₦5,000 loan
  • ₦2,000 for the ₦10,000 loan
  • ₦3,000 for the ₦15,000 loan
  • ₦4,000 for the ₦20,000 loan
Yes
We encourage all first time borrowers of our product to start with the lowest loan product and once you consistently meet the terms of your loan, overtime your loan amount will increase.
If you do not pay off your loan on or before the 60 day tenure, you will be liable to pay an additional monthly default charge on the outstanding balance of your loan from day 61 every month until you pay off your loan. Your tertiary institution will be notified and the outstanding loan will be added to your tuition invoice as an outstanding obligation.
It is important that you contact us immediately on 0907-333-3484 to avoid default on your loan and to discuss options available to you.