Having access to the Internet and a bank card, you can get a loan literally in an hour, and without being tied to a place: you can be far from civilization. We will tell you why this particular service is so popular and how to use it correctly.
In what situation will an online loan help out?
Here are some real examples:
you need money, but you are away from home (at a dacha, in another city, on vacation);
delayed wages and lack of funds for everyday expenses such as groceries or fares;
you urgently need to buy something or order a service, and there is no time to go home for cash;
you need to quickly improve your bad credit history (if you take an online loan even for the minimum amount and minimum term, this will already have a positive effect on your CI);
your entire budget is planned out, all the free money you put aside (for a deposit in the bank), and suddenly "extra" expenses appeared.
In such cases, money is usually needed quickly. And since borrowing from relatives or friends is not always possible on time (and not everyone wants to do it), it is easier to solve the issue with the help of a loan.
Where is the easiest and fastest way to get a loan online in Sri Lanka?
In general, the online lending service itself is provided in practice only by MFOs. Banks have such an opportunity only formally: you can submit an application through the website, but after its preliminary consideration, you will still be invited to the nearest branch, for mandatory personal communication with the credit manager. And in general, the entire registration procedure there can take several working days.
If you cannot wait that long, or for some other reason you do not want to contact the bank (for example you have a damaged credit history, or there is no official employment), you can take an online loan.
Main requirements to be met by a loan applicant:
Being a citizen of Sri Lanka above 18 years of age (personal passport is essential).
Loan Terms:
Annual Percentage Rate (APR) varies from 4 to 916%.
Your credit score does not affect the loan decision.
The annual percentage rate ranges from 4 to 916%.
Minimum payment 3 months
Maximum payment 12 months
If you do not repay the loan on time, you will have to pay a penalty of 0.1% of the loan amount that you need to repay.
An example of how to calculate the loan amount you must repay:
Loan amount - Rs 1000, Repayment period - 3 months, APR 48%. ((48/12 * 3) / 100 * 1000) + 1000 = Rs 1120 . Final Loan Repayment Amount: Rs 1120.
In what situation will an online loan help out?
Here are some real examples:
you need money, but you are away from home (at a dacha, in another city, on vacation);
delayed wages and lack of funds for everyday expenses such as groceries or fares;
you urgently need to buy something or order a service, and there is no time to go home for cash;
you need to quickly improve your bad credit history (if you take an online loan even for the minimum amount and minimum term, this will already have a positive effect on your CI);
your entire budget is planned out, all the free money you put aside (for a deposit in the bank), and suddenly "extra" expenses appeared.
In such cases, money is usually needed quickly. And since borrowing from relatives or friends is not always possible on time (and not everyone wants to do it), it is easier to solve the issue with the help of a loan.
Where is the easiest and fastest way to get a loan online in Sri Lanka?
In general, the online lending service itself is provided in practice only by MFOs. Banks have such an opportunity only formally: you can submit an application through the website, but after its preliminary consideration, you will still be invited to the nearest branch, for mandatory personal communication with the credit manager. And in general, the entire registration procedure there can take several working days.
If you cannot wait that long, or for some other reason you do not want to contact the bank (for example you have a damaged credit history, or there is no official employment), you can take an online loan.
Main requirements to be met by a loan applicant:
Being a citizen of Sri Lanka above 18 years of age (personal passport is essential).
Loan Terms:
Annual Percentage Rate (APR) varies from 4 to 916%.
Your credit score does not affect the loan decision.
The annual percentage rate ranges from 4 to 916%.
Minimum payment 3 months
Maximum payment 12 months
If you do not repay the loan on time, you will have to pay a penalty of 0.1% of the loan amount that you need to repay.
An example of how to calculate the loan amount you must repay:
Loan amount - Rs 1000, Repayment period - 3 months, APR 48%. ((48/12 * 3) / 100 * 1000) + 1000 = Rs 1120 . Final Loan Repayment Amount: Rs 1120.
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