A quick and easy loan for all your needs. 0% for first loan. loan amount You can avail online loan amount upto Rs:40000/-.
Example: You spend Rs. 5,000.00 and choose 10 days easy repayment, your 10 days payment is Rs. 5,750.00 only. So the extra charge on your total loan amount is Rs. 750.00 only.
3+ Online Cash Loans Sri Lanka 24/7
1. Lotus Loan: You can save money if you repay the loan within 7 days.
Loan Amount: 70000 Rs. Maximum loan period: 4 months. Maximum annual percentage rate: 12%. Company: ZEPHYR SOLUTIONS (PRIVATE) LIMITED. We recommend that you complete the maximum number of applications, you will have a 100% chance of getting a loan. Address: 7, 1/1 Kota Terrace, Colombo 00800. Phone number: +94 117 821 444.
2. Oncredit: A quick and easy loan for all your needs. 0% for first loan
Example for first loan amount : Apply Rs 5,000 and pay after 121 days of consumption. Service charges are 0%. The amount to be paid to close the loan is Rs 5000/- Example for the next loan amount (for re-applications): Apply Rs 5,000 and repay after 121 days of consumption. In addition to refund, the amount to be paid is Rs 2,867/- per month only. The amount to be paid to finalize the loan amount is Rs 8,600/- only.
3. Robocash: Instant Online Loan to every new client Rs. Free loan up to 25,000
example: If you pay Rs. 50,000 and choose repayment over 6 months, your monthly payment will be Rs. 8,948 only, so the extra charge on your total loan amount per month is Rs. 615 (APR = 15%) * See terms and conditions to understand complete service details
How to get a cheap loan online?
By having an internet facility and having a bank card, you can usually get a loan in the least amount of time. We will tell you why this method is so popular and how to use it correctly.
How can an online loan help?
Some real world examples:
- When you need money but you are away from home (when you are out of town, when you are in another city, when you are on vacation)
- When your monthly salary is late or when you run out of money for your daily expenses.
- When you suddenly need to buy something or order a service and do not have time to go home to get the necessary money.
- When you need to fix your past credit lapses (you can get a small online loan for a minimum amount of time and it will be beneficial for your credit reports.)
- When you suddenly need some money when you have spent all the money you had for expenses and deposited the rest.
In such cases, money is needed very quickly. And it is not always possible to get it from your relative or friend (many people are not inclined to ask for it), in such a case, the loan facility will help you to solve the problem.
What is the easiest and fastest way to get a loan online in Sri Lanka?
Generally, online lending services are practically provided by Microfinance Organizations (MFOs). Banks have such an opportunity only in a very formal way: you can submit an application through the website, but after considering its basics, you must definitely go to the nearest branch for a personal discussion with the loan manager. In general, it may take several working days for the entire registration process. If you cannot wait that long or you do not want to contact the bank for some other reason (for example: your past loan payments are delinquent, official (Unemployed) You can get an online loan from CashX.
Advantages of getting a credit card online
Compared to a loan issued to a consumer by a bank, getting an online loan from a Microfinance Organization (MFO) is better because:
- You can take a minimum amount for a short period of time.
- The client’s eligibility requirements are low (we’ll talk more about this below).
- You can get an online loan through any bank card.
- Microfinance Organizations (MFOs) work around the clock, so you can submit an application at night, on a weekend, or even on the morning of January 1st.
What are the advantages of applying for a cash loan?
Taking a loan online is very beneficial because:
- You can apply anytime from anywhere (even at night, on weekends, even if you are far away from the city)
- Reducing the time spent traveling to the department where you will apply for the loan and also reducing the time spent in queuing.
- Cash coming to your card. You don’t have to carry a lot of cash. You can go safely.
Additionally, some people may find it uncomfortable to have a personal discussion with a manager about getting a loan.
Do banks issue cash loans?
Yes, but with some requirements;
- Having a card of the specific bank you are applying for.
- You are officially employed and the bank has a recent income statement.
- You have already taken a loan from this bank and you have closed it recently.
In such cases, the bank allows you to get an online loan without visiting a branch, but in other cases, you will definitely have to visit a bank branch in person.
Advantages and Disadvantages of Online Loans
Advantages of online loans
The pros and cons of small loans are the same in each case. Here are the advantages:
- Speed of decision-making – Banks reduce the processing time of online loan applications, but the waiting time is longer. People don’t like to wait long, so IFI’s products are in demand, they check the application within 5-10 minutes of receiving it.
- Immediate disbursement – Verification of application may be extended only if additional documents are required, but disbursement is made without delay after approval. The amount will be credited to your bank account instantly. In rare cases, the deposit may take 3 days;
- Applying from Anywhere – Internet makes life simple, online application is easy and quick, it takes no more than 5 minutes to fill the application. Only internet access is required and can be applied via computer, tablet or smartphone;
- Transparency of terms – IFIs loan costs are disclosed immediately. The client enters the amount of money he expects to receive and the time limit on the website, and the full payment amount appears immediately. You may decide at that time whether or not to accept the loan;
- Ability to give money to a client with a damaged credit history – in times of crisis, banks tighten the selection of borrowers and issue loans only to ordinary customers. Many people refuse to issue money. IFIs willingly lend money to customers with bad credit history, incorporating the risk of default on the loan.
What are the good things about online loans?
Using small loans, IFIs can help clients:
- Becoming a reliable borrower by correcting bad credit history – taking and repaying the loan increases the chances of getting a lot of money in the bank as the reputation of the borrower is corrected;
- Obtaining funds by presenting only a national identity card – IND, income certificates or other documents are not required to obtain a loan;
- Don’t worry about filling the long form – Borrowing money from IFIs has a simple application to fill, which takes about 5 minutes to complete. The customer simply indicates his contact information, national identity card data, employment information, income;
- Getting a loan without collateral or collateral – money is approved without additional requirements;
- Pay only interest for using small loans – no additional commissions;
- Repay the loan in one lump sum on or before the end of the term. If interest is charged on the loan amount, the amount must be repaid with interest.
Disadvantages of online loans
- High Interest Rates – Hundreds of interest rates are calculated for a loan period of up to 30 days. The average tenure of microcredit is 14 days. While arranging a loan one should look at the annual rate and final payment amount.
- Small Loan Amount – The maximum small loan amount available in IFIs is Rs. 50,000 and can be redeemed only when it is redeemed. Microcredit caters to small and urgent needs;
- Short-term – usually up to 30 days, minimum up to 4 months.
Before taking an online loan, you need to assess the pros and cons of the financial product, weighing all the factors to make the small loan work. If IFIs offerings are not beneficial to users, they will not be in high demand in the consumer market.
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