Frequently Asked Questions

Online loans are digital financial products and services that allow individuals to borrow funds through internet-based platforms, eliminating the need for physical visits to traditional lending institutions. Online loans offer convenient application processes, rapid approval decisions, direct fund disbursement to borrowers' bank accounts, and other undeniable benefits making borrowing accessible and efficient. 

Online loans provide a streamlined digital process for borrowers to apply for funds through Internet platforms. Borrowers submit their application and necessary documents online, the lender reviews the information, and upon approval, the funds are transferred directly to the borrower's bank account. Repayment terms are agreed upon, and borrowers can make payments through various online channels, ensuring a convenient and efficient borrowing experience. 

Online loans stand out from traditional loans due to their virtual application process, which means that the applicants can request a loan from the comfort of their home or even on the go. They offer a streamlined application procedure and less paperwork, faster approval decisions, streamlined documentation, and way more flexible eligibility criteria. The online accessibility and convenience make them a popular choice for borrowers seeking a rapid and efficient borrowing experience. 

Borrowed funds are generally versatile, covering unforeseen costs, bills, or personal projects. Borrow responsibly for legitimate needs. 

Eligibility criteria for online loans include age (usually 20-80) and Sri Lanka citizenship. An active bank account, valid NIC details, available phone number and e-mail are also required. While specific criteria vary, they're generally accessible to a broad range of individuals meeting requirements. 

Loan amounts are very adjustable. Typically, online loans in Sri Lanka range from 1000 to 100 000 Rs, catering to diverse financial needs. 

Loan repayment periods span from 5 days to 1 year, offering flexibility to fit your budget. 

That type of microfinance product has 24/7 availability and offers flexibility, bypassing banking hours for your convenience. 

Reputable providers offer clear terms upfront, disclosing costs, fees, and repayment obligations. You have the opportunity to familiarize yourself with this information before agreeing with the lender, which allows you to study all the important details and make an informed and informed decision. 

If the borrower satisfies all the lender's criteria, money can be obtained within minutes. Nevertheless, in cases where a substantial loan sum is required, an individualized evaluation due to the borrower's credit history is necessary, or if the loan application is submitted outside the lending company's regular working hours, the process might experience delays.